Altcoins
Altcoins with high potential to profit from the trend reversal rally
As the altcoin market rebounds towards the $1 trillion valuation, investors are flocking to altcoins. Moreover, with Bitcoin price aiming to surpass $60,000, altcoins are expected to continue their rally on the bullish path.
With a. So, let’s take a closer look at the top Solana-based altcoins to watch as the broader cryptocurrency market recovers.
Altcoins to Watch: Aptos (APT)
With a massive crash in 2024, APT price action reveals a double top in the weekly chart. Rejected by the massive supply at $20, the altcoin drops near the crucial support level of $5.
However, the quick 11.45% reversal this week brings the decline to an abrupt end and hints at a possible trend reversal. If APT price holds above $4.72, the chances of a double bottom reversal could lead to a trend reversal.
Buyers could reclaim the $10 mark as the altcoin regains bullish momentum.
ImmutableX (IMX)
As with most altcoins, IMX’s price action reveals an ongoing correction and represents a 65% decline from the yearly high. The weekly chart reveals a head-and-shoulders rally leading to new lows this quarter.
By breaking below the psychological barrier of $1.50, the fall is supported by the 78.60% Fibonacci level at $1.162. Currently, the altcoin is trading at $1.25 and teasing a rebound with the morning star pattern.
With a potential retest of the bearish pattern breakout, the altcoin price could surge to the 50% retracement level at $2.
Optimism (OP)
The daily chart’s drop leads to a falling wedge pattern in OP price action. Up 28% in the last 4 days, the bullish cycle within the bearish pattern hints at a potential trend reversal.
With a bullish crossover in the MACD indicator, buyers are ready to challenge the 23.60% retracement level and the upper trendline. As the overall market recovery gathers momentum, the uptrend could lead to a rally breakout. According to the Fibonacci levels, the breakout could reach the 50% Fibonacci level at $3.