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Sei Network (SEI), Lido DAO (LDO), and Arbitrum altcoins start 2024 style, achieving double-digit gains ahead of the spot BTC ETF approval.

Published 7 hours agoUpdated 8 hours ago

The altcoin season is beckoning, according to the latest insights by crypto analyst, Rekt Capital. In a post on X, the widely followed trader while highlighting with the help of a chart, reckoned that every time Altcoin Market Cap performed two historic retests successfully, there was a likelihood for a third retest followed in the weeks afterward.

From the chart as shown in the tweet below, the blue level is expected to act as a springboard to phenomenal highs.

As for investors contemplating exposure to selected altcoins, they may need to consider some tokens that sustained a bullish thesis in the last quarter of 2023 and are still bullish at the start of the New Year, for instance, Sei Network (SEI), Lido DAO (LDO) and Arbitrum (ARB).

If the prevailing technical structure keeps getting stronger across the board, it would be a good time to include these altcoins in the crypto portfolio.

The crypto community is looking forward to the Securities and Exchange Commission (SEC) greenlighting the first spot Bitcoin exchange-traded funds (ETFs) in the US.

A fresh influx of money, especially from institutional investors is expected following the approval likely before January 10. As demand for Bitcoin increases, the price of the largest cryptocurrency will likely explode above $50,000 and start closing the distance to $60,000.

This bullish outlook inBitcoin pricewould also positively impact the prices of many altcoins, hence the need to expand the crypto portfolio beyond BTC andEthereum.

Recommended for you:Bloomberg Analyst: Spot Bitcoin ETF Approvals To Begin By End Of 2023?

The meme coin frenzy is surprising investors in 2024, withSei Networksoaring by 16% to $0.75. According to experts in the market, holders of the token SEI are benefiting the most from the narrative of a parallelized EVM.

The token has in the last week increased by a staggering 71%, spreading FOMO among investors and traders.

EVM refers to an Ethereum Virtual Machine, which is a virtual computer that allows and supports the deployment of smart contracts and other applications.

A parallelized EVM refers to a blockchain process that achieves high scalability by supporting multiple transactions on the network at the same time.

Sei is emerging as the biggest winner among such blockchains amid the attention tokens like Solana (SOL) and Avalanche (AVAX) are receiving. Strengthening on-chain metrics suggests that Sei Network is growing rapidly having achieved a market cap of $1.8 billion since its launch in August.

Higher support at $0.7 would signal the continuation of the uptrend for gains above the coveted $1. FOMO might continue to drive Sei price, especially with the optimism surrounding the ETF.

LDO, the token native to the leading liquid staking protocol, Lido DAO is leaving no stones unturned as it gains ground rallying 20% in a week to $2.97.

Amid the criticism Lido DAO is getting regarding its swelling share of Ethereum staking, the project stands out as one of the most influential blockchain platforms of 2023.

As a liquidity staking protocol, Lido allows ETH holders to lock their coins in a smart contract, but still access liquidity via another token. This unique position is the platforms selling point, allowing users to stay liquid in the dynamic crypto market.

Meanwhile, those interested in purchasing LDO should consider entering new positions above $3 considering the token has recently been rejected by a seller congestion at $3.2.

Failure to close the day above $3 might trigger a minor sell-off to allow buyers to collect more liquidity before resuming the uptrend. Gains above this level could propel Lido to the all-time high of $7.3, data byCoinGeckoshows.

Arbitrum priceis unlikely to slow down the uptrend backed by FOMO, especially now that resistance at $1.8 has been tested, but not successfully. The hype surrounding the spot BTC ETF approval this January could see ARB price explode beyond the immediate hurdles at $1.8 and $2.

The uptrend has been backed by the Moving Average Convergence Divergence (MACD) indicator, which dons a buy signal.

Therefore, by heeding the call to buy ARB, investors could provide the momentum to keep the uptrend going into a price discovery mode, considering the previous all-time high of $1.83.

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Top Altcoins To Buy January 2: SEI, LDO, ARB - CoinGape