Cryptocurrency prices have had a mixed performance this week as demand from investors rose a bit. Bitcoin price was stuck below $88,000, while the market cap of all cryptocurrencies remained slightly below $3 trillion. This article explores three altcoins that can help you turn $500 to $1K in the coming months.
Top altcoins to turn $500 to $1K
Cryptocurrencies are some of the best assets to buy and experience large gains over time. For example, Ethereum price has jumped from about $80 in March 2020 to over $2,800 today. Bitcoin has soared from near zero in 2009 to over $87,000 today. Some of the top crypto to buy and turn $500 to $1K are Polkadot (DOT), Algorand (ALGO), and Hyperliquid (HYPE).
Polkadot (DOT)
Polkadot is one of the top blue-chip crypto to buy and turn $500 to $1K this year. It is a top layer-1 blockchain that has several fundamental and technical catalysts. The first fundamental is the ongoing work to upgrade it to the Polkadot 2.0.
Polkadot 2.0 will have numerous features that will radically change how it works. For example, it will change how developers onboard to the Polkadot ecosystem. In this, developers can build apps without going through the parachain auction process.
The other catalyst for Polkadot is the potential approval of the spot DOT ETF, which will lead to more inflows.
The weekly chart shows that the DOT price bottomed at $3.61, where it failed to move below since 2023. It has formed a quadruple bottom, and most recently, it has been forming a falling wedge pattern.
Therefore, there is a likelihood that the Polkadot price will bounce back, and possibly retest the key resistance point at $12, up by 170% from the current level. A drop below the quadruple-bottom pattern at $3.6 will invalidate the bullish outlook.
Algorand (ALGO)
Algorand is another top altcoin to buy and turn $500 to $1K. Unlike Polkadot that has strong fundamentals, the main bullish case for Algorand is its technicals.
The weekly chart shows that the ALGO price reached an all-time high of $2.8181 in 2021 and reached a low of $0.20 today. Like DOT, the coin has formed a quadruple bottom at $0.0850, where it has failed to move below several times this year.
Algorand price has also formed a falling wedge pattern, characterized by two descending and converging trendlines. These two lines are now nearing their confluence, meaning that they will likely have a strong bullish breakout in the coming weeks or months.
The initial target for the Algorand price is $0.3312, up by 56% from the current level. A break above that level will push it to a high of $0.6145, up by 190% above the current level.
Hyperliquid (HYPE)
Hyperliquid is another top altcoin to buy because of its strong fundamentals. It has become the most popular perpetual futures exchange in the crypto industry.
Data shows that the network handled over $4.5 billion in the last 24 hours. The seven-day volume was over $25.87 billion, bringing its cumulative volume to over $1.16 trillion.
Hyperliquid is a bigger platform than Jupiter, the next biggest perpetual exchange in the industry, which handled over $3.8 billion in the last seven days.
The daily chart shows that the HYPE price has been in a strong downtrend in the past few weeks. It has dropped from a record high of $35.50 to the current $14. It has formed a descending channel, and moved below the 50-day moving average. Therefore, the token will likely rebound and retest the key resistance level at $35.50, up by 146% from the current level.
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