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Cryptocurrency investors are preparing for a new bull season by diversifying their portfolios with altcoins. As the cryptocurrency world is a fast-paced and dynamic space, it becomes challenging to determine which cryptocurrencies to focus on in potential trends and market dynamics. Three altcoins are under scrutiny for their potential to bring significant gains to investors.
Near Protocol (NEAR): Broken Resistance and Short-Term Trends
NEAR, a public Proof-of-Stake (PoS) Blockchain, has made waves with its goal of bringing decentralized finance (DeFi) to a wider audience. Recent data shows an increase in NEAR’s market activity, surpassing the $1.70 resistance on November 24. This breakthrough indicates a potential short-term trend change. The price is currently at $1.84 while writing this article.
The rising 20-day Exponential Moving Average (EMA) at $1.58 and the positive Relative Strength Index (RSI) indicate bullish dominance. There is a minor resistance at $2, and a successful breakthrough could potentially push NEAR to $2.40.
Bears may attempt to reverse the momentum by pulling the price below the critical level of $1.72. If the price falls below this level, a drop towards the significant 20-day EMA at $1.58 may occur.
Theta Network (THETA): Building Support Amid Market Corrections
Theta Network (THETA) has shown resilience against recent market corrections. Currently finding support at $0.88 from the 20-day EMA, THETA’s overall sentiment remains positive, and investors see the dips as favorable buying opportunities.
A bounce from the 20-day EMA could encounter resistance at $1, $1.05, and $1.20, potentially leading to gains towards $1.33.
Arbitrum (ARB): From Airdrop Excitement to Controversies
Arbitrum (ARB) created significant excitement with a large airdrop during its 2023 launch and a rapid rise among the top 100 crypto projects. However, controversies have accompanied this journey.
ARB reached an all-time high (ATH) of $11.80 in March 2023. However, it is currently trading at $1.06. The appeal of Arbitrum lies in being a leading Layer-2 (L2) solution that enhances Ethereum’s speed, scalability, and cost efficiency.
Controversies arising from developers advancing plans despite community opposition have affected ARB’s position. However, suggestions that these levels could be a bottom level in the token price make it a preferable choice for the bull season.