Almost everyone in the Bitcoin and altcoin market is wondering which cryptocurrencies hit the bottom. This article will give you an idea about it. Let’s take a look at which coins can make a serious splash.
Coins at the bottom in the altcoin market
A popular crypto trader is expressing bullish sentiments about a relatively new Dogecoin (DOGE) and Shiba Inu (SHIB) competitor. Famous crypto trader Altcoin Sherpa appeals to his 195,700 Twitter followers. He says that Memecoin Pepe (PEPE) is forming a bottom. For this reason, he emphasizes that the coin will rise by double-digit percentages from current levels. In this context, Sherpa is applying Fundamental Fibonacci retracement levels. Sherpa says PEPE could rise 57% from around $0.00000150 to $0.00000235. PEPE has risen over 2,600% since mid-April. At the time of this writing, it is trading at $0.000001442.
Looking at other crypto assets, Sherpa says “many” altcoins are bottoming out in the short term. Accordingly, Sherpa Ethereum (ETH) scaling solution adds altcoin Arbitrum (ARB), smart contract blockchain Sui Network (SUI), and non-fold token (NFT) market Blur (BLUR) charts. It likewise shows that three crypto assets have bounced off a support level. The popular trader says that many altcoins could rise between 20% and 50% in the future. However, Sherpa also warns that the rally could be short-lived, saying:
“I still think many altcoins are bottoming out in the short term. It’s too early to decide if this is some kind of trend reversal. Still, I think a 20-50% rise is imminent for many of them. But let me also state this. Maybe there will be even more downward movement from now on.”
Metaverse coins at the bottom
We are in the middle of the Artificial Intelligence (AI) frenzy this year. That’s why metaverse projects have grown at a slower pace compared to the frenzy of a year and a half ago. As a result, metaverse projects have received less funding and growth in the last twelve months. However, the metaverse sector remains an area that has the potential to evolve into a trillion dollar industry in the coming years.
According to the latest crypto market data provided by Binance-backed Coinmarketcap, cryptocurrencies used in the metaverse industry had a total market cap of around $13.3 billion on Thursday. According to popular crypto analyst Captain Faibik (@CryptoFaibik), who has more than 60,000 followers on Twitter, the top metaverse coins with a bullish flag include The Sandbox (SAND), Axie Infinity (AXS), Enjin Coin (ENJ), and altcoin Decentraland ( MANA) is included.
According to Captain Faibik, whose views we have given as Kriptokoin.com, The Sandbox (SAND) is on the verge of significant rises. Accordingly, a falling channel emerged as the price retested the upper band. A break above the upper resistance level may occur. This could lead to a 385 percent rally in the next two months. Another altcoin that the analyst considers a bottom is Axie Infinity (AXS). He has drawn a bullish scenario if Axie Infinity (AXS) breaks out of the upper band of a few weeks downtrend.
Enjin Coin (ENJ), an Ethereum-based ERC-20 token used for social gaming, is also on the analyst’s radar. Accordingly, the analyst says the price is currently retesting the lows of a breakout. For this reason, he states that he will rally 309 percent in the next two months. As for the altcoin Decentraland (MANA), Captain Faibik stated that if there is a break to the top, the price of the token could increase 10 times in the next two months.
Avalanche attracts attention
The Avalanche (AVAX) ecosystem is gaining more and more attention in the blockchain and decentralized finance (DeFi) world. It is not as well known as other chains like Ethereum or Binance Smart Chain. However, Avalanche has a unique consensus mechanism. On the other hand, it is interoperable with other chains. This makes it an attractive option for developers and users alike. With a promising total value locked (TVL), strong user and developer engagement, the Avalanche ecosystem is on the verge of significant growth and innovation.
According to DeFi researcher Wacy, the Avalanche ecosystem is on the verge of significant growth. There are several reasons behind its recent rise in popularity. While many are focused on new Layer 2 solutions, Wacy argues that Avalanche’s potential should not be underestimated. An important measure of a chain’s success is Total Locked Value. In this context, the token price has dropped by over 80%. However, TVL for altcoin AVAX is only down 50%. This indicates continued interest in the chain. It’s also a positive indicator of its future potential.
Other metrics like daily active addresses and daily transactions are also showing good growth. This indicates the strong participation of users. The number of contracts and distributors is also a strong indicator of interest in a project. Wacy also states that the Avalanche community is also growing, with the number of followers on Twitter increasing. Accordingly, there has been a high level of AVAX betting on Twitter in the last 7 days. These basic metrics are ignored by some. But it does provide valuable insight into the potential of the Avalanche ecosystem.
Currently, AVAX is experiencing a significant drop in value across all timeframes. The current trading price is $14.09. It showed a slight increase of 0.1% in the last 24 hours. However, at seven, fourteen, and thirty-day periods, AVAX has experienced a 5%, 6%, and 16% decrease, respectively.
