Bitcoin and crypto tokens dropped after a disappointing speech by Donald Trump at a closely-watched summit. They have also pulled back after the FOMC decision and ahead of the upcoming triple-witching event in the US. This article explores some of the top cryptocurrency tokens that could double soon.
Crypto Tokens to Double After Trump Speech
One of the most anticipated events in crypto industry this week turned out to be a nothing burger. In a pre-recorded speech for a crypto conference, Trump said that he wanted the US to be the crypto capital of the world. He also reiterated that he wanted crypto to safeguard US dollar superiority.
However, crypto prices fell because he did not share any policy proposals like tax-free crypto transactions as many were expecting. Still, Trump has been a pro-crypto president and has made positive changes. For example, the SEC ended cases on Ripple, Uniswap, Coinbase, and OpenSea.
These policies suggest that some popular crypto tokens may double from here. Some of these are Algorand (ALGO), Polkadot (DOT), Ripple (XRP), and Tron (TRX).
Algorand (ALGO)
The main bullish case for Algorand price is that it has formed a double-bottom pattern on the weekly chart at $0.0940. A wedge pattern often leads to a reversal.
ALGO has also created a falling wedge pattern, with the two lines nearing their confluence level. That means that the ALGO price may soon surge to the upper side of the wedge at $0.6173, which is 235% above the current level. A drop below the double-bottom pattern at $0.0940 will invalidate the bullish Algorand price forecast.
Polkadot (DOT)
Polkadot is one of the top crypto tokens that could double soon. The main fundamental reason for this is the upcoming Polkadot 2.0 upgrade and the potential DOT ETF approval. Technically, the DOT price has formed a quadruple bottom pattern, which is a popular reversal sign. DOT has also formed a falling wedge pattern, meaning that it may soon surge to $12, up by 170% from the current level. Losing the quadruple bottom will invalidate the bullish view.
Ripple (XRP)
XRP price could more than double in the coming weeks. With the Ripple case over, there are signs that the company will focus on growing its payment business as it seeks to compete with Swift. An upcoming XRP ETF approval and addition to the US crypto stockpile will be a bullish sign. PolyMarket odds of that approval have jumped to 83%.
XRP price has found a strong support at around $2, an important level since it was the highest swing in April 2021. That is a sign that it has made a break-and-retest pattern. A cross above $3 will invalidate the head and shoulders pattern on the daily chart and point to a surge to $5 in the near term.
Tron (TRX)
Tron is one of the top cryptocurrency tokens that may double from $0.23 to $0.466. TRX has some of the best fundamentals as on-chain data shows that its supply is falling, helped by the token burns. Tron’s staking yield has jumped, helped by the rising fees in the network.
Technically, TRX price remains above the 100-week moving averages, and has formed a falling wedge pattern. That is a sign that it may jump to the 2024 high of $0.4497, followed by $0.466, up by 100% from the current level.
Summary on the Top Crypto Tokens to Double
Crypto sentiment has worsened in the past few months as most crypto tokens have moved into a bear market. Nonetheless, with fear and panic selling rising, there is a likelihood that some of these tokens may rebound soon. Tokens like Tron, Algorand, Ripple, and Polkadot may surge and double this year.
Frequently Asked Questions (FAQs)
These tokens fell as Trump did not deliver any major policy change like making crypto transactions tax free.
Some of the top crypto coins that may double are Polkadot, Algorand, Ripple, and Tron.
Bitcoin needs to jump to $168,000 to double from the current price. Such a move is possible if crypto prices rebound this year.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: