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Altcoins Resilient as Bitcoin Price Crashes with CPI Coming This Week – Best Crypto to Buy the Dip

TokenTalk Staff

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Altcoins Hold Up as Bitcoin Price Flash Crashes with Upcoming CPI This Week - Best Crypto to Buy the Dip

As the highly anticipated Consumer Price Index (CPI) report approaches on May 15, 2024, the potential impact on the price of Bitcoin and the broader cryptocurrency market becomes significant. CPI data serves as a key indicator of inflation levels within the economy, and its readings should be closely monitored by crypto investors.

A higher-than-expected inflation rate could put downward pressure on cryptocurrencies like Bitcoin, as it could trigger price pressure and change investor sentiment.

Despite potential headwinds, altcoins have shown resilience, with most major cryptocurrencies seeing modest gains or declines over the past seven days. Toncoin (TON) price in currencies, for example, jumped 21%, while Ethereum (ETH), Solana (SOL), and XRP saw declines ranging from 3% to 5%. Bitcoin itself started the week on a positive note, with the price up 2.5% and currently trading above the $62,000 mark.

Will the price of Bitcoin collapse with the next CPI?

Daan Crypto Trades, an influential analyst with nearly 400,000 followers, shared his views on the impending CPI release. He noted strong activity in order books, with significant long and short positions established over the weekend, in anticipation of the CPI data.

While recognizing the relative strength of altcoins compared to Bitcoin, Daan Crypto Trades believes that Bitcoin needs to stabilize above the $65,000 level to solidify a short-to-medium term uptrend.

BATMAN, another analyst followed by 74,000 people, provided a comprehensive X analysis of Bitcoin’s price action ahead of the CPI release. He expressed optimism, anticipating a decline in inflation data on May 15, which could potentially trigger a bullish market reversal. BATMAN has searched Bitcoin’s weekly, daily and 4-hour charts, identifying key support and resistance levels.

On the weekly time frame, BATMAN highlighted that the Bitcoin price chart managed to maintain a parabolic uptrend, remaining within the trend line of the last two years. Even when many analysts were forecasting a decline to $50,000 last week, Bitcoin has adhered to this upward trajectory.

Looking at the daily chart, BATMAN noted that BTC was attempting a retest towards the liquidity sweep zone of $56,000 to $59,000. Notably, the Stochastic and Relative Strength Index (RSI) indicators are currently in extremely oversold territory, with Stochastic poised for a golden cross. Additionally, the RSI reached a level where Bitcoin was trading at $38,000, suggesting rebound potential.

On the 4-hour chart, BATMAN has identified three key price points to watch: 1) a potential rebound from the current 4-hour fair value gap, 2) reaching the order block at 59,300 $, or 3) a drop as low as $57,600. command block. According to BATMAN, any of these three scenarios would be favorable, provided the price does not fall below the $56,500 sweep zone.

If all goes according to plan, BATMAN believes the price should follow one of the three outlined scenarios, with the CPI data acting as a bullish sentiment catalyst to trigger a market reversal.

Ali, another prominent crypto analyst, weighed in on X, stating that if BTC price can reclaim $64,290 as support, it is likely to reach $76,610. However, if it fails to rise above $64,290, Bitcoin could retest the support at $51,970.

Best Cryptocurrency to Buy Right Now

Jacob Bury, a YouTuber with almost 40,000 subscribers, highlighted Slothana as one of the best cryptocurrencies to invest in. Slothana experienced a sharp price increase of almost 500% from its initial floor price, despite a brief bear market phase.

To build trust and stability, Slothana locked in its liquidity until November 2024 and implemented a token burning strategy, which has already seen 3 million Slothana tokens burned as the price reached $0.03. More burns are planned at higher prices.

ClayBro, another crypto YouTuber with over 128,000 subscribers, recommended Slothana and two new meme coins as the best cryptos to buy now: Dogeverse and WienerAI. Dogevers is nearing the end of its presale and has raised over $15 million, with compatibility across multiple blockchains. WienerAI offers passive income potential through staking, raising over $1.6 million in pre-sales so far.

Conclusion

Although the upcoming CPI data may create problems in the crypto market, especially for the price of Bitcoin, altcoins have shown resilience. Analysts and influencers have highlighted several top cryptocurrencies to buy now, including Slothana, Dogeverse and WienerAI, as potential investment opportunities this week and beyond.

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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

Shiba Inu Eyes Recovery, Analyst Eyes Rise to $0.0001

TokenTalk Staff

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Shiba Inu Eyes Recovery, Analyst Eyes Rise to $0.0001

Shiba Inu (SHIB) is currently eyeing a recovery surge as it slides into the oversold region, with one market analyst predicting an imminent rise to $0.0001.

The recent market bloodbath claimed many lives, and Shiba Inu was one of them. In particular, the Crypto Basic confirmed that the turmoil, which analyst Mike Deutscher attributed to “altcoin dispersion,” led to a loss of $137 billion in the combined market capitalization of the top 125 altcoins in two weeks.

Specifically, Shiba Inu lost $4.21 billion in valuation during this period, as its market cap fell to $10 billion. This is due to a fall from a high of $0.00002633 on June 5 to the current value of $0.00001820, representing a massive collapse of 31% in just two weeks.

Shiba Inu now extremely oversold

Although this decline has left many investors in a losing position, some technical indicators have slipped into bullish regions. For example, the Shiba Inu Relative Strength Index (RSI) has since fallen to an all-time low of 15, according to the market. data from CryptoQuant.

Shiba Inu RSI oversold CryptoQuantShiba Inu RSI oversold | CryptoQuant

This extremely low value indicates that SHIB is significantly oversold. This low RSI value suggests that selling pressure is very high and Shiba Inu may be undervalued. The current position of the RSI is generally interpreted as a potential buying opportunity, with market analysts expecting a price reversal or rebound soon.

With Shiba Inu Eyeing a recovery from recent lows, market participants are increasing their holdings in anticipation. Santiment data shows that small investors holding between 100,000 and 1 million tokens purchased 2 billion SHIB this month, while large whales holding at least 1 trillion SHIB accumulated nearly 500 billion tokens .

Shiba Inu addresses Santiment 4Shiba Inu addresses Santiment 4Shiba Inu Addresses | Feeling

An imminent recovery

Interestingly, market analyst Sam_TCR predicted this rally in a previous TradingView. analysis. The analysis was carried out when Shiba Inu had not fallen to this level, trading at $0.000022. With SHIB now below the $0.00002 level, the analyst’s projection of a resistance point at $0.00002320 remains valid.

According to him, if Shiba Inu manages to cross the $0.00002320 level, its next resistance will be at $0.00002550. He predicted that a push above the $0.00002550 roadblock would pave the way for an imminent rally towards the coveted $0.0001 price. Michael, another analyst, also waits a rally to the $0.0001 level.

Meanwhile, at its current price of $0.00001820, SHIB faces more formidable resistance on the way to $0.0001. The token must first break through the psychological $0.00002 level before using it as a launchpad for significant upside.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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Altcoins

Arthur Hayes Doubles Down on Dogecoin (DOGE) and One DeFi Altcoin Amid Crypto Downturn

TokenTalk Staff

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Arthur Hayes Doubles Down on Dogecoin (DOGE) and One DeFi Altcoin Amid Crypto Downturn

BitMEX Co-Founder Arthur Hayes Increases His Bullish Sentiment on Dogecoin (DOGE) and Pendle (PENDLE) despite the sudden slowdown in crypto.

Hayes tell its 524,900 followers on social media platform

“I love this choppy downward trend in shitcoin prices. I add PENDLE and DOGE to my bags.

DOGE is trading at $0.12 at the time of writing, up more than 2% in the last 24 hours. Meanwhile, PENDLE is trading at $5.65 at the time of writing, up almost 13% on the day.

Hayes, who is also an advisor to the Pendle project, was recently spotted will lock $8.4 million worth of PENDLE tokens until September 5 this year.

PENDLE, the platform’s native token, can be used to earn rewards by those who provide liquidity to the protocol. The PENDLE token lock can last up to two years and allows users to vote on governance proposals while earning 3% of all yield accrued by its Yield Bearing Tokens (YT).

Another project that Hayes said he is optimistic about is Ethereum (ETH) competitor Aptos (APT). Hayes predicted that the Aptos layer 1 (L1) smart contract blockchain will surpass Solana (GROUND) this market cycle in one to three years.

Aptos is trading at $6.81 at the time of writing, up more than 2% in the last 24 hours.

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Altcoins

The ALTcoin market has an incomplete impulse cycle

TokenTalk Staff

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The ALTcoin market has an incomplete impulse cycle

https://news.google.com/./articles/CBMiXWh0dHBzOi8vd3d3LmJhcmNoYXJ0LmNvbS9zdG9yeS9uZXdzLzI2OTM3NDcyL2FsdGNvaW4tbWFya2V0LWhhcy1hbi1pbmNvbXBsZXRlLWltcHVsc2l2ZS1je WNsZdIBAA?hl=en-US&gl=US&ceid=US%3Aen

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Is the crypto market ready to explode?

TokenTalk Staff

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Is the crypto market ready to explode?

The price of Bitcoin seems to have found its footing and is starting to rise again after a recent decline. Crypto trading expert Michael van de Poppe is among those supporting the argument that Bitcoin has reached its lowest point and is now on an upward trajectory. This change also has a positive impact on other cryptocurrencies.

Here’s an overview of current trends in the cryptocurrency market!

Recent Bitcoin Performance

Nowadays, Bitcoin is trading at $66,155. Recently, its price has been fluctuating between $63,000 and $65,000, indicating that it may have reached its lowest level. According to Michael van de Poppe, this range likely marked the lowest point for Bitcoin, which is now expected to rise further.

Bitcoin Market Indicators

The 1-day candlestick chart for Bitcoin/USD now shows a large green candle, signaling bullish momentum for Bitcoin. This is a positive sign that the price of Bitcoin is starting to rise from its recent low.

Impact on Altcoins

As the price of Bitcoin increases, other cryptocurrencies also see their performance improve. On June 6, 2024, the altcoin market capitalization peaked at $1.39 trillion. Today, June 20, 2024, it stands at $1.21 trillion, which is an improvement from yesterday’s $1.18 trillion. This suggests a recovery in the altcoin market alongside the resurgence of Bitcoin.

Bitcoin Dominance and Recent Movements

The dominance of Bitcoin The value is currently at 51.8%, close to its 6-month high of 52.47% reached on June 18, 2024. Earlier this month, on June 5, the price of Bitcoin was above $71,000. Since then, it has continued to decline, with a current opening price of around $64,915. Over the past 30 days, the price of Bitcoin has fallen by 6.9%. Over the last 7 days it has changed by -2.5%, but over the last 24 hours it has increased by 1.4%.

In conclusion, the fall in the price of Bitcoin seems to have stopped and it is now starting to rise again. This upward trend is also benefiting other cryptocurrencies, suggesting a positive change in overall market sentiment. The recovery in altcoin market capitalization further underlines this optimistic outlook.

Bitcoin’s rebound could signal a further surge in the crypto market, pointing to a more optimistic future for cryptocurrency traders and investors.

Read also: MicroStrategy Completes $800 Million Convertible Note Offering, Acquires 11.9K Bitcoin for $786 Million

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Copyright © 2024 TOKENTALK.TOP. All rights reserved. This website provides educational content and highlights that investing involves risks. It is essential to conduct thorough research before investing and to be prepared to assume potential losses. Be sure to fully understand the risks involved before making investment decisions. Important: We do not provide financial or investment advice. All content is presented for educational purposes only.