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The altcoin season is beckoning, according to the latest insights by crypto analyst, Rekt Capital. In a post on X, the widely followed trader while highlighting with the help of a chart, reckoned that “every time Altcoin Market Cap performed two historic retests successfully,” there was a likelihood for “a third retest followed in the weeks afterward.”
From the chart as shown in the tweet below, the blue level is expected to act as a springboard to phenomenal highs.
$ALTS
Every time Altcoin Market Cap performed a two historic retests successfully (green circle then yellow circle)…
A third retest followed in the weeks afterwards (blue circle)
The blue level would then act as a springboard to phenomenal highs#BTC #Crypto #Bitcoin pic.twitter.com/H4MkfMLYod
— Rekt Capital (@rektcapital) January 1, 2024
As for investors contemplating exposure to selected altcoins, they may need to consider some tokens that sustained a bullish thesis in the last quarter of 2023 and are still bullish at the start of the New Year, for instance, Sei Network (SEI), Lido DAO (LDO) and Arbitrum (ARB).
If the prevailing technical structure keeps getting stronger across the board, it would be a good time to include these altcoins in the crypto portfolio.
Top Altcoins To Buy Ahead of Spot Bitcoin ETF Approval
The crypto community is looking forward to the Securities and Exchange Commission (SEC) greenlighting the first spot Bitcoin exchange-traded funds (ETFs) in the US.
A fresh influx of money, especially from institutional investors is expected following the approval likely before January 10. As demand for Bitcoin increases, the price of the largest cryptocurrency will likely explode above $50,000 and start closing the distance to $60,000.
This bullish outlook in Bitcoin price would also positively impact the prices of many altcoins, hence the need to expand the crypto portfolio beyond BTC and Ethereum.
Recommended for you: Bloomberg Analyst: Spot Bitcoin ETF Approvals To Begin By End Of 2023?
Sei Network Price Closes In On Coveted $1 Level
The meme coin frenzy is surprising investors in 2024, with Sei Network soaring by 16% to $0.75. According to experts in the market, holders of the token SEI are benefiting the most from the narrative of a parallelized EVM.
The token has in the last week increased by a staggering 71%, spreading FOMO among investors and traders.
EVM refers to an Ethereum Virtual Machine, which is a virtual computer that allows and supports the deployment of smart contracts and other applications.
A parallelized EVM refers to a blockchain process that achieves high scalability by supporting multiple transactions on the network at the same time.
Sei is emerging as the biggest winner among such blockchains amid the attention tokens like Solana (SOL) and Avalanche (AVAX) are receiving. Strengthening on-chain metrics suggests that Sei Network is growing rapidly having achieved a market cap of $1.8 billion since its launch in August.
Sei price chart | Tradingview
Higher support at $0.7 would signal the continuation of the uptrend for gains above the coveted $1. FOMO might continue to drive Sei price, especially with the optimism surrounding the ETF.
Lido DAO Price Surges As Platform Dominates Staking On Ethereum
LDO, the token native to the leading liquid staking protocol, Lido DAO is leaving no stones unturned as it gains ground rallying 20% in a week to $2.97.
Amid the criticism Lido DAO is getting regarding its swelling share of Ethereum staking, the project stands out as one of the most influential blockchain platforms of 2023.
As a liquidity staking protocol, Lido allows ETH holders to lock their coins in a smart contract, but still access liquidity via another token. This unique position is the platform’s selling point, allowing users to stay liquid in the dynamic crypto market.
Meanwhile, those interested in purchasing LDO should consider entering new positions above $3 considering the token has recently been rejected by a seller congestion at $3.2.
Lido DAO price chart by Tradingview
Failure to close the day above $3 might trigger a minor sell-off to allow buyers to collect more liquidity before resuming the uptrend. Gains above this level could propel Lido to the all-time high of $7.3, data by CoinGecko shows.
Arbitrum Price Ready To Climb Above $2
Arbitrum price is unlikely to slow down the uptrend backed by FOMO, especially now that resistance at $1.8 has been tested, but not successfully. The hype surrounding the spot BTC ETF approval this January could see ARB price explode beyond the immediate hurdles at $1.8 and $2.
ARB price chart | Tradingview
The uptrend has been backed by the Moving Average Convergence Divergence (MACD) indicator, which dons a buy signal.
Therefore, by heeding the call to buy ARB, investors could provide the momentum to keep the uptrend going into a price discovery mode, considering the previous all-time high of $1.83.
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