The crypto market is witnessing a shift favoring altcoins following the launch of Bitcoin ETFs in the USA. With Bitcoin's drama subsiding, the crypto scene is abuzz about altcoins like Cardano (ADA) and (MATIC) that are quickly becoming top choices for savvy investors. Altcoins such as Arbitrum (ARB), Chainlink (LINK)and VeChain (VET) are gaining traction as potential investments, too.
While Bitcoin's price corrected by 14% post-ETF launch, altcoins have shown resilience, with Ethereum, Solana, and Chainlink (LINK) posting notable gains. This suggests a growing interest in alternative tokens and marks the start of what many call 'altseason'. However, experts warn about a potential dip, reminding us that the crypto market is anything but predictable, especially after Bitcoin ETFs received the green light.
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Cardano (ADA): A Potential Bull Run on the Horizon
Cardano (ADA) has been attracting attention with its price action resembling patterns observed between 2018 and 2020. Experts suggest that Cardano (ADA) might stabilize at its current levels for a while, preparing for another upward trend around April.
Cardano's (ADA) price has been fluctuating, trading in a range of $0.418 to $0.724. The 10-day Moving Average is at $0.536, while the 100-Day Moving Average stands at $0.44. Cardano (ADA) has seen a high of $0.5429 and a low of $0.4868 in the last 24 hours.
The forecast for Cardano (ADA) is cautiously optimistic, with the potential to reach $6 as per analysts' predictions. However, this outlook depends on the current market trend continuing. So if you're investing in Cardano (ADA), keep a close eye on the market's fluctuations and any new regulations that could impact the sector.
Polygon (MATIC): Gaining Ground
Polygon (MATIC) is making a splash in the crypto industry, with its proof-of-stake (PoS) platform achieving higher trading volumes than Ethereum. Polygon (MATIC)'s recent major partnership with Fox Corporation, aimed at verifying content, is a testament to its growing influence.
Polygon's (MATIC) price is currently in the $0.784 to $1.124 corridor, with the 10-Day Moving Average found at $0.848 and the 100-Day Moving Average hovering at $0.784. The support levels are at $0.256 and $0.597, while the resistance levels are looming at $1.278 and $1.619.
Polygon (MATIC) is emerging as a potential dark horse in the next bull market, but it faces competition from other layer-2 (L2) solutions and market volatility. Polygon (MATIC) will excel only if it maintains a strong user base and solid partnerships.
Arbitrum (ARB): Dominating the L2 Landscape
Arbitrum (ARB), an L2 network built on Ethereum, is showing robust performance with significant increases in trading volume and the valuation of its native token, ARB. Arbitrum’s (ARB) flourishing DeFi ecosystem and cost-effective transaction fees contribute to its growing popularity.
Arbitrum's (ARB) current price range is between $1.59 and $2.43, with the 10-day Moving Average identified at $1.92 and the 100-Day Moving Average sitting at $1.99. The support levels are set at $0.33 and $1.16, while the resistance levels are materializing at $2.83 and $3.66.
Arbitrum’s (ARB) investment potential looks promising due to its high trading volume and low transaction fees. However, altcoin faces the broader crypto market downturn and competition from other Ethereum-based L2s. Arbitrum (ARB) has to sustain its growth and attract more users to succeed in the long run.
Chainlink (LINK): Forging New Alliances
Chainlink (LINK) recently integrated Circle’s Cross-Chain Transfer Protocol (CCTP) into its Cross-Chain Interoperability Protocol (CCIP), enhancing the utility of the USDC stablecoin across various blockchain networks.
As of today, Chainlink's (LINK) price ranges between $13.16 and $17.19. The 10-day Moving Average lies at $14.94 and the 100-Day Moving Average stands at $13.55. The support levels are at $7.35 and $11.38, while the resistance levels are at $19.44 and $23.47.
Despite the recent bearish trend, Chainlink's (LINK) collaboration with Circle could boost its appeal in the DeFi space. However, altcoin faces market volatility and competition from other oracle networks. Chainlink’s (LINK) enduring success depends on whether it keeps fostering additional partnerships and integrations.
VeChain (VET): The Quest to Reclaim Former Glory
VeChain (VET), a supply chain-focused cryptocurrency, reached an all-time high (ATH) of $0.281 in April 2021, but has since seen a significant price decline. The market is now bullish, which raises questions about VeChain's (VET) potential to reclaim its ATH.
VeChain's (VET) price is moving between $0.024 and $0.0416, with the 10-day Moving Average fixed at $0.0304 and the 100-Day Moving Average observed at $0.0253. The support level is at $0.0138, while the resistance levels are at $0.049 and $0.066.
VeChain's (VET) prospects for reclaiming its ATH are uncertain, with predictions suggesting a maximum price of $0.12 in the near future. Possible challenges include market volatility and the need for substantial developments or partnerships to drive VeChain's (VET) price growth. One should remain cautious and consider the long-term horizon for potential gains.
Conclusion
Bitcoin's influence in the market is diminishing, which paves the way for altcoins to take the spotlight concidering their relative stability. Among these, Cardano (ADA), Polygon (MATIC), Arbitrum (ARB), Chainlink (LINK) and VeChain (VET) stand out as promising investments. Each altcoin presents unique strengths and potential, from Cardano's (ADA) anticipated bull run to Polygon's (MATIC) impressive trading volumes, Arbitrum's (ARB) dominance in L2, Chainlink's (LINK) strategic partnerships and VeChain's (VET) quest to reclaim former glory. However, the crypto market is ever-changing – experts warn of potential dips following Bitcoin's ETF approval. As we enter what is being termed an 'altseason', these altcoins merit attention for their potential to capitalize on the shifting market dynamics.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
