Altcoins
Best Altcoins to Buy Now as US CPI Data Drives Crypto Market Recovery
During US trading hours on Wednesday, the cryptocurrency market saw a sudden rise following the release of US CPI data. THE Bitcoin Price surged 3.7% to trade at $69,804, while Ethereum’s record jumped 3.85% to $3,632. Amid the recent market correction, this rally highlights Ethereum (ETH), Cardano (ADA), and Pepe coin (PEPE) as the top Altcoins to buy as they offer higher recovery potential.
In a recent announcement, the United States indicated that unadjusted figures for May Consumer Price Index (CPI) the annual rate stood at 3.3%. This figure is slightly lower than the expected 3.4% and marks a drop from the previous value, which was also 3.4%.
The United States announced that the unadjusted annual rate of the CPI in May was 3.3%, while it was expected to be 3.4% and the previous value was 3.4 %. The unadjusted annual rate of core CPI in May was 3.4%, compared with expectations of 3.5% and the previous value of 3.6%. The basic annual rate of the CPI was…
-Wu Blockchain (@WuBlockchain) June 12, 2024
Similarly, the unadjusted annual rate of core CPI for May was recorded at 3.4%, below the expected 3.5% and down from the previous rate of 3.6%. Notably, this annual core CPI rate represents the lowest level since April 2021.
Lower inflation figures could ease fears of an aggressive interest rate hike by the Federal Reserve and entice investors to invest in breached assets like Bitcoin and other cryptocurrencies.
Read also: Crypto Price Today, June 12: Bitcoin and Altcoins Extend Bearish Movement, PEPE and BONK Price Rally
Best Altcoins to Buy – Ethereum
Ethereum, the second largest cryptocurrency by market capitalization saw a notable decline during the second week of June. From the high of $3,878, the altcoin fell to $3,433 on Tuesday, registering a loss of 11.5%.
Ethereum| Commercial view
However, positive market sentiment around the US data lifted the asset to $3,624, while the market capitalization jumped to $436.4 billion.
An analysis of the daily chart shows the ETH the price entered into sideways action, as evidenced by the formation of a new lower high. Amid Consolidation, Crypto Investor Awaits SEC Response to S-1 Filings Ethereum ETF issuers that could trigger a notable movement in ETH prices.
If the response is positive, buyers could break the overhead resistance trend, signaling the continuation of the current uptrend. The post-breakout rally will have Ethereum buyers questioning $4,950 per hour.
However, if the broader market correction persists, ETH price could support the long-term support trendline at $32,501.
Read also: Can Bitcoin Price Reach $70,000 This Week as Ethereum and Solana Scream Buy?
2) Cardano (ADA)
Cardano is a third-generation blockchain platform known for its research-driven approach and focus on sustainability and scalability. Over the past two months, the ADA the price is trading sideways, resonating between the descending trendline and the $0.418 support.
Cardano (ADA)| Commercial view
The coin strictly following the aforementioned level indicates the formation of a descending triangle. In theory, the chart pattern leads to a short consolidation to recover exhausted bearish momentum and resume a downtrend.
Today the Cardano Price rebounded from the $0.418 support with 4.5% to trade at $0.414, while the market cap surged to $15.75.
If ADA price falls below the neckline support, sellers could lead to a correction to $0.34.
However, buyers could invalidate the bearish thesis if they cross the downtrend line. The post-breakout rally could push the asset to $0.52, followed by $0.62.
Read also: Ethereum ETF could boost MATIC and new ERC-20 token over Cardano
3) Pepe Coin (PEPE)
Pepe’s piece (PEPE) is a meme-based cryptocurrency inspired by the popular internet character, Pepe the Frog. Amid sudden change in market dynamics, this asset class typically exhibits dynamic movement due to its volatile nature.
Pepe Coin (PEPE)| Commercial view
THE PEPE Price the correction stabilizing above the $0.0000114 support indicates that buyers are accumulating this asset during market dips. At press time, the frog-themed memecoin is trading at $0.0000136, recording a 20% jump over the past two days.
This recent rise, supported by 15% in trading volume to reach $1.38 billion, increases trader interest upwards. Recovery from correction could topple the $0.00001725 mark and pursue the potential target of $0.00002, followed by $0.000024.
Key to remember
Today, the crypto market saw a notable rise following the release of US CPI data. Bitcoin price is poised to reclaim $70,000, while Ethereum holds above $3.5k. However, looking over a longer time frame shows that major digital assets have not emerged from consolidation and key overhead resistance is still intact. It is therefore crucial to continue the current recovery to accelerate the recovery.
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