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Altcoins

Crypto Expert Gives Analysis of Top Altcoins, Market Sees Uptick

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Crypto expert gives analysis of major altcoins, market sees slight uptick

According to FxPro Senior Market Analyst Alex Kuptsikevich, the crypto market has remained relatively stagnant, showing a decline in market capitalization until today’s increase.

Ethereum (ETH) is trading at $2,977.88, an increase of 2.6% in the last 24 hours. Its market capitalization increased by 2.64% to over $357 billion, remaining the second largest cryptocurrency.

Kuptsikevich highlighted Ethereum’s challenges, noting its ongoing consolidation near the lower end of its price range and a “death cross” below its 200-day average, suggesting potential long-term declines. This contrast between the short-term rise and the analyst’s medium-term concerns shows the complexity of market forecasts.

24-hour ETH price from CoinMarketCap

Similarly to Ethereum, Cardano (ADA) saw its price increase by 2.43% to $0.4461, with the market capitalization increasing by 2.42%. Positioned as one of the 10 largest cryptos, ADA trading near the lower end of its range suggests a cautious outlook despite the recent rise, reflecting Ethereum’s consolidation trend.

Crypto Expert Gives Analysis of Top Altcoins, Market Sees Slight Rise - 2

CoinMarketCap ADA 24-Hour Price

Litecoin (LTC) price increased by 1.81% to $80.98 and its market capitalization increased by 1.82%. As the 19th largest cryptocurrency, LTC continues to test its 200-day average, indicating a potential continued struggle to regain stronger bullish momentum. According to Kuptsikevich, Litecoin could face a prolonged period of downtrends if it fails to quickly regain higher levels.

Crypto Expert Gives Analysis of Top Altcoins, Market Sees Slight Rise - 3

24-hour LTC price from CoinMarketCap

XRP is trading around a historically significant $0.50 level after losing key support earlier in April.

“XRP has fallen below an ascending support line, turning it into resistance for subsequent peaks. This creates a bearish scenario, potentially leading back to long-term support between $0.25 and $30,” Kuptsikevich remarked, suggesting a cautious approach to investors.

XRP’s modest price increase of 1.57% to $0.5135 contrasts with a minor 0.56% increase in market capitalization. XRP’s break below key support levels earlier this month, the 7th largest cryptocurrency, portends a tough road ahead despite some recovery, as the analyst indicated.

Crypto Expert Gives Analysis of Top Altcoins, Market Sees Slight Rise - 4

XRP 24-hour price from CoinMarketCap

On the other hand, Solana (GROUND) shows speculative potential, with forecasts from Merkle Tree Capital suggesting a rise to $400 by November 2024, driven by the popularity of meme coins linked to the US election campaign.

Since the Merkle Tree analysis, SOL has shown a notable increase. Its price increased by 7.54% to $152.76, while its market capitalization increased by 7.53%, making it the fifth largest cryptocurrency.

Crypto Expert Gives Analysis of Top Altcoins, Market Sees Slight Rise - 5

SOL 24-hour price from CoinMarketCap

While the short-term data of CoinMarketCap shows promising gains for these cryptocurrencies from US inflation data, Kuptsikevich’s mid- and long-term analyzes paint a more nuanced picture that could be affected by other external economic factors.

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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

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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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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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