The crypto market has witnessed short-term liquidations of almost $100 million. However, chances of a rally are increasing in the last quarter, according to analyst Sohrab Khawas. Additionally, altcoins are poised to start a new rally as buying pressure on BTC increases. Based on previous recoveries and ongoing uptrends, the analyst examines the top three best-performing altcoin projects to buy this week.
In first place is the popular meme coin Dogecoin (DOGE)
On the daily chart, DOGE price action reveals a falling wedge breakout rally that is gaining momentum. The increasing bullish influence resulted in a golden crossover at the 50-day and 200-day EMA. However, the recent pullback in the altcoin is retesting the 50% Fibonacci level at $0.1571. With a lower price rejection, the altcoin presents an entry opportunity at relatively low prices based on upside potential. Using the Fibonacci retracement tool, the meme coin shows the potential to reach the 100% Fibonacci level at $0.22. Meanwhile, the optimistic target remains at the 1.618 Fibonacci level near the $0.30 psychological mark.
Source: TradingviewSolana (SOL), the rival of the leading altcoin Ethereum, comes in second place.
Apart from meme coins, Solana shows great upside potential. It has increased by approximately 50% in the last 30 days. It is now trading at $166. Despite the short-term correction, the altcoin completed a lower high on the daily chart. It also revealed that the bullish effect increases in the horizontal trend. Testing the $164 support, the altcoin offers an opportunity to enter at an important support. If the broader market recovers, the altcoin is likely to surpass the psychological $200 mark. Using the price action level, the next target remains at $235-250.
Source: TradingviewLast ranked altcoin: Raydium (RAY)
As the Solana ecosystem grows, Raydium, a highly-ranked Solana-based protocol, established a bullish trend in action, reaching the 1.618 Fibonacci level at $3.15. The altcoin is showing a major bull run in action. Currently, RAY has retested the psychological level at $3.00. It also revealed a successful post-test return. Given the market recovery, the uptrend in Raydium is likely to challenge the 2.61 Fibonacci level at $4.82.
Source: TradingviewThe opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.comWe strongly recommend that you do your own research before investing.
