Cryptocurrency Market faced a recovery rally in July with the momentum of Bitcoin, memecoins, and DeFi altcoins. The expectation of a spot Ethereum ETF approval soon and the decline in US inflation data indicate a rise in the crypto market in the third quarter of 2024. In this context, some altcoins in the DeFi sector, which are among the rising stars, offer promising potential for investors.
Rocket Pool (RPL)
Rocket Pool (RPL), with a market value of 413 million dollars, ranks 143rd among the best cryptocurrencies and stands out with its impressive recovery. In the last ten days, the price of RPL coin increased by 42%, indicating a strong recovery rally.
The altcoin recently broke above the descending resistance trend line and is teasing a golden crossover on the 4-hour chart. Moreover, the recovery pushed RPL above the 38.20% Fibonacci level and the critical $20 level. If the upward momentum continues, RPL has the potential to rise another 36% to reach $27 and optimistically reach the 1.618 Fibonacci level corresponding to $41, making it an attractive buy for the third quarter of 2024.
Convex Finance (CVX)
Convex Finance (CVX) stands out as another DeFi altcoin of interest, especially after forming support at the psychological level of $2. Despite encountering resistance around the 50-day EMA, the altcoin’s recent performance indicates a trend reversal.
Recent data reveals that CVX has risen by 18% in ten days and shows a bullish trend in the MACD indicator. This suggests an increased likelihood of a breakout, making CVX a DeFi altcoin to buy if it surpasses the trend line resistance, potentially reaching $5.50 for an expected 120% rise.
Aerodrome Finance (AERO)
Aerodrome Finance (AERO), with a market value exceeding half a billion dollars, attracts investors’ attention and holds a strong position as the 208th largest cryptocurrency. AERO made a notable rise with its price increasing by 137% in the last two weeks.
According to trend-based Fibonacci levels, the upward trend can continue towards the 50% Fibonacci level corresponding to $1.39. Currently trading around $1 with an intraday growth of 8.49%, the upward trend in AERO is supported by the bullish trend in the MACD and signal lines. The altcoin, with the potential to reach $2.37, makes it a high-potential DeFi altcoin to watch in the third quarter of 2024.
