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Bitcoin – This Falling Metric Could Be Key to Ethereum and Solana Price Rise

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Bitcoin – This Falling Metric Could Be Key to Ethereum and Solana Price Rise
  • Top altcoins like Ethereum, Solana, and BNB saw significant gains in the past 24 hours
  • However, not all technical metrics and indicators were optimistic

Bitcoin’s last 24 hours have been productive, with the cryptocurrency climbing back above $63,000 on the charts. As expected, most altcoins in the market followed suit, with their charts also turning green. However, the performances of the latter fueled a decline in Bitcoin [BTC] dominance. In fact, it has reached such a critical level that a new altcoin season could soon be approaching.

Altcoin season is here

Captain Faibik, a popular crypto analyst, recently shared a Tweeter highlighting an interesting development. Similarly, Bitcoin dominance is now moving in an ascending wedge pattern. This means that the chances of BTC dominance declining over the coming days are very likely. This would be a positive sign for altcoins, as their market capitalization should then increase.

Mags, another famous crypto analyst, also shared a Tweeter evoking a historical event. The tweet indicated that in 2020, the altcoin market was in an accumulation phase. This ended in the second half, sparking a huge bull rally.

The analyst believes that a similar trend can be seen this time, further increasing the chances of an upcoming altcoin season. If the rally occurs, the market cap of altcoins is expected to increase significantly.

An overview of the best altcoins

To see if altcoins are gearing up for a rally, what better way than to check how top alts are performing? According to CoinMarketCap, Ethereum [ETH], the king of altcoins, increased its price by more than 4.5% in the last 24 hours. At the time of writing, it was trading at $3,111.72 with a market cap of over $373 billion.

Like ETH, BNB And Solana [SOL] also turned bullish as their values ​​jumped 3.6% and 5%, respectively. At press time, BNB was trading at $586, while SOL’s value stood at $145.2.

However, surprisingly, despite the recent price rally, investor confidence in these major altcoins remains low. AMBCrypto’s analysis of Santiment data revealed that the weighted sentiments of ETH, SOL, and BNB all remained in the negative zone.

Weighted Sentiments of ETH, SOL and BNB Remained Negative

Source: Santiment

However, the good news is that Ethereum’s open interest has increased slightly, along with its price. An increase in this metric is generally a sign that the prevailing price trend is likely to continue.

SOL open interest took the lead over ETH as it also saw an uptick. On the contrary, BNB fell, although its price recorded a slight increase in the charts.

ETH and SOL Open Interest Increased

Source: Santiment

AMBCrypto then analyzed the daily chart of ETH to see if it could maintain its uptrend. We found that its Money Flow Index (MFI) deteriorated after a slight rise, while its Chaikin Money Flow (CMF) moved south.

These suggest that investors may not see the price of ETH rise explosively in the near term.

Source: TradingView

Read Ethereum [ETH] Price prediction 2024-25

Likewise, Solana’s technical indicators also looked rather bearish. Its IMF and CMF headed south, indicating that the token’s rally may not last.

Source: TradingView

Given these data sets, it will be interesting to see how soon a new altcoin season arrives.



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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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Altcoins

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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