Altcoins Poised for Breakouts as Bitcoin Stabilizes

Monday, December 23, 2024 12:00 AM
2,940

As Bitcoin ($BTC) appears to be nearing the end of its latest reversal, altcoins are positioned for potential upward movement. Notable candidates for breakouts include Solana ($SOL), Binance Coin ($BNB), and Theta Network ($THETA). The Total 3 chart, which tracks the combined market cap of all cryptocurrencies excluding $BTC and $ETH, indicates that the market cap is on track to achieve a target of $1.29 trillion. The chart also hints at the formation of a larger cup and handle pattern, suggesting that altcoins have significant room for growth. However, the RSI indicates a rejection from a descending trendline, which must be overcome for a reversal to occur.

Solana has experienced a surprising downturn despite previously breaking out from a cup and handle pattern. After losing support at $202, $SOL found a foothold at $176, aligning with an upward trendline. Currently, $SOL is up 2.3% and is testing horizontal resistance at $184. For $SOL bulls to regain momentum, they must break this resistance and aim for the critical $202 level. The Stochastic RSI indicates that $SOL is poised for a potential recovery ahead of other major altcoins, given its more advanced position compared to $BTC.

In contrast, Binance Coin is at a critical breakout level, facing strong resistance between $660 and $675. The outcome of this resistance will determine whether $BNB continues its upward trend or faces a downturn. Meanwhile, Theta Network remains significantly below its all-time high, with the price currently at $2.25 after a 4.4% increase. For $THETA to initiate a recovery, it must surpass this resistance and the local high of $3.80. However, the Stochastic RSI suggests a high probability of rejection, emphasizing the need to avoid a drop below $0.90 to maintain bullish sentiment.

Buy Now at

Related News

The DePIN Report 2025: Transforming Infrastructure through Decentralization cover
a day ago
The DePIN Report 2025: Transforming Infrastructure through Decentralization
The DePIN Report 2025 offers a comprehensive analysis of the Decentralized Physical Infrastructure Network (DePIN) ecosystem, showcasing its evolution, key players, and emerging trends. Commissioned by io.net, this report emphasizes the transformative potential of DePIN in reshaping traditional infrastructure models. By leveraging token incentives and enabling permissionless participation, DePIN fosters distributed networks for computing, storage, and connectivity, thereby reducing dependence on centralized entities and promoting new ownership and governance structures. DePIN's origins can be traced back to innovative projects like Helium and Filecoin, which demonstrated the feasibility of community-driven infrastructure. These pioneering efforts validated the concept of decentralized networks, leading to the broader DePIN movement that we see today. As the landscape has matured, DePIN has expanded across various sectors, signaling a significant shift towards open, incentivized networks. This evolution is redefining the deployment, ownership, and governance of physical infrastructure, marking a departure from centralized provisioning. The insights provided in The DePIN Report are invaluable for stakeholders aiming to navigate this rapidly evolving sector. By consolidating data from leading DePIN projects, funding trends, and technological advancements, the report offers a detailed overview of the industry's trajectory. As DePIN continues to influence global infrastructure through decentralized coordination, understanding these dynamics will be crucial for those looking to engage with and contribute to its future development.
Exploring the Future of Decentralized Infrastructure: Top DePIN Projects for 2025 cover
4 days ago
Exploring the Future of Decentralized Infrastructure: Top DePIN Projects for 2025
DePIN, or Decentralized Physical Infrastructure Networks, is emerging as a revolutionary concept within the cryptocurrency landscape. By utilizing blockchain technology and token incentives, DePIN projects aim to decentralize essential real-world infrastructure, including data storage, wireless networks, and computing power. This innovative approach contrasts sharply with traditional centralized systems, envisioning a future where infrastructure is collectively owned and managed by a decentralized network of individuals and businesses. This shift not only enhances security and transparency but also mitigates the risks associated with centralized control, paving the way for a more resilient infrastructure ecosystem. Among the leading DePIN projects to watch in 2025 are Bittensor (TAO) and Filecoin (FIL). Bittensor is particularly notable for its decentralized, blockchain-based machine learning network, where models collaborate and earn TAO tokens as rewards. This global access and equitable reward distribution position it as a frontrunner in the DePIN sector. Meanwhile, Filecoin aims to revolutionize data storage by creating a decentralized system that preserves humanity's critical information. Its open-source framework and opportunities for developers make it an attractive investment. Other significant projects include the Internet Computer (ICP), which offers a scalable cloud compute layer, and Theta Network (THETA), which focuses on decentralized video streaming infrastructure. The potential of DePIN projects extends beyond mere infrastructure; they facilitate seamless integration of AI and localized data processing. Projects like IOTA, Walrus, Helium Mobile, and Auki Labs are also making strides in their respective fields, from IoT transactions to decentralized wireless networks. As these projects continue to evolve, they unlock new utilities and values through the tokenization of real-world assets (RWAs), fostering decentralized innovation. However, investors should remain cautious and conduct thorough research, as the crypto market carries inherent risks. The future of decentralized infrastructure is bright, with these projects leading the charge towards a more interconnected and efficient world.
Emerging Crypto Contenders: BlockDAG, Chainlink, Internet Computer, and Filecoin cover
7 days ago
Emerging Crypto Contenders: BlockDAG, Chainlink, Internet Computer, and Filecoin
In the ever-evolving landscape of cryptocurrency, identifying the best tokens requires a focus on real fundamentals rather than hype. Currently, several networks are demonstrating strong activity and infrastructure readiness, making them noteworthy contenders. BlockDAG stands out with a presale that has raised over $323 million, showcasing significant momentum and a robust community. Its presale price is set at $0.0030 for a limited time, with a target listing price of $0.05, indicating a potential 16x return for early investors. The project is also backed by credible audits and is preparing for broader accessibility through listings on major exchanges, enhancing its market exposure. Chainlink remains a strong player in the crypto space, trading around $11.90 after a recent token unlock. Despite the sell pressure, whale activity has surged, indicating continued interest. Chainlink's real-world applications in bridging on-chain and off-chain data through its Cross-Chain Interoperability Protocol (CCIP) are pivotal for its sustained relevance. Analysts are closely monitoring its price levels, with potential upward movement if it maintains support in the $12.00 to $12.85 range, showcasing its resilience amidst volatility. Internet Computer and Filecoin are also making strides in the crypto ecosystem. Internet Computer has achieved native integration with major blockchains, enhancing its multichain capabilities without the need for traditional bridges. Meanwhile, Filecoin is expanding its DeFi utility and cross-chain data storage, with significant activity in its ecosystem. Both projects are demonstrating real usage and innovative solutions, further solidifying their positions among the best cryptocurrencies available today. As the market continues to evolve, these networks are paving the way for future growth and adoption.
Helium Ecosystem Faces Selling Pressure Following Coinbase Delisting cover
7 days ago
Helium Ecosystem Faces Selling Pressure Following Coinbase Delisting
The Helium ecosystem is currently facing significant selling pressure, with its native token HNT experiencing a drop of over 5%. This decline follows Coinbase's recent decision to delist the deprecated Helium Mobile token (MOBILE) alongside other tokens such as Render (RNDR) and Ribbon Finance (RBN). The Helium Mobile price fell to an intraday low of $0.00026 on June 27, recovering slightly to $0.00027, yet it remains approximately 87% lower than its last December high of $0.0021. The delisting was prompted by the release of new token versions that did not meet the exchange's listing standards, leading to confusion among users, especially since Coinbase delayed the transition to the unified HNT token earlier this year. In addition to the HNT price drop, the subnetwork token IOT also fell over 5%. Analysis from CoinGlass indicates that the open interest in Helium Mobile's futures market has decreased by 16% in the past 24 hours, suggesting a bearish sentiment among traders. Furthermore, there has been an increase in transfers of HNT tokens to centralized exchanges, a trend that typically indicates growing sell-side pressure. The HNT token has slipped below its local support level of $2.308, indicating a lack of price stability and entering a descending channel, which is a bearish continuation pattern. Despite the current bearish momentum, there are hints of potential positive developments for Helium. The project has teased a possible partnership with Brazilian football legend Neymar, which could spark renewed interest in the Helium ecosystem. However, given the current market signals, including a Supertrend line indicating a sell trend and a declining RSI reading, the HNT token may continue its downward trajectory, with a potential drop toward the next key support level at $0.00020 likely. Investors should remain cautious as the market dynamics unfold.
AI-Powered Cryptos: The Rise of Bittensor, Mind of Pepe, and FloppyPepe cover
8 days ago
AI-Powered Cryptos: The Rise of Bittensor, Mind of Pepe, and FloppyPepe
In the rapidly evolving landscape of AI-powered cryptocurrencies, Bittensor (TAO), Mind of Pepe (MIND), and FloppyPepe (FPPE) are emerging as frontrunners poised to capture the attention of Silicon Valley venture capitalists. These projects are not only innovating within the blockchain space but are also laying the groundwork for an AI-driven Web3 economy. Bittensor allows users to earn by enhancing AI models on a decentralized network, while Mind of Pepe integrates AI into meme culture. FloppyPepe stands out by combining intelligent tools with crypto content creation, sentiment analysis, and community engagement, making it a strong candidate for exponential growth in the coming years. FloppyPepe (FPPE) is particularly noteworthy as it develops a comprehensive AI toolkit tailored for the next generation of crypto communities. Unlike its competitors, FloppyPepe boasts two AI agents and a chatbot, enhancing its influence in the digital space. Its innovative features include the Meme-o-Matic Machine, which generates viral memes, FloppyX, an AI video bot that revolutionizes crypto content creation, and FloppyAI, a personal chatbot that tracks trends and engages users. This multifaceted approach positions FloppyPepe as a significant player in the AI crypto market, with the potential for substantial returns on investment. As the market for AI cryptocurrencies heats up, FloppyPepe's presale offers a unique opportunity for early investors. With a low entry price and a promotional bonus for presale participants, the project aims to attract significant interest from both individual and institutional investors. Meanwhile, Bittensor is gaining traction with analysts who see it at a pivotal development stage, akin to Bitcoin's early days. Mind of Pepe has also made a strong debut, launching its AI agent to positive reception. As these projects continue to evolve, they represent a promising intersection of AI and blockchain technology, appealing to those looking for the next big opportunity in the crypto space.
DIMO Unveils Exciting Updates for Developers and Connection Oracles cover
8 days ago
DIMO Unveils Exciting Updates for Developers and Connection Oracles
As summer approaches, DIMO has rolled out several exciting updates aimed at enhancing the developer experience within its ecosystem. One of the key features introduced is the ability to log in using Email One Time Passcodes (OTP) alongside traditional passkeys. This update addresses the needs of DIMO Mobile App users who prefer using email OTP for authentication, ensuring a seamless login experience across both the mobile app and developer applications. Additionally, a new widget in the Developer Console has been added to simplify the generation of Developer JWTs, streamlining the prototyping process for developers. DIMO is not just about monetizing vehicle data; it is evolving into a comprehensive connected vehicle ecosystem. The introduction of DIMO Connection Oracles marks a significant step forward. These oracles are designed to maintain optimal, real-time connections between vehicles and authorized data consumers, such as Storage Nodes. Historically, Digital Infrastructure Inc. has managed these connections, but DIMO is now empowering partners to become Connection Oracles, broadening the network and enhancing data accessibility for developers. Looking ahead, DIMO is also preparing to implement a developer billing system, which will allow developers to pay for accessing user vehicle data. The billing model is designed to be fair and scalable, with developers able to top up their licenses in various currencies, including USDC. Each vehicle's data will be charged at a rate of $1.25 for 50,000 credits, which can be used for API calls and webhook triggers. This initiative aims to foster a vibrant ecosystem where more applications can be built on DIMO, ultimately strengthening the network and providing better services to users.
Signup for latest DePIN news and updates