The altcoin market meets gaining dynamics as being pushed by the Bitcoin halving thrill. We have highlighted 3 top performers to create a share for your portfolio.
As market participants try to keep smooth sailing amidst pre-halving volatility, altcoins respond to the tendency in ambiguous ways. Gladly, the bulls-pushed Greed has been forming a distinctive upsurge trend for the recent week, as well as many other factors to consider.
In today’s article, we’re diving into the coins that best represent the trend and are posed for decent potential returns.
3 best altcoins to invest in right now
Toncoin (TON)
The first token on our list of altcoins to invest in right now is Toncoin (TON). The native coin of the layer one Telegram Open Network has been on a stellar run, gaining over 45% through the week.
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The bullish continuation established amidst insides citing Pavel Durov, Telegram CEO, and Paolo Ardoino, CEO at Tether, are to announce USDT’s integration into Telegram Open Network at an upcoming TOKEN2049 conference in Dubai.
As rumors kept circulating, Toncoin climbed to the 9th position among top cryptocurrencies, leaving Cardano’s ADA, AVAX, and SHIB.
While the $5.55 level has been a local resistance for TON for the past two weeks, its price surge above $5.68 broke out amidst the increased trading volume.
TON/USDT 1D chart. Source: Trading View
The RSI has also formed lower lows throughout the past month as the price tried to break out. Notably, the buying pressure did not allow for a further Fibonacci retracement level, which was only limited to 36.8%.
While this puts the next targets for bulls to be $7.15 and $8.05, AMBCrypto noted that TON’s price burst came amidst the positive delta of the cumulative liquidation levels, marking the long positions’ outweigh in momentum.
TON/USDT liquidation levels. Source: Hyblock
This paves the road for a potential reset of the excess speculative interest behind TON. The chart indicates that $7.43 was a level of interest that could be swept before a downturn.
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WhiteBIT Coin (WBT)
The native coin of the WhiteBIT crypto exchange has added 10% to its value throughout the week, concluding the growth at $9.2 at the writing time.
Remarkably, WBT has managed to thrive amid the pre-halving volatility, marking the steady interest in the community-driven token. Meanwhile, the daily trading volume of WBT topped a quarter-year milestone of $1.2 million on April 10, 2024.
Alongside trading volume, the Relative Strength Index (RSI) has been way further north in recent days, standing slightly above 70.
WBT/USDT 1D chart. Source: WhiteBIT Trading View
Both metrics signalize buying pressure for WBT that may logically come from the listing of Ark (ARK) and Tensor (TNSR) on the WhiteBIT exchange in recent days.
The bullish bias is supported by Exponential Moving Averages 50, 100, and 200, which hint at the upward trend to further prevail.
Despite a slight bearish sentiment in the market, WhiteBIT Coin (WBT) may win in a long-term sentiment, ranging between $11.34 to $13.05 in the next two months, as per AMBCrypto analysis.
Ethena (ENA)
Ethena (ENA) is the last on our list of altcoins to invest in right now. ENA, the native token of decentralized finance (DeFi) protocol Ethena Labs, has not only become the new talking point of the crypto community but indicated a blasting performance.
Since its making-news airdrop, ENA did not fade in its hype’s background and doubled in value, trading for $1.431 at the reporting time. The market capitalization of the asset crossed the $2 billion milestone as 5% of ENA’s total supply was airdropped to eligible holders of the ecosystem’s so-called synthetic dollar – USDe.
ENA/USDT 1h chart. Source: WhiteBIT Trading View
According to the 0xScope analysis, ENA showcased a skyrocket in purchases by whales and institutional investors in recent days, indicating a potential bullish sentiment to keep on for the coin.
ENA average buy cost. Source: X/0xScope
Notably, ENA’s bullish trend remained amidst the selling pressure that can be indicated by recent CEX total deposits. The ones experienced a dramatic boost in recent days, reaching $9M-worth ENA withdrawn in total.
ENA price relation with deposits and withdrawals. Source: Scopescan
The surge in withdrawals followed the announcement of “Season 2” by Ethena Labs, which offers higher rewards for staking ENA with the protocol. Hoping to capitalize on the returns, investors racked their ENA coins out of exchanges to supply them for staking.
Moreover, according to Coinglass’ data, the Open Interest (OI) in ENA Futures surged to $372 million at press time, with over 50% of the positions gunning for the coin’s price increase, indicating investors’ hope in the asset.
ENA futures Open Interest (OI) rate (USD). Source: Coinglass
Disclaimer: this article is not a financial recommendation, but a basis for your education and strategy shaping. Trade at your own risk, and always do your research.
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Paul Osadchuk
I am a crypto-enthusiast with 5-year experience in copywriting. Worked for web3 companies and cryptocurrency exchange, which drove my keen interest towards the industry. Been writing for different publications on cryptocurrency, technology, economics and politics.