As the cryptocurrency market enters a critical phase, investors are closely watching the potential effects of the first Federal Reserve rate cut since 2020, which is set to be announced on Wednesday. With much anticipation surrounding this event, many are wondering how the markets will react in the aftermath. According to crypto analyst Miles Deutscher, a few altcoins are primed for significant growth during this period. Based on technical analysis and fundamental data, Deutscher has shared five altcoins that investors should keep an eye on.
Fantom, Mantra, and Sundog Lead the Way
The first altcoin highlighted by the analyst is Fantom (FTM). Deutscher believes Fantom still has room for upward movement, despite its recent 20% gains, outperforming major cryptos like Bitcoin and Ethereum. This performance is supported by key developments like the Sonic upgrade, which is set to enhance the network’s speed and efficiency. Fantom, a Layer-1 blockchain, has become a standout project, though Deutscher emphasizes the importance of careful risk management. From a technical standpoint, FTM is at a critical juncture, currently trading below the neckline of an inverted head and shoulders pattern at $0.53.
This is a massive week for crypto, with the first rate cut since 2020 taking place on Wednesday.
There are a few altcoins which look PRIMED to take off if the market responds positively.
Here are the 5 coins I’m most closely watching this week.
— Miles Deutscher (@milesdeutscher) September 16, 2024
The second altcoin on the list is Mantra (OM), which gained 27% in value last week. Mantra is known for its decentralized finance (DeFi) features and continues to grow steadily. The project’s strong fundamentals and large community provide solid support, with macroeconomic factors, such as the upcoming rate cut, potentially driving further gains. Currently trading at $0.72, Mantra ranks 126th in the global crypto market.
A lesser-known token, Sundog (SUNDOG), is also on Deutscher’s radar. As reported by The Bit Journal, Sundog surged 30% last week, and Deutscher believes its rally is far from over. This token, with its potential for short-term gains, has caught the attention of investors. Sundog’s potential to break its all-time high (ATH) is particularly exciting. Additionally, whale activity has increased significantly, with recent $2.5 million purchases boosting investor confidence.
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Zero (ZRO) and Foxy (FOXY) Round Out the List
Another altcoin in Deutscher’s top picks is Zero (ZRO), a project focused on interoperability, which the analyst sees as a strong contender in the space. Deutscher highlights two key features of Zero: its relative market strength and the absence of token unlocking until 2025. This stability positions ZRO for a potential leap in value.
Lastly, Deutscher includes Foxy (FOXY) on his list. Although FOXY has been slower to recover compared to other tokens, it has shown resilience by bouncing back from its lows. Deutscher believes this altcoin still has room for further gains, especially with market conditions favoring a rebound.
The FED Decision and Altcoin Market Movements
As we approach the anticipated FED rate cut, investors should closely monitor these five altcoins for potential opportunities. While the broader market may experience volatility, projects like Fantom, Mantra, Sundog, Zero, and Foxy are showing signs of strength, making them worth keeping on your watchlist.
