Altcoins with great potential for quick profit
- If Bitcoin reclaims the $30,000 mark this month, altcoins like Solana (SOL), Cosmos (ATOM) and a handful of others are poised to rally.
- These assets are currently trying to recapture previous ATHs as bulls try to regain control.
The cryptocurrency market is lining up for altcoins to mark a significant upswing in their overall price value. However, this will only be possible when the top cryptocurrency Bitcoin lays the foundation for what could be the most profitable run in the second quarter of the year.
At press time, the majority of altcoins in the crypto market are in the red zone. However, altcoins such as Solana (SOL), Cosmos (ATOM), Internet Computer (ICP) and Hedera (HBAR) are some of the few assets showing bullish signs. These assets have the potential to break current price levels and test new price levels if Bitcoin reaches $30,000.
Meanwhile, prominent figures such as Bob Michele, the chief investment officer of asset management at JP Morgan, told Bloomberg that the chaos at First Republic Bank could affect other sectors outside the bank. Whether Bitcoin will react positively or negatively can only be left to time.
Nevertheless, Bitcoin and other assets are showing positive signs at this time. In the case of Bitcoin, the 20-day exponential moving average is making an upward correction. In addition, the relative strength index (RSI)
a momentum indicator indicating that overbought or oversold situations have entered the positive zone.
Bitcoin and altcoins are making continuous attempts to push against the bears
Bitcoin crossed the $30,000 price point and maintained momentum above this price point in 2022. The asset would rise even more, above the $47,000 price point before its rapid decline. This year, Bitcoin surprised critics when it broke above $30,000 in April for the first time in 10 months.
The asset hit a high of $30,438, thanks to 23 percent gains accumulated since March. However, Bitcoin only stayed above $30,000 for a short period of time. With increased selling pressure registered in the previous weeks, Bitcoin fell and is now trading at a press time price of $28,175.
While Bitcoin has lost more than 5 percent in the past 24 hours, the asset has managed to maintain some of its weekly gains. As such, it is still very possible for Bitcoin to regain $30,000 and send altcoins through the roof.
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On the other hand, altcoins such as Solana (SOL) and Cosmos (ATOM) are poised for a rally, although these assets are currently in the red zone, with losses amounting to 7.77 percent and 7.24 percent, respectively.
Towards the last weeks of April, the SOL bulls succeeded in pushing prices upwards, as the selling pressure weakened. The RSI indicator is now in the positive zone, signaling that buyers are currently in control of prices. Sol is now trading at $21.87.
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