Top Ethereum Tokens to Invest in 2024
The leading altcoin, Ethereum, is currently maintaining its price close to the $2,500 mark, indicating a lack of strong buying and selling pressure for this digital asset. Presently, it is trading at $2,584.36 with a market cap of around $305 billion.
In contrast, lesser-known altcoins based on Ethereum have been experiencing significant momentum in recent days, with some even seeing triple-digit surges. Given the current market conditions, investors may be wondering if now is the right time to consider investing in these alternative cryptocurrencies.
In this discussion, we delve into the market sentiments, price movements, and potential short-term price targets of the top three Ethereum-based altcoins that have the potential for substantial gains in the near future.
SuperRare (RARE) has seen an impressive surge of 77.89% in the past 24 hours, with a trading volume of $579.54 million. Over the week, it has surged by over 250% and boasts a year-to-date return of 108.29%. The Moving Average Convergence Divergence (MACD) indicator on the weekly timeframe shows a flatline, while the Simple Moving Average (SMA) suggests a potential bullish crossover, indicating mixed sentiments for the SuperRare price. If RARE manages to surpass its resistance at $0.2575, it could target its high of $0.4675; otherwise, a bearish scenario might see it retesting support at $0.050.
Altlayer (ALT) has recently rebounded from a bearish phase, gaining 6.82% in the last 24 hours and 8.63% over the week. With a market cap just above $217 million, it currently ranks 183rd globally among cryptocurrencies. The Relative Strength Index (RSI) is on an upward trajectory toward its midpoint, signaling increased buying pressure for ALT. The SMA also supports a positive outlook, with a potential move towards the upper resistance level of $0.2380 in the coming weeks or a drop to $0.0040 in a bearish scenario.
Synapse (SYN) has shown bullish price action, surging by approximately 39% in the last day and 95.28% over the past 30 days. With a YTD return of around 50%, it has gained 44.80% in the last 30 days. The SMA acts as a consistent support level, indicating growing buying pressure. The MACD displays a rising green histogram, suggesting a continued uptrend for SYN. Maintaining support above $0.5885 could lead to a test of the upper resistance at $1.170, while a bearish trend might push the price down to the crucial support level of $0.3125.
In conclusion, these Ethereum-based altcoins are showcasing strong potential for significant gains, making them worth watching in the evolving crypto market landscape.
