Coin Edition -
- COT, MATIC, WOO, VET, and UNI could explode in 2024.
- All of the altcoins managed to break above key resistance levels on their charts.
- A long-term positive price channel has formed on WOO’s weekly chart.
As the year comes to an end, investors and traders are in search of cryptocurrencies that show promising potential. With the next bull cycle expected to start any time between 2024 and 2025, Woo Network (WOO), COTI, Uniswap (UNI), Polygon (MATIC), Band Protocol (BAND), and Vechain (VET) seem to be positioning themselves to maximize their returns in 2024.
All of these altcoins managed to break above key resistance levels on their respective charts over the past three weeks. Furthermore, the price levels on their weekly charts suggest that they have either cleared or are in the process of clearing, a path for their prices to continue to rise in the first quarter of 2024.
WOO Network (WOO)
WOO token’s adoption has been boosted by large investments, including a $12 million backing from Binance Labs. Partnerships with OpenTrade and BITHUMB have also succeeded in expanding the token’s utility, attracting more users. The burn of over 705 million WOO tokens throughout 2023 and collaborations with liquidity providers like Wintermute have strengthened WOO’s value and liquidity as well.
Weekly chart for WOO/USDT (Source: TradingView)
The past week has seen WOO overcome two major resistance levels. In the last 7 days, the cryptocurrency broke above $0.30 and $0.37. However, it has pulled back slightly to retest the $0.37 mark at press time. Should the cryptocurrency close this week’s candle above $0.37, it may continue to rise to $0.46 in the first quarter of 2024.
Conversely, a weekly candle close below $0.37 may lead to a temporary correction. In this more bearish scenario, WOO could fall to $0.30 and possibly reach $0.2390 if the selling pressure persists.
Nevertheless, a long-term positive price channel has emerged on the cryptocurrency chart. Therefore, a correction in the coming weeks may just be a liquidity-building move before another leg up.
COTI (COTI)
COTI announced its plans for a V2 upgrade with the intention of establishing itself as a privacy-focused Ethereum layer-2 solution. So far, COTI plans for their devnet release to take place in Q2 of 2024. It seems like the main priority of the upgrade will be to enhance privacy in the Web3 ecosystem, while still being transparent.
Introducing COTI V2: a Privacy-Centric Ethereum L2In the biggest upgrade of our infrastructure to date, we're building an Ethereum L2 and using a new technology that’s 10x faster + lighter than ZK solutions.Details on how to get involved at the end of the thread