Altcoins
Bitcoin Surges Past $67,000, But Are These Altcoins A Better Bet?
- FLOW and PYTH stood out as the best performing tokens mid-week.
- CHZ, FTM and ADA are among the altcoins that could potentially see a surge
Bitcoin [BTC] led the rest of cryptocurrencies into a sharp market-wide retracement on July 24, as U.S. stock markets hit multi-week lows.
The NASDAQ Composite and S&P 500 indices recorded their worst days since the third quarter of 2022.
Source: TradingView
Meanwhile, the flagship cryptocurrency briefly fell below $64,000 on July 25 after failing to protect the $65,500 level.
Bitcoin out, altcoins in
Most altcoins also remained subdued on the 24th Wednesday and saw suppressed action for most of the 25th.
To flow [FLOW] And Pyth Network [PYTH]however, stood out among the top performing tokens during mid-week price action.
PYTH posted double-digit gains on July 24, boosted by recent news that Pyth Network is powering Galxe’s Layer-1 omnichannel chain, Gravity. announcement On July 22, the team wrote,
“Gravity will be powered by Pyth, with price feeds available to developers building on Gravity and looking to take advantage of the blockchain’s performance and UX capabilities. […] Smart contract developers can also leverage Pyth Network’s 550+ real-time price feeds for cryptocurrencies and even traditional asset classes.
Flow’s native token, FLOW, hit an intraday and five-week high of $0.70 on July 24 per CoinMarketCapbut gave up some gains, settling at $0.63 at the time of writing.
Source: TradingView
On the daily chart, FLOW has recovered its losses after a bearish phase during the second and third weeks of July. At press time, bulls were facing immediate resistance at $0.65.
The FLOW/USDT pair has been trading between the widening Bollinger Bands on the 4-hour chart, confirming increasing market volatility.
Source: TradingView
When the bands widen significantly, it often suggests that a strong trend or breakout is underway.
The case of CHZ, FTM and ADA
Notwithstanding culminating Bitcoin Dominance, According to Some Market Commentators expected a rebound in the second half.
Source: X
Santiment Market Intelligence Platform Underlines Cardan [ADA], Chiliz [CHZ]And Ghost [FTM] as some altcoins are likely to see their prices increase due to potentially liquidated shorts.
The trio of tokens have been consistently shorted over the past five weeks.
Source: Santiment
ADA rebounded above the 20 and 50 simple moving averages (SMAs) on July 12 following six consecutive green daily candles between July 8 and 13.
Read Cardano [ADA] Price forecast 2024-25
This sequence marks the first rehearsal since February 26.
Source: TradingView
On the daily chart, ADA/USDT has erased most of the gains from the second week of July and was below the 20-SMA and 50-SMA lines at press time, which crossed at $0.40 on July 24.