Buy The Dip: List of Market-Leading Altcoins For Favorable Returns
Anjali Belgaumkar16 Jul 20242 min read
According to analyst Nicholas Merten, altcoins are becoming interesting again. He also explained how to spot market-leading altcoins. The analyst said that momentum is starting to build, making it a good time to consider altcoins. The current market range is more favorable compared to April or May when profits were taken.
Despite recent gains, the altcoin market still has room to grow. Altcoins haven’t significantly outperformed Bitcoin yet, so staying in Bitcoin temporarily is okay. However, building positions in altcoins can be considered if they are performing well relative to Bitcoin.
Altcoins Worth Giving Attention
He brought to attention a few altcoins like Fetch.ai (FET), Render (RNDR), and Stacks (STX). Fetch is holding steady against Bitcoin, which is a positive sign. Render is up slightly, but its momentum hasn’t fully returned. Stacks has shown some rallies and sell-offs and is worth watching at its longer-term moving averages.
The analyst explained that successful altcoins like Stacks have rebounded by about 44% in the last week, showing strong performance. Meme coins, such as MCoin, have also been performing well, even setting new highs during market downturns.
Merten advised looking for altcoins that show resilience during downturns and not just those that are down 90% or more. The key is to find altcoins that hold up well and show strong market leadership.
He pointed out that even though some altcoins have gained 30-70%, it doesn’t mean they’ve recovered all their previous losses. It’s crucial to protect against losses and find strong momentum plays. Merten advised watching coins that maintain their position above key moving averages like the 9, 21, and 50-day EMAs.
Conclusion:
In the current market, political-based meme coins like Trump and Maga are gaining traction. However, it’s important to wait for more price action to identify true market leaders. Overall, Merten suggests focusing on altcoins that show strong price performance, potential market cap expansion, and maintain momentum to make substantial returns.
