Coin Edition - Here, Coin Edition looks at ten altcoins that could recover significantly after the market turmoil settles.
Uniswap (UNI)
Uniswap’s (UNI) price was $15.06 at press time. In the last seven days, the price has increased by 37%. However, the Relative Strength Index (RSI) reading had fallen at press time, indicating that the buying momentum was waning.
Should the RSI drop below 60.00, then UNI’s price might continue to decline. In a highly bearish case, UNI might drop to $13.03 where the Supertrend had identified a buy signal. If buying pressure resumes, UNI’s price might extend toward the $20 region.
UNI/USD 4-Hour Chart (Source: TradingView)
Aptos (APT)
APT’s 4-hour chart showed that bears had halted the previous bullish momentum. If bulls can defend the $12.96 support, then APT’s price might extend to the overhead resistance at $14.40.
A close above the $14.40 resistance could send APT in the $16 direction. However, failure to crossover the hurdle could see the token slide below $12 in the short term.
Furthermore, the RSI reading dropped, indicating a decline in buying momentum. In this case, APT’s price could drop below the $13 region. But if it does not approach the oversold region, a rebound might occur in the short term.
APT/USD 4-Hour Chart (Source: TradingView)
Optimism (OP)
On the 4-hour timeframe, OP targeted a return above $4.80 while trading at $4.58. At press time, the Moving Average Convergence Divergence (MACD) was in positive territory, indicating buying momentum.
The 12 EMA (blue) had also crossed the 26 EMA (orange), reinforcing the bullish bias. If the MACD remains positive, OP’s price could extend toward $5 in the short term. However, traders might need to watch out for the resistance at $4.80.
A successful break through the resistance could see OP fly as high as $5.50. If not, the price might keep consolidating between $4.50 and $4.80.
OP/USD 4-Hour Chart (Source: TradingView)
Arbitrum (ARB)
From the 4-hour timeframe, ARB’s structure looked distorted as bulls and bears battled for control. As of this writing, the Money Flow Index (MFI) fell, indicating that capital was leaving the token.
If capital continues flowing out of ARB, the price might drop below $2. However, ARB was at a point where buyers could come in, as indicated by the RSI. If buying pressure increases at this point, ARB’s price could double over the next few weeks.
This could also depend on Ethereum’s (ETH) price action. Should ETH cross into the $4,000 region, ARB might bank on that and rally.
ARB/USD 4-Hour Chart (Source: TradingView)
Injective (INJ)
The Awesome Oscillator (AO) reflected how INJ was on the verge of confirming an upward momentum. Although the AO was negative, the green histogram bars inferred that a significant recovery was close by.
If the AO crosses into the positive region, INJ’s price might climb toward $50. This potential was also supported by the RSI whose reading continued to increase. A further increase might send INJ higher, and the token might soon hit a triple-digit value.
INJ/USD 4-Hour Chart (Source: TradingView)
BEAM
BEAM’s price approached $0.45 at press time, indicating that the previous selling pressure was fizzling out. Furthermore, the RSI had risen above the 50.00 midpoint, suggesting a good buying momentum.
If bulls continue to push for a higher price, BEAM might hit $0.45 for a start. However, the long-term outlook for the token remains bullish as $1 could be an option in a few months.
BEAM/USD 4-Hour Chart (Source: TradingView)
Celestia (TIA)
The Bollinger Bands (BB) on the 4-hour TIA/USD chart revealed that volatility around the cryptocurrency had begun to widen. Previously, TIA’s volatility tightened. This was more reason the token traded between $15 and $17 for a while.
However, with the bands’ expansion, TIA might experience significant price fluctuations. In a highly bullish case, supported by the RSI, TIA might hit $20. But if the RSI reading fails to rise above 49.44, it could take some time before TIA recovers.
TIA/USD 4-Hour Chart (Source: TradingView)
Bittensor (TAO)
Bittensor (TAO) has been riding on the AI narrative and has been one of the best-performing tokens this cycle. At press time, TAO’s price was over $700 with the RSI showing increasing buying momentum.
In the meantime, TAO’s price could make an attempt at hitting $1000 considering the hype around the AI industry. Coin Edition also looked at the Fibonacci indicator, which showed that TAO could rise as high as $1,100 in the short to mid-term.
TAO/USD 4-Hour Chart (Source: TradingView)
Cosmos (ATOM)
The ATOM/USD 4-hour chart showed that the price potential of the token remained bullish. For instance, the On Balance Volume (OBV) increased. The OBV reading implies positive volume pressure which could lead to higher prices.
If market participants continue to accumulate ATOM, the price might extend toward $20 where the 4.236 Fib level was. On the other hand, negative volume pressure could foreshadow a lower value. However, that seemed unlikely in the short term.
ATOM/USD 4-Hour Chart (Source: TradingView)
SuperFarm (SUPER)
SUPER’s price as of this writing, was $1.46. However, there was an overhead resistance at $1.49 which could stop the token from rising into the $1.50 region. But Coin Edition noticed that the Chaikin Money Flow (CMF) had climbed into the positive region.
SUPER/USD 4-Hour Chart (Source: TradingView)
This implies that buying pressure has increased, If this continues, then SUPER might jump as high as $1.70. The RSI also supported the bias, indicating that a rally could be in the works.
The post 10 Altcoins With Bullish Potential for March 2024: Top Picks appeared first on Coin Edition.