Altcoins
Altcoins Expected to Generate 2-5x Gains by End of May: Fetch.AI, Floki, AAVE, ENA
Bitcoin’s latest price rise above $65,000 on Wednesday sparked a new relief rally in the cryptocurrency market. Top altcoins are also benefiting from the bullish momentum, recovering from recent downtrends.
As market sentiment turns optimistic about a potential upside following the completion of Bitcoin’s fourth halving, some tokens are showing signs of significant gains, with profits expected to increase 2-5x by the end of May .
Fetch.ai (FET), Floki, Bonk, AAVE and Ethena (ENA) are among the leading challengers demonstrating encouraging indicators of rapid growth, according to Coinpedia.
Recover.AI (FET)
FET is an Ethereum token that powers Fetch.ai, an open platform that offers tools for developing new AI applications and services. During the recent market consolidation, FET price has been trading sideways, echoing between two converging trendlines of the triangle formation.
At press time, recover. Ai coin trades at $2.35 and has a market cap of $2 billion. If the uptrend continues, FET price will break the overhead trendline and move its potential target to $3.48, followed by a psychological threshold of $5.
FLOKI
The popular dog-themed joke cryptocurrency Floki saw a significant increase this week as the Bitcoin price reached $67,000. Due to their inherent volatility and the influence of speculative trading, meme sectors frequently exhibit dramatic movements in response to new market changes.
On May 15, Floki price decisively broke through the $0.0002 neckline resistance of an ascending triangle pattern. This continuation pattern is known to accelerate bullish momentum and produce a long-term rebound.
If the breakout continues, FLOKI price could reach the high of $0.00031 and $0.45.
BONK
In mid-April, the price of Solana-based Memecoin retraced from the $0.000012 support level, signaling further recovery. The new buying interest increased the coin’s value by 160%, challenging the resistance at $0.000029.
A look at the daily chart reveals that this rally has evolved into an inverse head and shoulders pattern. Additionally, bullish reversal is frequently seen around market lows and indicates a change in market sentiment.
A likely breakout of the $0.000029 neckline will boost the bullish momentum and propel the BONK price at $0.000047, followed by $0.000071.
AAVE
AAVE the token’s price remains strong above the $80 level despite the current market crisis. Furthermore, the altcoin has repeatedly bounced off the aforementioned support, demonstrating that investors have actively purchased this asset amid a market downturn.
On May 15, AAVE price returned to the $80 support and rose 11.35% in four days to $88.6. If the bullish momentum continues, buyers will cross the resistance trendline and aim for the $153 target.
However, a possible rebound could occur against the opposition at $97.5, followed by $109.
Ethena (ena)
ENA, the native utility token of the Ethena synthetic dollar system, has been on a downward trend over the previous five weeks. Furthermore, the downtrend caused by two converging trendlines suggests the construction of a falling wedge pattern.
The decreasing range of this chart arrangement shows that bearish momentum is fading and buyers have the opportunity to regain control. Additionally, ENA price is currently trading at $0.74, representing an intraday gain of 3%.
A potential breakout of the wedge formation will mean the end of the correction pattern, allowing ENA price to reach a high of $1.5.
Photo: MicrosoftBing
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.
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Disclaimer
Disclaimer: Blockchain.news provides content for informational purposes only. Under no circumstances shall blockchain.news be liable for any direct, indirect, incidental or consequential damages arising out of the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making any financial decisions.
- 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.
See more
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.
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