Altcoins

How soon can AVAX reach $100? Decoding the rise of altcoin

Published

9 months ago

11 May, 2024

How soon can AVAX reach $100? Decoding the rise of altcoin

Derivatives market data showed that short positions dominated.
A golden cross on the daily chart suggests an increase to $60 in the near term.

Avalanches [AVAX] the price increase to $35.77 has once again sparked speculation that the token could reach $100. This recent increase represents a jump of 4.30% over 24 hours.

However, it was still not close to the $61.90 high the cryptocurrency reached in March.

Despite this, some key indicators suggest that the token could continue its rise. First of all, AMBCrypto took into account the funding rate.

The funding rate is the cost of holding an open position in the derivatives market. A positive funding rate reading implies that long positions are paying short positions to keep their positions open.

Traders will lose, AVAX will win

In this case, most bets lean towards the bullish side. However, negative funding suggests that most traders have placed bearish predictions with shorts paying for long ones.

For context, a trader expects the price of an asset to increase. On the other hand, short selling involves predicting a price decline while hoping to profit from it.

At press time, the aggregate funding rate on exchanges was -0.001%. THE negative financing while AVAX’s price increases imply that the shorts are aggressive.

Source: Santiment

However, they are not rewarded for their positions. Additionally, rising prices suggest that spot buyers are aggressive, which could be bullish for AVAX.

If the metric remains like this, then the price of the cryptocurrency could try to exceed $40 short term. From the daily chart, the Money Flow Index (MFI) reading increased.

The MFI indicates whether or not capital is flowing into a cryptocurrency. If the MFI maintains the rise and traders do not withdraw their cash from AVAX, then the price could continue to rise.

$100 is coming but not now

AMBCrypto also noticed support at $32.77, indicating that the bulls were forming support and defending it. From a broader perspective, the 50 EMA (blue) has risen above the 200 EMA (yellow).

This cross is called a golden cross, which suggests that the mid-to-long term outlook for AVAX was bullish. With this trend, the token price could enter the $60 resistance in the medium term.

Source: TradingView

Additionally, AVAX bulls might try to push the price towards the triple-digit level. But that might only become plausible in a few months, not a few weeks.

In terms of Open Interest (OI), Coinglass data watch that there was a slight increase. This increase implied that traders had started increasing their positions further to take advantage of the price action.

Source: Coinglass

Is your wallet green? Check the AVAX Profit Calculator

If OI continues to rise alongside price action, AVAX price could reach a weekly high before the end of this weekend.

So, the $100 prediction remains an option for the token. But that could happen later this year or next year.

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

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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.