Cryptocurrencies continue to astonish observers, much like the wealth accumulation of baby boomers during the economic boom of the 1980s and 1990s. This phenomenon can be attributed to a generational paradigm shift. Today, millennials and Generation Z are investing their resources into cryptocurrencies, a different asset class, rather than traditional stocks.
“As a generation, baby boomers –all of whom were in their prime working years during the economic boom of the 1980s and 1990s, and many of whom likely had 401(k)s at work –have above-average rates of stock ownership,” Gallup once noted.
Despite initial skepticism, the power of the young generation and their growing prominence cannot be ignored. It’s time to consider these promising cryptocurrencies before they skyrocket.
Bitcoin (BTC-USD), the benchmark cryptocurrency, continues to defy standard market logic. Despite concerns about its overheated state, Bitcoin has surged higher after a brief downturn. In the past 24 hours, it gained over 8% of market value, bringing its weekly gain to 7.8%. Currently trading at just under $56,000, the $60,000 level seems almost inevitable.
“Looking at its point-and-figure (P&F) chart, BTC printed a triple top breakout pattern. This price action implies intense upside pressure,” the source material states.
Ethereum (ETH-USD) is another cryptocurrency to watch. Over the past 24 hours, it gained almost 4% of market value and over 10% in the past week. Currently, ETH trades at $3,222, above the critical 3K threshold. However, it does face some challenges.
“Based on its relative strength indicator of 80.98 points, the decentralized asset stands well into overbought territory. Further, I’d also like to see volume consistently confirm the rising price action,” the source material explains.
Tether (USDT-USD), a stablecoin pegged to a hard currency, doesn’t attract the same level of concern as other cryptos. However, it’s worth monitoring its dollar peg to understand broader sentiment in cryptos.
“Should the dollar be worth less than its one-to-one ratio with Tether, this dynamic may indicate greater demand for blockchain assets. Conversely, if the greenback rises above the peg, fear and uncertainty may be clouding the decentralized ecosystem,” the source material notes.
Solana (SOL-USD), one of the hottest cryptos not named Bitcoin or Ethereum, could see its market value rise even more. Over the past 24 hours, SOL gained almost 7%, erasing its one-week loss to just below parity.
“Looking at its P&F chart, SOL has printed a low pole reversal pattern. Using the terminology of P&F analysts, the supply that made the SOL price fall has been absorbed. Now, demand is taking control of the market, which bodes well for the alternative cryptocurrency or altcoin,” the source material states.
XRP (XRP-USD), one of the more promising cryptos, has been a source of frustration for bullish investors. It needs to overcome upside resistance as represented by its 200-day moving average.
“Looking at its P&F chart, the bulls will be aiming for 63 cents. Should it establish a baseline of support there, the next logical targets would be 75 cents, then 88 cents,” the source material explains.
Cardano (ADA-USD), known for popularizing the proof-of-stake (PoS) blockchain protocol, has been making some moves recently. Over the past 24 hours, ADA swung up more than 6%, mitigating the trailing week loss to only 1.3%.
“Looking at ADA’s trader’s cheat sheet, the blockchain asset enjoys significant support from 53.2 cents to just under 60 cents. However, upside resistance begins to get heavy at 63.7 cents,” the source material notes.
Lastly, Avalanche (AVAX-USD) may provide a barometer for performances among other popular altcoins. It trades at $39.37, having moved up almost 6% in the trailing 24 hours.
“Turning to Barchart’s trader’s cheat sheet, AVAX enjoys significant support from $32.47 through $37.82. However, AVAX will face upside resistance between $40.43 through $44.41,” the source material states.
In conclusion, these seven cryptocurrencies are worth considering before they potentially skyrocket. As always, investors should conduct their own research and consider their risk tolerance before investing.
Let us know what you think, please share your thoughts in the comments below.
