Altcoin Analysis: Only a Few Coins Expected to Reach New Highs in Q4 2024 or Q1 2025
Altcoins Facing Challenges as Market Turmoil Continues
As the cryptocurrency market continues to face turmoil, co-founder of Mechanism Capital, Andrew Kang, has shared his analysis on the future of altcoins. Kang believes that more than 98% of altcoins have already topped the cycle, with only a handful of coins having the potential to reach new highs in the near future.
Following last week’s market crash, Kang observed that most altcoins had already peaked before the downturn, leaving only a select few with the possibility of recovery. Among these, meme coins stand out as potential candidates for creating new highs in the coming months.
Despite being hit hard during the recent bearish trend, meme coins could emerge as top gainers in the last quarter of the year. Kang emphasized the importance of being selective when considering meme coins, as there are hundreds of thousands in the market.
Analysts are already predicting a positive recovery for meme coins, with Dogecoin (DOGE) showing signs of a solid upward break. With Dogecoin trading at $0.1073 at the time of writing, analysts believe that a recovery above $0.12 could signal a return to bullish momentum.
Similarly, Shiba Inu (SHIB) is also showing signs of strength as selling pressure decreases. The Relative Strength Index (RSI) remains in a neutral zone, indicating a balance between buying and selling pressures.
Despite the recent price decline, data from IntoTheBlock shows that whales are not selling SHIB, with a majority of holders maintaining their positions for over a year. With a balanced market sentiment and selling pressure subsiding, the price of SHIB could potentially reverse upwards in the near future.
As the cryptocurrency market continues to navigate through uncertain times, altcoins like meme coins could offer investors opportunities for growth and recovery in the coming months.
