5 Altcoins for March: Keep an Eye on These Potential Movers

8 months ago 5

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Ethereum (ETH), MultiversX (EGLD), SEI, Astar (ASTR), and DUSK are all altcoins that have interesting developments lined up in March, which could positively affect their price.

February was a bullish month for the cryptocurrency market, characterized by an ongoing increase that took several altcoins to new highs and Bitcoin (BTC) very close to an all-time high. The five altcoins below could draw considerable attention in March 2024.

Ethereum Releases Dencun Upgrade

Price: $3,305
Market Cap: $397,266 billion
Rank: #2

The Ethereum Cancun-Deneb (Dencun) upgrade will go live on March 13. The upgrade will introduce Proto-Danksharding, improve throughput, and reduce transaction costs, greatly benefiting the layer-2 solutions on Ethereum.

Additionally, the annual ETHDenver festival is being held until March 3. ETHDenver was the first DAO event in the world, and the proceeds are used to build value for Ethereum. The Ethereum price has broken out from a long-term ascending parallel channel (green circle), which previously caused two rejections (red icons). It also moved above the middle of its long-term range (white).

If the ETH price continues to increase, it can reach the top of the range at $4,000, an upward movement of 20%.

Despite the bullish ETH price prediction, a sudden rejection can trigger a 17% drop to the channel’s resistance trend line at $2,750.

MultiversX Hosts Major Side-Event

Price: $60.32
Market Cap: $1,606 billion
Rank: #55

Alongside ETH Denver, MultiversX announced it will hold the MultiversX Denver Hub. The 4-day event is ongoing and will host several keynotes and multiple technical panels.

The EGLD price broke out from a descending resistance trend line and reached a high of $78 in December 2023. The price fell afterward but regained its footing in February 2024. EGLD is attempting to break out from the $62 horizontal resistance area, which has existed since May 2022. If EGLD breaks out, it can reach the next resistance at $130, an upward movement of 115%.

Despite the bullish EGLD price prediction, a $62 horizontal area rejection can trigger a 27% drop to the closest support at $42.

SEI Announces Upgrade

Price: $0.88
Market Cap: $2,259 billion
Rank: #47

Sei V2 is expected to launch today. It is the first major upgrade for the blockchain and will upgrade numerous features. The upgrade will offer backward compatibility for EVM smart contracts, seamless integration with Metamask, and enhanced performance. SEI V2 also promises higher throughput and lower transaction costs.

The SEI price has fallen since reaching an all-time high of $1.04 on February 18. The decrease took the price to the $0.82 horizontal area, where the price bounced. It now trades above this area. If the upward movement continues, SEI can increase by another 26% and reach the next resistance at $1.08.

Despite the bullish SEI price prediction, a close below $0.82 can trigger a 32% drop to the closest support at $0.60.

Astar Launches Mainnet

Price: $0.16
Market Cap: $891,312 million
Rank: #86

The mainnet for Astar Network is expected to launch in March 2024. The Layer-2 scaling solution will be a secure, scalable, and gas-efficient platform for web3 projects and will launch the “Yoki Origins” campaign, with characters for over 40 web3 projects.

The ASTR price has increased rapidly since October 2023. However, in the last few months, it was rejected by the long-term 0.5 Fib retracement resistance level (red icon) and started to fall. Whether the ASTR price breaks out from this level or gets rejected can determine the future trend’s direction.

A successful breakout can trigger a 90% increase to the next resistance at $0.30, while a rejection can cause a 35% drop to the closest support at $0.10.