The crypto market has experienced a bearish trend throughout February, with Bitcoin falling below $80,000. As expected, altcoins have also been impacted, but investor optimism remains high, with many anticipating a market turnaround in March.
In recent weeks, the dynamics surrounding cryptocurrencies have notably shifted. After a robust performance through January, February brought with it a wave of uncertainty that caused many investors to reevaluate their strategies and holdings. Despite the prevailing bearish sentiment, a sense of optimism is palpable among many traders and investors. The market’s ebb and flow is a familiar rhythm; thus, many are hopeful that March may herald a positive shift. BeInCrypto has recently analyzed four altcoins that may not have reached new all-time highs yet but are showing signs of potential growth as we head into the next month.
MANTRA (OM)
One altcoin standing out during this tumultuous period is Mantra (OM), which has been on a sustained upward trajectory in the last few weeks. Currently priced at $7.32, OM has demonstrated remarkable resilience despite the broader market downturn. Traders are hopeful that if conditions improve, the altcoin could continue its ascent.
OM is notably close to its all-time high (ATH) of $9.17, achieved just last week, requiring only a 25% surge to reach that peak again. Given its recent performance, many analysts see potential for OM to not only reach its previous high but possibly break through if motivating market conditions arise.
However, for OM to maintain its positive outlook, it is crucial that it holds the support level at $7.20. A drop below this threshold could lead to a decline towards the next support at $6.17, which would challenge the bullish expectations for this altcoin. Thus, market watchers will be monitoring these key levels closely.
Gate (GT)
Another altcoin with a notable market presence is Gate (GT). After reaching an ATH of $25.96 in January, GT has faced a downward trend. Nevertheless, traders maintain an optimistic outlook as the potential for a rally remains strong.
Currently trading at $20.05, GT requires a nearly 30% increase to revisit its all-time high. The primary resistance barrier is at $23.18; successfully breaking through this level and transforming it into support could create the momentum needed for GT to surge higher.
Nevertheless, the persistence of bearish market trends poses risks for GT investors. If the price slips below the support level of $19.89, it could signal an extended downtrend, potentially leading towards the next significant support at $18.12. Recognizing these challenges will be essential for traders considering entries into GT.
Sonic (S) – Previously Fantom (FTM)
Sonic (S), which was formerly known as Fantom (FTM), has undergone notable volatility since its rebranding in January. Currently priced at $0.63, Sonic reached an ATH of $0.99 before facing a decline. This lull reflects broader market trends impacting the altcoin’s potential upward movement.
For Sonic to reclaim its former glory and reach the ATH again, the altcoin requires a robust rally of about 55%. Positive shifts in market conditions could facilitate this surge, supported by increased investor inflows that could potentially enable Sonic to breach key resistance points at $0.68 and $0.80.
Conversely, if the bearish sentiment persists and selling pressure increases, Sonic risks falling below the support level of $0.60. A drop beneath this level could lead to further declines towards $0.51, jeopardizing the altcoin’s potential recovery and extending the current losses.
XRP
Lastly, XRP is currently trading at $2.00, significantly below its ATH of $3.40. For XRP to achieve its previous high, the altcoin would need a substantial rally of 70%. Recently, XRP witnesses a troubling 22% decline over the past week, raising concerns about its ability to recover.
At present, XRP is holding above the $1.94 support level. A bounce off this support could provide the necessary momentum to challenge resistance at $2.33. Successfully breaking this barrier, along with flipping $2.70 into support, would be crucial for XRP to reach its ATH. Continued positive sentiment surrounding potential ETF developments related to XRP could enhance investor enthusiasm.
Nonetheless, should XRP falter and lose the crucial support at $1.94, it could see a sharp downturn. The next significant support lies at $1.47, and a breach below this level would severely challenge the bullish outlook for XRP, likely leading to deeper losses for investors.
Disclaimer
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