The crypto market has experienced a bearish trend throughout February, with Bitcoin falling below $80,000. As expected, altcoins have also been impacted, but investor optimism remains high, with many anticipating a market turnaround in March.
BeInCrypto has analyzed four altcoins that, while not close to forming new all-time highs, show potential for the same before the end of the next month.
MANTRA (OM)
OM price has been experiencing a consistent uptrend over the past couple of weeks, currently trading at $7.32. Despite the recent market decline, OM has shown resilience, maintaining its position above key levels. Investors remain hopeful that the altcoin could continue this upward trajectory if market conditions improve.
OM is one of the few altcoins that is nearing its all-time high (ATH) of $9.17, achieved just last week. To reach this level again, the altcoin would need a 25% surge. Given its recent performance, OM has the potential to break through and form a new ATH if momentum builds.
Despite its potential for growth, OM must hold the support level at $7.20 to avoid further decline. If the price drops below this threshold, it could fall to the $6.17 support level. A failure to stay above $7.20 could invalidate the bullish outlook and extend the downtrend for OM.
Gate (GT)
GT price performed exceptionally in January, marking an all-time high (ATH) of $25.96. However, since then, its trajectory has been facing a downward trend. Despite this, investors remain optimistic as the altcoin could still rally to break its previous high.
Currently trading at $20.05, GT needs a near 30% rally to reach the ATH of $25.96 again. The key barrier for this rally lies at $23.18. Successfully breaching and flipping this resistance into support could pave the way for a strong rally and a new ATH, signaling further bullish potential.
If the bearish trend continues, GT price risks falling below the support level of $19.89. This would invalidate the bullish outlook and push the altcoin towards the next support at $18.12 or potentially lower. This further downside would suggest that GT may face extended losses if market sentiment remains negative.
Sonic (S) – Previously Fantom (FTM)
Sonic’s price has been volatile since its rebrand in January, currently trading at $0.63. The altcoin reached an all-time high (ATH) of $0.99 but has since experienced a decline. This correction has been a result of the broader market conditions impacting Sonic’s potential upward movement.
To regain its ATH, Sonic would need a significant 55% rally. A rise back to $0.99 is possible if the market conditions shift in favor of the altcoin. Increased investor inflows could also drive the rally, enabling Sonic to breach key resistances at $0.68 and $0.80 on its path to recovery.
However, if the market continues to decline and investors decide to sell, Sonic could fall below the support of $0.60. If this happens, the altcoin would likely drop further to $0.51, invalidating the bullish outlook and extending recent losses. Continued selling pressure could derail any potential recovery.
XRP
XRP price is currently trading at $2.00, well below its all-time high (ATH) of $3.40. To reach the ATH, XRP would need a 70% rally. The recent 22% drop over the past week has pushed the altcoin further away from its previous upward momentum, raising concerns.
XRP is holding above the support of $1.94, and if it bounces off of this support, it could make it back up to the resistance of $2.33. A breach of this barrier and eventual flip of $2.70 into support is critical for XRP to reach its ATH. This is possible with further market support and positive investor sentiment emerging from the hype surrounding XRP ETFs.
However, if XRP fails to recover and loses support at $1.94, it could see a sharp decline. The next major support lies at $1.47, and a drop below this level would severely challenge the bullish outlook, triggering further losses for investors.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
