Altcoins

3 BRC-20 Altcoins to Sell as Bitcoin Fails to Break $60,000

Published

7 months ago

13 July, 2024

3 BRC-20 Altcoins to Sell as Bitcoin Fails to Break $60,000

Since last weekend, Bitcoin price has been moving sideways, contributing to a gloomy trend in the altcoin market. The BTC daily chart displays rejection candles at both the tops and bottoms, indicating a lack of clear dominance by buyers or sellers. Amid this uncertainty, the prevailing fear in the market has led to a major shift in sentiment, highlighting ORDI, SATS, and LeverFi among the top altcoins to sell.

Interestingly, crypto buyers are struggling to build bullish momentum despite recent developments in spot ETF inflows and German government sales. On July 12, Bitcoin Spot ETF recorded a strong inflow of $310 million, continuing their positive trend with net inflows for six consecutive days.

The German government has reportedly sold its entire Bitcoin holdings for $2.9 billion. This follows a series of transactions over the past 25 days in which significant amounts of Bitcoin were transferred, leading to the complete liquidation.

Despite the positive development, BTC price is struggling to maintain its momentum, indicating potential downside risks. If the correction continues, the BRC-20 Tokens could experience a major drop.

ORDI is a pioneering cryptocurrency created using the BRC-20 standard on the Bitcoin blockchain. This standard is based on the Ordinals protocol, allowing data to be written directly onto Satoshis, the smallest unit of Bitcoin, thus facilitating the creation of unique digital assets such as NFTs.

ORDI | Tradingview

Over the past four months, the ORDI Price has been in a steady correction resonating within a falling wedge pattern. As market supply pressure eased this week, the token’s price rebounded from the pattern’s lower trendline at $25.8.

The bullish trend reversal pushed the asset up 28.63% to trade at $33.24, while the market cap jumped to $695.2. However, if the market correction continues, sellers could challenge the lower trendline.

A possible breakout would accelerate the selling momentum and could target $18.45.

SATS (1000SATS) is a BRC-20 Token designed to honor Satoshi Nakamoto, the creator of Bitcoin. Each 1000SATS token represents 1,000 satoshis.

SATS (1000SATS) | Tradingview

The ongoing correction of the SATS token can be effectively tracked by observing the descending channel pattern. The two descending trendlines as dynamic resistance and support are at $0.00000082 to $0.00000011, registering a loss of 86.4%.

However, the token entered an oversold state that reinforced a sharp reversal to $0.0000002, while increasing the market cap by $431.26 million. If the bullish momentum persists, the SATS Price could rise another 15% before challenging the channel’s upper boundary.

This resistance coinciding with the 100D EMA and $0.000000238 creates a high supply zone for traders to witness further selling pressure. If the resistance holds, the SATS token could trigger another reversal and extend the downtrend.

LeverFi (LEVER) is a decentralized, on-chain leveraged trading platform built on the Ethereum blockchain. Its goal is to improve asset efficiency and provide sustainable real returns to traders and lenders.

LeverFi (LEVER) | Tradingview

Despite the recent market correction, the LEVER token showed notable resilience above the $0.002 level. However, the consolidation continued in the cryptocurrency market and raised fears of a prolonged correction as the price developed a bearish head and shoulders pattern.

LeverFI token is currently trading at $0.0022 while the market cap is $74.7 million. A possible breakout from $0.002 would intensify the selling momentum and could push the price down to $0.00156.

Thus, for buyers to invalidate this bearish thesis, a break of the $0.0027 resistance is necessary.

Key takeaways

Bitcoin’s slide as it struggles to break through the $60,000 mark indicates that the market cap supply persists. Despite reduced selling pressure due to the German government’s BTC liquidation and significant inflows into Bitcoin, the current sideways price action suggests the need for stronger buyer conviction. In the event of a prolonged market correction, BRC-20 tokens, which have recently gained popularity, emerge as a top altcoin to sell due to their potential for significant impact.

Frequently Asked Questions (FAQ)

BRC-20 tokens are a type of standard cryptocurrency token on the Bitcoin blockchain. They use the Ordinals protocol to write data directly onto Satoshis, the smallest unit of Bitcoin, allowing the creation of unique digital assets similar to NFTs.

Rejection candles are candlestick patterns on a price chart that indicate a reversal in price movement.

A head and shoulders pattern is a bearish reversal pattern that signals a potential decline in price. It is characterized by three peaks: a higher peak (head) between two lower peaks (shoulders).

Fuente

Altcoins

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Published

6 months ago

29 July, 2024

CoinFlix Staff

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Popular crypto analyst Michael van de Poppe has highlighted his altcoin portfolio approach in light of the new Ethereum ETF. In a recent Youtube videoThe analyst explained the measures he would take for this major market event.

The Ethereum ETF was listed on the stock exchange and it took time to get approval and so far there has been no significant change in price. The analyst pointed out that the long-term effect could be quite significant, comparing it to the situation of the Bitcoin ETF where the initial decline was followed by large inflows.

According to Van de Poppe, the Ethereum ETF’s trading volume on the first day of trading was about 25% of the volume Bitcoin ETF He noted that the first day of trading was marked by low inflation, and said there was a net inflow of $150 million to $160 million, which reduced the available supply.

Altcoins are poised for growth

The analyst said that as Ethereum adoption increases in the future, the supply of Ethereum will decrease, which is a deflationary model. Ethereum is up about 15% since the ETF approval, the broader market reaction has yet to happen as several sell-offs have taken place, including the Grayscale Trust.

Van de Poppe also mentioned other important market events, including the end of Mount Gox The process of repaying creditors initially caused tensions in the markets, but had little effect subsequently. It also highlighted the role of macroeconomic factors, which can lead to Fed rate cuts, which can affect markets.

In this regard, looking at van de Poppe’s strategy, he is still keen to trade within the altcoins of the Ethereum ecosystem. He stated that there is a possibility of short-term price fluctuations that may discourage many people, but the long-term still looks good due to the improvement and adaptation that has been made to Ethereum and its environment.

According to the analyst, substantial inflows could propel Ethereum towards new historic highs with estimates ranging from $5,000 to $7,000. Despite the current market fluctuations, he is confident that macroeconomic changes and greater liquidity will be favorable for altcoins.

He explained that his broad approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis for his optimism comes from the fact that he believes that Ethereum and all associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.

Looking ahead and market adjustments regarding the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on altcoins. He suggested investors stay informed and believe that in the ever-changing world of crypto, they will eventually be rewarded.

Fuente

Altcoins

Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

IntoTheBlock Releases Report on Institutional DeFi Trilemma

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Fuente

Altcoins

Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

Disclaimer

Fuente

Altcoins

Epic Altcoin Rally Expected for August and September

Published

6 months ago

28 July, 2024

CoinFlix Staff

Crypto analyst predicts massive altcoin rally similar to Q1 2024, urging patience and accumulation.
Bitcoin’s potential as a reserve asset and its technical patterns suggest that it will drive the rise of the cryptocurrency market.

Captain Faibik, a renowned crypto analyst, has created excitement in the cryptocurrency sector with his latest prediction. He indicated that we are on the cusp of a massive altcoin rally, similar to the one we saw in Q1 2024.

We are on the verge of a massive Altcoin rally, similar to Q1 2024📈

Keep accumulating and hold with patience. (Patience will be rewarded)

The majority of #Altcoins have already hit rock bottom and are about to escape.

In my opinion, August-September is going to be epic for Altcoins.🚀🚀#Crypto pic.twitter.com/cMdHagiaYc

— Captain Faibik (@CryptoFaibik) July 24, 2024

Accumulating and Holding Altcoins: The Path to Potential Profits

He stressed the need to accumulate altcoins and hold them patiently, as it will eventually pay off. According to him, the majority of altcoins have already bottomed out and are about to break it. He believes August and September will be epic months for altcoins.

In a chart posted by Captain Faibik, the overall crypto market cap, excluding Bitcoin and Ether, known as TOTAL3, is approaching the upper boundary of a descending channel pattern.

This context suggests a potential breakout and a significant rally towards the $1 trillion mark. Technically, the decline since mid-March is interpreted as a corrective trend for the value of TOTAL3, signaling a preparation to enter a rally structure.

Bitcoin’s influence and legislative developments suggest good prospects for the future

Furthermore, based on sentiment and technical patterns, Bitcoin, the world’s leading cryptocurrency, appears poised to lead the charge in the cryptocurrency market. Bitcoin’s performance often sets the tone for the market as a whole, and a strong move in BTC could trigger a significant rally in altcoins.

Previously, as we have already said reportedSenator Cynthia Lummis said she plans to introduce a bill at the upcoming Bitcoin conference that would require the Federal Reserve to hold Bitcoin as a reserve asset.

If this law passes, the US will treat BTC as a long-term investment rather than selling huge amounts infrequently, which could disrupt the market.

In addition, asset management firm VanEck has proposed a bold scenario in which Bitcoin Price Could Reach $2.9 Million Per BTC By 2050based on its fundamental outlook. Matthew Sigel, head of digital assets at VanEck, and senior investment analyst Patrick Bush noted that their estimate is based on Bitcoin’s adoption as a global medium of exchange and reserve asset.

As Bitcoin price increases, altcoins are expected to gain popularity, indicating the start of a bullish rally shortly after the BTC halving event.

Meanwhile, at the time of writing, the price of BTC was hovering around $67,007.99up 4.67% over the past 24 hours following a short-term correction.