Altcoins
Key Altcoins to Focus on if BTC Reclaims $70,000
Cryptocurrency price analysis: BTC Price the rise to $65,000 on Wednesday sparked fresh recovery sentiment in the crypto market. Altcoins are rebounding from their previous correction trend, projecting an opportunity to participate in a post-retracement rally.
Additionally, crypto analytics firm Santiment highlights a key market trend. With cryptocurrency prices rising, stable market capitalization growth could validate the bullish momentum. From mid-October to mid-April, major stablecoins like USDT, USDC, DAI, BUSD, USDP, and TUSD saw their market capitalizations increase by 25%, reflecting volumes of higher transactions and investor confidence.
https://x.com/santimentfeed/status/1791189262186185105?t=zKf7OhSIs4j1CRT1ETTA1g&s=35
However, over the past four weeks, this growth has stalled. Santiment suggests that monitoring stable market caps is crucial, as they can indicate Bitcoin’s next move, whether it hits a new all-time high or falls below $60,000 again.
Read also: Bitcoin against Ethereum war: which crypto wins?
1) Ethereum (ETH)
Ethereum is a decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps) without downtime, fraud or interference. It stands out for its robust smart contract functionality, allowing developers to create self-executing contracts with the terms written directly in the code.
Ethereum (ETH)| Commercial view
Amid the recent market surge, Ethereum price rebounded from the monthly high of $2,875 and surged to $3,036. ETH price could rise another 8.5% to push back the $3,300 barrier if the bullish momentum continues.
At the time of going to press, the Ethereum Coin shows a market capitalization of $364.8, while trading volume fell 6.5% to $14.3 billion.
For Ethereum investors looking for assurance of a recovery, the price needs to rise above the key resistance level. Achieving this could set the stage for Ethereum price to reach potential targets of $3,730 and then $4,010.
Read also: Bitcoin Price: Will a Softer CPI Send BTC to $70,000 in May?
2) Cardano (ADA)
Cardano is a blockchain platform focused on sustainability, scalability and interoperability. It is based on peer-reviewed research and evidence-based methods, making it unique in its rigorous scientific approach to development.
THE Cardano Price rose for three consecutive days, increasing its value from $0.42 to $0.487, recording a growth of 14.3%. The recovery due to increased trading volume gives a decisive breakout of the one-month descending triangle resistance trendline.
Currently, the Cardano coin boasts a market capitalization of $17.34, occupying its position as the tenth largest cryptocurrency. If the recent breakout continues, the ADA Price could extend its rally to $0.52 and $0.56.
Read also: Smart Money has its eye on 2 cryptos to buy for 10X to 50X potential in 2024
3) Pepe Coin (PEPE)
Pepe’s piece (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme, Pepe the Frog. By integrating NFTs, Pepe Coin taps into the growing market for unique digital collectibles, enhancing its value proposition.
Pepe Coin (PEPE)| Commercial view
Unlike the recent market rise, the PEPE Price witnessed intense supply pressure at $0.0000108 resistance, resulting in a loss of 15.3% over the last 3 days. If the bearish momentum persists, the meme price could plunge another 6% to an ascending support trendline.
This dynamic support intact for five weeks is crucial for buyers to extend the uptrend.
If the support holds, PEPE price could lead to the next rally surge to $0.0000138, followed by $0.0000164.
Key to remember
The cryptocurrency market is seeing another relief rally, projecting the formation of a proper bottom for several altcoins. However, BTC price must validate its sustainability above the psychological level of $65,000 to develop a sustainable recovery trend.
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