As bitcoin (btc) continues its upward trajectory, regaining its bullish momentum after a brief range-bound price action and inching closer to its all-time high (ATH) of $73,700, crypto analyst Miles Deutscher shared insights on several altcoins to observe possible profits. this week.
Altcoins with great potential
First, Deutscher x.com/milesdeutscher/status/1777313352227717626″ target=”_blank” rel=”nofollow”>observe a solid recovery in bitcoin following its recent drop below the $65,000 level on April 3. The analyst notes that bitcoin's structure appears positive, with $73.8000 being the critical level to watch as it represents the previous ATH and last resistance for the cryptocurrency before further gains.
According to Deutscher analysis, btc's ability to break above this level could indicate further bullish momentum for the market leader.
Despite recent network congestion issues, Deutscher remains optimistic about Solana's long-term prospects as it is the first of several altcoins on the analyst's radar this week, promising further gains on top of its already bullish trend. of 23% during the last month.
The analyst highlights that sentiment around Solana has deteriorated slightly, but emphasizes that these problems are unlikely to have a significant impact in the medium and long term.
Next on the list, Deutscher identifies the btc equivalent to non-fungible tokens (nft), Ordinals, as a strong player within the BRC-20/btc narrative ecosystem.
with bitcoin reduce by half Scheduled for the last half of April, just a few days away, Deutscher remains bullish on the ORDI token ahead of the event. While the narrative around the halving remains relatively quiet, Deutscher goes on to suggest that Ordinals stands out as a leader in this space.
Orion and Altlayer
Deutscher has expressed interest in Altlayer, an altcoin closely associated with the EigenLayer protocol, due to recent rumors regarding the upcoming EigenLayer airdrop. According to the analyst, Altlayer's proximity to airdrop and its involvement in the recovery narrative contributes to its appeal..
Given these anticipated developments, Deutscher sees potential momentum for the token as the market prepares for the airdrop. The token is up 14% in the last month alone and more than 4% in the previous 24 hours.
Similarly, Deutscher highlights ORN as the first update to EigenLayer and emphasizes the limited opportunities to gain exposure to EigenLayer before its official release.
This factor, combined with Orion's rebranding to LUMIA, has attracted positive market sentiment, the analyst said, noting that recent weeks have demonstrated the market's positive response to token rebrandsfurther increasing Orion's potential.
Dogecoin's 'Doge Day'
Next on the altcoin watch list, Deutscher points to the upcoming “Doge Day” on April 20, which has historically seen increased interest and speculation around the dog-themed meme coin.
According to the analyst, the possibility of Elon Musk tweeting about the meme-inspired cryptocurrency has fueled Expectations for possible price movements. Deutscher suggests monitoring the strength of DOGE and considering it as a viable short-term trading opportunity.
Finally, Deutscher points to previous cases where early participants in the altcoin airdrop experienced initial selling pressure, followed by potential bounces.
Wormhole's native token W is facing a similar scenario as the token has fallen over 30% since Trading began on April 3.. Deutscher advises looking how the token reacts around the important $1 support level.
Once the initial selling pressure potentially subsides, Deutscher notes that a positive reaction can be expected, but whether the $1 support holds will be key in determining the cryptocurrency's next moves.
Featured image from Shutterstock, chart from TradingView.com
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