5 Altcoins to Watch Out for in January 2024!

KAVA: Reduction of Inflation to 0 Recently

the KAVA team has announced that following the launch of KAVA Mainnet 15, the token will have zero inflation from January 1, 2024, leading to a fixed supply of 1 billion tokens. As no new coins will be minted, staking rewards will be sourced from the Kava Strategic Vault.
As reported by BeInCrypto, the price of KAVA has been increasing since breaking through the descending resistance line in October. This breakout also led to a move above the $0.70 horizontal area, leading to a peak of $0.95 this week. RSI is a momentum indicator that traders use to evaluate whether the market is overbought or oversold and whether to accumulate or sell assets. Readings above 50 and an uptrend indicate that bulls still have the advantage, while readings below 50 indicate the opposite. The weekly RSI supports the breakout as it increases above 50 (green icon) when the price breaks out.
Source: TradingView
KAVA is now approaching the next resistance at $1. If it closes above it, the price could increase 60% to the next resistance at $1.50. Although this KAVA price prediction is bullish, failure to close above $1 could trigger a 25% drop to the $0.70 support area.

Avalanche (AVAX): New Wallet Launch

According to an announcement last month, the current Avalanche wallet will be discontinued on January 23, 2024. This is a result of the transition to Core Wallet, which eases portfolio and staking operations. It is important to note that this will not affect active delegators and validators, and the same seed phrases will work for Core Wallet. According to BeInCrypto's report, the price of AVAX has experienced a sharp surge since October 2023, starting from a low price of $8.65 and reaching a peak of $49.95 on December 24, 2023. During this impressive rise, AVAX managed to break out of a 750-day descending resistance line that had been in place since reaching its all-time high price, significantly accelerating its upward trajectory thereafter. Over the past ten weeks, AVAX price has produced nine weekly bullish candlesticks, confirming the strength of its bullish momentum.
Source: TradingView
Although AVAX reached a new yearly peak of $49 last week, it is currently forming a bearish engulfing candlestick. However, if the upside movement continues, AVAX could increase 70% to the next resistance at $68. Although this AVAX price prediction is bullish, the formation of a bearish engulfing candlestick would mean that a local peak has been reached. In this case, AVAX price could drop 15% to the 0.382 Fib retracement support at $34.

Axie Infinity (AXS): Part Evolution Introduction

Recently, Axie Infinity announced a new update for Axie Origins. Starting January 3, 2024, the "Parts Evolution Utility" will be launched, turning Axies into dynamic NFTs that can be upgraded over time. Based on BeInCrypto's records, the price of AXS has increased since falling to a low price of $4.05 in October. The following month, the price managed to break through a descending resistance line that had been in place for 520 days. This led to a peak of $11.15 this week. However, AXS experienced a decline after it was rejected by the $9.50 resistance area and created a long upper wick (red icon). It is important to mention that there are still two more days until the weekly close.
Source: TradingView If AXS price closes above the $9.50 resistance area, it could increase another 100% and reach the next resistance at $19. Although this prediction is bullish, if AXS fails to close above $9.50, it could drop 33% to the nearest support at $6.50.

Stellar (XLM): Mainnet Update

According to a tweet on December 20, 2023, Stellar network validators have agreed to vote on January 30, 2024 regarding the Mainnet update to Protocol 20. Protocol 20 will implement 12 new Core Advancement Proposals and enable Soroban capabilities, adding a platform for smart contract execution to the Stellar Network. The price of XLM has been on the rise since October 2023, when it managed to break the descending resistance line. Since then, there have been three failed breakout attempts (red icon) above the 0.382 Fib retracement resistance level of the previous drop at $0.14.
Source: TradingView
As the resistance weakens each time it is touched, an eventual breakout is likely. This could trigger a 20% rise to the next resistance at $0.16. Although this XLM price prediction is bullish, failure to breakout could trigger a 15% drop to the nearest support at $0.11.

Near Protocol (NEAR): January's Selected Altcoin Closures

Back in October 2023, the NEAR Protocol team issued an update on NEAR Block Explorers. While the original NEAR Block Explorer was initially important to the blockchain, alternative block explorers have now outperformed it. As a result, the NEAR Block Explorer Selector was launched in October, and the original Explorer will be shut down on January 31. This step was taken to allow users and developers to choose their own favorite community-made explorer. Similar to other altcoins in January, NEAR managed to break the descending resistance line in October. This increase led to a breakout above the $3.20 resistance area and led to a new yearly peak of $4.62 this week. This area is now expected to provide support.
Source: TradingView
If the breakout continues, NEAR could increase by another 50% and reach the next resistance at $6. Although this NEAR price prediction is bullish, a close below $3.10 would invalidate the breakout. In that case, NEAR could drop 45% to the nearest support at $2.10. All in all, these five altcoins offer exciting opportunities for crypto investors in January 2024. With recent developments and potential price growth, they represent promising investment options at the beginning of the year. However, keep an eye on the market and do your research before investing, as the crypto market is always moving dynamically.