Altcoins
Altcoins expected to rebound due to short-term bullish wave
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- Bitcoin’s bullish price action is likely to have a ripple effect on altcoins.
- Nonfarm payrolls at the end of the week are an important macroeconomic event to watch.
- AI altcoins could make a comeback ahead of Apple’s event next week.
The past week has been disappointing with Bitcoin (BTC) price consolidating, and altcoin movements have shown confusion in their directional bias. Some altcoins have seen bullish and impulsive moves, but most have trended sideways or slid lower.
Learn more: Bitcoin paves the way for potential “destruction of fiat currency”
Bitcoin to set the tone this week
At the time of writing, BTC is up 1.26% in the Asian session, and if this outlook holds, it could be good for the entire cryptocurrency market. However, as noted in a previous post, the $63,000 support level is key. Due to the consolidation seen over the past two weeks, the highest price level traded increased from $63,000 to $67,700, making it a key support level. Given this data point, it makes sense for BTC to rebound from here, and it would not be surprising if it continues to rise, setting the tone for the market.
As a result, altcoins could expect some relief as they dance to BTC’s bullish tune.
BTC/USDT 4-hour chart
Learn more: Bitcoin Weekly Forecast: BTC Likely to Provide Another Buying Opportunity
Crypto and macroeconomic events this week
June 3
- Dusk (DUSK) – €3.5 million bond offering (euros)
June 4
- Berkeley Mina (MINA) Protocol Upgrade
June 5
- Cosmos Upgrade (ATOM) V17
June 7
- Non-Farm Payroll (NFP) at 12:30 GMT
Spotlight on Altcoins
Due to upcoming events, DUSK, MINA and ATOM may experience increased volatility and liquidity.
Besides these altcoins, Render (RNDR) and Fetch.ai (FET) will have important events next week and could rally preemptively.
The same can be said for Arweave (AR), which could also spur developments in its contemporary storage token sector, Filecoin (FIL).
Additionally, the upcoming Chiliz (CHZ) event could shake up the gaming sector and trigger moves for Gala (GALA) and The Sandbox (SAND).
Top 3 readings
- Bitcoin’s bullish price action is likely to have a ripple effect on altcoins.
- Nonfarm payrolls at the end of the week are an important macroeconomic event to watch.
- AI altcoins could make a comeback ahead of Apple’s event next week.
The past week has been disappointing with Bitcoin (BTC) price consolidating, and altcoin movements have shown confusion in their directional bias. Some altcoins have seen bullish and impulsive moves, but most have trended sideways or slid lower.
Learn more: Bitcoin paves the way for potential “destruction of fiat currency”
Bitcoin to set the tone this week
At the time of writing, BTC is up 1.26% in the Asian session, and if this outlook holds, it could be good for the entire cryptocurrency market. However, as noted in a previous post, the $63,000 support level is key. Due to the consolidation seen over the past two weeks, the highest price level traded increased from $63,000 to $67,700, making it a key support level. Given this data point, it makes sense for BTC to rebound from here, and it would not be surprising if it continues to rise, setting the tone for the market.
As a result, altcoins could expect some relief as they dance to BTC’s bullish tune.
BTC/USDT 4-hour chart
Learn more: Bitcoin Weekly Forecast: BTC Likely to Provide Another Buying Opportunity
Crypto and macroeconomic events this week
June 3
- Dusk (DUSK) – €3.5 million bond offering (euros)
June 4
- Berkeley Mina (MINA) Protocol Upgrade
June 5
- Cosmos Upgrade (ATOM) V17
June 7
- Non-Farm Payroll (NFP) at 12:30 GMT
Spotlight on Altcoins
Due to upcoming events, DUSK, MINA and ATOM may experience increased volatility and liquidity.
Besides these altcoins, Render (RNDR) and Fetch.ai (FET) will have important events next week and could rally preemptively.
The same can be said for Arweave (AR), which could also spur developments in its contemporary storage token sector, Filecoin (FIL).
Additionally, the upcoming Chiliz (CHZ) event could shake up the gaming sector and trigger moves for Gala (GALA) and The Sandbox (SAND).
Top 3 readings