Altcoins

As Broader Crypto Markets Drop, These 2 Altcoins Are Bucking the Trend

Published

9 months ago

9 May, 2024

CoinFlix Staff

As Broader Crypto Markets Drop, These 2 Altcoins Are Bucking the Trend

The crypto market rally that began this month is already losing steam.

Bitcoin and Ethereum remain stuck below key resistances.

But the two altcoins discussed below appear to be diverging from the broader market.

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The cryptocurrency market started May off with a bang, with the total market capitalization showing signs of growth. However, this momentum proved fleeting and the market failed to surpass the $2.3 trillion mark.

This week, negative sentiment solidified as capital outflows dominated the market and pushed prices lower.

has not yet regained its footing. After a failed attempt to breach the $65,000 resistance level, Bitcoin is currently stuck in a sideways trading pattern.

, on the other hand, doesn’t fare much better. Rejected at $3,200, Ethereum fell back into its support zone, under pressure since April.

Even if the general trend remains bearish, there are some positive points. and continue to challenge broader market weakness and exhibit independent price movements.

RNDR and TON challenge broader market direction

The RNDR has been on an upward trend for a year, with only a brief correction in March-April. May saw an increase in demand which helped RNDR break free from this recent decline.

Technically, RNDR found support around $7.5 during its recent weakness. It quickly rose above the $9 resistance level, but is currently struggling to breach the second resistance near $10.7.

Indicators suggest that RNDR may be overbought in the short term but remains oversold on a weekly basis. This points to a potential pullback towards $9, followed by further buying pressure and a possible increase in volume.

If RNDR can hold above $9, it has the potential to break above the $10.7 resistance and climb towards its previous highs of $13.6, perhaps even reaching $15-17. However, a daily close below $9 could trigger a decline to the $6 support level.

Overall, RNDR presents a unique opportunity in this bear market. By staying above $9, it could complete its current uptrend and reach new highs. Investors should be aware of potential short-term pullbacks and downside risks if support levels are breached.

Toncoin (TON)

Telegram Open Network (TON) has also defied the downtrend plaguing the crypto market. Supported by the popular messaging app Telegram, TON’s positive momentum stems from several factors.

These include the expanding scope of use within Telegram, a growing ecosystem of projects on the TON Blockchain network and the addition of support.

RNDR/USD Price Chart

TON hit an all-time high of $7.66 last month but saw a correction as investors cashed out, bringing the price down to $4.8. May, however, brought new strength to TON, with the price currently facing resistance at $6.

Technically, a daily close above $6 could propel TON towards resistance zones between $6.7 and $7.4 and potentially even $8. If the price falls below $5.7, the current bullish momentum could weaken, limiting the recovery potential.

Further decline could see TON test the $4.6 support level, which is the 3-month EMA value.

Overall, TON’s resilience in a bear market is impressive. A break above $6 could unlock further gains, but investors should be aware of potential pullbacks and downside risks if support levels are breached.

Meanwhile, Ethereum remains stuck in a triangular pattern

Ethereum remains stuck in a descending triangle pattern, raising concerns about a possible price decline. The cryptocurrency found temporary support at $2,930 last week, but failed to break above $3,200 and started this week with a decline. ETH/USD Price Chart

If the coin falls below $2,900, it could signal a bearish breakout in the trend, potentially pushing Ethereum to $2,600. Technical indicators also suggest selling pressure. It is crucial to stay above $2,900 to avoid a deeper decline.

The $3,100 to $3,150 range remains an important resistance level for Ethereum. This month will see decisions on Ethereum spot ETFs. Although the SEC currently appears hesitant to approve them, a surprise approval could see prices rise towards $3,600-$3,800.

The lack of positive news could keep the Ethereum market dominated by sellers for some time. Ethereum is facing a critical moment. Maintaining support above $2,900 is essential to avoid a deeper fall. Positive developments or a surprise ETF approval could trigger a breakout higher, but the current outlook is bearish unless key support levels hold.

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Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice or recommendation to invest as such and is not intended to encourage the purchase of any assets in any manner. I would like to remind you that any type of asset is evaluated from several points of view and is very risky and therefore any investment decision and the associated risk remains the responsibility of the investor.

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

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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.