All eyes were recently on the world’s second largest cryptocurrency Ethereum (ETH), which will undergo the Shanghai hardfork later today, April 12. major upgrade.
While the crypto community’s attention remains tied to Ethereum for now, there are other altcoins with a strong on-chain setup and showing signs of a possible near-term rally. Let’s take a look at them all.
1. XRP from Ripple
Ripple’s native crypto XRP is holding strongly above the $0.50 levels as of now. Popular crypto analyst Ali Martinez explains that XRP is about to break out, which could push it all the way to $0.080. He shared the technical setup for XRP and wrote:
XRP could be on the brink of a 47% increase if it secures a 3-day candlestick close above $0.54. A successful escape could catapult #XRP up to $0.80!
Thanks to: Ali Martinez
According to the latest report, XRP whales have reeled in over 150 million XRP as Ripple drops a new proposal for the XRP Ledger called Hooks.
2. Polygon (MATIC)
This is another altcoin to stay on investors’ radar for now. Polygon’s native crypto MATIC has recently registered strong momentum with 33% gains year-to-date. The MATIC price remains above $0.10. However, the MATIC price has corrected by almost 33% since its peak of $0.160 in mid-February.
But Ali Martinez explains that Polygon (MATIC) has seen strong accumulation recently. The analyst added:
Approximately 52,410 addresses obtained ~4.81 billion $MATIC in the $0.9 – $1 range, forming a strong support zone that could fend off new lows #MATIC. Conversely, to break out, #Polygon should address resistance between $1.14 and $1.30 where 48,760 addresses contain ~1.66 billion MATIC.
3. Avalanche (AVAX)
Ethereum’s Layer-1 competitor Avalanche (AVAX) is up more than 70% year-to-date and more than 20% over the past month and is showing signs of upward momentum. Social volumes for AVAX have skyrocketed recently, which could be a catalyst for AVAX price. On-chain data provider Santiment explains:
In February 2023, when the price of #Avalanche reached $21, there was minimal social volume, and feelings stagnated. However, during the current pullback, there was a notable increase in both social volume and positively weighted sentiment in the $AVAX market.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is in a continuous learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post With Ethereum getting all the attention, these Altcoins may move forward
was published first on https://coingape.com/forget-ethereum-eth-these-altcoins-gearing-up-for-next-rally/