In recent weeks, the cryptocurrency market has been on the brink, anticipating a potential altcoin breakout, with investors closely monitoring altcoins likely to lead the rally. In fact, altcoins have been vying for attention, trying to steal the attention of Bitcoin (BTC), one of the best interpreters of 2023.
Meanwhile, crypto trade analyst Tolbertiin a TradingView mail On July 22, he identified the next five altcoins that are positioning for a massive breakout.
Dogecoin (DOGE)
The meme cryptocurrency, Dogecoin (DOGE), has been experiencing a sideways price move in recent weeks, despite having multiple catalysts supporting it. Although DOGE's performance is influenced by the general trajectory of the market, it is highly 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.
One such case was when DOGE arose after reports it emerged that Tesla's source code included support for both Bitcoin and Dogecoin. This news sparked widespread speculation that the renowned electric car maker might be considering integrating these CRYPTOCURRENCIES as viable payment options. As a result of this news, the token's market capitalization increased by more than $1 billion and its price broke through the resistance level of $0.070.
Additionally, the token rallied shortly after Musk tweeted a Scooby Doo meme, further highlighting the influence of his social media presence on DOGE's price movements.
At press time, DOGE was trading at $0.071, experiencing daily losses of more than 2%. On the weekly chart, the token is down almost 3%.
IoTex (IOTX)
IoTeX (IOTX), he cryptocurrency Focused on the Internet of Things (IoT), it has encountered volatile price movement in recent weeks, largely reflecting general market trends. Currently, the token is aiming to recapture the $0.05 resistance zone, which plays a pivotal role in its price at $0.1.
The value of IOTX is closely related to the growing demand for secure and scalable IoT solutions. IoTeX is positioned as a pioneering blockchain that offers 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. Blockchain Implementation technology ensures data integrity, privacy, and interoperability, establishing a trustless ecosystem for IoT devices.
At press time, IOTX was valued at $0.02, seeing daily gains of less than 0.5%.
Retrieve.ai (FET)
Get.ai(FET) is a pioneer in 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 price of the token is influenced by factors such as increased adoption and partnerships.
For example, FET recently increased in value after partnering with Bosch to develop and use Web3 technology for real-world applications. Also, it saw a spike when Elon Musk introduced xAI as an alternative to popular chatbot ChatGPT. However, FET has also experienced significant losses in line with the general crypto market in the long run.
Currently, the FET is valued at $0.22, and daily losses remain below 0.5%.
Litecoin (LTC)
Litecoin (LTC) continues to be one of the leading CRYPTOCURRENCIES in the market, with its recent performance fueled by positive sentiments around the upcoming halving, scheduled in less than two weeks. While LTC has experienced susceptibility to market downturns, overall sentiment remains bullish.
Prior 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 last seven weeks alone, which translates to over a million transactions every week. Amazingly, 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. At 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 to build an interconnected ecosystem of independent blockchains. Recently, the token has shown bullish sentiments, bucking the general trend in the crypto market. Market analysts are bullish and believe that ATOM is about to break the $10 mark.
Throughout the last month, ATOM has been working diligently to establish a solid foundation, showing its resilience amidst market fluctuations. As of the last update, ATOM is worth $9.42, with a weekly decline of over 5%.
In general, the ability of the featured cryptocurrencies to lead an altcoin breakout will largely depend on overall market sentiment.
Disclaimer: The content of this site should not be considered as investment advice. The investment is speculative. By investing, your capital is at risk.
