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- 1 Tron (TRX) is among the top altcoins trading below $1, highlighting the breakout of a symmetrical triangle pattern.
- 2 XLM crypto is another good candidate, and it is looking primed for a surge from trendline support.
- 3 SEI, VET, and ALGO are near crucial support levels where major buying could initiate.
The cryptocurrency market is evolving each year. Investors are consistently looking beyond Bitcoin and Ethereum to discover hidden gems in the vast stack of altcoins.
One particular trend that caught crypto enthusiasts’ attention was the emergence of promising altcoins trading below $1. They could offer the potential for significant growth in the near future.
Let’s analyze the price movements of some top altcoins from the current top 100 cryptocurrencies. These altcoins are recognized for their unique features and potential in the crypto market.
Tron (TRX) Looks Primed for Growth Ahead
A weekly basis analysis of Tron (TRX) crypto reveals an impressive price structure. The recent price action highlights the breakout of the symmetrical triangle upwards.
The crypto asset ranked 12th on the CoinMarketCap at press time. It has unlocked 100% circulation from a total supply of $87.207 billion in TRX.
After the consolidation ended in Feb 2021, the Tron (TRX) jumped 550% by April 2024, which marked a great push for the upside from bulls. After seamless efforts by bears, the bulls did not allow the price to go below $0.050 critical support. They had been trying to surpass the previously formed supply at $0.1439.
SEI Approaching Crucial Support Could Be a Resurgence Spot!
The SEI crypto price has been nearing the resistance, formed support of $0.30 after failing to surpass the $1.0 all-time high level in mid-March 2024, on the weekly timeframe.
The 68th-ranked crypto on CoinMarketCap has a total market cap of $1.039 Billion. It has 30% of SEI in circulation out of the 100% total supply of 10 Billion.
Suppose SEI succeeds in gaining bulls’ interest at the critical support zone near $0.30, it could show a parabolic move to come in the sessions ahead in the future.
ALGO Circulation Has Crossed 80% of the Total Supply!
Ranked 65th on CoinMarketCap at press time, ALGO touched its all-time high in November 2021, and thereon, it consistently plummeted and formed support at $0.08350 by Aug 2023 on the weekly chart.
The bears could not force the ALGO price to plummet. The bulls got the upper hand, which caused the price to rise from a low to $0.3300 by March 2024 and then fall back to the support price of $0.13500.
Now, the ALGO price has been taking support from the resistance turned support of $0.13500 and the 81.80% circulation out in the market out of 10 Billion; the ALGO could show a bounce back, based on the buyer’s interest.
VET On An Crucial Support!
The (VeChain) VET ranked 42nd on CoinMarketCap; its price rose from a low to $0.05480 by the end of February 2024 and then fell back to the price support at $0.02366 by June 2024.
Now, the VET price has been taking the support from the resistance turned support of $0.02366. Around 93% of circulation out in the market out of 85.98 Billion. VET could show a bounce back, contingent on the buyer’s interest.
XLM looks Primed From Upward Trendline Support!
The Stellar (XLM) has been trading upward since inception and has displayed massive returns percentage-wise.
Once again, the price happened to be at the same upward trendline. The XLM price has witnessed a surge and could bounce back more quickly.
The XLM has ranked 32th on the CoinMarketCap website, with 58% circulation out of a total supply of $50 billion.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
