Home
News
The dominance of Bitcoin has been dropping over the last few weeks, hinting that another altseason is upon us. With over 20,000 altcoins, the competition in this altseason looks to be the most heated in history.
Top altcoins, Algorand (ALGO) and Filecoin (FIL) are being challenged for market recognition by a new entrant, Pullix (PLX). Let’s find out which of these altcoins will come out on top in the 2024 altseason.
Algorand (ALGO) Fails At $0.240 Resistance: Will the Uptrend Continue?
Algorand (ALGO) is often seen as one of the top altcoins. It provides a safe blockchain system that is faster than most others. Algorand’s decision to focus on making blockchain efficient has made it a top competitor.
In November, the price of Algorand broke free from a downward pattern it had been caught under for many months. Going above the 200-day moving average showed that ALGO was following an uptrend. In October, the price of Algorand was $0.11, but by December, it rose to as high as $0.250.
However, ALGO did not keep up this uptrend. Algorand has dropped back down to the $0.20 support level again. The increase hasn’t stopped yet, so it might keep going. Yet, Algorand needs to gain the $0.2400 level for a longer rise in price.
The Promising Run of Filecoin (FIL) Has Ended
Filecoin (FIL) has been one of the best cryptos in the fourth quarter of 2024. From a low of $3.1 in October, the price of Filecoin increased to as high as $8 in January. However, this promising run has ended, with FIL experiencing a sharp decline.
From its January 2024 high of $8, Filecoin has plunged back to $6.33, showing a decline of 15% on the daily chart. While Filecoin has gained significant attention over the last few weeks, it is being overshadowed by a new DeFi coin, Pullix.
Pullix (PLX) Gains More Traction Than Filecoin and Algorand
Pullix (PLX) has emerged as the standout performer amid the heated altcoin battle. This new DeFi coin has gained massive traction over the last few weeks because of its innovative platform. Pullix is an exchange that combines the best attributes of both CEX and DEX platforms.
Pullix’s hybrid architecture offers faster trading, reduced fees, greater privacy, and security. Furthermore, Pullix offers a broader selection of markets, including commodities, currency pairs, equities, and ETFs.
Because of their high transaction volumes and liquidity, these markets were chosen. The daily trading volume of the FX market, for example, is $7.6 trillion, while the daily trading volume of the OTC derivatives market is more than $40 trillion.
Pullix Swap is also another important aspect of the Pullix platform switches. Users will be able to swap their tokens with this feature. The platform will use a liquidity pool rather than direct trades between traders. This strategy expedites transactions by eliminating the requirement to find a trade partner.
The connection to the global financial markets gives Pullix more potential than altcoins. That is why the utility token, PLX, has been growing in popularity. PLX is currently valued at $0.08 per token. However, with its growth rate, analysts have forecasted a 40x price surge for Pullix in 2024.
Final Thoughts
While Filecoin and Algorand are top altcoins, both are in a bear market, providing Pullix an advantage. Pullix could easily become one of the best cryptos to buy in 2024 with a larger market and momentum behind it.
For more information regarding Pullix’s presale see links below:
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
