Miles Deutscher shares his thoughts on several altcoins worth watching this week.
Altcoins with Strong Potential
First, Deutscher observes Bitcoin has recovered strongly since its dip under $65,000 on the 3rd of April. Analyst notes that Bitcoin appears to have a positive structure, and $73,8000 is the crucial level for the analyst to monitor as this represents Bitcoin’s previous ATH.
Deutscher says that BTC’s success in breaking through to this level may indicate further growth for the leader.
Deutscher, despite recent congestion problems on its network, remains confident about Solana’s long-term potential. Solana is one of the altcoins that analysts are tracking this week. The coin promises to continue growing on top of the 23% increase it has already seen over the previous month.
Analysts note that the sentiment towards Solana is a little worse, but they emphasize that this issue will not have a significant impact on medium-term or long-term.
The next on the list is BTC, which Deutscher has identified as its equivalent. non-fungible tokens Ordinals and (NFTs), as strong performers in the BRC-20/BTC Narrative Ecosystem.
Bitcoin halving Deutscher continues to be bullish ahead of the ORDI event scheduled for April’s last half. Although the story surrounding the halving has been relatively quiet, Deutscher believes Ordinals is a leading player in this space.
Orion And Altlayer
Due to recent rumors about the EigenLayer airdrop, Deutscher is interested in Altlayer. This altcoin is closely linked with the EigenLayer Protocol. Altlayer is attractive because of its proximity to airdrops and involvement in restaking stories, according to analyst..
Deutscher believes that these developments will give the token a boost as the market gets ready for the airdrop. In the past month, the token has risen by 14% and in the 24 hour period it grew over 4%.
Deutscher, meanwhile, highlights ORN’s first roll-up for EigenLayer. It also stresses that EigenLayer is only available in limited quantities before the official launch.
Analysts noted the recent positive reactions to the LUMIA rebranding and this factor. token rebrandsOrion will be able to achieve even greater potential.
Dogecoin’s ‘Doge Day’
The next altcoin on Deutscher’s watchlist is the Ethereum. “Doge Day” On April 20, there has been a history of increased speculation and interest in the dog-themed coin meme.
The analyst believes that the likelihood of Elon Musk Tweeting about meme-inspired cryptocurrency is what has fuelled the demand for the currency. expectations Price movements are possible. Deutscher recommends that you monitor DOGE’s strength, and consider it a short-term trade opportunity.
Deutscher also points out that in the past, early participants of altcoin airdrops experienced an initial pressure to sell, which was followed by a potential rebound.
Wormhole’s native W token is experiencing a similar situation as the token fell over 30% since trading began on April 3. Deutscher advises watching How the token behaves when compared to the $1 support.
Deutscher says that once the initial pressure to sell has subsided, a positive response can be anticipated. However, whether or not the $1 level holds is what will determine the future of the cryptocurrency. next moves.
Chart from TradingView.com, image from Shutterstock
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