Altcoins
Analyst predicts gains of up to 40% this week
- Altcoins are showing signs of recovery, with potential for significant gains.
- Analysts highlight strong market moves and positive technical patterns signaling an uptrend.
THE altcoin The market is showing signs of reversing its recent downtrend, having plunged from a peak of over $1.26 trillion in March to $960 billion on June 24.
With the arrival of July, a significant rebound has been observed. In the last few days, the altcoin market has seen an increase of almost 3%, once again surpassing the $1 trillion mark, currently valued at $1.025 trillion.
This resurgence of the altcoin market is closely linked to a parallel recovery Bitcoin [BTC]BTC has seen an increase of around 2.7% over the past week, with prices hovering between $62,000 and $63,000.
An analyst from Crypto Banter’s The Sniper Trading Show Underlines that Bitcoin’s trading within this range indicates a bullish surge over the past 24 hours, illustrated by the formation of a “pin bar candle.”
Such a pattern often hints at a potential bullish reversal. At the Sniper Trading Show, the analyst highlighted how bulls pushed the price higher at the weekly and monthly close. This signals strong upward momentum.
Altcoins Potential Could Surge 40% This Week
The analyst noted that altcoins, including major names like Solana [SOL]demonstrate significant activity. Analysis of the Ethereum Regarding the Bitcoin chart, he highlighted a possible trend reversal and a resurgence in Ethereum’s value.
He noted that many altcoins show potential over longer time frames. With robust RSI levels indicating bullish divergence, these coins could soon outperform Ethereum and Bitcoin.
Moreover, the overall sentiment in the cryptocurrency market seems to be evolving positively. The analyst pointed out that the decreasing dominance of USDT is a signal that the market bottom could be forming, paving the way for substantial gains.
This sentiment is reinforced by strategic moves in cryptocurrencies like Cardano. [ADA]RUNE, Injective [INJ]Chain link [LINK]Ghost [FTM]Solana and Polkadot [DOT]all of which form bullish patterns that could lead to significant price increases.
The analyst notably predicts a robust performance for altcoins in the coming week, forecasting gains of 20-40%.
While bullish on altcoins, he maintains a more reserved outlook for Bitcoin, suggesting a gradual increase in its price without anticipating an immediate push to $70,000.
Bullish Signs Observed: Cardano as a Case Study
To assess potential bullish trends in altcoins, Cardan [ADA] serves as an illustrative case study. We’ll be looking at Cardano’s main metric for any notable signs of upside. This can perhaps lend more credence to the analyst’s prediction of a 40% surge in altcoins.
First, it’s worth noting the asset’s stock performance: ADA has been performing strongly recently; it’s up 2.5% over the past day, continuing a week-long uptrend that has seen a total increase of over 5%. ADA was trading at $0.4064 at press time.
The asset’s open interest, a measure of the total number of outstanding derivative contracts such as futures and options that have not been settled, reflects the upward trend in its price.
According to Coin glassADA open interest increased by 3% in a single day, now valued at $223.28 million.
This increase aligns with a roughly 1% increase in open interest volume, now standing at $257.59 million, indicating growing engagement from traders.
Source: Coinglass
Additionally, whale activity in the ADA has also seen a significant increase. Data A study by IntoTheBlock reveals a sharp increase in large transactions (over $100,000), from less than 4,000 transactions last month to over 5,000 transactions today.
This increase in large-value transactions is an indicator of growing interest from large investors, which could positively influence the price of ADA.
Source: IntoTheBlock
Is your wallet green? Find out Cardano Profit Calculator
These robust metrics of ADA trading activity suggest that Cardano and the broader altcoin market could be preparing for a bullish surge, as predicted by the analyst on Crypto Banter.
This optimistic scenario was further reinforced by a previous report from AMBCrypto, suggesting that the recent negative sentiment around ADA could be a precursor to a significant price rebound.