The post Must Buy Ethereum-based Tokens This 2024! appeared first on Coinpedia Fintech News
The altcoin leader, Ethereum price continues hovering close to its $2,500 level, indicating weak buying and selling pressure for this crypto token in the market. Notably, it is presently trading with a price tag of $2,584.36 and has a market cap of approximately $305 Billion.
On the other hand, lesser-known ETH-based altcoins have gained significant momentum over the past few days with some recording a surge in three-digit. With the current market trend, is this the right time to stack altcoins?
Scroll down as, in this article, we have covered the market sentiments, price action, and possible short-lived price targets of the top 3 Ethereum-based altcoins that have the potential to record a massive upside in their respective portfolios during the coming time.
SuperRare (RARE) Price Action
Despite increased bearish sentiment in the crypto space, the SuperRare price has recorded a surge of 77.89% within the past day with a trading volume of $579.54 Million. Moreover, it has surged over 250% within the past week and has a YTD return of 108.29%.
TradingView: RARE/USDT
The Moving Average Convergence Divergence (MACD) continues displaying a flatline in its 1W time frame with its averages recording a similar action. Further, the SMA indicator records a potential bullish crossover, indicating a mixed sentiment for the SuperRare price.
Suppose, the RARE price surpasses its resistance level of $0.2575, in that case, it will prepare to test its high of $0.4675. However, if the bears regain momentum, this altcoin will retest its crucial support level of $0.050 in the coming time.
Altlayer (ALT) Price Action
After trading under a bearish sentiment for a brief period, the Altlayer price has successfully recorded a bullish recovery by adding 6.82% within the past day and 8.63% over the past week. Further, with a market cap of just over $217 Million, it has secured the 183rd position in the global crypto list.
TradingView: ALT/USDT
The Relative Strength Index (RSI) has recorded a constant rise toward its mid-point with its average trendline recording a bullish rise. This indicates an increase in the buying pressure for the Altlayer price in the crypto space. Further, the SMA supports the price chart, suggesting a positive outlook in the coming time.
If the market continues to trade under a bullish influence, the ALT price will head toward its upper resistance level of $0.2380 during the upcoming weeks. Conversely, a bearish action could result in it plunging toward its low of $0.0040.
Synapse (SYN) Price Action
The Synapse price has continued displaying a bullish price action by adding approximately 39% within the past day and 95.28% over the past 30 days. Furthermore, it has jumped 44.80% within the past 30 days and has a Year-to-Date (YTD) return of approximately 50%.
TradingView: SYN/USDT
The Simple Moving Average (SMA) constantly acts as a support to the price chart in the 1D time frame, suggesting an increase in the buying pressure within the crypto market. Further, the MACD, displays a rising green histogram, highlighting that the altcoin will continue gaining value in the coming time.
If the bulls hold the SYN price above its support level of $0.5885, it will prepare to test its upper resistance level of $1.170. Negatively, if the bears dominate the crypto space, the Synapse price will plunge toward its crucial support trendline of $0.3125.
