The cryptocurrency market has been experiencing a downward trend throughout February, with Bitcoin briefly falling below $80,000. As expected, altcoins have also been affected, but investor optimism remains high. Many are expecting a market reversal in March.
BeInCrypto has identified four altcoins that have the potential to show upward momentum by the end of the month.
Mantra (OM)
The OM price has been on a steady upward trend over the past few weeks, currently trading at $7.32. Despite the recent market downturn, OM has shown resilience by maintaining above key price levels. Investors are hopeful that it can continue its upward trajectory as the market conditions improve.
OM is one of the few altcoins that is close to its all-time high (ATH) of $9.17 reached last week. To reach that level again, the altcoin needs to rise by 25%. Considering its recent performance, OM has the potential to break through a new ATH if momentum builds up.
Despite its growth potential, OM needs to maintain the $7.20 support level to avoid further downside. If the price falls below this critical level, it could drop to the $6.17 support. Failure to stay above $7.20 would invalidate the bullish outlook and extend OM's downtrend.
Gate (GT)
The GT price recorded an impressive performance in January, reaching an all-time high (ATH) of $25.96. However, it has since been on a downward trend. Nevertheless, investors remain optimistic and believe it can still surpass its previous ATH.
Currently trading at $20.05, GT needs to rise by around 30% to reach its ATH of $25.96. The key resistance level is at $23.18. If GT successfully breaks through this resistance and turns it into support, it could lead to a strong upward move and a new ATH, suggesting additional upside potential.
If the downtrend continues, GT price risks falling below the $19.89 support level. This would invalidate the bullish outlook and push the altcoin to the next support level of $18.12 or lower. Such additional downside could suggest that GT may face extended losses if market sentiment remains negative.
Sonic (S) – Formerly Phantom (FTM)
The Sonic price has been highly volatile since its rebranding in January and is currently trading at $0.63. This altcoin reached an all-time high (ATH) of $0.99 but has since experienced a downward trend.
To recover its ATH, Sonic needs to rise by 55%. If market conditions turn favorable, a move back to $0.99 is possible. With increased investor inflow, Sonic could break through the key resistances at $0.68 and $0.80 on its recovery path.
However, if the market continues to decline and investors decide to sell, Sonic could fall below the $0.60 support. In this case, the altcoin is likely to further drop to $0.51, invalidating the bullish outlook and extending its recent losses. Persistent selling pressure could hinder potential recovery.
XRP
The XRP price is currently trading at $2.00, significantly lower than its all-time high (ATH) of $3.40. To reach the ATH, XRP needs to rise by 70%. The 22% drop last week has pushed the altcoin further away from its previous upward momentum, raising concerns.
XRP is currently above the $1.94 support, and if it bounces from this level, it could climb back to the $2.33 resistance. Breaking through this barrier and turning $2.70 into support would be crucial for XRP to reach its ATH. This could be possible if there is positive investor sentiment driven by market support and high interest in XRP ETFs.
However, if XRP fails to recover and loses the $1.94 support, it could experience a sharp decline. The next major support is at $1.47, and falling below this level would pose a serious challenge to the bullish outlook and could result in further losses for investors.
