Altcoins
Top 3 Altcoins Set to Surge 10x With Ethereum ETF Launching Today
SEC officially gives green light to the transaction Ethereum ETF applications to begin trading on July 23, 2024. A historic day for altcoins and the crypto industry to increase Ethereum adoption and, consequently, demand for $ETH.
While the ETH Price ETH price is likely to surge with the hype ahead of ETF trading, the surge depends on netflows. A positive netflow could push ETH price close to $5,000 this week.
In the midst of a bull run, savvy investors will likely diversify into other altcoins that will offer better returns thanks to the HYPE. So let’s take a closer look at our top three altcoin picks poised for a 10x rally with the Ethereum ETF launch today.
Altcoins to Watch as Ethereum ETF Launches: Mantle (MNT)
With a breakout of the descending channel, the MNT price trend reveals a reversal rally from $0.625, gaining momentum. The bullish recovery is above the 200D and 50D EMA despite the recent death cross, which weakens the bearish signal.
The recovery rally is 40% and resurfaces above the 23.60% Fibonacci level. Currently, the altcoin is heading towards the $1 mark and with the boost from Ethereum ETF live trading later today, it is likely to enter a bullish phase.
According to the Fibonacci levels, the uptrend could reach the $2.75 mark. If the ETF performs positively, the uptrend is expected to lead to a 10X increase in 2024.
Ondo (ONDO)
Similar to Mantle, ONDO price action reveals a breakout rally ready to accelerate with a broader market recovery. Despite opposition from the 50D EMA, the short-term correction retests the breakout event.
ONDO’s bullish trend could challenge the spike above $1.40 and potentially reach the psychological $1.50 mark. According to the trend-based Fbiboacci level, the altcoin is likely to reach the $5.75 mark.
AEVO (AEVO)
With an ascending wedge on the daily chart, AEVO price is facing opposition from several bearish elements. The 50% Fibonacci level is at $0.60, and the 50-day EMA and ascending trendline are the upcoming resistances.
Given that the 66% recovery rally continues with a breakout, the bull run is likely to kick off with the broader market recovery. Therefore, in the coming weeks, a 10x rally in this altcoin could reach the 2.618 Fibonacci level at $6.30.
Also see: What’s next for top memecoins as Bitcoin price hits $68,000?