Must Buy Ethereum Based Tokens This 2024!
The price of altcoin leader Ethereum continues to approach the $2,500 level, indicating weak buying and selling pressure for the crypto token in the market. In particular, it is currently trading at $2,584.36 and has a market capitalization of around $305 billion.
On the other hand, lesser-known ETH-based altcoins have gained a lot of momentum, registering some triple-digit gains in the past few days. With the current market trend, is this the right time to stack altcoins?
Scroll down as this article covers the market sentiment, price action, and short-term price targets of the top 3 Ethereum-based altcoins that have the potential to record major reversals in their respective portfolios in the near future. .
SuperRare (RARE) price action
Despite growing pessimism in the crypto space, SuperRar's price has registered a 77.89% increase in the past day to trade at $579.54 million. Additionally, it has increased over 250% in the last week and has returned 108.29% YTD.
The Moving Average Convergence Divergence (MACD) continues to show a flat line in the 1W time frame with the moving averages registering a similar move. Additionally, the SMA indicator registers a bullish crossover, showing mixed sentiment for the SuperRare price.
Let's say, RARE price breaks the resistance level above $0.2575, at this point, it is set to test the high of $0.4675. However, if the bears return to momentum, this altcoin will retest the critical support level of $0.050 in the coming period.
Altlayer (ALT) price action
After briefly trading in a bearish mood, Altlayer's price gained 6.82% in the previous day and 8.63% in the last week, successfully marking a silver recovery. Additionally, with a market cap of over $217 million, it ranks 183rd in the global crypto list.
The Relative Strength Index (RSI) recorded a steady advance towards its midpoint. This indicates an increase in buying pressure for the price of Altlayer in the crypto space. Additionally, the SMA supports the price chart, suggesting a positive outlook for the coming period.
If the market continues to trade with great influence, the price of ALT will move towards a higher resistance level of $0.2380 in the coming weeks. Conversely, a bearish move could lead to a drop to the lows of $0.0040.
Synapse (SYN) price action
Synapse's price continues to show strong price action, increasing approximately 39% in the last day and 95.28% in the last 30 days. Moreover, it has jumped 44.80% in last 30 days and year-to-date (YTD) has approximately 50% return.
The Simple Moving Average (SMA) continuously acts as a support for the price chart in the 1D time frame, indicating an increase in buying pressure in the crypto market. Additionally, the MACD shows a rising green histogram, indicating that the altcoin will continue to gain value in the near future.
If the bulls hold the price of SYN above the support level of $0.5885, it is set to test the upper resistance level of $1.170. On the negative side, if bears dominate the crypto space, the price of Synapse will drop to the critical support trend of $0.3125.
