Cryptocurrency Market Shows Rapid Recovery After Black Monday

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Cryptocurrency market, after the historic Black Monday on August 5th, entered a rapid recovery phase, with notable increases especially in Bitcoin (BTC) and altcoins. At this point, Ethereum‘s (ETH) strong stance above $2,500 could indicate the approaching altcoin season. Three altcoins that stand out with the potential to yield 2 to 5 times returns in the coming weeks are Toncoin (TON), Helium (HNT), and Dash (DASH).

Toncoin (TON)

Toncoin started to quickly regain what it lost in the recent market pullback. TON, which drew attention with a V-shaped recovery, increased its upward momentum by surpassing the short-term resistance trend line.

The sudden rise in the daily RSI indicator supports the upward movement of the altcoin, despite encountering resistance around $6.70 at the 50-day Exponential Moving Average (EMA) level. If this resistance level is broken, Toncoin is expected to target the psychological level of $10 by surpassing the Fibonacci resistance at $7.68. Therefore, TON stands out as the most-watched altcoin in the coming weeks.

Helium (HNT)

Helium broke the long-standing resistance trend line, catching the attention of investors. HNT, despite market pullbacks, showed an independent rise, recording a 56% increase.

As the RSI indicator moves into the overbought zone, the altcoin is moving strongly upwards with support from the 50-day EMA. HNT is currently trading at $6.773 and has the potential to reach $10 according to Fibonacci retracement levels. If the current momentum is maintained, HNT is likely to reach a price between $15 and $25 by the end of next week. Therefore, HNT is among the altcoins that could yield the most in the coming weeks.

DASH (DASH)

Dash, despite being in a downtrend on the daily chart, has drawn attention with its recent recovery move. Rising from the $21.95 level with a double bottom formation, it experienced a 50% pullback from the $43 peak and increased by 12% in the last 48 hours.

Although the death cross between the 50-day and 200-day EMA has not yet given a positive signal, the altcoin’s movement at the $24.41 level indicates strong upward potential along with the overall market recovery. According to Fibonacci levels, this bull run could extend to the $56 level or the 1.618 Fibonacci extension level. Therefore, DASH stands out as another altcoin to watch closely.

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