The post Hard Hit Altcoins Set to Lead Recovery as Bitcoin Approaches $70K: Key Tokens to Watch appeared first on Coinpedia Fintech News
The cryptocurrency market is on the cusp of a major bullish trend, with Bitcoin leading the charge. Several altcoins showing signs of breakouts and among the notable performers are Render, which is gaining momentum, and Chainlink, which has started to break out. The Graph is on the verge of a strong breakout, while Stacks is also showing promising movement.
Bitcoin has reclaimed the $60K level and is currently facing key resistance around $62K–$63K. Analysts suggest that if Bitcoin can surpass this resistance, it could lead to a swift return to the top of its range, potentially pulling several altcoins up with it.
On Crypto Banter’s The Sniper Trading Show, the analyst said that Bitcoin’s struggle to surpass the $70K mark is key, but once this resistance is broken, the market is expected to enter a new phase of acceleration. Additionally, the USDT dominance chart is showing signs of a breakout, which could lead to a recovery in altcoins that were previously hit hard. The market is expected to recover losses from the past two weeks, potentially pushing Bitcoin back to the $70K mark and Ethereum above $3,000.
Altcoins To Keep An Eye On
The gaming sector, in particular, is heating up and is seeing gains of 10–20%. Altcoins like Nakamoto and Beam are on the brink of significant breakouts, while other coins remain in strong buy zones.
He said that the market is preparing for a potential surge, and several altcoins are showing signs of a breakout. NEAR and Arweave (AR) are both in good positions for a strong upward move, with bullish technical indicators suggesting possible rallies. Dogecoin (DOGE), Fantom (FTM), Chainlink (LINK), and Avalanche (AVAX) are also looking promising, with major gains as they approach key resistance levels.
Theta is particularly amusing, as it’s breaking its trend and could see a significant price increase. The last time Theta was in a similar position, it jumped 300%, and it could see another strong rally soon. Render is another altcoin to watch, as it’s also in a buy zone and poised for a potential move up to $8 or $10, with even higher long-term potential.