Altcoins
Two Altcoins Expected to Outperform This Week
A recent video analysis by Youtuber and crypto expert Crypto Banter shed light on Bitcoin (BTC) current trading position of around $63,500, noting a resurgence in market strength after a bearish week.
Despite the recent decline, the analysis highlights that two tokens are expected to overshadow the others in the coming week: Ethereum (ETH), Bitcoin and the upcoming Gummy token. These tokens are considered resilient players with the potential to maintain positive momentum regardless of overall market sentiment.
BTC Price Analysis
The analyst started his analysis with Bitcoin, because after its halving, it continues to dictate market sentiment and set the tone for the altcoin’s movements. After a bearish week, BTC found support around the $62,400 level, signaling a potential rebound. However, caution is advised, with downside targets at $61,200 and $59,000 if bearish momentum persists. On the upside, resistance lies at $65,000 and $66,800, with a break above these levels indicating further upside strength.
ETH Price Analysis
Ethereum, often considered the backbone of the decentralized finance (DeFi) ecosystem, has demonstrated resilience in the face of market volatility. The ETH/BTC pair has seen notable strength, suggesting potential outperformance for Ethereum relative to Bitcoin.
Key levels to watch include resistance at the 200-day moving average and support at recent lows. A sustained break above resistance could signal further upside for ETH, especially if it breaks the psychological barrier of $3,000.
Gummy analysis
Gummy, an emerging crypto star, is popular due to its staking incentives and prospects for listing on a top-tier exchange. These factors drove up the price of Gummy. Fibonacci retracement levels and support zones can help traders find entry points. Gummy Tokens can also be obtained through strategic exchange registrations and airdrops.
Other Altcoins
The analyst is analyzing other tokens, including Arbitrum, which has corrected significantly and is around the 786 Fibonacci retracement level. A trendline from April 26 with a Fibonacci retracement at 786 signals a turning point. Since August could bring a Ethereum ETF, the analyst sees buying opportunities for ARB on the downside. Bitcoin is expected to rebound around 61,000 to 63,000, offering long odds even if ARB falls.
Next up is GREAT, consolidating into a range and could go long between 85 and 88 cents. As GALA bounces off the 382 Fibonacci level, major support levels at 0.045 and 0.035 provide a buying opportunity. It closed with RWEAVE (RWE), which resisted a downturn with support at the 382 Fibonacci retracement and 50-day moving average.
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