SEI, Chainlink (LINK) and Dogecoin (DOGE) top the list of altcoins to buy as February arrives and before Bitcoin halving.
Published 9 hours ago
Investors are at a crossroads following Bitcoin’s bounce back above $43,000. While there is no assurance of a continued uptrend in February, many people could miss out on Bitcoin’s pre-halving rally if they don’t buy the dip. On the other side of the fence, some experts like Rekt Capital believe altcoins like SEI, Chainlink (SOL) and Dogecoin (DOGE) can outperform Bitcoin at this time. For most investors, choosing the best altcoins to buy is a daunting task – one that must be executed with utmost precision to avoid tokens that are unlikely to rally.
The #Altcoin market cap is holding above the crucial $675 billion threshold.
I expect continuation towards $1-1.25T to occur in the next 2-4 months. pic.twitter.com/b1ggOn6XjN
— Michael van de Poppe (@CryptoMichNL) January 30, 2024
SEI yield hit 24% in a week
After succumbing to the selling pressure in January, Sei embarked on an upward trajectory, rising from $0.56 to its current value of $0.75.
The token, which supports the first sector-specific Layer 1 blockchain supporting decentralized exchanges (DEXs), has attracted tremendous interest from traders since its launch, noting a staggering 116% increase in trading volume to $530 million.
A commendable 8% increase in market capitalization to $1.8 million, making Sei the 45th largest crypto, highlights the ability of this token to close the top ten assets in the coming months.
Bulls should be concerned about looking for a relatively higher support area, especially with the relative strength index (RSI) in the overbought region, showing signs of falling back into neutral territory.
Sei has the potential to continue moving higher towards $1 backed by the trailing moving averages. If push comes to shove and bulls lose control of the sellers, the sign of the green band or the next bullish rally could bounce back to $0.6.
Recommended: Bitcoin (BTC) Price Eyes Pre-Halving Rally to $50,000 as Spot ETF Net Inflows Reach $255M
Can Chainlink (LINK) Reach $150 in February?
Amid the broader market’s recovery from the initial downturn caused by ETF approvals, the Chainlink price successfully maintained its position above the $13.6 local support level. This positive reversal from the support level has led to a significant 13.6% increase in the LINK price over the past week, bringing it to a current trading price of $15.46.
Examination of the daily chart shows that this uptrend is forming into a bullish chart pattern known as an inverted head and shoulders, providing an opportunity for buyers to capitalize on the potential for further recovery.
there is an expectation that the LINK price may rise by an additional 7% soon, aiming to break the pattern’s neckline resistance at $16.67. If this breakout is successful, it could lead to increased buying pressure, potentially pushing the price past the $17.5 resistance from the recent high.
Securing this new level could empower buyers to pursue an ambitious target of $30.
Dogecoin (DOGE) prepares for 22% surge
Despite the larger market swing, Dogecoin price has impressively maintained its value above the $0.075 support level. The cryptocurrency has rebounded three times from this point, indicating an active buyer accumulation at lower prices, indicating a positive sentiment in the market. However, Dogecoin’s upside is currently limited to the $0.0877 resistance level, leading to a period of lateral trading. Could the ongoing market reversal provide the necessary momentum for DOGE to initiate a lasting recovery?
The daily timeframe chart reveals that this support level coincides with the 61.8% Fibonacci retracement level and the 200-day EMA, making it a key focus point for buyers. The recent recovery of the EMA slope led to a 6.5% increase in Dogecoin’s value over the week, with its current price at around $0.081.
With the network’s development and a recovering broader market, the DOGE price is poised to potentially break through the overhead resistance at $0.087. A successful breach of this resistance could strengthen buying momentum and propel Dogecoin’s value by 22% to reach the upper boundary of a prolonged triangle pattern at $0.107.
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for your personal financial loss.
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