Expert Insights: 7 Altcoins Showing Promising Breakout Potential – Crypto News – Crypto News
Connect with us
Altcoins Altcoins

Blockchain

Expert Insights: 7 Altcoins Showing Promising Breakout Potential – Crypto News

Published

3 years ago

on

In a recent X (formerly Twitter) post, renowned crypto expert Miles Deutscher provided valuable insights into his weekly tokens and narrative watchlist, focusing on critical altcoins and upcoming events with significant trading potential. 

Altcoins Poised For Potential Breakout

Deutscher’s analysis sheds light on several altcoins, including Solana (SOL), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), Arkham (ARKM), Dogecoin (DOGE), and XRP. 

Deutscher emphasizes the importance of Solana’s Breakpoint 2023 conference and anticipates major announcements. While previous Breakpoints have resulted in “sell the news” events, Deutscher remains cautiously short on SOL. 

On the other hand, Miles expects a positive response from the community after the recent FTX collapse. However, historical patterns suggest the possibility of a sell-off, which warrants vigilance.

SOL’s uptrend reaching new 2023 highs on the daily chart. Source: SOLUSDT on TradingView.com

Nonetheless, SOL has broken previous weekly records every week for the past month. Currently, SOL is trading at $36.27, a new record for 2023 and a level not seen since November 5, 2022. Moreover, SOL has seen significant gains of 4.4% over the past 24 hours, following its remarkable 57% rise over the past 30 days.

The resurgence of the artificial intelligence (AI) narrative has sparked anticipation for a series of AI conferences, including OpenAI’s developer conference on November 6. Deutscher advises focusing on established leaders such as AGIX, FET, and OCEAN. 

These tokens have demonstrated strength during previous AI market surges. Deutscher suggests avoiding speculation on low-cap coins and opting for long positions on these altcoin AI leaders.

Over the past 30 days, AGIX has seen a remarkable 19% increase in price. However, over the past 1 year, the token has seen a staggering 350% rise amidst the AI narrative hype. It is currently trading at $0.2284. On the same note, FET has surged over 329% over the 1 year and is currently trading at $0.3665. 

OCEAN has posted smaller gains over the 1 year, but has still recorded a significant 110% surge over this period and is currently trading at $0.3645.

According to Deutscher, although ARKM has received less attention than other altcoins, it is promising due to its involvement in AI-related businesses and its investment by Sam Altman. 

Deutscher highlights ARKM’s potential in the AI space, especially during the Solana conferences. This makes ARKM one of the altcoins to watch closely for potential trading opportunities, according to Deutscher. 

Currently, the crypto analytics and data tracking platform’s native token is trading at $0.3833, up 20% in the last fourteen days.

XRP Speculation Intensifies Ahead Of Ripple’s ‘Swell Conference’

While DOGE has seen a decline in price action and hype, Deutscher highlights two key factors that could influence its performance. 

First, DOGE Day, has historically attracted retail interest. Second, the potential for a Halloween tweet from Elon Musk, as was the case last year. Deutscher suggests that DOGE is best suited for spot trading and dollar cost averaging (DCA), as it remains an attractive option for retail investors and has the potential for a strong pump in the future.

Currently, the Meme coin has lost its bullish momentum and has erased most of its gains over the past few days. Currently, the token is trading at $0.0686, down 1.9% in the past 24 hours and 42% in the 1-year time frame. 

  • Last but not least is XRP:

With Ripple’s “Swell Conference” scheduled for November 8-9, Deutscher acknowledges the heavy speculation surrounding a potential initial public offering (IPO), although he believes it is unlikely. 

However, given the speculative nature of the crypto market, such speculation can fuel FOMO (fear of missing out) )-driven rallies. XRP has experienced pre-conference spikes, making it a token to watch this week and next.

Altcoins
XRP is on the verge of reaching the $0.6000 level on the daily chart. Source: XRPUSDT on TradingView.com

Currently, XRP is experiencing a sustained uptrend price action, gaining 2% in the past 24 hours, pushing the token to the 0.5949 level, which has not been seen since August.

Featured image from Shutterstock, chart from TradingView.com 

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending