Recently, the price of Bitcoin has retraced, mainly due to the market generally believing that Bitcoin is about to break through the $100,000 mark, leading many retail investors to take profits at this price level. The market generally expects that new market movements may occur after Trump's inauguration (on January 20).
Looking back at the previous cycle of Dogecoin (Doge), it experienced a doubling rise at the end of December, but the real strong launch occurred at the end of January, after the new president took office. During that half-month period, the price of Dogecoin skyrocketed tenfold, greatly stimulating market sentiment, causing the entire altcoin market to enter a frenzy in the following months of February, March, and April.
Historically, whether Trump faced an assassination attempt or successfully campaigned, the cryptocurrency market has shown extremely intense market reactions. Therefore, it is reasonable to believe that Trump's inauguration will become the next important bullish factor for the market. Against this backdrop, altcoins like Ethereum (Eth) and Dogecoin (Doge) are expected to lead a new round of altcoin season, providing investors with abundant investment opportunities.
In summary, we can expect a new wave of market activity in the first quarter of next year, as Trump's inauguration and further warming of market sentiment may lead to a surge in the cryptocurrency sector. Investors should closely monitor market dynamics and seize investment opportunities.
Buying these cryptocurrencies in 2024 could yield 100x returns!
1.ELF
ELF (aelf), as one of many altcoins, has experienced significant fluctuations this year and is overall showing a downward trend. However, a series of recent positive developments suggest that aelf is likely to experience an upward momentum. Thanks to positive adjustments in the regulatory environment and continuous breakthroughs on the technological front, aelf is moving steadily forward, laying a solid foundation for broader cryptocurrency applications. Meanwhile, the emergence of Bitcoin ETFs and significant improvements in compliance from major exchanges have greatly boosted market sentiment, creating favorable conditions for the development of cryptocurrencies like aelf.
These positive factors are expected to help aelf achieve a price breakthrough, with an average price projected to reach $3.50 and further climb to $4.75 by 2025. Moreover, aelf's growth is also attributed to its extensive network of strategic partners. The collaboration with the well-known digital asset exchange Huobi has not only enhanced the liquidity and adoption of the ELF token but also further solidified its position in the market. Additionally, aelf has established partnerships with platforms such as the Innovation Alliance and Votigram to jointly promote the innovation and development of its blockchain technology.
Currently, ELF is trading at $0.7, with a market cap of $483.22 million. In the past 24 hours, the price of ELF surged by 46.13%, ranking 152nd in the cryptocurrency market. Trading volume has also significantly increased to $478.51 million, showing strong investor interest in aelf. Although the overall market sentiment remains bearish, the fear and greed index has reached 82 (extreme greed), reflecting investors' optimistic expectations for aelf's future. At the same time, the continuous increase in ELF's trading volume indicates that investors are confident in potential upward trends. From a technical perspective, aelf's 14-day RSI is 52.37, indicating a neutral zone, meaning its price could fluctuate in either direction at any time.
2.STX
Stacks (STX), a cryptocurrency closely connected to the Bitcoin network, has recently shown significant growth. In the past 24 hours, its price surged by 8%, reaching a new height of $2.22, and its market capitalization has climbed to over $3 billion, successfully entering the top 45 in the cryptocurrency market capitalization rankings. Meanwhile, STX's trading volume has also seen an astonishing increase, soaring by 132.73% to $780.58 million, highlighting the market's high interest in it.
The close relationship between STX and Bitcoin (BTC) is reflected in a correlation coefficient as high as 0.86, making Stacks a high-beta asset in the Bitcoin ecosystem, providing an ideal leverage opportunity for investors looking to gain higher returns through Bitcoin's performance. The market holds a generally optimistic view of STX's future development potential.
From a technical chart perspective, STX is currently showing a consolidation pattern, which typically indicates that buyers are actively accumulating positions in preparation for a future breakout. In particular, the range of $2 to $2.05 could become a key starting point for STX to initiate a new round of upward movement. Although Stacks recently briefly broke through a four-month resistance level, it subsequently fell back into this range. However, it is worth noting that STX remains firmly above the 200-day moving average, further consolidating its long-term bullish trend.
By comparing the performance of STX with Bitcoin, we find that their price movements are highly correlated. Therefore, if Bitcoin can continue its upward momentum, analysts expect STX's target price to reach $4. As Stacks gradually moves out of the consolidation range, open interest has also increased significantly, reflecting traders' growing interest in STX, who are likely preparing for the upcoming rebound.
3.ICP
The cryptocurrency market continues to exhibit strong upward momentum, with Bitcoin (BTC) achieving an astonishing 50% growth in the last 30 days, breaking through the historical high of $99,502. Meanwhile, the altcoin market is also following closely behind, with Internet Computer (ICP) showing particularly impressive performance.
In the past 24 hours, ICP has seen an increase of 11.63%, bringing its weekly increase to a high of 36.48%. ICP has successfully broken free from the constraints of the descending triangle pattern, breaking through the upper resistance trend line, directly pushing the price above the key resistance area of $10.20 to $10.90. If ICP can firmly break through this range, it is likely to welcome a new round of upward momentum, with $13.00 and $14.00 becoming the next important target prices.
From the daily chart, it is clear that the breakout of ICP has exhibited strong bullish momentum. The Relative Strength Index (RSI) currently stands at 66.28, indicating that ICP has sufficient room for upward movement before entering the overbought zone. If the current upward momentum can be maintained, ICP is likely to quickly reach $13.00, and may even further rise to $14.00.
However, it is worth noting that if market resistance is too strong, the price of ICP may consolidate around current levels in the short term. Nevertheless, the recent 2024 ecosystem report released by the DFINITY Foundation behind ICP has added extra momentum to its upward trend. The report fully showcases the rapid development of the ICP platform, particularly its significant achievements in cross-chain technology. The Chain Fusion protocol allows smart contracts to interact across different blockchain networks, and over the past year, the activity of this protocol has seen an astonishing 1,230% growth.
4.Sol
Solana (SOL) has ambitious bull market aspirations, aiming for the $500 mark. If it successfully crosses this milestone, Solana is expected to embark on a journey to challenge historical highs, further infusing the entire cryptocurrency market with a bullish atmosphere, underscoring Solana's strong upward potential.
For Solana, the next few days will be particularly critical, as it will undergo a severe test of its upward trajectory. At the same time, Bitcoin's strong performance has injected optimism into the market, providing solid support for Solana's price movement. The recent breakthrough is undoubtedly a clear signal of enhanced bullish momentum, making Solana stand out among the numerous altcoins in the cryptocurrency market.
5.DOGE
DOGE is closely linked to Musk and is welcoming new opportunities brought by Trump's presidency. Musk's plan to establish a government efficiency department directly named after DOGE seems to signal that DOGE is about to see a strong rise.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is about to see a change in leadership, with the former chairman who took a tough stance on market makers stepping down, clearing legal obstacles for DOGE's rise. DOGE, as a long-established digital currency, has accumulated a deep community consensus over its long development process. Its representative 'dog' image is deeply rooted in American culture.
In the context of a bull market, the price of DOGE is expected to see explosive growth, with a breakthrough of the $0.5 mark just around the corner. This prediction is not only based on DOGE's close ties to Musk but also stems from its strong community foundation and unique cultural symbolism.
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