Altcoins

Here Are The Winning Altcoins For The First Week Of July 2024

Published

7 months ago

6 July, 2024

5 Altcoins You Should Keep an Eye on in June 2024

Rumors of an altcoin season were put to rest after the total cryptocurrency market cap briefly fell below $2 trillion. The drop was the result of a broader price crash that saw many altcoins hit extremely low values not seen in weeks, some months, and some years.

Despite the sharp correction, a few cryptocurrencies saw gains in the first week of July. Here are the top five.

MultiversX (EGLD) Bulls Show Resilience

MultiversX (EGLD), the native token of the new internet economy blockchain, has seen a 1.5% gain over the past seven days. However, the past 24 hours have been better as the price has climbed 7.15% while trading at $31.42.

Earlier in the week, EGLD Awards The price rose to $32.18. But on July 3, the price fell to $29.43. Eventually, the bulls were unable to defend the support, dropping to $27.87.

However, the 4-hour chart showed that the bulls have set up support around $27 to prevent a further fall. As a result, a bullish engulfing candle appears on the chart, leading the token’s value higher.

Additionally, the token price is above the EMA 20 (blue) and EMA 50 (yellow). EMA stands for “exponential moving average” and measures price changes over a given period of time.

Learn more: What is Altcoin Season? A Complete Guide

4 hour analysis by MultiversX. Source: TradingView

If the price is below the short-term moving averages, the trend is bearish. However, since it is above the indicators, it means that EGLD could continue to rise.

Moreover, if this happens, the token will return to its weekly high of $32.18. However, an invalidation may occur if the market correction worsens.

MANTRA (OM) triumphs after tokenization deal

Second on the list of altcoin gainers is MANTRA (OM). MANTRA is a layer 1 blockchain focused on security real world assets (RWA).

This week, the price of OM increased by 11%, trading at $0.78 at press time. Initially, the token price jumped to $0.89 after the project ended $500 million tokenization deal.

Subsequently, the value declined to $0.74 before the recent recovery. According to the OM/USD daily chart, the Moving Average Convergence Divergence (MACD) is positive.

As a key technical indicator, the MACD helps traders spot trend reversals by comparing the difference between the 26-day EMA (orange) and the 12-day EMA (blue). If the reading is positive, it implies that momentum is bullish and prices may rise.

The opposite occurs when the MACD is negative. Since the reading is in the green zone, it implies that the momentum of the OM is bullish. A look at the Fibonacci retracement indicator gives an idea of possible price targets.

The winner of the altcoin MANTRA MANTRA Daily Analysis. Source: TradingView

From the chart above, OM may climb to $0.84, which is where the 0.618 Fibonacci level is. This will be the case if buying pressure increases. However, if things reverse, OM may retrace, possibly taking the price back to $0.72.

LayerZero (ZRO) Tops Altcoin Gainers Chart

LayerZero (ZRO) is a surprise entry into the top altcoins gaining in the first week. This is largely due to the controversy that rocked the token launch and airdrop distribution.

But none of the top three altcoin gainers are getting close to ZRO. The token is trading at $3.32, which is up 29.30% this week.

According to the 4-hour chart, ZRO was oversold on July 5. During this period, the Relative Strength Index (RSI), which measures momentum, was below 30.00. The Chaikin Money Flow (CMF), which tracks accumulation and distribution, confirms the selling pressure at this time.

However, at the time of writing, traders seem to be accumulating the token, as indicated by the CMF reading. The RSI is also on the verge of crossing the neutral point of 50.00.

Learn more: What are the best altcoins to invest in July 2024?

LayerZero, a winning altcoin LayerZero analysis over 4 hours. Source: TradingView

If this happens, coupled with a rise in CMF into the positive region, ZRO price may reach $3.45 in the short term. However, failure to reach the above-mentioned areas may invalidate the prediction. If this happens, ZRO could slide to $3.07.

Disclaimer

In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.

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.