Altcoins Are Planning The Strongest Bounce: Here’s Why, How, and Which Coins You Should Be Stacking
The post Altcoins Are Planning The Strongest Bounce: Here’s Why, How, and Which Coins You Should Be Stacking appeared first on Coinpedia Fintech News
The cryptocurrency market has been on a rollercoaster ride recently, with wild swings leaving investors on edge. The big question now is whether the market has finally bottomed out or if there’s more downside to come. If the worst is indeed behind us, several altcoins are showing signals. Analyst Altcoin Buzz gave a list of altcoins to keep an eye on:
Altcoins to Watch
Chainlink (LINK): Chainlink is at a multi-month low, making it a potential candidate for recovery. The network growth indicator shows an uptick in new addresses over the last 24 hours, suggesting renewed investor interest.
Recovery Outlook: Chainlink’s 30-day Market Value to Realized Value (MVRV) ratio is at -30%, indicating extreme losses but also signaling a low selling pressure environment. Historically, an MVRV in the range of 4% to 14% has marked the beginning of recoveries.
Ethereum (ETH): Ethereum remains a top choice for investors, especially in uncertain times. Despite a sharp 23% drop in a single day, Ethereum’s spot ETFs saw significant inflows, with $49 million pouring in during one of its worst trading days.
Recovery Outlook: Ethereum needs to break the $2,900 resistance level to continue its uptrend, a process that may take time, especially if Bitcoin’s recovery is slow.
Other Altcoins
Pendle Finance: Pendle Finance, a DeFi platform, saw its native token surge by 36.5% following a listing announcement from Upbit, a major exchange in South Korea. Pendle’s focus on tokenizing yield has positioned it as a strong contender in the DeFi space.
Ondo Finance: Ondo Finance has been making waves with significant institutional backing. BlackRock recently deposited $8.1 million in USDC into Ondo’s platform, supporting the platform’s growing influence in the tokenized Real-World Asset (RWA) sector.
Render: Render has gained attention for its role in the AI and decentralized computing space. Its unique positioning could make it a strong performer as the market stabilizes.
