Bitcoin‘s recent ascent above the $43,000 mark has reignited rallies in altcoins, with three particular coins making significant gains. The increased appetite for risk among investors is attributed to the looming year 2024, which is expected to bring developments that could boost market demand and deepen liquidity.
INJ Coin has seen a remarkable 400% increase over 62 days, with a year-to-date gain nearing 3000%. The coin’s price has surged from around $1 in January to approximately $40, entering an overbought region. A psychological resistance at $40 could lead to a rally towards $60 if surpassed, while a drop below $29.2 could trigger a decline to $21.4 and $18.67.
Streamr (DATA) Coin became the top gainer on Binance today, surging over 123% with its price at $0.06668 at the time of reporting. Resistance at $0.073 is currently the peak, but overcoming it could extend the rally to $0.1. Conversely, a drop could see levels of $0.0546 and $0.043. The rally could persist as long as Bitcoin remains strong.
AUCTION Coin, listed on Binance in 2021, has recovered impressively from a prolonged dip, creating a massive cup formation and is now heading back towards its peak. It became the second-highest gainer on Binance in the USDT pair, rising 65% in 24 hours to cross $40. Since October, it has increased by 708% in 91 days. A close above $41.5 could lead to surpassing its all-time high of $44 on Binance, and possibly testing $50 if Bitcoin maintains its strength.
The altcoin market is witnessing a bullish trend, with INJ, DATA, and AUCTION coins experiencing substantial growth. Investors are closely monitoring these coins for potential resistance breakouts and support levels, as the overall crypto market sentiment appears to be influenced by Bitcoin’s performance and the anticipation of future market developments.