Altcoins
Altcoins Resilient as Bitcoin Price Crashes with CPI Coming 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.
Lots of action in the order books.
Big longs, big shorts through the weekend with the CPI again next week.
Alts does better than $BTC who shows signs of overall strength but would like to see #Bitcoin stabilizing above $65,000 to truly say we are back in the short/medium term.
Be…
– Daan Crypto Trading (@DaanCrypto) May 10, 2024
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.
#Bitcoin Price Action Leading to CPI
On May 15, Consumer Price Index (CPI) and inflation data will be released. Recent data on unemployment, nonfarm payrolls (NFP), and jobless claims suggest that the labor market and economy are slowing significantly. Therefore,… pic.twitter.com/IVu6A0VOWf– BATMAN ⚡ (@CryptosBatman) May 11, 2024
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.
If #Bitcoin can recover $64,290 as support, it is likely to reach $76,610. However, if it does not exceed $64,290, $BTC could retest the support at $51,970. pic.twitter.com/s4D1fTEU7k
– Ali (@ali_charts) May 12, 2024
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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Altcoins
Altcoins with huge potential Bonk and Mpeppe (MPEPE)
The cryptocurrency market is full of potential, and two altcoins that have recently caught the attention of investors are Bonk (BONK) and Mpeppe (MPEPE)Both of these tokens offer unique features and promising growth prospects that set them apart in the crowded altcoin space. In this article, we will explore what makes Bonk (BONK) and Mpeppe (MPEPE) attractive investment opportunities and how they could shape the future of the cryptocurrency market.
Bonk (BONK): The viral sensation
Bonk (BONK) burst onto the scene with a playful and viral take on cryptocurrency. Here’s a closer look at what’s made Bonk (BONK) a sure bet in the altcoin space.
The Viral Marketing Strategy
Bonk (BONK) Bonk has harnessed the power of internet memes and viral marketing to quickly gain popularity. Its branding, which features a humorous and engaging mascot, has resonated with the crypto community and beyond. By harnessing the viral nature of meme culture, Bonk (BONK) has quickly established a strong presence and captured the imagination of a wide audience.
Merging meme culture and blockchain innovation
Mpeppe (MPEPE) is emerging as a new and exciting player in the altcoin market. With its unique blend of features and innovative approach, Mpeppe (MPEPE) is attracting the attention of investors and cryptocurrency enthusiasts.
Mpeppe (MPEPE) combines the fun and relatable aspects of meme culture with advanced blockchain technology. Inspired by football and blockchain innovation, Mpeppe (MPEPE) offers a distinctive brand identity that appeals to a wide audience. This fusion of entertainment and technology sets Mpeppe (MPEPE) apart from other altcoins and offers an attractive investment opportunity.
Community impact
The strength of each cryptocurrency’s community will play a vital role in its future trajectory. Bonk (BONK) and Mpeppe (MPEPE) Cryptocurrencies build strong, engaged communities, but how they foster and grow those communities will determine their long-term success. Active, supportive communities can generate lasting interest and value, making them essential to the future of every cryptocurrency.
Conclusion: Invest in Bonk and Mpeppe
Bonk (BONK) and Mpeppe (MPEPE) represent exciting opportunities in the altcoin market. While Bonk (BONK) has established itself through its viral marketing and strong community support, Mpeppe (MPEPE) offers a unique blend of meme culture and advanced blockchain features. Both coins have the potential to make a significant impact in the cryptocurrency space.
For investors looking to explore high-potential altcoins, keeping an eye on Bonk (BONK) and Mpeppe (MPEPE) offers interesting opportunities. As the market evolves, these tokens could play a significant role in the future of cryptocurrencies, making them attractive options for those looking for growth and innovation in the altcoin space.
For more information on the Mpeppe presale (MPEPE):
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Altcoins
Top 6 Altcoins Expected to EXPLODE Before 2025: Buy Now!
As we approach 2025, the cryptocurrency market is poised for a major shift. According to Austin, an analyst at Altcoin Daily, potential policy changes could trigger a major surge in altcoins. A potential change in the Federal Reserve’s policy rate in September could lead to substantial growth in the cryptocurrency market, benefiting Ethereum, Solana, and several promising new altcoins.
Here’s a look at some altcoins priced between $1 and $2 that could offer good returns during the current market downturn. Dive right in.
Top 6 Altcoins to Watch
Aethir: The Decentralized GPU Marketplace
Aethir is becoming a key player in decentralized cloud infrastructure for gaming and AI. With over $36 million in annual revenue, Aethir is meeting the growing demand for GPU computing from large tech companies like Google and Microsoft. By utilizing underutilized GPUs, Aethir is making a significant impact in the tech world. Current Price: $0.07176.
Ondo: The Best Bet in the RWA Sector
Ondo is transforming the way financial assets are tokenized with its real asset protocols. The ONDO token, used for Ondo DAO and Flux Finance, offers a 5.3% annual dividend in USDY. Despite a recent 35% price drop, ONDO’s price action suggests a potential breakout. With less selling pressure and an increase in off-exchange holdings, the outlook appears positive. Current price: $0.9251.
Lukso: Blockchain for Creators and Social Networks
Lukso is creating a unique blockchain focused on connecting creators, brands, and users. As an alternative to Ethereum, Lukso offers universal profiles and gasless transactions, making blockchain technology more accessible. With a strong vision and strong leadership, Lukso is poised for wider adoption. Current Price: $1.71.
AIT Protocol: Decentralized AI Data Annotation
The AIT protocol addresses the need for decentralization of work in AI data annotation. It connects human trainers with AI model owners through a decentralized marketplace, thereby improving AI models. Its growing adoption in Asia and strategic investments suggest that it could be a major disruptor in the AI space. Current price: $0.1169.
Foxy (Linea): A meme piece with level 2 potential
Foxy, a cryptocurrency associated with Linea’s Ethereum layer 2 scaling, has received support from ConsenSys. It stands out in Ethereum layer 2 due to its MetaMask integration and fast transactions. With Linea’s growing adoption and low transaction costs, Foxy is well-positioned for growth. Current price: $0.01116.
Off-grid: Emerging Altcoin in Video Gaming
Finally, Off The Grid, developed by Godzilla, is generating excitement in the crypto gaming sector. Although it has not yet launched, it has received positive feedback from industry experts, suggesting strong potential. Other infrastructure projects like Immutable and games such as Xers and Star Heroes are also worth considering for those interested in crypto gaming.
Who’s excited about the potential altcoin rally?
Altcoins
Bitcoin Dominance Hits 3-Year High: Is Altcoin Season Coming?
As Bitcoin dominance hits a three-year high of 56%, analysts are predicting the potential start of an altcoin season. Although Bitcoin’s current valuation has fallen below $63,600, the high dominance level suggests a significant shift in the market.
Experts point out that Bitcoin dominance is a key factor in predicting altcoin trends. If Bitcoin holds its price while its dominance declines, it could signal a flow of investment into altcoins. This triggers what many call an “altcoin season.”
Conversely, if Bitcoin price and dominance fall simultaneously, it usually indicates a broader market correction rather than an altcoin boom.
What Factors Suggest an Imminent Altcoin Season?
Markus Thielen of 10X Research noted that Bitcoin Price Tends to Stabilize in August. Therefore, a stable Bitcoin price, coupled with declining dominance, may create the ideal conditions for altcoins to thrive.
Learn more: Bitcoin Dominance Chart: What Is It and Why Does It Matter?
Bitcoin Domination. Source: TradingView
In addition, Ki Young Ju, founder of the chain analysis CryptoQuant platform has highlighted increasing activities by crypto whales that appear to be preparing for an altcoin rally.
“Limit buy order volume for altcoins, excluding Bitcoin and Ethereum, is increasing, indicating that strong buy walls are being put in place” said.
Ju explained that limit orders, which are preferred by institutions for large trades to minimize price impact, create “quote volume.” His analysis, which includes a graph of the 1-year normalized cumulative buy/sell volume difference, indicates that altcoins like Solana (SOL)Cosmos (ATOM) and Polygon (MATIC) experience significant accumulation activities.
“The indicator is calculated by taking the cumulative sum of the difference between the buy and sell quote volumes, using a one-year rolling window. If there is an upward trend, it means the buy volume of the quotes is increasing, indicating stronger buy walls,” Ju explained.
Normalized cumulative difference over 1 year between purchase and sale volumes. Source: CryptoQuant
This bullish sentiment is reflected in the trends following recent developments in crypto financial products. Crypto Vikings, a renowned analyst, suggests that current market conditions are conducive to altcoin season.
“Many alts are down 60-80% in the last couple of months, and many of them have already bottomed and are in a good buy zone. Bitcoin Domination is also facing major resistance relative to where the massive altcoin season began each cycle,” Crypto Vikings declared.
Sentiment is increasingly optimistic, as many believe that the disillusionment that follows periods of prolonged economic downturn opens the way to profitable investments.
Another trader, Mags, noted that altcoins are only up 58% after breaking a 525-day accumulation. Therefore, he predicts a possible continuation of the altcoin rally after a reaccumulation consolidation.
“Permanent bears will tell you that altcoins are done and in a distribution phase. But if you look at the chart, altcoins are only up 58% since they broke out after 525 days of accumulation. Do you really think a breakout after 525 days of consolidation will end after only a 58% move?” wrote on X (Twitter).
Learn more: 11 Cryptos to Add to Your Portfolio Before Altcoin Season
On the other hand, Brian Quinlivan, senior analyst at Santiment, told BeInCrypto that there is a lack of enthusiasm for the altcoin season due to the recent price drops.
“As far as mentions of altcoin season go, we’re not really seeing any significant enthusiasm from traders about it. Traders have at least been a little bit more vocal since we started seeing prices drop over the last three days,” Quinlivan told BeInCrypto.
Disclaimer
In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.
Altcoins
On-chain data confirms whales are preparing for altcoin surge with increased buy orders
Ki Young Ju, CEO of analytics platform CryptoQuant, believes whales are preparing for an upcoming surge in altcoins.
In a recent revelation about X, Ju underlines that the volume of limit buy orders for altcoins, excluding Bitcoin and Ethereum, is increasing. This pattern suggests the formation of substantial buy walls, highlighting significant buying pressure from large-scale investors.
Ju’s chart identifies two main phases in limit order volume for altcoins: the limit sell phase and the limit buy phase. The limit sell phase saw a notable increase in cumulative sell orders in 2022, demonstrating strong selling pressure from whales and other market participants. This phase coincided with a period of falling altcoin prices due to unfavorable market conditions.
Then, the limit buying phase began, marked by a significant increase in cumulative buy orders. This indicates a period of strategic accumulation where whales establish substantial buy walls.
According to Ju, the increase in buying volume suggests confidence in the future conditions of the altcoin market. This buying pressure creates strong support levels, indicating that whales are preparing for a positive change in the market.
Buying pressure on specific altcoins
Ju also provided a heatmap of the 1-year normalized cumulative buy/sell volume difference for various altcoins, showing the buying and selling pressure over time. Solana (SOL) has seen alternating strong buying and selling phases, with recent activity showing increased buying interest. Cosmos (ATOM) and Polygon (MATIC) have also shown increased buying pressure despite mixed activity trends.
Cardano (ADA) and PancakeSwap (CAKE) have shown balanced buying and selling phases, with recent trends proving increased buying pressure. Coins like AMP and ANKR have also demonstrated increased buying activity. The heatmap reveals that most altcoins are seeing increased buying pressure as whales and large investors accumulate altcoins in anticipation of a rally.
Meanwhile, coins experiencing selling pressure, as indicated by the predominantly red areas on the heatmap, include DOGE, DASH, AXS, XRP, COMP, and AAVE, BNT.
Bitcoin whales are also buying
It is important to note that while whales are accumulating altcoins, Bitcoin whales are also active. Crypto Basic note an increase in buyer activity on Binance, which aligns with an increase in the buy/sell ratio of takers and whale movements. Analyst Ali Martinez highlighted the ratio fluctuations from below 0.8 to above 1.7 between July 27 and 31. Ratios above 1.0 indicate aggressive buying, often preceding price rallies.
From July 27 to July 28, the ratio remained mostly above 1.0, corresponding to the rise in Bitcoin price from around $66,500 to over $67,000. A spike to around 1.5 led to a sharp increase in price to around $68,500. However, on July 30 and 31, the ratio fell below 1.0 several times, corresponding to a drop in price to around $66,000, before a final spike to 1.7 indicated another slight increase in price.
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 opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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