Altcoins
Altcoins to Buy for Strong Weekly Close as BTC Remains at $64,000
As the cryptocurrency market slows midweek, Bitcoin and other top altcoins are taking it easy. However, small-cap altcoins are amplifying minor gains for a quick upside and breakout rally opportunities.
As large caps take a rest, here are some small and mid-cap altcoins poised to end the week on a strong bullish note. So, let’s take a look at our top altcoin picks for a bull rally.
Altcoins to Buy This Week: PENDLE (PENDLE)
With a market capitalization of $714 million, Pendle ranks 94th in the list of top 100 cryptocurrencies. Its value has decreased by 0.23% in the last 24 hours and is currently trading at $4.62.
Over the last ten days, the price has registered a 41% growth and marks a downward reversal. The reversal starts from the falling support trendline and marks a positive cycle within a falling wedge pattern. The bullish cycle challenges the upper resistance trendline, breaking above the 50% Fibonacci level.
The bullish crossover of the MACD and signal lines and the uptrend of the RSI line signal a surge in bullish momentum. Given that the altcoin maintains the bullish momentum while the broader market recovers, the breakout rally could surpass the $7 peak and challenge the psychological mark of $1.10.
If the breakout rally continues to gain momentum, the RPL token offers a 36% upside potential to reach $27 or the 78.60% Fibonacci level. Optimistically, the target at the 1.618 Fibonacci level or $41 makes it a must-buy DeFi token in Q3 2024.
The graph (GRT)
With a market cap of $1.93 billion, The Graph (GRT) is currently trading at $0.20, down 3.64% in the last 24 hours. The token has seen a 62% decline in the last four months, forming a falling wedge pattern.
Recently, GRT posted a 29% recovery from the $0.17 support level but failed to break the $0.22 resistance, leading to a 9% decline in four days. The price is struggling to hold above the $0.20 support. However, the daily RSI and MACD indicators suggest a potential bullish trend.
If GRT manages to maintain its momentum, it could challenge the $0.25 level and the overhead resistance. A successful breakout could push the altcoin’s price towards $0.45 and potentially $0.50. Optimistically, a continuation of the uptrend could push the price to $0.62 in the coming weeks.
CORE (CORE)
With a market cap of $1.24 billion, Core DAO ranks at the 66th position in the list of top 100 cryptocurrencies. The Core token is trading at $1.39 and has fallen by 3.23% in the last 24 hours. In the daily chart, the altcoin reveals a descending channel pattern.
However, similar to the GRT price action, the base price reveals a positive cycle that is struggling to overcome the psychological stress at $1.50. This resistance hints at a potential inverse head and shoulders pattern. This could lead to a breakout of the descending channel to challenge the 50% Fibonacci level at $2.16.
The positive trend of the MACD and signal lines and the daily RSI line above the midline reinforce the possibility of a bullish trend for the altcoin. According to the Fibonacci levels, the breakout rally could challenge the $3.77 peak in the coming weeks.