The cryptocurrency market has shown a remarkable recovery following the historic Black Monday on August 5th. Bitcoin (BTC) and several altcoins have experienced significant gains. Ethereum’s (ETH) position above $2,500 suggests a potential impending altcoin season. Among the altcoins, Toncoin (TON), Helium (HNT), and Dash (DASH) have been identified as having a strong potential for substantial returns in the upcoming weeks.
Toncoin’s V-Shaped Recovery
Toncoin has swiftly regained its losses from the recent market dip, exhibiting a notable V-shaped recovery. This altcoin has surpassed its short-term resistance trend line, which has increased its upward momentum. The daily Relative Strength Index (RSI) surge supports this upward movement, despite some resistance around $6.70 at the 50-day Exponential Moving Average (EMA) level. If Toncoin breaks this resistance, it could target the psychological $10 level, surpassing the Fibonacci resistance at $7.68, making it a highly anticipated altcoin. Access COINTURK FINANCE to get the latest financial and business news.
Helium’s Impressive Rise
Helium has broken through a long-standing resistance trend line, capturing the interest of investors. Despite market downturns, HNT has showcased an independent 56% rise. The RSI indicator moving into the overbought zone, along with support from the 50-day EMA, indicates strong upward momentum. Currently trading at $6.773, HNT has the potential to reach $10 according to Fibonacci retracement levels. With continued momentum, HNT might achieve a price range of $15 to $25 by next week, positioning it as a top-performing altcoin.
Concrete Investment Insights
– Toncoin breaking resistance at $6.70 could lead to a $10 target.
– Helium’s strong rise despite market pullbacks shows potential for a $15-$25 range.
– Dash’s movement at $24.41 could indicate a bullish trend toward $56.
Dash’s Potential Bull Run
Dash has drawn attention with its recent recovery, despite being in a downtrend on the daily chart. Emerging from the $21.95 level with a double bottom formation, it saw a 12% increase in the last 48 hours after a 50% pullback from its $43 peak. The altcoin’s movement at $24.41, despite the lack of positive signals from the death cross between the 50-day and 200-day EMA, suggests strong upward potential. According to Fibonacci levels, this bull run could extend to the $56 level or the 1.618 Fibonacci extension level, making Dash another altcoin to watch closely.
In summary, the rapid recovery in the cryptocurrency market, especially in Bitcoin and select altcoins, signals potential profitable opportunities. Toncoin, Helium, and Dash stand out as promising investments with substantial return potential in the coming weeks.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/cryptocurrency-market-recovers-after-black-monday