As Ethereum Getting All Attention, these Altcoins Can Rally Ahead

All eyes have been recently on the world’s second-largest cryptocurrency Ethereum (ETH) which is scheduled to undergo the Shanghai hardfork later today, April 12. On Monday, the Ether (ETH) price surged above $1,9000 showing bullish momentum ahead of the major upgrade.

Although the crypto community’s attention remain glued to Ethereum at this point, there are other altcoins with strong on-chain setup and are showing signs of a potential rally in the near term. Let’s take a look at each of them.

1. Ripple’s XRP

Ripple’s native crypto XRP has been holding above the $0.50 levels strongly as of now. Popular crypto analyst Ali Martinez explains that the XRP is on the verge of a breakout which could push it all the way to $0.080. Sharing the technical setup for XRP, he wrote:

XRP may be on the brink of a 47% surge if it secures a 3-day candlestick close above $0.54. A successful breakout could catapult #XRP to $0.80!

As per the latest report, XRP whales have scooped more than 150 million XRP as Ripple drops a new proposal, dubbed Hooks, for the XRP Ledger.

2. Polygon (MATIC)

This is another altcoin to keep on investors’ radar for the time being. Polygon’s native crypto MATIC has registered a strong momentum recently with 33% gains year-to-date. The MATIC price continues to hold above $0.10. However, the MATIC price has corrected by nearly 33% since the peak of $.160 in mid-February.

But Ali Martinez explains that Polygon (MATIC) has seen strong accumulation recently. The analyst added:

Around 52,410 addresses acquired ~4.81B $MATIC in the $0.9 – $1 range, forming a strong support zone that could fend off new lows for #MATIC. Conversely, to break out, #Polygon must tackle the resistance between $1.14 & $1.30, where 48,760 addresses hold ~1.66B MATIC.

3. Avalanche (AVAX)

Ethereum’s Layer-1 competitor Avalanche (AVAX) is up by more than 70% year-to-date and over 20% over the last month showing signs of upward momentum. The social volumes for AVAX have surged in recent times which could provide a catalyst for the AVAX price. On-chain data provider Santiment explains:

In February 2023, when the price of #Avalanche reached $21, there was minimal social volume and sentiments were stagnant. However, during the current pullback, there has been a notable increase in both social volume and positive weighted sentiment in the $AVAX market.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.