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Altcoins Rally as $BTC Reclaims $60,000 Milestone

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Altcoins Rally as $BTC Reclaims $60,000 Milestone

Cryptocurrency Price Prediction: The cryptocurrency market saw a notable influx on Friday, following the Bitcoin price rally above the psychological $60,000 level. The altcoin market was quick to follow as major assets like Ethereum (ETH) and Solana (SOL) saw a 2-3% jump, Cardano (ADA) and XRP posted a 1% rise. , while Toncoin (TON) and Dogecoin (DOGE) increased by 5%. -6%

Recent Wu Blockchain update highlights significant number of Bitcoin (BTC) and Ethereum (ETH) are set to expire on May 3. Details include 23,000 BTC options with a Maxpain point of $61,000 and a notional value of $1.4 billion, as well as 330,000 ETH options with a Maxpain point of $3,000 and a notional value of $1 billion .

The Put Call ratios are 0.49 for BTC and 0.36 for ETH, indicating bullish sentiment among investors as more traders bet on price increases rather than declines. The expiration could lead to increased market volatility and hence traders should remain cautious about their intraday positions.

Can the slight rally turn into a sustained rally or are sellers taking a slight pause before the next surge?

Read also: European bank with $600 billion in assets under management invests in BlackRock Bitcoin ETF

1) Bitcoin (BTC)

Bitcoin (BTC)| Commercial view

Bitcoin is the first decentralized digital currency that operates on a peer-to-peer network, supported by blockchain technology which ensures transparency and security by recording all transactions on a distributed ledger.

In one month, the Bitcoin Price saw a notable correction where its value plunged from $72,756 to $56,500, registering a loss of 22.34%. However, the exhausted selling pressure brought the price back to $59,239, allowing it to challenge the psychological level of $60,000.

Bitcoin’s market cap is currently hovering at $1.166 trillion, while trading has plunged to $29.8 billion in the past 24 hours. THE BTC Price $60 behavior would be crucial in determining the near trend.

A possible breakout of the $60,000 resistance will signal the counterattack of buyers to build a sustainable recovery, but price sustainability below the barrier mentioned above will signal the continuation of the downtrend to $50,000.

2) Toncoin (TON)

Toncoin (TON) | Commercial view

Toncoin is the native cryptocurrency of the Open Network (TON) designed to be a fast and scalable blockchain capable of handling millions of transactions per second, thanks to its unique multi-blockchain architecture.

Amid the market relief rally, TON price retraced from the 50% Fibonacci retracement level to $4.85. This reversal pushed the altcoin 12.5% ​​in 48 hours to $5.26 and reclaimed the 50% daily slope.

According to Coinmarketcap, Toncoin is the ninth largest cryptocurrency with a current market capitalization of $18.23 billion. For buyers to regain greater control over this asset, they need to break through the immediate resistance at $5.5 accompanied by a 38.2% FIB slope and 20-day EMA slope.

Regardless, a 50% retracement is considered healthy for an asset to recover the exhausted bullish momentum.

Read also: Michael Saylor attacks Ethereum as security, disapproves of spot ETF

3) Pepe Coin (PEPE)

Pepe Coin (PEPE)| Commercial view

Pepe’s piece (PEPE) is a cryptocurrency created as part of the coin trend, inspired by the popular internet meme “Pepe the Frog”. It aims to provide a light-hearted, community-based approach to cryptocurrency, engaging users through humor and social interaction.

THE Pepe Coin Price showed notable resilience in the face of the recent market sell-off with a quick rebound in the daily chart. Over the past three days, memecoin has seen a 36% rally, rising in value from $0.00000592 to a high of $0.00000808.

Additionally, the aforementioned level also acts as neckline resistance for a bullish reversal pattern called inverted head and shoulders. Pepe Coin is trading at $0.00000758 and has a market capitalization of $3.182 billion.

A successful breakout of $0.000008 will accelerate the bullish momentum and allow buyers to pursue a potential target of $0.0000108.

Read also: Meme Coins are crashing in sync with the crypto market: here’s why

Key to remember

The cryptocurrency market is currently in an accelerated active correction after the Bitcoin price broke the $60,000 support. However, some analysts view this pullback as a common post-halving correction phenomenon that typically eliminates weak hands from the market and welcomes strong buyers. As BTC price challenges the $60,000 mark as resistance once again, bulls are using the opportunity to invalidate the previous breakdown and return to a recovery trend.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Altcoins

Altcoin exodus cuts crypto market cap by 3.2%, Bitcoin falls to $64,000

TokenTalk Staff

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Altcoin exodus cuts crypto market cap by 3.2%, Bitcoin falls to $64,000

Kitco NEWS has a diverse team of journalists who cover the economy, stock markets, commodities, cryptocurrencies, mining and metals accurately and objectively. Our goal is to help people make informed market decisions through in-depth reports, daily market summaries, interviews with leading industry figures, comprehensive (often exclusive) coverage of important industry events and analyzes of developments affecting the market.

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Trader Who Called 2022 Crypto Crash Bullish on Solana (SOL) and GPU-Focused Altcoin

TokenTalk Staff

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Trader Who Called 2022 Crypto Crash Bullish on Solana (SOL) and GPU-Focused Altcoin

An Analyst Who Accurately Called the 2022 Crypto Collapse Becomes Bullish on Solana (GROUND) and rendering (RNDR).

Analyst pseudonym Capo tell its 90,280 Telegram subscribers than Ethereum (ETH)-rival Solana and RNDR, the graphics processing unit (GPU) rendering blockchain, are likely in an uptrend.

“Added more to the long SOL and RNDR.”

Solana is trading at $133 at the time of writing, down almost 7% in the last 24 hours. Meanwhile, RNDR is trading at $7.17 at the time of writing, down 10% in the last 24 hours.

The analyst also monitors the OTHERS three-day chart, which tracks the total crypto market capitalization excluding the 10 largest digital assets and stablecoins, for signs of a rebound.

“Altcoins: the green zone is support but we should see a rebound soon. If green holds, then we should expect movement towards the red zones (T1 and T2). If green doesn’t hold, then blue. Judging by sentiment and indicators, I think the bullish scenario is more likely.

Source: Capo/Telegram

OTHERS is valued at $219.25 billion at the time of writing, down more than 7% in the last 24 hours.

Then the trader says that ETH against Bitcoin (BTC) could be preparing for an escape.

“ETH/BTC: This looks bullish.”

Source: Capo/Telegram

Looking at his chart, the analyst suggests that ETH/BTC could soon reach 0.065 BTC ($4,196). ETH/BTC is trading at 0.0532 BTC ($3,442) at the time of writing, up slightly over the past 24 hours.

Finally, the analyst claims that the bottom could be reached for the crypto market and predicts that a breakout is coming.

“The market has reached its lowest level again. BTC is holding above $65,000, but alts are suffering much more. It’s like that. Overall, it looks like local background training. Too negative sentiment and financing, filled offers and everything is very oversold. I still expect a strong rebound.

Bitcoin is trading at $64,661 at the time of writing, down 2.5% in the last 24 hours.

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Altcoins

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Altcoin selloff wipes out $4.9 billion in DeFi TVL

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Altcoins

Main Reasons Behind Altcoin’s Recent Flash Crash

TokenTalk Staff

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Renowned crypto researcher identified top altcoins with 10x to 100x return potential

Analyst Connor Kenny finally answered the question that was on everyone’s mind: why did altcoins fall so sharply in this market? What is happening with Bitcoin and is there still an opportunity to capitalize on?

He explained that Bitcoin recently reached its lower support level, which is crucial to maintain a bullish outlook. He said that while he seemed overly optimistic to some, he anticipated a bearish scenario that would take Bitcoin back to $60,000.

Altcoin market analysis

For what altcoin dumping and will the bloodbath repeat itself again? Here are some reasons given by the analyst:

Lack of story: In the first quarter, meme coins exploded due to pre-sale hype. Although the meme pieces are still active, the dynamics are not as strong. In the second quarter, real world asset (RWA) coins surged due to BlackRock’s entry into the RWA space. At present, there is no strong case for new liquidity entering the market.

Cryptocurrency search trends: Over the past five years, interest in crypto has declined significantly. Current search volume is very low, indicating that retail investors are largely absent. This absence of new retail investors, while seemingly negative, can be seen as positive as major assets like Bitcoin and Solana still hold significant value.

Ethereum trading delay: There was a delay in Ethereum trading, causing short-term memory loss in the crypto community. This delay could last another three weeks, but altcoins should recover once Ethereum moves.

Greed in the market: There is excessive greed among many celebrities who launch their own coins and promote their large profits. The market showed many signs of greed, such as screenshots of profits and losses from retail investors touting millions of dollars. earnings thanks to meme coins.

He pointed out that although the current market scenario is difficult and painful, there are still strategies to deal with it, either by staying strong or trading strategically based on market sentiments.

Read also: Top Analysts Predict Final Crypto Capitulation Before Major Recovery, Comparing 2024 to 2016

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