Altcoins

These 3 Altcoins Are Preparing To Recover Early July Losses

Published

6 months ago

18 July, 2024

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

The cryptocurrency market has seen a sharp rise over the past two weeks.
Despite this surge, the uptrend is resting on key resistance areas.
For the momentum to continue, 3 altcoins are looking to break through critical resistance zones.
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The cryptocurrency market has seen a recovery over the past two weeks, recovering most of the losses suffered in early July. However, the uptrend remains fragile as key resistance levels have yet to be broken.

This recent surge is a crucial step in getting the cryptocurrency market as a whole out of the danger zone. However, for the momentum to continue, the total market cap must decisively establish itself above $2.35 trillion. This depends on sustained demand for large-cap cryptocurrencies, especially .

With this in mind, let’s take a look at important price levels for , and as all three cryptos look to break above resistance areas.

1. Ethereum

After testing the crucial $2,800 support area throughout the June downtrend, Ethereum gained momentum this week by breaking through the latest downtrend in terms of volume.

At the beginning of the week, Ethereum climbed as high as $3,500 but started to lose momentum in the following days. The latest bearish momentum indicates that no support has formed above the 0.5 Fibonacci resistance zone at $3,400. Therefore, Ethereum needs to close the week above $3,400.

If Ethereum fails to hold this level, it could retest the previous support at $3,270. The $3,270-3,330 area, aligned with the short-term EMA values, serves as an important support line. A possible pullback towards this support line, extending to $3,200, could strengthen the upward move.

On the upside, $3,540 appears as the most critical resistance level. This level corresponds to the 0.618 Fib correction level and could be decisive for Ethereum’s upward trajectory to continue. Last month, the $3,400-3,500 area acted as support during the bearish phase, making this region important again. It will be essential to monitor the $3,270 support in case of downward pressure.

If momentum persists, the path to the $4,000 region will reopen above $3,540, with resistance at $3,730 and the previous peak of $3,975.

Ethereum spot ETF trading is expected to begin next week, with issuers already setting transaction fees for spot ETH ETFs. This could lead to volatile movements, but an increase in demand for ETH could push prices higher.

2. Solana

Since March, Solana has displayed bearish momentum, consistently forming lower highs. It has established support around $128.

In early July, Solana found support in the $128 region and began testing the upper line of a triangle pattern formed over the past five months. SOL/USD Price Chart

Despite testing the downtrend line three times previously, Solana failed to break above it. In the short term, we will continue to monitor this triangle pattern.

This week, Solana paused at the downtrend line, which corresponds to the $155-160 range. For a confirmed breakout, Solana needs to close above $160 on a daily basis.

To maintain an uptrend, it needs to break the lower peak formation and gain the $180 area, above the 0.618 Fib level, after forming a bottom at $160.

If Solana manages to reach $180, the potential for bullish expansion increases. Fibonacci expansion levels suggest that Solana could then reach the $230-260 range.

However, if Solana fails to overcome the resistance at $180, it could retest the downtrend. Moreover, if the sellers remain active at $160, Solana could continue to move within the triangle pattern, which could lead to a retest of the support area below $130.

3. Ripple

Over the past two months, the price of has compressed after a sharp decline in April. It broke out of a symmetrical triangle formed by lower peaks and higher troughs, which resulted in a 25% depreciation corresponding to the height of the triangle. This move completed the formation of the triangle.

In July, XRP reversed direction and began an uptrend, driven by increased demand and speculation about a potential settlement between Ripple and the SEC to resolve their years-long lawsuit. XRP/USD Price Chart

XRP recently tested the $0.60 region but has since taken a break. For the rally to continue, concrete developments regarding the Ripple case are crucial. Without positive news, the speculation-driven price rally could reverse, which could lead to XRP dropping to around $0.50.

Conversely, a weekly close above $0.60 would be significant, as it would reestablish the July 2022 bullish channel and break above the 0.618 Fibonacci level.

If demand for XRP persists, short-term targets are $0.65, $0.72, and $0.80 after $0.60. Current short-term support levels are $0.57, $0.53, and $0.49.

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Disclaimer: This article is for informational purposes only. It does not constitute a solicitation, offer, advice, opinion or investment recommendation. It is therefore not intended to encourage the purchase of assets in any way. I would like to remind you that any type of asset is evaluated from multiple angles and is very risky. Therefore, any investment decision and the associated risk are 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

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.