5 Top Altcoins to Invest In in 2024 Q1, According to Expert

• Michaël van de Poppe chose established projects like ETH and some new ones.
• ETH flipped the $2,300, while OP and ARB may follow its bullish direction.
• LINK has recovered from earlier profit-taking as SUI tries to claim $1.

Analyst Michaël van de Poppe has disclosed the five altcoins he believes will perform well in the first quarter of 2024. Van de Poppe noted in his post on X that the altcoin season was already in play.

However, he opined that chasing cryptocurrencies with 100x potential might not be the way to go this time. Instead, he advised his 679,700 followers to consider coins with large market caps and great utility. Here are the five altcoins he mentioned and the reasons he chose them.

Ethereum (ETH)

According to the analyst, Ethereum (ETH) would outperform Bitcoin (BTC) this quarter because he believes that a spot Ethereum ETF would soon be approved. Although he admitted that a Bitcoin ETF would also get the go-ahead, he mentioned that the positive effect on the altcoin would be better.

At press time, ETH’s price was $2,381. This was after the cryptocurrency gained 4.38% in the last 24 hours, CoinMarketCap revealed. 

From the technical assessment of the 4-hour chart, the RSI had risen to 64.27. This reading was proof that ETH’s momentum was bullish. 

If the buying momentum continues, it will only be a matter of time before the coin crosses into the $2,400 region. One reason for this projection was its successful flip of the $2,300 resistance. 

However, indications from the Bollinger Bands (BB) showed that there could be another hurdle to cross around $2,390. If bulls clear that path, then 2,400 could be confirmed, while ETH may also eye $3,000.

Optimism (OP)

Optimism (OP) was the second crypto on van de Poppe’s list. His reason was that the token fell into the Ethereum ecosystem. So, if ETH runs, he believes OP should follow.

This projection was evident in OP’s 24-hour performance. According to CoinMarketCap, the price was $3.89, thanks to a 7.31% increase. However, OP’s RSI trended downward, unlike ETH, as shown by the 4-hour chart.

But signals from the Awesome Oscillator (AO) showed that increasing upward momentum remains an option. If this momentum leads OP to clear the $4.20 region, then a ride to $5 might be inevitable. 

Arbitrum (ARB)

The same reason OP was on the list was that the same Arbitrum (ARB) also got in. However, it did not come as a surprise to Coin Edition. This was because a previous article had both ARB and OP as L2 tokens to watch out for in 2024.

At press time, the ARB/USD 4-hour chart had flipped bullish. Though the uptrend faced rejection at $1.73, the price might not fall hard because of the support at $1.58. Furthermore, the Money Flow Index (MFI) showed that ARB experienced intense buying pressure.

This pressure led the MFI to an overbought level since it crossed the 80.00 reading. As it stands, ARB might drop slightly from $1.71. However, the drop might not invalidate the bullish thesis. So a run toward $2 could be feasible in the short term.

Chainlink (LINK)

Chainlink (LINK) is one cryptocurrency that van de Poppe has been talking about since the price was under $8. His reason for picking LINK again was because of the sentiment that there could be a DeFi rally in 2024 and the token could be a part of it.

From the 4-hour chart, LINK reversed to the upside as a result of sellers’ exhaustion. Previously, the cryptocurrency’s rise to $17.50 triggered a wave of profit-taking. 

But after dropping to $14.92, buyers are back and pushing LINK in the $16 direction. The Accumulation/Distribution (A/D) indicator also confirmed this sentiment. Should accumulation continue to outweigh distribution, LINK might be on track to reclaim $17.50.

Sui (SUI)

SUI was a surprise inclusion in the analyst’s pick considering how it has struggled to outperform other L1 cryptocurrencies. However, van de Poppe noted that SUI’s support of decentralized applications could play a role in the token’s performance.

Like LINK, SUI has formed higher highs since January 1. Interestingly, the MACD had also turned positive, indicating strong upward momentum. It was also a similar show with the On Balance Volume (OBV).

The OBV, at press time, was 24.81 million, suggesting a bullish crowd sentiment. Should this bullish phase remain the same for a while, then SUI might hit the $1 milestone.

Furthermore, van de Poppe mentioned other altcoins that have incredible potential. Some of them include Polkadot (DOT), Sei (SEI), and Cosmos (ATOM).