- The cryptocurrency market experienced significant volatility in the first half of 2024, leading to substantial sell-offs.
- Despite the downturn, certain cryptocurrencies continue to show strong growth potential.
- Crypto expert Aneena Alex predicts that two specific altcoins will attract significant capital inflows and maintain their upward trajectory.
Discover the two altcoins poised for growth in 2024, backed by strong fundamentals and increasing community interest.
First Major Altcoin: Synthetix (SNX)
Synthetix is a decentralized protocol on Ethereum (ETH) for issuing and trading synthetic assets. It supports synthetic fiat currencies, cryptocurrencies, and commodities, addressing liquidity and slippage issues on decentralized exchanges (DEX). Currently, Synthetix has a market cap of $959.78 million and is trading at $2.93. Given its proximity to the $1 billion mark, a modest increase in market cap could push it past this milestone.
Recent Trading Activity and Market Indicators
Recently, Synthetix has seen a significant increase in trading activity, with derivative trading volume up by 208% in the past few days. This surge has led to a 17.1% increase in open interest, now totaling $27 million. The altcoin is trading between its 50-day and 200-day EMAs, indicating uncertainty. However, the MACD line is on an upward trajectory, and the relative strength index (RSI) has risen above 50, currently at 62.02, signaling bullish momentum.
Second Major Altcoin: Notcoin (NOT)
Notcoin (NOT) was initially introduced as a reward token for a Telegram game designed to integrate users into The Open Network (TON). Its unique application in the gaming world has garnered significant interest, contributing to its growth potential. Notcoin currently has a market cap of $957.46 million and is trading at $0.00949. It recently experienced a 115% surge from May 24 to May 28 but faced resistance at $0.0099.
Technical Analysis and Future Outlook
The RSI remains above the neutral 50 level, indicating bullish momentum. Fibonacci retracement levels highlight $0.0072 and $0.0066 as key support levels, making a rally to $0.0112 and $0.0132 more likely. Notcoin’s strong performance and growing market cap position it well to surpass the $1 billion milestone in the first half of 2024. Key levels to watch include resistance at $0.010 and support at $0.0048 and $0.0051. Notcoin’s market performance and strategic use in gaming make it an attractive investment, likely to draw more capital.
Conclusion
In summary, Synthetix and Notcoin are two altcoins with strong growth potential in 2024. Supported by robust fundamentals and increasing market interest, these cryptocurrencies are well-positioned to attract significant capital inflows and maintain their upward momentum. Investors should keep an eye on key technical levels and market indicators to make informed decisions.
