Ethereum altcoins have reached (ETH), and MultiverseX (EGLD), SEI and Astar (ASTR), AndDUSK Interesting developments in March, which could positively affect its price.
February was a bullish month for the cryptocurrency market, marked by a sustained rise that propelled many altcoins to new highs, and Bitcoin (BTC) is one of its highest levels ever reached. The five altcoins below could see considerable interest in March 2024.
Ethereum Launches Dencun Upgrade
- Price: $3,305
- Market value: $397.266 billion
- Rank: #2
The Ethereum Cancun-Deneb (Dencun) upgrade will launch on March 13. The upgrade will introduce Proto-Danksharding, improve throughput and reduce transaction costs, which will greatly benefit layer 2 solutions on Ethereum.
In addition, a festival is organized ETHDenver Annual until March 3. ETHDenver was the world's first DAO event and the proceeds are used to create value for Ethereum. Ethereum price broke out of a long-term parallel ascending channel (green circle), which previously caused two rejections (red icons). It has also moved above the middle of its long-term range (white).
If the price of ETH continues to rise, it could reach the top of the range at $4,000, an increase of 20%.
Despite the bullish ETH price prediction, a sudden rejection could result in a 17% decline to the channel's resistance trendline at $2,750.
MultiversX is organizing a big side event
- Price: $60.32
- Market value: $1.606 billion
- Rank: #55
Alongside ETH Denver, MultiversX announced that it will hold a MultiversX Denver Hub. The event lasts 4 days and will host several keynotes and several panels.
EGLD price broke out of the downward resistance trendline and reached a high of $78 in December 2023. The price then declined but regained its position in February 2024. EGLD is trying to break out of the horizontal resistance zone of $62, which has been present since. May 2022. If EGLD breaks, it could reach the next resistance level at $130, an upward move of 115%.
Despite the bullish EGLD price prediction, a rejection from the $62 horizontal zone could result in a 27% decline to the nearest support at $42.
SEI announces promotion
- Price: $0.88
- Market value: $2.259 billion
- Rank: #47
The Sei V2 is expected to launch today. This is the first major upgrade to the blockchain and will upgrade many features. The upgrade will provide backward compatibility for EVM smart contracts, seamless integration with Metamask, and improved performance. SEI V2 also promises higher throughput and lower transaction costs.
SEI price has been falling since hitting an all-time high of $1.04 on February 18. The decline took the price to the $0.82 horizontal zone, where the price rebounded. It is now trading above this zone. If the upward movement continues, SEI could rise another 26% and reach the next resistance level at $1.08.
Despite SEI's bullish price outlook, a close below $0.82 could trigger a 32% decline to the nearest support at $0.60.
Astar launches mainnet
- Price: $0.16
- Market value: $891,312 million
- Rank: #86
The Astar Network mainnet is expected to launch in March 2024. The Layer 2 scaling solution will be a secure, scalable and gas-efficient platform for Web3 projects and will launch a “Yoki Origins” campaign with characters for over 40 Web3 projects.
ASTR price has been rising rapidly since October 2023. However, over the past few months, it was rejected by the long-term 0.5 Fib retracement resistance level (red symbol) and started to decline. Whether ASTR price breaks this level or is rejected can determine the direction of the future trend.
A successful breakout could lead to a 90% rally to the next resistance at $0.30, while a rejection could lead to a 35% decline to the nearest support at $0.10.
DUSK Ends March Altcoins to Watch
- Price: $0.31
- Market value: $131,342 million
- Rank: #361
DUSK's mainnet launch is planned for March or April. The DUSK icon will light it up. It is possible to stake DUSK tokens until March 15. The collection process is not locked, meaning users can cancel the stake at any time.
The price of DUSK has increased rapidly since the beginning of the year. This week, it finally broke above the horizontal resistance zone of $0.30, which has been there for almost two years. If the bullish move continues, DUSK price could rise by another 50% to the next resistance level at $0.48.
Despite the bullish twilight price prediction, a close below the $0.30 area could trigger a 45% decline to the nearest support at $0.18.
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