Markets
Will These Ethereum-Based Altcoins Dominate the Bull Market?
With the price of altcoin leader Ethereum holding above the important $3,000 support level, altcoins have started to regain momentum and have exhibited strong bullish price action this week.
Furthermore, ETH-based tokens recorded the highest gains, highlighting an increase in investor interest in these altcoins to maximize their profits during the upcoming bull rally.
Let’s get to it, as in this article we cover the top 3 Ethereum-based altcoins that have the potential to register a major uptrend in their respective portfolios in the near future.
LDO price successfully retests its crucial support level:
With increasing volatility, Lido Dao price jumped 9% in the last 24 hours with a +9.23% change in its trading volume to $116.80 million. Positively, the altcoin is currently trading at a discount of 84.84% from its ATH, indicating a positive outlook in the long term.
TradingView: LDO/USDT
The Simple Moving Average (SMA) has registered a positive crossover on the 1D timeframe, suggesting an increase in buying sentiment for the Lido Dao cryptocurrency.
On the other hand, the MACD indicator displays a steady decline in its red histogram with a high possibility of a bullish convergence on its price chart. This suggests that the LDO coin price will continue to gain value this week.
If the market continues to gain momentum, LDO cryptocurrency will head towards its upper resistance level of $2,625. However, a bearish reversal could result in this altcoin retesting its crucial support level of $1.50.
Mantra Price About to Record a New ATH?
Despite recording a drop of approximately 1% in the last 24 hours, the price of OM has jumped 17.19% in the last seven days. Notably, this altcoin has recorded a jump of 17.89% in the last four days, indicating a bullish rally for it in the crypto space.
TradingView: OM/USDT
The 50-day EMA constantly acts as support for the Mantra price chart on the 1D time frame, suggesting a strong bullish sentiment for the altcoin in the crypto space.
The technical indicator, RSI, continues to hover near its overbought range, highlighting rising price action. However, the middle trendline hints at a potential bearish crossover, suggesting mixed sentiment.
Suppose the OM coin price continues to trade under bullish sentiment, in which case, the altcoin will be poised to hit a new all-time high (ATH) by breaking above its $1.09 mark. On the other hand, if the bears regain momentum, it will head towards its crucial support level of $0.6250.
Ondo price shows strong bullish reversal:
Ondo price successfully reclaimed the $1 mark after registering a low of $0.85 on the 9th. Positively, this altcoin registered bullish price action for the 4th consecutive day and added 16.659% to its portfolio during this period.
TradingView: ONDO/USDT
The Moving Average Convergence Divergence (MACD) shows a steady increase in its histogram, highlighting an increase in buying over selling pressure in the cryptocurrency market. Furthermore, the averages exhibit a potential bullish convergence, suggesting a positive outlook for the altcoin.
If the market sustains the Ondo price above its support level of $0.98450, the bulls will regain momentum and prepare to test its overhead resistance level of $1.47. On the downside, the bearish price action could result in the Ondo coin price testing its low of $0.6970.