Table of Contents
- VeChain (VET)
- GoMining (GOMINING)
- Stellar (XLM)
- 4. Holochain (HOT)
- 5. Ripple (XRP)
- Conclusion
In the ever-changing landscape of cryptocurrency, the phenomenon known as "altcoin season" (meaning that alternative cryptocurrencies begin to outperform Bitcoin) captures the imagination and attention of investors worldwide.
This trend usually starts by Bitcoin prices shooting up first. This surge acts as a bellwether, followed by Ethereum's rise and kicking off wider rallies across the board. Factors contributing to the altcoin season may vary from overarching bullish sentiments across the crypto market to significant launches or updates in altcoin projects, coupled with a noticeable decrease in Bitcoin's market dominance.
With renowned analysts hinting at the imminent arrival of the altcoin season, the current market sentiment appears heavily optimistic, suggesting that now may be the opportune moment to scout for promising alternative cryptocurrencies. The dream of hitting those rare, sky-high returns is always in the back of investors' minds, pushing them to hunt down tokens that haven't yet shown their full potential.
Amidst this backdrop, particular attention turns towards tokens valued at under $1, often overlooked gems poised for substantial growth. The criteria for selection pivot around market potential, unique technological offerings, adoption rates, and recent performance metrics. In this article, we’ll explore these tokens’ outstanding features, ecosystems, and recent developments that make them attractive to investors. We’ll also take a close look at their technical signs, pointing out the bullish ones but also not ignoring the hints of a downward trend.
-
VeChain (VET)
VeChain (VET) stepped onto the crypto scene with a mission: to make supply chain management smoother and boost how businesses operate. Big names in the global supply chain game like Walmart China have been joining forces and getting on board with this blockchain project. Recently, VeChain gained momentum by rolling out a new Marketplace-as-a-Service platform designed to let pretty much anyone jump in and get their own NFT marketplace off the ground without needing to write line after line of code.
In a strategic move, VeChain has partnered with the MotoGP racing team Gresini Racing, marking the onboarding of its first enterprise client on the MaaS platform. According to experts, the asset tokenization market could balloon to a whopping $16 trillion by 2030, potentially making VeChain (VET) a key player in this segment.
VeChain (VET) token is part of the project’s dual-token system, where the function of VET is to serve as a value-transfer medium, or in other words, smart money, to enable rapid value circulation within the ecosystem.
Over the past six months, VeChain has surged by 158%, with a year-to-date increase of 22% and a one-year climb of 82%. These figures are bolstered by a solid market capitalization of $3.09 billion as of this writing. Technical analyses, including a Relative Strength Index (RSI) of 47.05 and a Stochastic %K of 46.03, suggest a balanced momentum with bullish undertones. However, indicators like the Awesome Oscillator at -0.000956 and a slightly negative MACD Level hint at potential bearish pressures, offering a nuanced view of VeChain's market dynamics.
Source: CoinMarketCap
To get a handle on where VET's market is headed, it helps to keep an eye on certain key signs. Support levels are delineated with the first support at $0.037040 and the second support at $0.02844. Conversely, resistance levels are established with the first resistance at $0.05374, the second resistance at $0.061845, and the third resistance at $0.07854.
-
GoMining (GOMINING)
GOMINING differentiates itself with a focus on the profitability of crypto mining – especially relevant given the 2024 Bitcoin halving. Preparations for the halving event and strategies aimed at maintaining miners' profitability afterwards, could lead to an increased interest in the GoMining project, and therefore boost the demand for its native token, GOMINING .
GoMining’s deflation-based veTokenomics, token burn mechanism, rules on token issuance and distribution, along with numerous other steps to better the ecosystem – including boosting energy efficiency, linking up with Trust Wallet, and throwing voting rights into the mix – are clearly distinguishing it from the crowd.
With GoMining's NFTs – another premiere product of the GoMining ecosystem – holders have access to daily mining rewards paid out in BTC directly to the wallet of their choice, all backed by seamlessly scalable fractions of Bitcoin (BTC) mining power. With a relatively safe and predictable return on investment (ROI), GoMining may be the most convenient and straightforward way to start mining operations from scratch, contrary to the well-known challenges of building a physical mining farm independently.
GoMining positions its mining approach as not only the most affordable but also the easiest entry point into the mining sector. With an ownership cost of $25 for 1 TH/s, GoMining NFT holders can reach an almost unlimited hashrate level of 5,000 TH/s or even more, when they own multiple NFTs. With over 39K unique NFT owners currently, the project clearly has the potential for growth in the future.
Underpinned by over seven years of blockchain development expertise, GoMining boasts an impressive infrastructure with 9 data centers spread across different countries, a remarkable 350 MW of power capacity, and an impressive uptime of over 99% for their mining equipment, contributing to a substantial market capitalization of above $140,000,000.
Notably, GOMINING’s price performance is impressive, with a remarkable 201% increase over the past year. Such exponential growth rates are rarely seen and underscore the immense investor confidence and market interest in GoMining Token.
Analyzing the technical indicators for GOMINING reveals a remarkably bullish trend over the long term, coupled with a cautiously optimistic short-term outlook. The Relative Strength Index (RSI) stands at a balanced 50.79, indicating neither overbought nor oversold conditions, while the 10-day Simple Moving Average (SMA) at $0.32837 suggests a strong short-term bullish sentiment when compared to the 100-day SMA at $0.31670. However, the Commodity Channel Index (CCI) and other oscillators like the Awesome Oscillator indicate slight market hesitation, hinting at potential short-term consolidation before any further upward movements.
The pivot analysis reveals immediate support and resistance levels at $0.29193 and $0.35328, respectively. The next support and resistance levels are found at $0.25212 and $0.37482, respectively, which if breached, could significantly influence the token's price action.
The positioning of the SMAs and the pivot levels suggests that GOMINING is on a firm upward path, but like any cryptocurrency, it faces its share of volatility and market sentiment fluctuations.
In terms of price prediction, in case the token maintains its momentum and continues to capture investor interest, breaking past the immediate resistance at $0.35328 could pave the way for a test of the next resistance level at $0.37482. In turn, this scenario, assuming sustained investor interest and the broader favorable cryptocurrency market conditions, could set the stage for the token to explore new highs, potentially challenging the $0.69708 level in the medium term.
Source: CoinMarketCap
-
Stellar (XLM)
Lately, the Stellar network has upped its game in the digital currency world, especially with Soroban hitting the scene. Soroban has pushed the Stellar boundaries way past just handling financial transactions, now stepping into the big leagues with a whole range of decentralized apps and services. This means more people are likely to want XLM, the network's own currency. And when demand goes up like that, the whole ecosystem gets a major boost in value.
Notably, the asset has achieved a stable 17% growth over the past six months. Since its inception, the Stellar token has surged by a whopping 4,260%. The market capitalization is currently at $3.74 billion.
All the technical signs are pointing towards positive sentiment around Stellar. The Relative Strength Index (RSI) is at 46.01, suggesting a market that is neither overbought nor oversold. However, the Average Directional Index (ADI) at 18.92 points to a lack of a strong trend, suggesting possible consolidation. The presence of the asset near or above key moving averages, such as the 200-day Simple Moving Average (SMA) at $0.120879, along with a Hull Moving Average (HMA) at $0.131341, signals a positive market outlook. However, the Awesome Oscillator at -$0.000957 and Momentum indicators show a slight negative trend, supporting the notion of a potential slow upward trend.
Source: CoinMarketCap
In terms of pivot analysis, the immediate support for Stellar (XLM) is at $0.118031, with more robust support at $0.094818 suggest levels where buying might intensify if the price were to dip.
Meanwhile, resistance levels at $0.163609 and further at the $0.185974 mark potential ceilings where selling pressure might increase.
4.
Holochain (HOT)
Holochain (HOT) takes us beyond blockchain to power apps that run without a central command. It's like giving each app its own mini-internet to play on. Stepping away from the usual blockchain path, Holochain is on a mission to reinvent how we chat and share online, making it not just safer and more convenient, but open to all. It's all about building an internet that plays fair, where teamwork isn't just encouraged—it's part of the design. Holochain is changing the game, giving developers the tools they need to create dApps that really work directly between users, without running into scalability problems common with blockchains.
A significant part of its appeal lies in its commitment to environmental sustainability, as demonstrated by its efforts to verify the energy efficiency of its network.
In recent months, HOT has exhibited notable volatility, posting an impressive 229% over the last six months and a 23% decline in the past month. This roller-coaster movement is mirrored in its oscillators, with the Relative Strength Index (RSI) at 41.50 indicating a neutral stance, suggesting that the asset is neither overbought nor oversold. Similarly, other indicators like the Stochastic %K and the Commodity Channel Index hover in neutral zones, presenting a mixed signal to investors. Looking at the 10-day Simple Moving Average, which sits at $0.0033137, there are some strong signals that suggest optimism in the short term. Zooming out to check on the 200-day SMA at $0.0020636, it tells a quieter story of long-term steadiness.
The trading volume of HOT over the past 24 hours is $19.28 million, with a market capitalization of $519 million, suggesting a healthy trading environment that supports potential price movements. The immediate support and resistance levels are identified at $0.0024351 and $0.0047857, respectively, with the next support level at $0.0024351 and the next resistance level at $0.0061301. These key points might just be the roadmap traders need, showing them where prices could either bounce back or take a dive.
Looking forward, the bullish scenario for Holochain (HOT) leans heavily on its innovative approach to dApp development and its environmental sustainability commitments. So, if HOT can lean into its strengths and stand out from the usual blockchain crowd, it's looking at a bright future with plenty of room to grow. A break above the immediate resistance levels could see HOT targeting the next resistance level at $0.0084807, buoyed by positive market sentiment and further adoption of its technology. Should the momentum sustain, reaching and surpassing its all-time high of $0.0168980, while ambitious, could be within the realm of possibility.
Source: CoinMarketCap
On the flip side, If Holochain struggles to maintain its developmental pace or fails to secure significant partnerships, it could see its price retreat to the immediate support level at $0.0020375. A breach below this level might push HOT towards the next support level at $0.0013002, signaling a need for reassessment of its market position and potential adjustments in strategy.
5. 
Ripple (XRP)
In a recent intensification of legal proceedings, the Securities and Exchange Commission (SEC) has sought a formidable $2 billion fine from Ripple , the entity behind the XRP digital currency, citing sales that were ruled unlawful by US District Court Judge Analisa Torres. This request comes in the wake of a mixed judgment in July, in which Judge Torres made a distinction between Ripple’s transactions with institutional investors—deemed as securities—and those with the general public. Contrary to this semi-victory, the SEC’s newest legal filing criticizes Ripple for not fully recognizing its errors. Ripple is poised to counter the SEC's claims in the coming month. Brad Garlinghouse, Ripple's CEO, remains defiant against the SEC, vowing to unmask the regulatory body's true nature.
Even with all the regulatory hurdles it's facing, Ripple's XRP token is still at the top of its game for cross-border payments. Ripple's ability to strike deals with a ton of power players in the financial industry, paired with its superpower to make international transactions both fast and light on the wallet, keeps it in the spotlight as one to watch for a major leap forward.
The technical landscape for Ripple (XRP) paints a picture of cautious optimism, grounded in recent performance metrics and technical indicators. Over the past six months, XRP has seen an 11.57% uptick. From the technical oscillators’ viewpoint, the Relative Strength Index (RSI) at 43.12 suggests that XRP is neither overbought nor oversold, hovering around the neutral territory. However, the Commodity Channel Index (CCI) dips negative at -205.28, indicating potential short-term selling pressure. Meanwhile, the 10-day Simple Moving Average (SMA) at $0.6170 slightly surpasses the 200-day SMA at $0.5791, a bullish signal that might indicate continued upward momentum if the trend persists.
On the support and resistance front, XRP's immediate support level is located at $0.5315, followed by the next level of support at $0.4335. Conversely, the immediate resistance stands at $0.7359, with the next resistance level looming at $0.8423. These levels are pivotal; a breach of support could see XRP test lower thresholds, while a push past resistance might signal further bullish momentum. Considering the current market capitalization of $32.11 billion and a significant trading volume over the past 24 hours of $1.64 billion, XRP's liquidity and investor interest remain high, providing a fertile ground for potential price movements.
Source: CoinMarketCap
Looking ahead, the bullish scenario for XRP envisions a breakthrough past the immediate resistance of $0.7359, propelled by positive market sentiment and potential favorable outcomes from Ripple's ongoing legal challenges with the SEC. In this case, XRP could rise towards the next resistance level at $0.8423 and beyond. Optimistically, a sustained rally supported by increased institutional interest and broader crypto market recovery could even challenge the all-time high of $3.3170, albeit this remains a long-term possibility contingent on significant market and regulatory developments.
Conversely, the bearish outlook considers the possibility of Ripple's legal issues casting a longer shadow over XRP's market performance. Should investor sentiment turn sour, a slide below the immediate support level of $0.5315 could be on the cards, with the next support at $0.4335 potentially in play if broader market conditions deteriorate.
Conclusion
As we've journeyed through the potential breakout stars of the sub-$1 category, we're seeing that digital assets offer tons of potential. VeChain (VET) is changing the game with its breakthroughs in the supply chain, while Stellar's got everyone talking about its app-building platform. Then there's Holochain (HOT), attracting attention with its decentralized apps, and Ripple still having a strong foothold in cross-border payments. Add to that the exciting prospects of GoMining Token, a beacon for crypto mining efficiency and profitability, and we have a lineup of contenders ready to make waves in 2024. As we edge closer to the altcoin season, with its tempting prospects of profits and triumphs, it's crucial for investors to tread this path combining smart planning with a touch of cautious optimism. So, whether you're all about the adrenaline rush of chasing hot prospects or you're in this for the steady wins over time, paying attention to these names could open doors to tomorrow's crypto market profits.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Investment Disclaimer
