5 Altcoins You Should Keep an Eye on in June 2024

5 months ago 44

The crypto market is entering the final month of Q2 2024, and investors are once again asking which crypto altcoins should be the focus.

To answer this, BeInCrypto has compiled a list of tokens that could observe considerable growth in the next four weeks.

PEPE Price Rise May Continue

PEPE price has emerged as not only the best-performing meme coin but also the best-performing altcoin in the past month. The craze surrounding these meme tokens has been pushing PEPE to new all-time highs throughout the month and placed it among the 20 biggest crypto assets in the world.

The crypto asset is trading at $0.00001474 after establishing the ATH at $0.00001725. However, this has not deterred investors, as they remain optimistic about a rise.

The Average Directional Index (ADX), a key tool in measuring the strength of a trend, is also above the threshold of 25.0. This means that the uptrend has considerable strength and could continue.

However, if profit-taking occurs, the PEPE price could lose the support of $0.00001430 and fall below $0.000012000.

Render (RNDR) Banks on the Rise of AI

Although Render’s price has been consolidated for the past month, it could be looking at a breakout in the coming days. This is because the Artificial Intelligence (AI) landscape has witnessed massive growth.

The rise of NVIDIA, a leader in AI computing, is fueling the fire. In May, NVIDIA became the third biggest company in the world in terms of market cap by surpassing Google and Amazon. The company’s total valuation presently stands at $2.7 trillion, merely below Apple’s $2.9 trillion.

Thus, if the growth continues, RNDR could benefit from the hype potential and escape the consolidation between $11.4 and $10.0.

However, if the crypto market remains subdued, there is a chance that even external cues may not trigger a rally. This would keep Render’s price moving sideways, if not falling below the critical support of $10.0

International Football Season Could Benefit Chiliz (CHZ)

Chiliz, the platform powering blockchain engagement site Socios.com, known for its fan token, has its native token CHZ looking at gains. In the majority, these fan tokens are formed in the name of sports teams, primarily football (or soccer).

Since the international football season is about to commence, these fan tokens could witness increased liquidity. The upcoming Euro 24 and Copa America will be the key events impacting the fan token transactions.

This, in return, could benefit CHZ as network and asset usage increases. As a result, altcoin could surpass $0.154 to break the barrier at $0.167, potentially forming a new 2024 high.

The chances of a failed breach are also high, given uncertain market conditions are known to affect the crypto market. Consequently, CHZ could dip to $0.138 or lower.

BONK Follows the Frog’s Lead

BONK’s price rally is just as surprising as anything else in crypto. However, since investors have supported meme coins, this token has entered the top 50 crypto asset list, following PEPE’s rise.

The altcoin recently closed at $0.00004114, marking the highest all-time close, but it is far from the ATH price of $0.00004800. Thus, with the help of BONK holders, the meme coin could continue its rise and attempt to form a new year-to-date high.

Failure to do so might bring BONK’s price back to $0.00004000 or lower, slowing down the rally without causing investors much loss.

Solana (SOL) – the Institutional Favorite

Solana’s price could benefit not from broader market cues but from the institutions’ actions. Despite noting a slow start this year, SOL is now the biggest asset in terms of inflows. Surpassing the top spot holder, Chainlink, Solana has amassed $29 million in inflows since the beginning of 2024.

Most of this came in the past month, reaching $19 million. Since the market is recovering, this is anticipated to continue as June begins. Thus, as institutions continue to accumulate more SOL, Solana’s price will rise, too, potentially reclaiming $200 as a support floor.

However, if the breach of $190 fails, as it has twice in two months, the altcoin could return to hover around the $169 mark. This would invalidate the bullish thesis, keeping it subdued until Q3.

The post 5 Altcoins You Should Keep an Eye on in June 2024 appeared first on BeInCrypto.

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