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Cryptocurrency News Articles

Shopping for Altcoins? Three Standout Altcoins—NEAR Protocol (NEAR/USDT), Cosmos (ATOM/USDT), and Polkadot (DOT/USDT)—Are Presenting High-Conviction Setups

Nov 22, 2024 at 09:32 am

Bitcoin (BTC/USDT) is once again flirting with the $100K level, but this time, it’s not alone in the spotlight. Ethereum has finally woken up, signaling the long-awaited start of altcoin season.

Shopping for Altcoins? Three Standout Altcoins—NEAR Protocol (NEAR/USDT), Cosmos (ATOM/USDT), and Polkadot (DOT/USDT)—Are Presenting High-Conviction Setups

Bitcoin (BTC/USDT) continues to attract attention as it approaches the $100K level once again. However, this time, it is not alone in the spotlight. Ethereum has finally shown signs of waking up, signaling the long-awaited start of altcoin season.

The key takeaway from this development is that smart money is already positioning itself in altcoins that are displaying clear accumulation patterns, preparing to ride the next wave of this bull market.

Three standout altcoins—NEAR Protocol (NEAR/USDT), Cosmos (ATOM/USDT), and Polkadot (DOT/USDT)—are presenting high-conviction setups, deeply rooted in Wyckoff accumulation principles. While each chart tells its own story, the common thread is clear: these assets aren't just about technical perfection—they're blueprints for long-term profit in a market where the real altcoin bull run has barely begun.

1. NEAR Protocol: A Masterclass in Strength

The NEAR chart is practically a textbook Wyckoff accumulation, featuring a clean Spring and strong progression into the Signs of Strength (SOS) phase. With its powerful momentum, NEAR leads this pack of altcoins ready to explode.

Key Wyckoff Characteristics

Bullish Volume Dynamics

End-of-Cycle Targets

With NEAR consolidating below $6.49 (range top), a breakout here sets up immediate targets of $9 and $10+. Looking further, if the bull market unfolds as expected, NEAR could stretch to $15–$18, aligning with Fibonacci extensions and historical altcoin patterns in prior cycles.

2. Cosmos (ATOM): The Patient Bull

Cosmos takes a slower, more methodical approach to Wyckoff accumulation. While its Spring at $3.60 marked the start of recovery, the progression has been steady, creating a reliable foundation for long-term upside.

Key Wyckoff Characteristics

Volume and Demand

End-of-Cycle Targets

A breakout above $6.40 opens the door to $8.80 (long-term resistance marked on the chart). Beyond this, ATOM could rally to $14.50 (yearly high) and extend to $20–$25 by the end of this bull market, consistent with its historical moves during peak cycles.

3. Polkadot (DOT): The Sleeper Giant

DOT's Wyckoff pattern is less obvious at first glance, but digging deeper reveals a strong accumulation structure. The Spring at $3.90, followed by massive volume and a reclaim of $4.75, has set the stage for its next move.

Key Wyckoff Characteristics

Volume and Moving Averages

End-of-Cycle Targets

Once $5.80 is decisively broken, DOT could target $9 (key Fibonacci extension) and $12 (yearly high). Looking further, DOT has the potential to rally toward $18–$22 if altcoins fully capture the bull market momentum.

Confluences and Key Similarities

Despite their unique twists, NEAR, ATOM, and DOT share common elements that make them prime candidates for long-term positioning:

End-of-Cycle Bull Market Perspective

With altcoins only beginning their bull market phase, the potential upside is immense. Here’s where these assets could land by the end of the cycle:

Final Thoughts

Bitcoin may be stealing the headlines, but the real opportunities lie in altcoins like NEAR, ATOM, and DOT. These assets combine the clarity of Wyckoff accumulation with powerful technical confluences, making them high-conviction plays for the long-term.

Whether you’re a trader or an investor, the time to position yourself is now. This bull market is just getting started for altcoins, and the rewards will favor those who act decisively.

News source:cryptodaily.co.uk

Disclaimer:info@kdj.com

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Other articles published on Nov 22, 2024