Ethereum price continues hovering close to its $2,500 level, indicating weak buying and selling pressure for this crypto token in the market. Meanwhile, several lesser-known Ethereum-based tokens have gained significant momentum. This article covers the market sentiments, price action, and potential short-term targets for the top three Ethereum-based tokens: SuperRare, Altlayer, and Synapse.
SuperRare (RARE) Price Action
Despite increased bearish sentiment in the crypto space, the SuperRare price has surged by 77.89% within the past day with a trading volume of $579.54 million. Additionally, it has surged over 250% within the past week and has a Year-to-Date (YTD) return of 108.29%. The Moving Average Convergence Divergence (MACD) continues displaying a flatline in its 1W time frame. Furthermore, the SMA indicator records a potential bullish crossover, indicating a mixed sentiment for the SuperRare price. If the RARE price surpasses its resistance level of $0.2575, it will prepare to test its high of $0.4675. Conversely, if the bears regain momentum, this altcoin will retest its crucial support level of $0.050 in the coming time.
Altlayer (ALT) Price Action
After trading under a bearish sentiment for a brief period, the Altlayer price has successfully recorded a bullish recovery by adding 6.82% within the past day and 8.63% over the past week. With a market cap of just over $217 million, it has secured the 183rd position in the global crypto list. The Relative Strength Index (RSI) has recorded a constant rise toward its mid-point, indicating increased buying pressure for Altlayer. The SMA also supports the price chart, suggesting a positive outlook for the future. If the market continues to trade under a bullish influence, the ALT price will head toward its upper resistance level of $0.2380 during the upcoming weeks. Conversely, a bearish action could result in it plunging toward its low of $0.0040.
Synapse (SYN) Price Action
The Synapse price has continued displaying a bullish price action by adding approximately 39% within the past day and 95.28% over the past 30 days. Further, it has jumped 44.80% within the past 30 days and has a Year-to-Date (YTD) return of approximately 50%. The Simple Moving Average (SMA) constantly acts as a support to the price chart in the 1D time frame, suggesting increased buying pressure in the crypto market. Moreover, the MACD displays a rising green histogram, highlighting potential further gains for the altcoin. If the bulls hold the SYN price above its support level of $0.5885, it will prepare to test its upper resistance level of $1.170. Negatively, if the bears dominate the crypto space, the Synapse price will plunge toward its crucial support trendline of $0.3125.
With the current market trends, Ethereum-based tokens like SuperRare, Altlayer, and Synapse are showing significant growth, making them attractive for consideration in 2024. These tokens demonstrate positive dynamics and could offer substantial opportunities for investors in the near future.
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