alt coin Archives

The crypto market saw high gains for the second day after the weekend sell-off that caused the market to look like a bloodbath.

Data from TradingView showed that Bitcoin rose above $54,000 in the early trading hours of Tuesday. As of writing, the pioneer cryptocurrency is trading at $55,152, a gain of 4.08% in the last 24 hours. It appears that bulls are aiming to break the $55,000 resistance to allow for a possible rally to $58,000.

Bitcoin Eyes $58k

Organic growth has resumed in the BTC market. The spot-driven BTC bounce back looks sustainable.

In a tweet on April 27, analyst Lex Moskovski noted that futures funding rates are suggesting this week’s BTC price run has been completely organic.

Funding rates are a popular metric for measuring the health of BTC price movements. They essentially show which traders are on the right side of the bet (long or short) — a high funding rate on a platform means longs are “paying” shorts, while low funding rates imply the opposite.

Negative rates are what analysts look for when determining if any upside is likely to endure, or is due in the short term.

Currently, conditions are right — the move up to $55,000 was likely not fueled by speculative trading action, says Moskovski.

“Funding is very low and healthy. This run up in Bitcoin came from spot and looks sustainable.” he wrote.

BTC/USD pair edges over $55,000. Source: BTC/USD on Tradingview.com

Alt Season In Full Swing

Despite Bitcoin promise to rise in a few days, many of the alt coins are witnessing tremendous growth in price.

Lower gas fees following the Ethereum network’s Berlin upgrade along with an increase in institutional buying and decentralized finance activity lifted the price of Ether to a new all-time high at $2,680.

Several altcoins saw their prices reach new record highs alongside Ether on Tuesday.

XRP registered a significant price hike in the past 24-hours of an impressive 27 percent. The coin traded at $1.43 and was inching closer to resistance at $1.5; there are also two strong supports at $1.25 and $1.03 if a trend reversal were to take place.

Aave’s price rose by 5 percent in the past 24-hours and traded at $402 with a 24-hour trading volume of $636 million. The coin is likely to come in contact with a strong resistance of $415 – a level last breached on 18 April.

Daily cryptocurrency market performance. Source: Coin360

Dogecoin has now become a top-10 staple in the crypto market. In the past day’s time, DOGE saw a marginal improvement in price and was trading at $0.26. Unlike the remaining coins, DOGE’s price action remained extremely range-bound, trading between support at $0.25 and resistance at $0.30.

Polygon (MATIC) continued its strong rally, moving as high as $0.75 before taking what appears to be a short breather. Uniswap (UNI) also saw its token price reach a record high at $40.50 following a 17% rally from the lows on April 26.

The overall cryptocurrency market cap now stands at $2.08 trillion and Bitcoin’s dominance rate is 49.81%.

Featured image from Pixabay, Charts from Tradingview.com and Coin360

Light It Up: Litecoin Targets $420 Around Toking (Not Token) Holiday

LTC price had a rough week falling nearly 30% from its high of $333. A recent mining center blackout in China left the cryptocurrency markets in the red the past few days.

The intraday gains have seen bulls recover losses incurred within the weekly time frame. Crypto analyst Sherpa says LTC could surge to a new all-time high of $420 given its bullish outlook.

“LTC: Potential 50/200 bullish EMA cross on the 1D for BTC pair incoming, this would be very significant IMO. Haven’t seen that since 2019. I’m bullish on Litecoin still and think it’s going to go to $420,” he tweeted.

If this view is proven to be correct, LTC may see a rise close to nearly 52% from its current price level.

The technical view for LTC/USD on the 4-hour chart suggests a bullish flip, even though bears might still have a say given the long shadow on the current candle.

However, the RSI has climbed above the middle line and currently prints 52, while the MACD is strengthening after a bullish crossover.

As can be seen on the chart below, LTC/USD is gaining momentum and increasing above the 100 SMA. Uncertainty now seems to be resolving, with price heading upwards as bulls seek to strengthen their position after bouncing off $257.

Litecoin is looking to light up the crypto market soon | Source: LTCUSD on TradingView.com

Alt Season Might Have Arrived

As Altcoins continue to gain momentum, it appears that investing in them might yield more profit than expected. With a three-year wait for the altcoins to rally again, those still holding will either make a move to sell, gain more, or trade amongst the alts. Either way, we’re likely looking at volumes shifting and transactions across the networks increasing.

Holders of Ethereum, Ripple, Litecoin, and Bitcoin Cash, will be excited in the next few months or years to see their investments surge. Ethereum gained over 10 percent while Bitcoin continues to move sideways with a one leg, two leg backward price action. Bitcoin dominance also continues to slide closer to 50%.

Among the top DeFi tokens, Maker, Aave, UNI, SUSHI, and Bancor all recorded green candles. Notably, MKR recorded its new ATH value at almost $5,000.

It’s typical that when Bitcoin slides in dominance, the market shifts toward alt coins. For the alt season to fully kick off, analysts are waiting for Bitcoin to dip under 50% dominance. According to CryptoBull on Twitter, that’s where the real magic happens.

Featured image from Pixabay, Charts from TradingView.com