With the year 2023 coming to a close, the cryptocurrency world is preparing for an exciting period between 2024 and 2025, with the expectation of the next bull cycle. In this scenario, we will analyze six altcoins that, over the past few weeks, have shown strength by breaking key resistance levels. Woo Network (WOO), COTI, Uniswap (UNI), Polygon (MATIC), Band Protocol (BAND) and Vechain (VET) emerge as intriguing options to look for profits in the first quarter of 2024.
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6 altcoins to take into account to look for profits by the beginning of 2024
Woo Network (WOO): Beyond resistance
WOO has seen significant momentum thanks to notable investments, backed by Binance Labs with a $12 million investment. Strategic partnerships with OpenTrade and BITHUMB have expanded its usefulness, attracting more users. The recent breakout of the resistances at $0.30 and $0.37 suggests an upward path. However, the consolidation around $0.37 requires attention. A weekly close above this mark could signal a push towards $0.46 in the first quarter of 2024.
Beyond short-term fluctuations, WOO has established a positive long-term price channel, possibly indicating a period of accumulation before another bullish phase. This is why WOO belongs to this list of altcoins to keep in mind for 2024.
COTI (COTI): Privacy and Update V2
COTI has announced exciting plans for a V2 upgrade, aiming to become a privacy-focused Layer 2 solution for Ethereum. Scheduled for the second quarter of 2024, this update could mark a crucial milestone. COTI’s attempt to turn the resistance level at $0.07305 into support is a key point. A successful weekly close above could push the altcoin towards $0.08825, while a rejection could take it to lower support levels around $0.06045. The next few weeks will be crucial to understanding the direction COTI will take.
Uniswap (UNI): Outstanding Performance in November
Last month was positive for the cryptocurrency market, and UNI was one of the stars, being the third biggest gainer with a 43% increase. Additionally, Uniswap’s new fee structure generated substantial revenue, reaching at least $1 million in November. Over the past three weeks, UNI has been in a consolidation phase between $6,060 and $6,715. Buying pressure is evident, and if a weekly close above $6,715 consolidates, we could see UNI heading towards $8,035 in the coming weeks. However, a close below $6,060 could indicate a possible correction towards $5,445.
Polygon (MATIC): Strategic Integration with Chainlink
The integration of Chainlink with Polygon has added a new element to the MATIC equation. Buying pressure, indicated by the wick below the candle, suggests significant interest. The challenge is the recent drop below $0.8335. A weekly close below this level could trigger a stronger correction, taking MATIC to levels around $0.7190. However, if buying pressure persists, we could see MATIC surpass $0.9540 in the coming weeks, providing solid support for further advances towards $1.0685.
MAITC undoubtedly has a great growth projection for 2024 like other altcoins.
Band Protocol (BAND): Integration with XRP Ledger
In early December, Band Protocol announced its integration strategy with XRP Ledger (XRPL). This strategic move positions BAND as the premier oracle provider for both the XRPL mainnet and its Ethereum Virtual Machine (EVM) sidechain. Currently, BAND is finding support at the key support level at $1,690, after a rejection from the resistance at $1,928. A weekly close above $1,690 could be interpreted as an entry signal for long trades, potentially driving BAND towards $2,170 in the coming weeks. However, a close below $1,690 could indicate a vulnerability, with the value of the cryptocurrency at risk of falling to $1,490.
VeChain (VET): Record holders and positive trend
VET has managed to exceed 900,000 holders at the beginning of December, showing a significant increase of 50% since October. This attraction of headlines suggests growing interest in VET, with over 57,000 new headlines added in a single week. The positive sequence over the last 3 weeks has led the altcoin to consolidate the resistance levels at $0.02245 and $0.02540 as support. At the time of writing, it appears that VET is on track to also consolidate the $0.02395 level as support. A weekly close above this threshold could pave the way for VET to continue ascending into the new year, with a possible bullish target of $0.03495 in the coming weeks.
However, it is crucial to keep an eye on the possibility of profit-taking in the event of a weekly close below $0.02935. This could trigger a correction, taking VET to $0.02540 in the short term and, in an extremely bearish scenario, even a revisit of the aforementioned level of $0.02245.
To end…
The close of 2023 offers exciting opportunities for cryptocurrency investors. These six altcoins, WOO, COTI, UNI, MATIC, BAND and VET, present exciting prospects for the first quarter of 2024. However, as with any investment, caution and vigilance are essential. Constantly monitoring support and resistance levels, as well as weekly closes, will provide the basis for making informed decisions in a dynamic crypto market.