Sei Network (SEI), Lido DAO (LDO), and Arbitrum altcoins are off to a strong start in 2024, showing impressive double-digit gains. This surge comes just before the potential approval of a BTC ETF, bringing excitement to the crypto market.
Crypto analyst Rekt Capital suggests that the altcoin season could be on the horizon. In a recent post on X, a popular platform, the analyst used a chart to explain that whenever Altcoin Market Cap successfully underwent two historical retests, a third retest usually followed in the weeks that came after. This observation hints at the potential for increased activity and interest in alternative cryptocurrencies.
Altcoin Investment Insights for 2024
According to a chart shared in a recent tweet, the blue level is anticipated to serve as a launching pad for significant market highs. For investors considering involvement in specific altcoins, it’s crucial to focus on tokens that not only maintained a positive outlook in the last quarter of 2023 but also continue to show promise at the beginning of the New Year. Examples include Sei Network (SEI), Lido DAO (LDO), and Arbitrum (ARB).
Every time Altcoin Market Cap performed a two historic retests successfully (green circle then yellow circle)…
A third retest followed in the weeks afterwards (blue circle)
The blue level would then act as a springboard to phenomenal highs#BTC #Crypto #Bitcoin pic.twitter.com/H4MkfMLYod
— Rekt Capital (@rektcapital) January 1, 2024
If the overall technical structure continues to strengthen across the cryptocurrency market, it could be an opportune time to include these altcoins in a crypto portfolio. This strategic move aligns with the potential for substantial growth in the coming period.
Anticipation for SEC Approval and Impact on Crypto Market
The crypto community eagerly awaits the Securities and Exchange Commission (SEC) to give the green light to the first spot Bitcoin exchange-traded funds (ETFs) in the US. Anticipated before January 10, this approval is likely to bring a fresh wave of money into the market, particularly from institutional investors.
With the expected surge in Bitcoin demand, there’s a likelihood of the largest cryptocurrency’s price surpassing $50,000 and inching closer to the $60,000 mark. This optimistic outlook could not only boost Bitcoin but also have a positive ripple effect on various altcoins.
Given the potential impact, there’s a growing emphasis on diversifying crypto portfolios beyond Bitcoin and Ethereum, as many altcoins are poised to benefit from the overall bullish sentiment in the market. This strategic move aims to capture opportunities arising from the evolving landscape and maximize potential returns in the crypto space.
Surge of Sei Network in 2024: Meme Coin Frenzy Unfolds
In the unexpected meme coin frenzy of 2024, Sei Network has soared by an impressive 16%, reaching $0.75. Market experts attribute this surge to the narrative of a parallelized EVM, providing significant benefits for SEI token holders.
Over the past week, the token has witnessed a remarkable 71% increase, sparking FOMO (Fear of Missing Out) among both investors and traders.
The term EVM stands for Ethereum Virtual Machine, essentially a virtual computer enabling the deployment of smart contracts and other applications. A parallelized EVM, on the other hand, refers to a blockchain process that achieves high scalability by handling multiple transactions simultaneously.
In the current landscape, Sei is standing out as a major winner among blockchain contenders, even amid the attention garnered by tokens like Solana (SOL) and Avalanche (AVAX). The strengthening on-chain metrics indicate rapid growth for Sei Network, which has achieved a market cap of $1.8 billion since its launch in August.
Sei price chart | Tradingview
With solid support noted at $0.7, a continuation of the uptrend signals the potential for gains surpassing the coveted $1 mark. The prevailing FOMO-driven momentum may persist, especially considering the optimism surrounding the potential approval of the ETF.
LDO Token: Noteworthy Gains in Liquid Staking Landscape
In the dynamic world of liquid staking, LDO, the native token of the prominent liquid staking protocol Lido DAO, has experienced a significant uptick, rallying by 20% in just a week to reach $2.97.
Despite facing criticism for its growing share in Ethereum staking, Lido DAO remains a standout project, recognized as one of the most influential blockchain platforms of 2023.
Functioning as a liquidity staking protocol, Lido enables ETH holders to lock their coins in a smart contract while still having access to liquidity through another token. This distinctive feature is the platform’s key selling point, allowing users to maintain liquidity in the ever-changing crypto market.
Lido DAO price chart by Tradingview
For potential investors eyeing LDO, it’s advisable to consider entering positions above $3, taking into account a recent rejection at a seller congestion point of $3.2. A failure to close above $3 may prompt a minor sell-off, providing an opportunity for buyers to gather more liquidity before the potential resumption of the uptrend. CoinGecko data indicates that surpassing this level could propel Lido towards its all-time high of $7.3.
Arbitrum Price Uptrend: Fueled by FOMO and Positive Indicators
Arbitrum’s price seems poised to continue its upward momentum, driven by the Fear of Missing Out (FOMO), especially after testing but not successfully breaching the resistance at $1.8. With the anticipation surrounding the potential approval of the spot BTC ETF in January, there’s speculation that ARB price could surge beyond immediate hurdles at $1.8 and $2.
ARB price chart | Tradingview
Supporting this uptrend is the Moving Average Convergence Divergence (MACD) indicator, currently displaying a buy signal. This technical analysis suggests a positive momentum for ARB.
Given these indicators, investors heeding the call to buy ARB might contribute to sustaining the upward trend, possibly pushing the cryptocurrency into a price discovery mode. This becomes especially noteworthy when considering the previous all-time high of $1.83.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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