Bitcoin‘s price is climbing once again, recovering from a temporary pause in growth and approaching its record high of $73,700. Crypto expert Miles Deutscher has highlighted some alternative coins that could bring profitable returns this week.
Altcoins With Strong Potential
Initially, Deutscher points out that Bitcoin bounced back strongly after dropping beneath the $65,000 mark on April 3rd. He highlights that Bitcoin’s chart looks encouraging, with $73,800 being a significant level to monitor as it signifies the prior all-time high and the last obstacle before potential additional growth.
Based on Deutscher’s assessment, hitting this threshold by BTC might indicate a continuation of its bullish trend for the market front-runner.
In spite of some network congestion problems that have arisen lately, Deutscher remains hopeful about Solana’s future prospects. This cryptocurrency is among several altcoins he’s keeping an eye on this week, as he anticipates additional growth beyond its 23% increase over the past month.
The analyst points out that there’s been a slight decrease in positive feelings toward Solana, yet stresses that any current challenges aren’t expected to cause major damage in the future.
In the next part of our discussion, Deutscher points out that Ordinals, which are similar to non-fungible tokens in Bitcoin’s ecosystem (BRC-20/BTC), have shown impressive results and significance.
As the Bitcoin halving approaches in late April, Deutscher stays optimistic about the future of ORDI token. Despite a low-key discourse around this event, Deutscher believes that Ordinals is distinguished among its peers in the industry.
Orion And Altlayer
German analyst reveals enthusiasm for Altlcoin, linked to EigenLayer project, fueled by buzz about the forthcoming EigenLayer distribution event. The coin’s closeness to the airdrop and role in staking story make it an attractive prospect.
Based on the expected advancements, Deutscher predicts an increase in value for the token due to the upcoming airdrop. In just the past month, the token has risen by 14%, while it has gained an additional 4% within the last day.
In a similar vein, Deutscher identifies ORN as the inaugural restaking rollup on EigenLayer, and underscores the scant chances to acquire exposure to EigenLayer prior to its debut.
The analyst pointed out that the combination of this element and Orion’s rebranding from Orion to LUMIA has brought about favorable market opinions. Lately, the market has shown a positive reaction towards token name changes, which in turn boosts Orion’s growth potential.
Dogecoin’s ‘Doge Day’
In his analysis of altcoins, Deutscher highlights an event coming up called “Doge Day” on April 20th. Historically, this day has brought heightened attention and excitement for the meme coin, Doge.
Based on what the analyst has shared, the hype surrounding Elon Musk’s potential tweets about DOGE (Dogecoin) could lead to price fluctuations. Deutscher recommends keeping a close eye on DOGE‘s performance and considering it as an option for short-term trading.
In the end, Deutscher highlights past occasions when early recipients of altcoin airdrops faced an initial rush to sell, which could later be followed by price recoveries.
The value of Wormhole’s native token, W, has dropped by more than 30% since it started being traded on April 3. It is recommended to keep an eye on how the token behaves near the notable support price of 1 US dollar.
After the preliminary selling pressure possibly lessens, Deutscher points out that a favorable response may ensue. However, whether the $1 support remains strong will significantly influence the digital currency’s future actions.
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2024-04-09 02:10