Bitcoin is currently hovering around $88,000, up nearly 10% from its bull market low of $76,600. Investor sentiment in the market has improved significantly, according to the Fear & Greed Index. However, traders are still preparing for the next bear market scenario, looking for ways to protect their crypto portfolios.
Here is a list of 10 notable cryptocurrencies that can help balance your portfolio, reduce risks in a bear market, and provide opportunities for sustainable growth.
Top 10 Tokens to Watch in the Bear Market
After analyzing more than 500 altcoins, experts have selected 10 altcoins that stand out, thanks to their real utility, potential adoption, and supply control mechanisms.
1. Hyperliquid (HYPE)
Hyperliquid, a decentralized exchange (DEX) based on the Layer-1 HyperEVM blockchain, offers high-speed transactions and zero gas fees. After a recent technical upgrade, HYPE is showing positive signs of price increase. Currently, HYPE price is trading at $16,367 and has the potential to hit the resistance level of $20,850 in the near future.
2. Geodnet (GEOD)
Geodnet boasts of being the largest precise location network on Web3. With a token burn mechanism of 80% of revenue, GEOD helps reduce supply and boost long-term value. The project has attracted large investments from Multicoin and VanEck, adding to its credibility.
3. Rollbit (RLB)
Rollbit, a crypto casino and NFT platform, continuously burns RLB tokens daily to control supply. With this mechanism, RLB is expected to continue to increase in price, testing important resistance levels at $0.09445 and $0.11368.
4. Bitget Token (BGB)
The native token of Bitget exchange has entered the top 15 cryptocurrencies in 2024. With a quarterly buyback and burn policy, BGB has significant growth potential, aiming for the resistance level of $5,208.
5. Grass (GRASS)
GRASS, the token of the AI-powered web scraping project, is currently hovering at $1.60. Although consolidating, GRASS is likely to reverse and grow strongly thanks to technical indicators supporting the trend.
6. Banana Gun (BANANA)
The token of the Banana Gun trading bot is under short-term pressure, with open interest down 18% in the last 24 hours. However, adding BANANA to your portfolio can help diversify and reduce risk.
7. Fluid (FLUID)
FLUID is an aggregator that supports trading, lending, and generating yield from collateral. The FLUID token, currently trading at $5.0300, could rise 17% and test the $5.9177 resistance level in the near future.
8. Jupiter (JUP)
Based on Solana, Jupiter supports token swaps and generates revenue from trading. The project uses the revenue to buy back and lock tokens for three years, reducing selling pressure. JUP has the potential to rise 21% and hit the $0.6819 resistance level.
9. Binance Coin (BNB)
BNB, the native token of Binance, is likely to see a short-term price increase as the RSI and MACD indicators support the uptrend. BNB’s next target is the $685 resistance level.
10. Monero (XMR)
XMR, which is generally negatively correlated with Bitcoin, is an ideal choice for portfolio diversification. With a steady uptrend, XMR could hit the $231 resistance level.
Has Bitcoin Bottomed?
Former BitMEX CEO Arthur Hayes believes that a drop below $77,000 could be the bottom for Bitcoin in this cycle. While concerns remain, experts believe that Bitcoin is in a normal correction phase before continuing its rally.
Altcoin Trends
According to the altcoin season index, most of the top altcoins are outperforming Bitcoin, suggesting that this is a good time to consider investing in potential altcoins.
Conclusion
In a volatile market environment, choosing cryptocurrencies with real utility, supply control mechanisms, and high adoption potential will help investors optimize their portfolios, minimize risks, and seize sustainable growth opportunities.