The cryptocurrency market continues to rise past the $1.6T market cap, demonstrating the market’s strength. In addition, the price of ETH, the leading cryptocurrency, has increased by more than 6% in the last day, raising the prospect of an altcoin surge in the upcoming months.
Major cryptocurrencies saw notable increases in value as the price of Ethereum surged, and they did the same. A few well-known altcoins that have seen significant increases in value are Injective (INJ), Arbitrum (ARB), Solana (SOL), and Optimism (OP).
Renowned cryptocurrency analyst Michael van de Poppe, who has over 676K followers on the “X” platform, has shared his predictions for a few altcoins’ future prices based on the state of the market.
Optimism (OP) Price Analysis
The price of optimism (OP) increased by more than 25% over the course of the previous day, ranking among the best gains of the day. After the price of Ethereum broke through its upper resistance level of $2,300 in the early trading hours of today, the value of the OP price increased.
The chart shows a rapid increase in the Relative Strength Index (RSI), which suggests strong buying pressure for the coin. Furthermore, there appears to be a strong bullish feeling in the market since the average has broken out of the overbought region.
In addition, the analyst projects that, should the trend reverse, there may be short-term negative price movement. In the event that the coin has a correction, its price is anticipated to rebound between $1.85 and $1.935.
Arbitrum (ARB) Price Analysis
Following in Ethereum’s footsteps, the value of Arbitrum has increased by more than 10% in the last day. Additionally, the price of ARB effectively broke above its critical resistance level of $1.10, suggesting a strong likelihood of a bullish rise in the near future.
The technical indicator, RSI, shows a notable increase from the chart’s midpoint, emphasizing the market’s continuous price volatility. Furthermore, the 4H time period exhibits bullish convergence, indicating that the price will likely continue to rise in the days ahead.
The expert adds that although there may be a retest in the near future, the price is now exhibiting strong positive emotion and is anticipated to test its upper resistance level of $1.30 shortly, with a possible bullish Q1 of 2024.
Conclusion
In general, the market for altcoins has shown notable price movement in recent months, suggesting that investors are becoming more interested in this segment. Additionally, the price of Ethereum, the leading altcoin, has effectively reached its annual target, raising the likelihood of a significant price increase in the near future.
Disclaimer
This information is for informational purposes only and should not be considered financial advice. The cryptocurrency market is highly volatile and unpredictable, and any investment decision should be made with careful consideration and independent research. This list of “Top Altcoins To Focus As Ethereum Price Surges” is based on publicly available information and analysis. It does not guarantee future performance and is subject to change without notice. Please consult with a financial advisor before making any investment decisions.