The cryptocurrency market is buzzing with excitement as Chainlink, Dogecoin, and BONK show potential for rallies with promising technical patterns forming soon. Additionally, Trump’s involvement with crypto is expected to play a significant role in shaping the future of the market. Analysts are also predicting the start of altcoin season, with multiple coins beginning to show signs of life.
With the new administration in place and a wave of crypto-friendly policies on the horizon, many are wondering if a massive crypto bull run is on the horizon. Recent events, such as the launch of $TRUMP Coin to capitalize on meme coin hype, the departure of Gary Gensler, and the transition of power back to Trump, are all pointing towards 2025 being the year of altcoins.
On a recent episode of Scott Melker’s podcast, Trading Alpha’s John Wick delved into the current state of the altcoin market. Here are a few altcoins that could potentially rally soon:
Chainlink (LINK):
Chainlink, known for its real-world utility, has been showing strength on its weekly chart. After confirming a bottom, LINK surged to $26.90 before pulling back to retest support below $24. While the coin looks like a solid long-term option, resistance around its current level may limit short-term gains. LINK has already surged over 7% in the last 24 hours and is eyeing to break levels above $27.
Dogecoin (DOGE):
Dogecoin’s price is holding above the 50% retracement level of the previous bullish bar, indicating strong support. While the coin isn’t making significant moves at the moment, its price action remains constructive as long as it stays above the key support zone of $0.29.
BONK:
Despite being a meme coin, BONK is showing technical potential. Analysts have pointed to a reversal candle that suggests a breakout from its current levels. In the last 24 hours, BONK has traded between a low of $0.00002997 and a high of $0.00003213. Its all-time high was on November 20, 2024, at $0.00005916.
Worldcoin (WLD):
Worldcoin, which has generated hype due to its connection to biometric identification, is currently in the early stages of price accumulation. The coin has formed a stage one basing phase but recently showed a small fake-out, hitting resistance and pulling back. A breakout from its current range of $2.11-$2.34 is eagerly awaited.
In conclusion, the cryptocurrency market is ripe with opportunities as altcoins like Chainlink, Dogecoin, BONK, and Worldcoin show potential for rallies in the near future. With Trump’s involvement in the crypto space and the start of altcoin season on the horizon, investors are keeping a close eye on these promising coins. Remember to exercise caution and do thorough research before making any investment decisions in the volatile crypto market.