Altcoins
Can ETH Reversal From $2,850 Trigger Altcoins Revival?
Cryptocurrency price prediction: Bitcoin Price The skyrocketing levels of $65,000 and $60,000 for over a week have increased uncertainty among market participants. Although the few days of bullishness during this consolidation sparked a notable influx into several altcoins, buyers are still struggling to drive sustainable growth.
Wu Blockchain pointed out that this week, the United States will release Consumer Price Index (CPI) data for April, which is expected to show an increase of 3.4% year-on-year, down slightly from the 3.5% increase in March according to forecasts. The expected increase is partly due to rising gasoline prices in April, which could keep inflation rates high. However, there is some relief on other fronts, such as in the wholesale used car market, where auction prices are reported to have fallen by 2.3% in April.
Higher inflation can lead to tighter monetary policies, which can decrease risk appetite, thereby causing crypto markets to decline.
1) Ethereum (ETH)
Ethereum is a decentralized blockchain platform known for its versatility and the introduction of smart contracts, self-executing contracts whose terms are written directly in the code.
Ethereum (ETH)| Commercial view
Ether coin has been trending sideways for over a month, with its price resonating between two horizontal levels of $3,300 and $2,875. With the renewed buying interest in the market that allowed the BTC price to rebound from $60,000, the ETH Price also rebounded from the $2,875 support and reached the $2,960 mark.
According to data from Coinmarketcap, Ethereum’s market capitalization jumped to $3,505.6 million, while the 24-hour trading volume is $10.4 billion.
Thus, a break above the range’s $3,300 resistance led to an escape from the current consolidation. The potential breakout will trigger bullish momentum and allow buyers to challenge the $4,090 high again.
Read also: Ethereum (ETH) Price Drops Another 1.5% Amid Massive Whale Deposit on Coinbase
2) Batteries (STX)
Stacks (STX) is a unique blockchain solution that aims to bring smart contracts and decentralized applications (dApps) to Bitcoin. Unlike traditional blockchains that operate independently, Stacks leverages the security and stability of Bitcoin through its innovative consensus mechanism, Proof of Transfer (PoX), which anchors the Stacks blockchain to Bitcoin.
Stacks (STX)| Commercial view
The current correction trend of Battery prices can be tracked using two converging trendlines of a falling wedge pattern. We know that this trend leads to a temporary decline allowing buyers to regain strength.
Today, STX price rose to $3 to trade at $2.05 and has a market cap of $29.68 billion.
For potential buyers, a breakout beyond the upper boundary of the pattern is necessary to signal the resumption of the uptrend. A successful breakout will push the STX price to $3.13, followed by $3.84.
However, until the wedge pattern is intact, the Stacks coin will extend its current correction trend.
3) Dogecoin (DOGE)
Dogecoin (DOGE) started as a meme-inspired cryptocurrency in 2013, but has since gained huge success and real-world usage. It is known for its low transaction fees and fast transaction times, making it a popular choice for microtransactions and online tipping.
Dogecoin (DOGE)| Commercial view
Over the past seven weeks, a descending trendline has led the correction trend DOGE Price. Under the influence of this dynamic resistance, the value of the meme coin rose from $0.228 to its current price of $0.143, registering a loss of 38%.
At press time, Dogecoin held a market capitalization of $20.7, maintaining its position as the ninth largest cryptocurrency. For buyers to regain a firm grip on this asset, they need to cross the overhead trendline, which could favor a rally to $0.228.
Read also: Dogecoin and Shiba Inu await breakout for over 100% rally
Key to remember
On Monday, the price of Bitcoin rose 2% to $62,540, causing the altcoin market to surge slightly. However, this increase is not significant enough to suggest a significant change in market dynamics. A more definitive confirmation of the recovery would require Bitcoin to surpass the $65,000 threshold, signaling stronger potential for continued bullish momentum.
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