Altcoins

Analyst predicts gains of up to 40% this week

Published

7 months ago

3 July, 2024

Analyst predicts gains of up to 40% this week

Altcoins are showing signs of recovery, with potential for significant gains.
Analysts highlight strong market moves and positive technical patterns signaling an uptrend.

THE altcoin The market is showing signs of reversing its recent downtrend, having plunged from a peak of over $1.26 trillion in March to $960 billion on June 24.

With the arrival of July, a significant rebound has been observed. In the last few days, the altcoin market has seen an increase of almost 3%, once again surpassing the $1 trillion mark, currently valued at $1.025 trillion.

This resurgence of the altcoin market is closely linked to a parallel recovery Bitcoin [BTC]BTC has seen an increase of around 2.7% over the past week, with prices hovering between $62,000 and $63,000.

An analyst from Crypto Banter’s The Sniper Trading Show Underlines that Bitcoin’s trading within this range indicates a bullish surge over the past 24 hours, illustrated by the formation of a “pin bar candle.”

Such a pattern often hints at a potential bullish reversal. At the Sniper Trading Show, the analyst highlighted how bulls pushed the price higher at the weekly and monthly close. This signals strong upward momentum.

Altcoins Potential Could Surge 40% This Week

The analyst noted that altcoins, including major names like Solana [SOL]demonstrate significant activity. Analysis of the Ethereum Regarding the Bitcoin chart, he highlighted a possible trend reversal and a resurgence in Ethereum’s value.

He noted that many altcoins show potential over longer time frames. With robust RSI levels indicating bullish divergence, these coins could soon outperform Ethereum and Bitcoin.

Moreover, the overall sentiment in the cryptocurrency market seems to be evolving positively. The analyst pointed out that the decreasing dominance of USDT is a signal that the market bottom could be forming, paving the way for substantial gains.

This sentiment is reinforced by strategic moves in cryptocurrencies like Cardano. [ADA]RUNE, Injective [INJ]Chain link [LINK]Ghost [FTM]Solana and Polkadot [DOT]all of which form bullish patterns that could lead to significant price increases.

The analyst notably predicts a robust performance for altcoins in the coming week, forecasting gains of 20-40%.

While bullish on altcoins, he maintains a more reserved outlook for Bitcoin, suggesting a gradual increase in its price without anticipating an immediate push to $70,000.

Bullish Signs Observed: Cardano as a Case Study

To assess potential bullish trends in altcoins, Cardan [ADA] serves as an illustrative case study. We’ll be looking at Cardano’s main metric for any notable signs of upside. This can perhaps lend more credence to the analyst’s prediction of a 40% surge in altcoins.

First, it’s worth noting the asset’s stock performance: ADA has been performing strongly recently; it’s up 2.5% over the past day, continuing a week-long uptrend that has seen a total increase of over 5%. ADA was trading at $0.4064 at press time.

The asset’s open interest, a measure of the total number of outstanding derivative contracts such as futures and options that have not been settled, reflects the upward trend in its price.

According to Coin glassADA open interest increased by 3% in a single day, now valued at $223.28 million.

This increase aligns with a roughly 1% increase in open interest volume, now standing at $257.59 million, indicating growing engagement from traders.

Source: Coinglass

Additionally, whale activity in the ADA has also seen a significant increase. Data A study by IntoTheBlock reveals a sharp increase in large transactions (over $100,000), from less than 4,000 transactions last month to over 5,000 transactions today.

This increase in large-value transactions is an indicator of growing interest from large investors, which could positively influence the price of ADA.

Source: IntoTheBlock

Is your wallet green? Find out Cardano Profit Calculator

These robust metrics of ADA trading activity suggest that Cardano and the broader altcoin market could be preparing for a bullish surge, as predicted by the analyst on Crypto Banter.

This optimistic scenario was further reinforced by a previous report from AMBCrypto, suggesting that the recent negative sentiment around ADA could be a precursor to a significant price rebound.

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

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.

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.