The altcoin market has recently witnessed a resurgence of interest and confidence, primarily driven by the largest cryptocurrency, Bitcoin (BTC). This renewed enthusiasm has resulted in a bullish uptrend, with most of the top 100 cryptocurrencies benefiting from Bitcoin’s resurgence. However, the market is currently experiencing a correction as Bitcoin and Ethereum (ETH) are facing pullbacks after failed attempts to break through their upper resistance lines. Despite this correction, crypto analyst Miles Deutscher shares his insights and highlights several altcoins with potentially significant gains. Here are the details…
This altcoin is a safe haven in the cryptocurrency correction
Solana has demonstrated significant growth even as the broader market is experiencing a correction. Having gained 0.5% in the last 24 hours, SOL’s potential for further rise cannot be ignored. Deutscher suggests that SOL could continue to benefit from ongoing investment rotation from other Layer-1 solutions such as Avalanche (AVAX) and Fantom (FTM). Thorchain (RUNE) has been on an impressive upward trajectory that has prompted investors to consider buying on deep retracements and wicks. THOR, the primary decentralized exchange (DEX) on Thorchain, also showed positive movement, further strengthening its growth potential.
Weekly Token + Narrative Watchlist 🔎
With bullish momentum and volatility back, there are a ton of interesting altcoin setups to discuss this week!
I'm watching these 15 most closely.
Let's dive in.👇$BTC: #Bitcoin has had 4 consecutive green weekly closes, which has only… pic.twitter.com/A6dWhnsKmB
— Miles Deutscher (@milesdeutscher) November 13, 2023
Polygon (MATIC) has shown signs of strength recently, creating whispers within the crypto community about a potential zero-knowledge (ZK) narrative. If this narrative comes true, MATIC, a leader in this space, could attract significant positive flows. Under the ZK narrative, altcoins such as Dusk Network (DUSK), Loopring (LRC), and Mina Protocol (MINA) are poised to benefit. Deutscher believes that each altcoin offers unique strengths and value propositions, and that their performance will depend on the strength of the emerging ToM narrative.
TIA and SEI are also in focus
Sei (SEI) attracted attention by entering the top 10 in terms of trading volume by pairs on Upbit. Considered a “new coin,” SEI exhibits similar fundamental characteristics to the next altcoin on the watchlist. Celestia (TIA) is a relatively new token, similar to the early days of Aptos (APT). The market tends to favor new and innovative tokens, and although TIA’s rally has cooled off, it still has the potential to break out. With a current market capitalization of $700 million, TIA remains an interesting opportunity for investors.
In addition to altcoins, perp decentralized exchange (DEX) tokens such as GMX, DYDX, and Gains (GNS) are also positioned to benefit from market volatility. According to Deutscher, these tokens have shown a correlation between price movements and fundamental factors. If volatility continues, these tokens may offer suitable medium-term investment opportunities. Yield Guild Games (YGG) and STEPN (GMT), gaming tokens with initial upward movements, are expected to continue to outperform the overall market. These gaming tokens may witness sustained growth with the YGG conference scheduled for November 18.
