As a crypto investor with some experience under my belt, I’ve seen my fair share of market ups and downs. When bitcoin is struggling to hold its ground, it’s natural for altcoins to follow suit, but every now and then, there are exceptions to the rule. Recently, Near Protocol (NEAR), Thorchain (RUNE), Pepe (PEPE), and Trump (MAGA) have been defying the market trend and rallying instead.
At present, bitcoin hovers around the $61,000 mark but faces challenges, meanwhile, some altcoins and memecoins experience growth: Near Protocol (NEAR), Thorchain (RUNE), Pepe (PEPE), and Trump (MAGA) being a few noteworthy examples.
When the price of Bitcoin is low, it’s common for alternative cryptocurrencies to underperform even more. However, there are usually a few altcoins that don’t follow this trend and instead perform well as outliers. These coins may signal the start of an upcoming market reversal.
$NEAR up 65% since early April
Since early April, Near Protocol’s $NEAR token has experienced a significant rally, surging approximately 65% during this period. As illustrated in the chart above, $NEAR still falls short of reaching the peaks it previously attained during the previous bull market. However, a leap above the current resistance at $7.42 would signify an important achievement. Notably, $NEAR has recently established new highs and lows within the shorter time frame. Consequently, breaching the triangle’s boundaries might coincide with the much-anticipated breakthrough of that significant resistance level.
$RUNE begins its comeback
As an analyst, I’ve been closely monitoring Thorchain (RUNE) and have noticed that after experiencing a significant correction of around 61%, the price seems to be making a comeback. Recently, $RUNE has managed to break through the trend line and is now encountering a major resistance level at $6. If we see a bullish push past this resistance, potential short-term targets could be at $8.44 and $10.50. However, it’s important to note that surpassing the local high of $11.40 would be necessary in order to establish a new higher high and continue the upward trend.
$PEPE in strong uptrend
As a financial analyst, I’ve been closely monitoring the performance of $PEPE since mid-April. Over this period, the cryptocurrency has delivered impressive returns, amounting to a 110% increase for investors. The uptrend remains robust, and we’re currently witnessing an attempt by the price to surpass the crucial 0.618 Fibonacci level. If successful, the next resistance lies at the 0.786 Fibonacci level. A breakthrough there could potentially lead us to the 1.618 Fibonacci level – a gain of nearly 100% from the current price.
$MAGA sees 87% spike to upside in space of 4 hours
As a crypto investor, I’d put it this way: MAGA, the memecoin with Trump as its namesake, is making waves in the crypto world currently. With Donald Trump himself endorsing cryptocurrency donations for his presidential campaign, he’s sending a clear message that he’s taking the pro-crypto stance, standing in contrast to the Biden administration’s known anti-crypto leanings.
The price surge of 87%, or an increase by nearly nine-tenths, in the value of $MAGA could have been triggered by this recent announcement. However, the price has now retreated to a more stable level within its current range and seems poised for potential support at this point.
As the year progresses and the November presidential election approaches, get ready for significant fluctuations in the price of $MAGA. If it appears that Trump will secure another term, potential goals of $24 and $30 may become attainable.
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2024-05-09 18:06