Investors are at a crossroads following Bitcoin’s bounce back above $43,000. While there’s no assurance of a continuing uptrend in February, not buying the dip could see many miss out on Bitcoin’s pre-halving rally. On the other side of the fence, some experts like Rekt Capital believe altcoins like SEI, Chainlink (SOL), and Dogecoin (DOGE) could outperform Bitcoin during this time. For most investors, picking the best altcoins to buy is a daunting task — the ones that must be executed with utmost precision to avoid tokens that are unlikely to rally.
The #Altcoin market capitalization is holding above the crucial threshold of $675 billion.
I’m expecting continuation to be happening towards $1-1.25T in the coming 2-4 months. pic.twitter.com/b1ggOn6XjN
— Michaël van de Poppe (@CryptoMichNL) January 30, 2024
SEI Returns Hit 24% In A Week
After bowing to the selling pressure in January, Sei embarked on an upward trajectory rising from $0.56 to the current value of $0.75.
The token backing the first sector-specific Layer 1 blockchain, supporting decentralized exchanges (DEXes), has since its launch attracted immense interest from traders, considering a staggering 116% increase in the trading volume to $530 million.
A commendable 8% surge in the market cap to $1.8 million, making Sei the 45th largest crypto underscores the ability of this token to close in on the top ten assets over the coming months.
Bulls should be concerned about seeking a relatively higher support area, especially with the Relative Strength Index (RSI) in the overbought region, and showing signs of falling back into neutral territory.
SEI price chart | Tradingview
Sei has the potential to keep moving higher toward $1 backed by the trailing moving averages. If push comes to shove and bulls lose control of the sellers, the token could rebound from the green band or the next buyer congestion at $0.6.
Recommended: Bitcoin (BTC) Price Eyes Pre-Halving Rally To $50,000 As Spot ETF Net Inflow Hits $255M
Can Chainlink (LINK) Hit $150 In February?
Amidst the broader market’s recovery from the initial downturn triggered by ETF approvals, the Chainlink price has successfully maintained its position above the $13.6 local support level. This positive turnaround from the support level has resulted in a significant 13.6% increase in the LINK price over the past week, bringing it to a current trading price of $15.46.
Chianlink price prediction chart | Tradingview
Examination of the daily chart reveals that this upward trend is shaping into a bullish chart pattern known as an inverted Head and Shoulders, presenting an opportunity for buyers to capitalize on the potential for further recovery.
there’s an anticipation that the LINK price may rise by an additional 7% shortly, aiming to breach the pattern’s neckline resistance at $16.67. If this breakout is successful, it could lead to heightened buying pressure, potentially pushing the price beyond the $17.5 resistance of the recent high.
Securing this new level could empower buyers to pursue an ambitious target of $30.
Dogecoin (DOGE) Prepares For 22% Surge
Despite the wider market downturn, Dogecoin price has impressively maintained its value above the $0.075 support level. The cryptocurrency has rebounded three times from this mark, indicating active buyer accumulation at lower prices, which signals a positive sentiment in the market. However, Dogecoin’s upward movement is currently capped at the $0.0877 resistance level, leading to a period of lateral trading. Could the ongoing market reversal provide the necessary momentum for DOGE to initiate a lasting recovery?
Dogecoin price prediction
The daily timeframe chart reveals that this support level coincides with the 61.8% Fibonacci retracement level and the 200-day EMA, making it a key focus point for buyers. The recent rebound from the EMA slope has led to a 6.5% increase in Dogecoin’s value over the week, with its current price at around $0.081.
With the network’s development and a recovering broader market, the DOGE price is poised to potentially break through the overhead resistance at $0.087. A successful breach of this resistance could amplify buying momentum and propel Dogecoin’s value by 22% to reach the upper boundary of a long-standing triangle pattern at $0.107.
Related Articles
- 3 Best Crypto To Buy Today 30 Jan: BTC, SOL, MANTA
- Spot Bitcoin ETF: Invesco Galaxy Lowers Fee on BTCO
- Crypto Funding Expands With Uncorrelated Ventures’ New Fund; Is Market Back in Black?
Read the full article here