Altcoins With Strong Potential
First, Deutscher observes a robust recovery in Bitcoin following its recent dip below the $65,000 level on April 3rd. The analyst notes that Bitcoin’s structure appears positive, with $73,8000 being the critical level to watch as it represents the previous ATH and the cryptocurrency’s last resistance before further gains.
According to Deutscher’s analysis, BTC’s ability to break through this level could signal further upward momentum for the market leader.
Orion And Altlayer
Deutscher has expressed interest in Altlayer, an altcoin closely associated with the EigenLayer protocol, due to recent rumors surrounding the upcoming EigenLayer airdrop. According to the analyst, Altlayer’s proximity to the airdrop and its involvement in the restaking narrative contributes to its appeal.
Given these anticipated developments, Deutscher sees a potential boost for the token as the market prepares for the airdrop. The token is up 14% in the last month alone and over 4% in the previous 24 hours.
Dogecoin’s ‘Doge Day’
Next on the altcoin watchlist, Deutscher notes the upcoming “Doge Day” on April 20, which has historically seen increased interest and speculation surrounding the dog-themed meme coin.
According to the analyst, the possibility of Elon Musk tweeting about the meme-inspired cryptocurrency has fueled expectations for potential price moves. Deutscher suggests monitoring DOGE for strength and considering it as a viable short-term trading opportunity.
Finally, Deutscher points to previous instances where early altcoins airdrop participants experienced initial selling pressure, followed by potential rebounds.
Wormhole’s native token, W, is facing a similar scenario as the token has fallen over 30% since trading began on April 3. Deutscher advises watching how the token reacts around the significant support level of $1.
Once the initial selling pressure potentially subsides, Deutscher notes that a positive reaction can be expected, but whether the $1 support holds will be key to determining the cryptocurrency’s next moves.
