6 Altcoins To Watch In 2024 If You’re Looking For Profits
As the year 2023 approaches, the cryptocurrency world is preparing for an exciting period between 2024 and 2025, with expectations of the next bullish cycle. In this scenario, we will analyze six altcoins that have shown strength by breaking key resistance levels over the past few weeks. Woo Network (WOO), COTI, Uniswap (UNI), Polygon (MATIC), Band Protocol (BAND) this VeChain (VET) They have emerged as interesting options to seek profits in the first quarter of 2024.
6 altcoins to keep in mind if looking to profit by early 2024
Woo Network (WOO): beyond resistance
Backed by Binance Labs with an investment of $12 million, WOO has seen significant momentum thanks to notable investments. Strategic partnerships with OpenTrade and BITHUMB have expanded its usefulness, attracting more users. The recent breakout of the resistances at $0.30 and $0.37 indicates an upside move. However, consolidation around $0.37 needs attention. A weekly close above this mark could signal a move towards $0.46 in Q1 2024.
Beyond short-term fluctuations, WOO has established a positive long-term price channel, possibly indicating a period of accumulation before another bullish phase. That’s why WOO is included in this list of altcoins to keep in mind for 2024.
COTI (COTI): Privacy and Update V2
COTI has announced exciting plans for a V2 updateWith the goal of becoming a privacy-focused Layer 2 solution for Ethereum. Scheduled for the second quarter of 2024, this update could prove to be an important milestone. COTI’s attempt to turn the $0.07305 resistance level into support is a crucial point. A successful weekly close above could push the altcoin to $0.08825, while a rejection could take it to lower support levels around $0.06045. The next few weeks will be critical in understanding what direction COTI will take.
Uniswap (UNI): Excellent performance in November
The past month was a positive one for the cryptocurrency market, and UNI was one of the stars, being the third-biggest gainer with a 43% increase. Besides, Uniswap’s new fee structure generates substantial revenue, reaching at least $1 million in November. Over the past three weeks, UNI has been in a consolidation phase between $6,060 and $6,715. Buying pressure is evident, and if the weekly closing price consolidates above $6,715, we could see UNI rise towards $8,035 in the coming weeks. However, a close below $6,060 could signal a possible correction towards $5,445.
Polygon (MATIC): Strategic Integration with Chainlink
Chainlink integration with Polygon A new element has been added to the MATIC equation. Buying pressure, represented by the wick below the candle, indicates significant interest. The challenge is the recent decline below $0.8335. A weekly close below this level could trigger a strong correction, taking MATIC to levels around $0.7190. However, if the buying pressure continues, we could see MATIC cross above $0.9540 in the coming weeks, which would provide solid support for a further move towards $1.0685.
MAITC undoubtedly has a great growth projection for 2024 like other altcoins.
Band Protocol (BAND): integration with XRP Ledger
In early December, Band Protocol announced its integration strategy with XRP Ledger (XRPL). This strategic move establishes BAND as the leading oracle provider for both the XRPL mainnet and its Ethereum Virtual Machine (EVM) sidechain. Currently, BAND is finding support at the key support level of $1,690, after rejection from the $1,928 resistance. A weekly close above $1,690 could be interpreted as an entry signal for long trades, which would potentially take BAND to $2,170 in the coming weeks. However, a close below $1,690 could signal weakness, with the cryptocurrency at risk of falling to $1,490.
VeChain (VET): Record holder and positive trends
VET has managed to surpass 900,000 holders in early December, which represents a significant increase of 50% since October. This influx of headlines reflects the growing interest in VET, with over 57,000 new headlines added in a single week. The positive sequence of the last 3 weeks has led the altcoin to consolidate at the resistance levels at $0.02245 and $0.02540 as support. At the time of writing, VET appears to be on track to consolidate at the $0.02395 level as support as well. A weekly close above this range could pave the way for further upside for VET into the new year, with a potential bullish target at $0.03495 in the coming weeks.
However, it is important to keep an eye on the possibility of taking profits in case of a weekly close below $0.02935. This could lead to a correction, which would take VET to $0.02540 in the short term and in an extremely bearish case, even revisit the aforementioned level of $0.02245.
to end…
The end of 2023 offers exciting opportunities for cryptocurrency investors. These six altcoins, WOO, COTI, UNI, MATIC, BAND and VET, offer exciting prospects for the first quarter of 2024. However, like any investment, caution and vigilance are necessary. Constantly monitoring support and resistance levels, as well as the weekly close, will provide the basis for informed decision making in a dynamic crypto market.