In recent weeks, the cryptocurrency market has been on edge, anticipating a possible altcoin breakout, with investors closely monitoring alternative coins that are likely to lead the rally. Indeed, altcoins have been vying for attention, attempting to steal the spotlight from Bitcoin (BTC), one of the best performers of 2023.
Meanwhile, crypto trading analyst Tolberti, in a TradingView post on July 22, has identified the following five altcoins that are positioning themselves for a massive breakout.
Dogecoin (DOGE)
The meme cryptocurrency, Dogecoin (DOGE), has been experiencing sideways price movement in recent weeks, despite having multiple catalysts supporting it. Although DOGE’s performance is influenced by the overall market trajectory, it is notably dependent on its relationship with Tesla (NASDAQ: TSLA) CEO Elon Musk. Historically, the token has shown significant rallies whenever Musk mentions or talks about it.
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One such instance was when DOGE surged after reports emerged that Tesla’s source code included support for both Bitcoin and Dogecoin. This news triggered widespread speculation that the renowned electric car manufacturer might be considering integrating these cryptocurrencies as viable payment options. As a result of this news, the token’s market capitalization increased by over $1 billion, and its price surpassed the $0.070 resistance level.
Additionally, the token rallied shortly after Musk tweeted a meme of Scooby Doo, further highlighting the influence of his social media presence on DOGE’s price movements.
By press time, DOGE was trading at $0.071, experiencing daily losses of over 2%. On the weekly chart, the token has declined by almost 3%.
IoTeX (IOTX)
IoTeX (IOTX), the cryptocurrency focused on the Internet of Things (IoT), has encountered volatile price movement in recent weeks, largely mirroring the overall market trends. Currently, the token aims to reclaim the $0.05 resistance zone, which plays a pivotal role in its trading at $0.1.
The value of IOTX is closely tied to the increasing demand for secure and scalable IoT solutions. IoTeX positions itself as a trailblazing blockchain, offering a transformative platform for the future. Particularly noteworthy is IoTeX’s ability to seamlessly integrate with IoT devices, facilitating secure and efficient data transfer and communication. The implementation of blockchain technology ensures data integrity, privacy, and interoperability, establishing a trustless ecosystem for IoT devices.
By press time, IOTX was valued at $0.02, experiencing daily gains of less than 0.5%.
Fetch.ai (FET)
Fetch.ai (FET) pioneers the integration of AI and blockchain, creating a decentralized digital economy where autonomous agents collaborate, exchange data, and perform complex tasks using decentralized machine learning algorithms and distributed ledger technology. The token’s price is influenced by factors such as increased adoption and partnerships.
For instance, FET recently surged in value after partnering with Bosch to develop and utilize Web3 technology for real-world applications. Additionally, it saw a rally when Elon Musk introduced xAI as an alternative to the popular chatbot ChatGPT. However, FET has also experienced significant losses in line with the general crypto market over the long term.
Currently, FET is valued at $0.22, with daily losses remaining below 0.5%.
Litecoin (LTC)
Litecoin (LTC) remains one of the prominent cryptocurrencies in the market, with its recent performance being boosted by positive sentiments surrounding the upcoming halving, scheduled in less than two weeks. While LTC has experienced susceptibility to market downturns, the overall sentiment remains bullish.
Leading up to the halving event, Litecoin’s on-chain development continues to show significant progress. On July 15, the network achieved a historic milestone by processing its 170 millionth transaction. This indicates a rapid growth rate for Litecoin, with over 10 million transactions added in the past seven weeks alone, translating to well over a million transactions occurring each week. Remarkably, Litecoin has maintained continuous uptime for over 11 years without any downtime.
Additionally, LTC is witnessing increased whale activity as excitement builds around the halving event. In terms of price movement, LTC is targeting the $100 mark. By press time, the crypto was valued at $93.65 with daily gains of almost 2%.
Cosmos (ATOM)
Cosmos (ATOM) is a blockchain platform with a vision of building an interconnected ecosystem of independent blockchains. Recently, the token has shown bullish sentiments, defying the general trend in the crypto market. Market analysts are optimistic, believing that ATOM is poised to surpass the $10 mark.
Throughout the past month, ATOM has been diligently working to establish a strong foundation, showcasing its resilience amid market fluctuations. As of the latest update, ATOM is valued at $9.42, with a weekly decline of over 5%.
Overall, the ability of the highlighted cryptocurrencies to lead an altcoin breakout will largely depend on the general market sentiment.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
