This year ETH has indeed lagged behind, further indicating that the traditional altcoin bull has not yet emerged this year. We can only say that those holding ETH and altcoins have worked hard; Ethereum, as the leading altcoin, is not performing well, and the performance of other altcoins is even harder to describe.
I saw an old brother say that the current market dominance is already in the hands of American institutions, and these large funds have no interest in altcoins outside of Bitcoin and Ethereum, so this round of market cannot have an altcoin bull. I strongly disagree with this view.
I can accept that large funds only focus on Bitcoin, but altcoins are definitely an essential helper in Bitcoin's growth process. Altcoins provide financial leverage for Bitcoin's rise and are also the main force attracting retail funds.
With the scale and price of Bitcoin, it is very difficult for retail investors to get involved, which is an important part of Bitcoin's positive cycle. Conversely, when Bitcoin encounters a price increase bottleneck, funds will flow into altcoins, nourishing them to emerge from a bullish market. This will attract more participants; the two are complementary. This has been the model used in several bull markets, and this time is no exception.
So be patient, the altcoin bull will eventually come.
Only a crash can create a golden opportunity! Here are four altcoins worth bottom fishing with 100x potential!
Floki
Floki funds the construction of schools in countries like Laos and Nigeria as part of its charitable goals. Its ecosystem includes the NFT game Valhalla, the DeFi platform FlokiFi, and the prepaid Floki Card for consumer tokens. Partnerships with entities like NOWPayments make Floki available for real purchases.
Analysts see the potential of its tools and global influence. It has gained attention as one of the top token recommendations for 2023. These efforts aim to distinguish Floki from other meme tokens by offering practicality and more powerful applications beyond simple trading.
POPCAT
POPCAT is a meme-based cryptocurrency aimed at attracting attention in a slow market. It claims to offer an alternative for users who missed out on previous large gains (like BONK). In this space often filled with inactive wallets and failed projects, the project provides itself with a new opportunity.
POPCAT positions itself as a fun and attractive token while emphasizing its significant market growth potential. Its appeal lies in capturing user interest during uncertain cycles. Whether it can stand out depends on community support and market trends.
ENA
Before the anticipated altcoin season arrives, Ethena (ENA) is showing promising signs. The token surged 90.62% last month and is currently trading between $0.98 and $1.40. It hovers around the 10-day and 100-day simple moving average of $1.15, indicating consolidation. The RSI is at 45.10, and the stochastic indicator is at 50.64, indicating neutral momentum, while the positive MACD suggests a potential upward trend.
If ENA breaks through the recent resistance level of $1.55, it may rebound to the second resistance level of $1.97, resulting in significant gains. As the global cryptocurrency bull market approaches, Ethena may experience notable growth.
DOT
Polkadot (DOT) has shown significant price fluctuations recently. Its value has increased by over 26% in the past month, while it dropped about 15% last week. The current trading price is around $7.50 to $10.50.
DOT is approaching the recent resistance level around $12. If the price breaks through that point, it may test the next resistance level around $15. The Relative Strength Index (RSI) is slightly below 40, indicating a neutral to slightly oversold condition. The 10-day simple moving average is slightly below $7.70, below the 100-day average of $8.50, indicating a short-term bearish trend. These indicators mark important levels for Polkadot to navigate the current market dynamics.
