09th Sept 2024 - I have been trading and investing in crypto for a few years now and I have come to understand that this is a very dynamic environment. In one year a particular coin may perform well, the following year that same coin may be underperforming. Although there are areas of concern in the crypto ecosystem in 2024, I cannot help but notice certain cryptocurrencies that I think will do well in the future.
What Makes 2024 a Bright Year for Crypto
There is a reason why I think 2024 is a year for surfing the new-age financial revolution wave. First, it is about seeing that top companies and institutions including banks and investment firms have shown enhanced interest and concern for cryptocurrencies.
Another reason for this is the advancement and growth in crypto dealings technology. Simplistically, Projects like Optimism and Impermanent X enable the entire Ethereum network very quickly and at a lower cost. This is significant because it encourages ordinary people to embrace cryptocurrency beyond technology-savvy individuals.
The reason why I’m Despite this
I want to assist you, regardless of whether you are a beginner in understanding crypto or have already tried to invest in it. This is underlined by the fact that I have recorded a few successes as well as failures in this market and from this area, I can tell that one needs to do some research and wait for the perfect time. That is why I have made a categorization for the 10 most promising cryptos for the year 2024 in my opinion. These currencies also have very good technology up their sleeves and many people are likely to be interested in them. Let’s get started!
Factors to Consider When Investing in Cryptos in 2024
Now that I am going to write my views on which cryptocurrencies, in my opinion, could be on top in 2024, I must first give reasons why one should follow this practice. From my experience, and from what I’ve learned by following the market, these are the main factors that help make the right decisions.
Big Players Are Entering the Scene
One of the most happy epoch developments of 2024 is that big players and institutions are entering the crypto sphere. When even major banks and great investment agencies start taking notice, it usually is a sign that they are confident that the crypto market will endure. Take, for instance, that some organizations are now allocating portions of their resources to Bitcoin and Ethereum, fully aware of the long-term financial benefits that may ensue.
Technology Is Developing
What I find most exciting in 2024 and in years to come within the sphere of crypto is the development of the technology. To give one example, there are projects such as Optimism and ImmutableX that help speed up and lower costs on one of the most used cryptocurrencies, the Ethereum. This matters because it means that a larger number of persons will be able to participate in the use of Ethereum without the fear of incurring excessive charges or encountering slow transaction speeds. Therefore, the advancement of technology would offer better to many people, which is bound to propel increased interest in crypto.
The Market Cycle In Focus
Like the stock market, the crypto market has its ups and downs. These are known as “bull” and “bear” markets. A bull market is defined as the period when there are increasing values of goods and services and the investors are enthusiastic. A bear market is characterized by prices declining, and investors pulling back. It is crucial to know where we are in the cycle. At the moment, according to many experts, we are now going into the end of the bear market that will boost a bull run in 2024 which is likely to be investment-friendly.
Regulations Are Coming To Light
One of the complicated aspects of crypto is that it has not been completely legalized, meaning that there are no clear guidelines most of the time. But countries from all continents are starting to enforce more laws day by day. These regulations may seem like something that is hindering free market forces, but in place, it is actually beneficial as they will provide soundness and security to the market.
Don’t Put All Your Eggs In One Basket
Finally, it is advisable to invest in more than one cryptocurrency. Similar to how you would diversify a stock portfolio, it’s wise to do the same with your crypto holdings. In other words, whenever one performs poorly, there are others that can compensate for it.
I prefer to add big, well-known coins such as Bitcoin or Ethereum with some lesser approaches that have a high growth potential in them.
Top 10 Cryptos to Watch in 2024
1. Bitcoin (BTC)
Current Price: $62,137.73
I am an investor and I can say that Bitcoin still reigns as the fundamental coin in the crypto space. Out of all the coins in the cryptocurrency, this is probably the first that comes to mind whenever you hear someone utter the word “cryptocurrency.” There are days or even months I have seen come and go when the volatility of the markets would make a number of assets stray. During 2024, there is going to be a Bitcoin halving event, which means that the demand for new coins will be greater than the supply, something that normally leads to price increase. Furthermore, the likelihood that a Bitcoin ETF will be approved may also attract institutional investors. As for me, holding Bitcoin for the long time is a wise strategy as it is becoming ‘the digital gold’.
Technical Analysis:
On the technical charts, the Bitcoin price has created a support level at $55,000 and this keeps the 50-day moving average in the positive zone. There is no exhaustion in the movement as per the RSI section so the movement has room for growth. Should the $70,000-levels prevent further upside movement, a target at the $85,000 mark will likely be achieved sometime late in the year 2024.
Key Support Levels: $55,000, $50,000
Key Resistance Levels: $70,000, $85,000
Projection for 2024: $85,000
2. Ethereum (ETH)
Current Price: $3450
For DeFi and smart contracts I have always pirated Ethereum for DeFi and smart contracts. For years I have been watching the evolution of Ethereum; its importance in DeFi and NFT domains is unmatched. Ethereum 2.0, which changes the network to proof of stake, is a revolutionary development. I opine that this enhancement will rid the network of a lot of its present scalability challenges thus lowering gas prices and increasing the use of Ethereums in Dapps and Nfts.
Technical Analysis:
Ethereum is in price recovery mode trading at $3200 as the main support area. In case it makes a positive close above $3600, I can target $5000 by the year 2024. Various technical indicators such as MACD and RSI pointed out that a bullish burst was probably going to take place in the coming months.
Key Support Levels: 3200 , 3000
Key Resistance Levels: 3600 , 4500
Projection for 2024: $5000.
3. Solana – SOL
Current Price: $135.15
I have been amazed by the fact that Solana in such a short period has been able to take several transactions every second while charging its users even lower fees compared to Ethereum. Solana was just getting the attention in the NFT and DeFi world and I remember how it became one of my most sought after altcoin to keep an eye on. The network has had some stability issues, however, if Solana manages to resolve these defects, I believe it will be one of the top cells in 2024.
Technical Analysis:
Solana has stabilized around the $ 120 region and in my opinion, bullish breakout could happen if it bursts through $ 160 levels. Since the MACD is suggesting a bullish reversal I am optimistic towards SOL reaching $ 200 assuming the market plays along.
Key Support Levels: $120, $100
Key Resistance Levels: $160, $180
Projection for 2024: $200
4. Optimism (OP)
Current Price: $1.52
Optimism is an Ethereum Layer 2 scaling solution which I have been following quite closely. Optimism is instrumental in the Ethereum ecosystem as it helps to speed up and make cheaper the transactions. I believe Optimism will flourish with further developments of Ethereum in the areas of DeFi and NFTs. It seems to me, layer two technologies like this are going to be very important in the future.
Technical Analysis:
There are no major changes in Optimism price as it continues trendless with supports expected to accumulate near $1.20. I have my eyes on a possible run to $2 or so, which only appears that way because those who shall use it forfeiting ambitious Ethereum gas fees.
Key Support Levels: $1.35, $1.10.
Key Resistance Levels: $1.70, $2.20.
Projection for 2024: $2.60.
5. Immutable X (IMX)
Current Price: $1.30.
I’m very passionate about NFTs and I must say it’s a pleasure to see what Immutable X has to offer in the space. Built on top of the Ethereum blockchain, it also does away with gas costs which is beneficial especially to artist and the collectors. For some time now, I’ve had my eyes on NFTs and as far as the market continues to expand, I think it is time that Immutable X gets into the game as people would want to find affordable means to mint and trade NFTs.
Technical Analysis:
AIMX is currently in a trading range, bounded by the $1.20 and $1.50 marks. I’m factoring into calculation fundamentally driven reasons and will say it’s a time line for a breakout. In the case that IMX breaks beyond the $1.50 resistance line on the upside, $2.50 is my target price in anticipation of the surge in popularity of NFTs.
Key Support Levels: $1.10, $1.40.
Key Resistance Levels: $1.60, $2.10.
Projection for 2024: $3.0.
6. Polygon (MATIC)
Current Price: $0.40.
Polygon has been on my radar for some time, and I am always awed by its strategies ofLayer 2 Ethereum scaling solutions. The number of partnerships that it has formed—such a case with Meta and Reddit regarding—has been abuzz regarding its usage. In my view, Polygon will still remain fundamental in Ethereum’s ecosystem.
Technical Analysis:
Signs show that regardless of previous bearish sentiments, Polygon is gradually staging a recovery, and a further hundred percent bull trend is secured with a Golden Cross on Moving Average conjuction. Given that support lies at $0.30, this means that in case resistance at $0.50 is broken, I’ll have nothing stopping me to say that we will see MATIC at $1 by the end of the year.
Key Support Levels: $0.30, $0.25
Key Resistance Levels: $0.50, $0.75
Projection for 2024: $1.00
7. Avalanche (AVAX)
Current Price: $28.75
I think one of the things that most impressed me in the crypto space is the ability of Avalanche to have its own custom block chains through the subnet feature. Everything makes it ideal for DeFi, and I personally feel help the growth of the ecosystem in Avalanche will always have developers and users.
Technical Analysis:
AVAX is currently resting over $25 but remains to be seen if the bulls will retake control of the market after the bullish MACD I expect – and several others have predicted – a breakout. If it breaks $35, I expect AVAX to pierce through $50 by the end of 2024 as the network enjoys further development activity.
Key Support Levels: $30, $40
Key Support Levels: $35, $40
Projection for 2024: $100
8. Cardano (ADA)
Current Price: $0.26
I’ve been tracking Cardano since its inception, and although it has taken longer than most to realise its full potential, unique features like its sustainability focus and emphasis on academic research makes it a gem. As new technological advancements are performed on its smart contracts, Cardano is finally playing catch up on the DeFi market. I believe it will be a long and gradual winner in the future.
Technical analysis:
Cardano is currently being supported at the price of $0.24. If the price breaks the resistance at $0.30, then a target for the following rally may be at $0.50. With smart contracts becoming more widely used, I believe that the cryptocurrency will gain in size, in 2024.
Key Support Levels: $35, $40
Key Resistance Levels: $35, $40
Projection for 2024: $0.50
9. Chainlink (LINK)
Current Price - $10.25
Chainlink’s decentralized oracles are crucial foundation for DeFi system. I have also been using Chainlink’s price feeds of various DeFi platforms and its use is expanding. With many DeFi projects coming onto the market, I see a rise in the use of Chainlink further.
Technical Analysis:
The price of LINK is ranging between the values of 9 and 11. If that level is clearly broken here then we may see a quick advance to the level of 15. Chainlink is one of the most fundamental beauties at all crypto portfolio because of its numerous economic foundation.
Key Support Levels: $9, $8
Key Resistance Levels: $11, $15
Projection for 2024: $15
10. Apecoin (APE)
Current Price: $1.61
Apecoin is particularly interesting to me because of this connection to the Bored Ape Yacht Club and its use in the metaverse and the NFT space. Despite APE being more of a gamble, I believe its adoption in virtual and gaming worlds will bring about great prospects if metaverse buzz takes hold in 2024.
Technical Analysis:
The price of APE is currently resting on the $1.40 support area, and it may take a few green days to be able to break over $1.80 before we might begin a excursion. I am positively cautious on the future of Apecoin and am projecting it to reach $3 in an optimal market environment that favors the metaverse.
Key Support Levels: $1.40, $1.20
Key Resistance Levels: $1.80, $2.50
Projection for 2024: $3.00
Final Thoughts
I have real world experience with every one of these cryptocurrencies and their development or lack of it. I can witness how it is possible to invest in time-tested leaders, like Bitcoin and Ethereum, newcomers such as Optimism and Apecoin, in all elements of the twenty four most wanting sectors within the crypto space. In 2024, my approach will continue to be a multi-faceted strategy, especially increasing investment in well-founded projects, while maintaining interest in speculative coins within prospects of exaggerated themes such as that of the metaverse or NFTs.
The cryptocurrencies I have illustrated are unique in their own respective ways, which have its merits and demerits, just as I have made profits and losses in this space, the most important conclusion I was able to make is that look for information, make it unemotional, be ready for changes.
Having provided a brief analysis of the top trending cryptos, I trust that this article will help you understand which coins are worth following in 2024. Treat this forecast with caution, and remember that things may change because the market is not absolute in terms of wealth generation.