With Bitcoin -Dominance shrinks, speculation grows on which cryptocurrencies can lead the Altcoin season this year this year. Flare and Aleo win grip while traders hunt for the next large Altcoin movers. Let’s find out why.
Summary
- Bitcoin Dominance has fallen by 4.8%, which gives rise to an increased rotation in Altcoins such as Flare, Aleo.
- Flare collected 52% in a week after a bullish breakout and the launch of a 2.2 billion FLR stimulation program.
- Aleo won 47% for 30 days in the midst of core protocolupgrades and a hardware partner with Bitmain and TSMC.
Bitcoin hit a new high at almost $ 123,000 in mid -July and has since returned to $ 118k level and has since been exchanged sideways. Historically, when Bitcoin cools down after a large rally, traders often rotate their money in Altcoins and they start what is known as ‘Altcoin season’.
A way in which analysts follow this shift can be compared by Bitcoin -Dominance with that of Ethereum. During early phases of what is known as Altcoin season, Ethereum tends to get dominance, while Bitcoin’s share is falling in the market.
Since the peak of 65.1% at the end of June, Bitcoin’s dominance has fallen by 4.8% points to 60.3% during the press, while the share of Ethereum has risen 2.4 points to 11.3% in the same period.
Another indicator is the Altcoin season indexThey measure how many of the top 100 altcoins perform better than Bitcoin. The index rose from only 12 in June to 55 to July 21, before he immersed something to 54. This suggests that many Altcoins recently surpassed BTC, in particular because the price movement of Bitcoin has stopped.
Although the market still has to enter into a fully-fledged Altcoin season, the index 75 to confirm that seems to go in that direction.
In this article we look at some of the best cryptocurrencies that are worth considering at the moment for potentially big profit this summer.
Glow
Flare (FLR), an interoperability-oriented blockchain, has emerged as a top Altcoin candidate in the midst of the early stages of the current Altcoin season. The Token has set 52% in the past week and reached a highlight of $ 0.0266 at the time of writing.
Why does Flare Grip win?
An important catalyst that underlies Flare’s value proposition is the close integration with XRP and other non-smart contract assets via the fass system. With this framework, users can directly on Flare Mint, so that they can participate in Defi applications with this framework.
According to Flare Labs, it is expected that XRP is one of the first and most actively used fassets that forms the backbone of a wider “XRPFI” ecosystem.
Flare Team also announced the Fassets Incentive program earlier in July, which confirms the launch of its 2.2 billion FLR Incentive initiative to stimulate Defi -acceptance on the network.
FLR confirms Bullish pattern
From a technical point of view, FL recently broke from a multi -year symmetrical triangle, a pattern that is usually associated with consolidation, which indicates a shift in the market structure and renewed upward impulse.
The simple advancing average of 50 days seems to cross above the 200-day advancing average and forms a Golden Cross, a technical pattern that often indicates the start of a persistent upward trend.
FLR has formed higher highlights and higher lows on the daily graph. This is typical in the early stages of a bullish trend, when buyers begin to take control.
If FLR offers support above the level of $ 0.030, the following upward target is in the range of $ 0.038 – $ 0.045, which previously acted as an important distribution zone in Q1 2024.
Aleo
Aleo (Aleo), a privacy-oriented low-1 blockchain, has a high point of a highlight of 5 months of $ 0.39 earlier today before he settled at $ 0.30 when writing. It continues to rise by 47% in the last 30 days with a market capitalization of $ 133 million.
What drives Aleo’s profit?
Token will be in the spotlight this summer, because the interest is warming up around zero-knowledge tech, while Aleo makes movements that can stimulate the value immediately. The team recently rolled up upgrades to its core stack, Snarkos and SnarkVM, both of which are crucial for efficiently performing private -slimming contracts.
It is expected that these updates will improve performance, scalability and security, making Aleo more attractive for developers who build privacy-oriented apps.
Aleo has that in an important step for its ecosystem to collaborate With Bitmain to develop ASIC my workers that were manufactured by the Taiwan Semiconductor Manufacturing Company (TSMC). These chips are tailor-made to be able to handle zero-knowledge-resistant calculations that the backbone of the privacy infrastructure of Aleo.
If this hardware is given traction, this can stimulate the demand for Aleo -Tokens, both for mining rewards and network participation, which may put an upward pressure on the price of token.
Aleo Price forecast
Aleo has organized a strong rebound after forming a clear pattern with double bottom near the level of $ 0.18, usually a bullish reversal signal that indicates a shift in Momentum from sellers to buyers.
Moreover, token has broken out above the neckline of a rounded soil formation that has been developing since mid -April.
An outbreak of a rounded soil often indicates at the end of a long -term downward trend and the start of a new bullish phase. In the case of Aleo, the outbreak above the neckline, since mid -April, confirms the growing bullish momentum and opens the door for a switch to higher levels.
During writing, the price promotion remains strong above both the exponential advancing averages of 20 and 50 days, a sign of continuous short to medium term strength.
Given this setup, the next potential goal for Aleo is $ 0.57, based on the extensive Fibonacci retracement level. This represents an advantage of 90% compared to the current price and would mark an important resistance test if the Bullish Momentum continues to build.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
