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Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets

Cardano (ADA) has seen a remarkable performance over the week, surging over 10% and reentering the top ten cryptocurrencies by market capitalization list. Its recent price action has fueled a bullish sentiment among investors and market watchers, who believe the token might be near a rally toward $1.

Cardano Breaks Out To Reclaim Top 10 Spot

Cardano’s price has steadily declined after the March highs, registering a 42% drop in the last six months. During the Q1 rally, the token hit its highest price since 2022, reaching the $0.774 price range.

Since then, ADA has nosedived to pre-rally levels, disappointing some investors and market watchers. The crypto community has repeatedly slammed the project for a “lack of appeal” to the broader public. Additionally, many have criticized ADA’s “underwhelming” price action.

However, the token’s recent rally has sparked a bullish sentiment among some community members. Despite the early September market shakeouts, the cryptocurrency has registered a 10% surge from its monthly opening, seeing green numbers in the weekly and biweekly timeframes.

Technical analyst Crypto Yapper noted Cardano’s recent performance. The analyst highlighted that ADA displayed a multi-month descending broadening wedge structure on its chart with multiple touch points on the top side and on the lower side.

Cardano, ADA

Inside this structure, the cryptocurrency displayed a smaller falling wedge pattern with its upper trendline being tested again on Monday. The analyst stated that the $0.35 was the first crucial resistance level for the token.

Claiming this key zone and breaking out of the falling wedge pattern could create more bullish action and move the price toward the upper line of the bigger bullish structure.

On Monday, Cardano’s token reclaimed the $0.36 range, a level not seen in nearly a month. The surge sent ADA’s price toward the $0.37 resistance level, turning the $0.375 price range into a support zone on Tuesday morning.

The recent performance also pushed Cardano back to the top ten cryptocurrencies list after ADA’s market capitalization surged 6%, surpassing Tron (TRX) in the last 24 hours.

Analysts See New Price Targets For ADA

Today, Crypto Yapper noted that ADA broke above resistance as the cryptocurrency was creating a higher high on the daily chart. This performance “indicates a huge trend reversal for Cardano.”

However, he pointed out that to break above the descending broadening wedge, the token must reclaim its second key resistance level at $0.39. If successful, the breakout could target the structure’s higher price range of $0.52.

Other analysts also highlighted ADA’s performance and breakout, suggesting that the cryptocurrency has the potential for a 170% surge. Dan Gambardello pointed out, “Cardano just went through a phenomenal throwback to a colossal triangle pattern.”

To the analyst, “If crypto is about to enter a green October, I anticipate ADA will reclaim $1 with haste.” ADA is trading at $0.378, a 6.2% and 12.2% surge in the daily and weekly timeframes.

Cardano, ADA, ADAUSDT

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Bullish News: Top Analyst Forecasts Altcoin Bottom Today, Market Poised For Upswing – Here’s Why

In a recent social media post, renowned crypto analyst Michael Van de Poppe shared his predictions regarding the potential bottoming out of the altcoin market. 

Van de Poppe emphasized the significance of key economic data and the upcoming interest rate decisions from the Federal Open Market Committee (FOMC), highlighting their potential impact on the crypto market.

Altcoin Rally Ahead? CPI Data Points To Bullish Outlook

Consumer Price Index (CPI) data revealed that US inflation had fallen to 3.3%, lower than expectations, which he deemed bullish news for the altcoin market. The CPI data holds particular importance as it influences the Federal Reserve’s decision on interest rate cuts.

Van de Poppe explained that if the CPI data came in above expectations, it would have led to a stronger US dollar and higher yields. In such a scenario, the chances of a near-term rate cut would have diminished, leading to a decline in risky assets. Conversely, a lower-than-expected CPI reading paves the way for a positive market reaction, as is the case today.

The FOMC’s interest rate decisions were identified as the second significant event of the day. Following the European Central Bank’s recent rate cut, there is speculation that the US might consider similar measures. 

Van de Poppe emphasized the importance of Federal Reserve Chairman Jerome Powell’s speech, as it could provide valuable insights into future monetary policy, potentially influencing market sentiments.

Trading With Caution

The altcoin and crypto markets experienced notable corrections last week, led by Ethereum (ETH), the largest altcoin in the market, with a price drop of over 5%, with a historical negative correlation observed during FOMC meetings and CPI releases. 

However, Van de Poppe suggested that a repricing upwards could be anticipated, potentially leading Bitcoin to approach its all-time high of $73,700 in the coming weeks if the FOMC adopts a dovish stance.

However, caution was advised, as price action can be deceptive. In the event of an unchanged rate decision, initial downward market responses might occur, with the true impact unfolding later. 

Another market expert, Adrian Zduńczyk, offered his perspective, highlighting the tendency for prices to retrace to previous levels with little effect on volatility following FOMC decisions. While traders often anticipate news releases and follow patterns, he cautioned against trading against the Federal Reserve’s monetary policy decisions.

As the altcoin market awaits the outcome of key economic data and FOMC decisions, analysts monitor these factors closely, anticipating a potential reversal and subsequent market upswing.

With the Ethereum ETF seeking trading in the coming weeks, the summer months promise renewed market momentum and a potential challenge to all-time highs.

Altcoin

ETH is currently trading at $3,618, experiencing a significant surge of 4.1% in the past few hours, coinciding with positive CPI data and heightened expectations of favorable news from the US Federal Reserve. 

Featured image from DALL-E, chart from TradingView.com

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GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In ‘Turbo Mode’?

GMX, the native token of decentralized perpetual exchange GMX, has soared over 20% in the past 24 hours. The surge was seemingly fueled by a crypto whale move that ignited the community’s positive sentiment towards the token. Some analysts believe GMX might be preparing for a breakout above the $60 mark.

Whales Send GMX To New Wallets

In the early hours of Thursday, a whale withdrew over 85,000 GMX tokens from crypto exchange Binance. Per the reports, the whale sent the funds to a fresh wallet, boosting the price surge.

The whale withdrew 84,515 GMX, worth around $3.77 million, in five transactions for an average price of $43.07. This move propelled the price from $40 to $44 in the following hours. Moreover, the price jump resulted in over half a million in unrealized profit for the crypto investor.

Similarly, reports of another whale withdrawing GMX from Binance surfaced this morning. According to the post, 72,300 GMX tokens were sent to a wallet from Binance. The wallet now holds 82,768 GMX, worth $3.69 million.

The token’s surge appears to have begun before the whale activity. GMX’s price jumped from the $36 price range to the $42 mark on Wednesday, which fueled the positive sentiment of the crypto community.

In the past 24 hours, GMX rose 22.2%, trading above $44 now. The recent performance represents a 26% and 76.3% price increase in the weekly and monthly timeframes. Moreover, it has registered a surge in its market activity, registering a 121% daily trading volume increase in the last day.

crypto, GMX, GMXUSDT

Crypto Analysts Bullish On GMX

The token’s performance didn’t go unnoticed by crypto analysts. The market watchers expressed their bullish sentiment towards GMX and set a short-term target.

According to Daan Crypto, GMX appears to be running back to “turbo mode.” The token is currently up 2x from its bottom registered in April of this year. Moreover, GMX is “trading back above the daily 200MA/EMA.”

To the analyst, the $41 support zone will be a key level to hold going forward. He also considers the $60 price range a good target for the token’s bullish momentum.

Crypto trader and analyst JJcycles also weighed in on GMX’s performance. The trader highlighted a bullish flag pattern on the token’s chart. Per the analyst, GMX is “nicely reversing into the beginning of the third wave.”

crypto, GMX

JJcycles also pointed out the token successfully broke out of the $40 resistance level in the following hours. To the trader, it looks like GMX printed the bottom in April when it went as low as $22.

Additionally, he called out those who capitulated within the bottom accumulation range, including Arthur Hayes. “Just like it is supposed to be, capitulators are in pain,” wrote the analyst.

As reported by NewsBTC, the BitMEX founder was the largest individual holder of GMX, with over 230,000 GMX tokens. In April, Hayes seemingly “accepted capitulation” after sending all his GMX holdings to an address linked to crypto algorithmic trading firm Wintermute Trading.

At the time, GMX investors criticized the transaction, suggesting that the altcoin was “in that buy zone again.”

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Only 8 Altcoins Have Broken ATH Against Bitcoin Since FTX’s Collapse – Analyst Weighs In

During this bull cycle, the crypto market has been surfing off Bitcoin’s crest and enjoying the bullish momentum. However, investors hope for a seismic explosion to impulse Altcoins to new highs.

As the crypto industry awaits, online reports revealed that, since FTX’s fall, only eight altcoins have hit a new all-time high (ATH) against Bitcoin. A crypto analyst shared his thoughts on the matter.

Altcoins Underperforming Against Bitcoin This Cycle

On Friday, Crypto analyst Miles Deutscher shared an interesting fact about the crypto market. Since November 2022, just eight altcoins have broken their previous ATH against the flagship cryptocurrency.

To achieve this feat, tokens include Render (RNDR), Tellor (TRB), Injective (INJ), Astar (ASTR), SSV Network (SSV), SingularityNET (AGIX), True Wallet Token (TWT), and Binance Coin (BNB).

It’s worth noting that RNDR was the latest one to accomplish this on March 11 and that the list only contains altcoins launched before FTX’s collapse.

Altcoins, crypto

Deutscher explained that despite his initial shock, the news made sense to him and highlighted some takeaways based on the singularities of this run.

First, the analyst considers that asset selection dynamics changed from previous cycles. Investors have been “punished” for being overexposed to certain sectors like L2 and gaming and “rewarded” for participating in others like Memecoins and AI.

In contrast, in the last cycle, “you could basically bet on anything and beat $BTC.” According to the analyst, the market will likely continue experiencing specific sector outperformance despite the retail liquidity injection.

He also explained that “crypto is an attention economy,” and money will flow where attention is. As a result, even the projects with the best technology won’t perform if there isn’t an exciting reason to buy.

Deutscher’s second takeaway highlights the market’s current ATH dilution. As he points out, thousands of new products are being launched daily, and “low float/high FDV VC coins are launching in the billions.” These launches are seemingly outpacing the new liquidity, resulting in Altcoins struggling with performance.

More Room To Catch Up

The analyst’s third point explains that the bull run has been led by Bitcoin and spot BTC exchange-traded funds (ETH). Based on this, he considers it unsurprising that altcoins have “hardly pumped” so far.

Various crypto analysts and experts share this opinion. Alex Krüger previously stated that the cycle has been “almost entirely” driven by the Bitcoin ETFs’ momentum.

Deutscher sees Altcoins’ underperformance as a bullish signal since Bitcoin’s dominance has been instrumental in previous cycles. To him, this performance allows “more room to play catch up” and could drive altcoins to unseen highs.

The analyst believes the market needs another catalyst for a true Altcoins season. Despite this, he highlights that many investors have had a record Q1 “even in mildly bullish conditions for most alts.”

Ultimately, Deutscher considers there is still room to make big profits this cycle “even without the face-melting altseason we all crave.”

altcoins, total 2, altcoins market cap

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Analysts Foresee Altcoins ‘Explosive Rally’ Incoming, Is The Correction Phase Over?

Over the weekend, the crypto market started recovering from the largest retrace of this bull cycle. The strong correction caused Bitcoin and the altcoins market to drop to levels not seen since February.

While some sectors of the crypto community felt like the bull run was over or needed to “cool-off”, others seemed optimistic about the cycle’s future. Now that the market is back from the correction, analysts foresee that the altcoin season might come soon.

Is The Correction Phase Over?

Over the weekend, crypto analyst and trader MilkybullCrypto shared with his X followers that the Altcoins market capitalization was at “an RSI level that initiates an explosive rally.”

Per his chart, this level is a “reset for a healthy rally,” as seen in 2016 and 2020. During these two cycles, when the altcoins reached this level, a “huge rally” followed.

The analyst shared his latest forecast on Monday after seeing the market strengthen its recovery. To Milkybull, the altcoins market cap finished a “Heatly retest.”

The market displayed a similar correction during the 2020-2021 rally before skyrocketing to all-time high (ATH) levels. The chart seems to display the same performance, which could mean that altcoins are “in preparation for an explosive rally,” if history repeats itself.

altcoins, crypto

Similarly, crypto trader and analyst Captain Fabik considers the “Healthy Correction is done.” In his X post, the analyst identified a bullish falling wedge pattern, which signals a “bullish rally incoming.”

Altcoins “Cool-Off” Or “Euphoria” Incoming?

According to analyst and trader Rekt Capital, the Altcoin market cap, excluding the top 10 cryptocurrencies, has “successfully retested the $250 billion level as a support level” over the last several weeks.

Per the trader, the altcoins are following the proposed path of his “Ultimate Altcoin Market Cap Game Plan For The Coming Months.” On this plan, Rekt Capital forecasted altcoins market cap would surge to the $315 billion level before retracing back to the $250 billion mark. This retrace would be followed by an explosive surge above the $440 billion market capitalization.

Altcoins have stayed above the $250 billion support zone despite the strong corrections, as seen in the chart below. To the analyst, this suggests the market is “now showing initial signs of trying to curl up from here.”

Renowned figures have expressed their “disappointment” in altcoins’ performance this cycle. Altcoin Sherpa considers that “many alts didn’t even run that hard over the last few months,” which could suggest that it’s time for a “cool-off.” At the time, the analyst deemed altcoins’ rally was “done” for the next 1-4 months.

However, others believe the “euphoria phase” for altcoins is coming. According to Crypto Yhodda, “The alts will rise again, and by the end of 2024, they will go crazy.” Moreover, the analyst believes that “Altcoins Cycle III” will give us some crazy pumps.

According to his chart, the altcoins’ cycle I and II displayed a symmetrical triangle pattern before the breakout. The surge was followed by a slowdown before the upward trajectory continued, called “Round 1” by the analyst.

Subsequently, the rally would repeat the pattern on a second round before reaching the cycle’s top. “Cycle III” appears to be in the middle of Round 1, which suggests to the analyst there is a long road ahead before it “hits the euphoria phase.”

Altcoins, crypto

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85% Of Altcoins In “Opportunity Zone,” Santiment Reveals

The on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone.”

MVRV Would Suggest Most Altcoins Are Ready For A Bounce

In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.

The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.

Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.

Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.

Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.

Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.

Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.

Bitcoin MVRV Ratio

Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.

The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,

Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.

Thus, if the model is to go by, now may be the time to go around altcoin shopping.

ETH Price

Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.

BNB Price Chart

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Santiment Reveals Best Altcoins Currently In “Opportunity Zone”

The on-chain analytics firm Santiment has revealed the altcoins that have recently surged into the mid-term “opportunity zone.”

These Altcoins May Be More Likely To See Rebounds

In a new post on X, Santiment has discussed what the various altcoins in the market are looking like from the perspective of the MVRV. The “Market Value To Realized Value” (MVRV) refers to an indicator that keeps track of the ratio between the Bitcoin market cap and the realized cap.

The realized cap here is a capitalization model for BTC that measures the total sum of capital that the investors have used to purchase their coins. As such, the MVRV tells us about how the value that the investors are holding right now (the market cap) compares against this initial investment.

Historically, the more profits the investors have held (that is, the higher the market cap has been compared to the realized cap), the more likely tops have been to occur. This is naturally because investors become more likely to give in to the allure of profit-taking the higher their gains get.

On the other hand, cryptocurrencies have been probable to see rebounds when holders’ returns have dropped into the negative territory. In these conditions, there aren’t many profit-takers left, so selling pressure begins to run out.

Based on these facts, Santiment has come up with an “Opportunity & Danger Zone Model” that uses the MVRV’s divergence from the norm on various timeframes to determine if an asset is providing a potential window for selling or buying right now.

Below is the chart shared by the on-chain analytics firm that reveals what this model is saying for altcoins around the sector:

Altcoins MVRV Ratio

From the graph, it’s visible that a lot of coins are still inside the overbought territory, but several altcoins have managed to sneak into the mid-term opportunity zone following the recent market downturn led by Bitcoin’s plunge.

“This zone gets breached when an asset’s 30-day, 90-day, and 365-day average wallet returns are combining to be in negative territory,” explains Santiment. It should be noted, though, that while mid-term returns are red for these coins, they are still not yet inside the buy zone proper.

“In a zero sum game like crypto, projects with minimal returns compared to the rest of the sector have a higher probability of a more efficient rebound for those who are willing to #buythedip on projects traders are in the most pain on,” notes the analytics firm.

According to Santiment, some of the best altcoin candidates who are inside the mid-term opportunity zone include Lido DAO (LDO), Synthetix (SNX), Storj (STORJ), and OMG Network (OMG).

LDO Price

Lido DAO has had a bad time recently as its price has gone down more than 31% over the past week. With these red returns, it’s no wonder that the coin is becoming underbought on the MVRV.

Lido DAO Altcoin Price Chart

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FLOKI Skyrockets 32% Higher Following DWF Labs’ $10 Million Acquisition Plan

In a significant development for the Floki Inu memecoin, digital asset market maker investment firm DWF Labs has revealed its plans to purchase $10 million worth of FLOKI tokens. The announcement has triggered a remarkable surge in the token’s price, propelling it to a new 9-month high at $0.00005097.

DWF Labs Strengthens Partnership With Floki Inu

According to the official statement, DWF Labs will acquire the tokens directly from the Floki treasury over two years, reflecting DWF Labs’ commitment to support the protocol’s ecosystem. 

As announced, the firm recognizes the potential for an “explosive” bull run in the cryptocurrency industry and aims to leverage FLOKI’s utility and marketing strength to capitalize on this opportunity.

The partnership between Floki and DWF Labs was initially established in May 2023, when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has played a pivotal role in boosting FLOKI adoption. 

Through the partnership, DFW Labs reportedly facilitated key exchange listings, introduced Floki to influential industry projects, and publicly championed the token’s progress and achievements. DFW Labs concluded in the announcement:

This massive FLOKI token purchase will further deepen our relationship with DWF Labs while strategically positioning FLOKI for dominance in an increasingly competitive landscape during this bull run

Price Soars, TVL Rises, And Chinese TV Exposure

Exciting developments continue for FLOKI as it gains significant exposure on China’s national sports TV channels, CCTV5 and CCTV5+. This exposure results from a strategic market partnership announced in 2023, which took place during the ITTF World Team Table Tennis Championships Finals in Busan 2024.

According to the memecoin development team, this opportunity to be featured on mainstream Chinese television has introduced Floki and its sister asset, TokenFi (TOKEN), to an extensive audience of over 340 million people and solidified their presence in the Chinese market.

The Floki Inu team expressed their excitement about this milestone, emphasizing that being featured on mainstream Chinese television is remarkable, making them among the very few cryptocurrencies to receive such recognition.

Another achievement for Floki Inu is the success of their FlokiFi Locker, a decentralized finance (DeFi) crypto locker protocol. The team announced that the Total Value Locked (TVL) in the FlokiFi Locker had reached an all-time high of $111 million, setting a new record and highlighting the widespread adoption of the token’s utility products.

In addition, the team announced that the total value locked for staked FLOKI tokens has reached an all-time high of $105 million. This represents 25% of the token’s supply, with $105,313,899 worth of tokens locked and staked for up to 4 years.

This position of dominance in staking distinguishes the dog-themed token from other major “memecoins” such as DogeCoin (DOGE), Shiba Inu (SHIB), BONK, and PEPE, as FLOKI has the largest share of its supply staked among them.

FLOKI

The memcoin token is trading at $0.00004080, maintaining its gains with a surge of over 32% in the last 24 hours. As a result, the market capitalization has jumped to nearly $500 million, reaching $475 million, according to the latest update.

Additionally, the trading volume for FLOKI has significantly increased, reaching $204 million in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

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Market Expert Highlights Top Coins To Watch As Ethereum (ETH) Reaches 22-Month High

Market expert Miles Deutscher has identified several key trends and developments in the cryptocurrency market, particularly focusing on the Ethereum (ETH) rally and its implications for Layer-2 (L2) decentralized finance (DeFi) altcoins. 

Deutscher highlights that ETH’s recent surge to a 22-month high of $3,130 has sparked increased interest in L2/DeFi altcoins, presenting potential opportunities for investors.

Ethereum Price Strength Continues

In a recent post on social media X (formerly Twitter), Deutscher notes that Ethereum continues to show strength, especially compared to Bitcoin (BTC), which remains in a key consolidation phase at $51,100. Holding above the significant psychological level of $3,000, ETH’s bullish momentum is further fueled by reports of Justin Sun, the founder of TRON, purchasing over $500 million worth of ETH in recent days. 

Deutscher remains optimistic about ETH and ETH-betas leading up to the proposed exchange-traded fund (ETF) dates in May and the upcoming Dencun upgrade in March. There are also potential indications of ETH/BTC breaking out, with investor Andrew Kang actively increasing his ETH long position.

First, on his altcoins watchlist, Deutscher highlights the fee switch proposal underway at Uniswap (UNI). This US-based decentralized crypto exchange has seen notable price gains of over 37% in the past week, which could have significant implications for the entire industry from a regulatory standpoint.

Notably, the analyst believes that this development could potentially trigger a broader rotation into other DeFi 1.0 tokens such as Curve DAO (CRV), Compound (COMP), Aave (AAVE), and Frax Share (FXS), THORchain (RUNE), GMX, as investors seek to capitalize on the DeFi landscape.

Moving on to another altcoin that could see a price spike, Deutscher suggests that this week’s anticipated launch of Blast L2, founded by the same individual behind BLUR, presents an opportunity for BLUR stakers to receive tokens from the airdrop and potentially be further integrated into the ecosystem. 

Deutscher suggests that BLUR provides an alternative way to gain exposure to the Blast project, which has garnered bullish sentiment from numerous funds and thought leaders.

Following the positive news surrounding Uniswap, DYDX has been on the rise, with the token seeing a 7% increase in price over the last seven days. However, Deutscher cautions that a significant unlock is expected this week, which may tempt some recipients to sell, potentially causing a temporary dip in price.

Next in the spotlight, speculation surrounding the upcoming launch of Aevo (AEVO), which will allow developers to launch their protocols on its rollup and introduce an incentive program, is growing and generating interest in Ribbon Finance (RBN).

Given these developments, Deutscher notes that the prospect of pre-markets and IOU markets gaining “massive” attention and the recent record $4 million in fees positions RBN within an exciting narrative.

Deutscher’s Insights Point To Promising Trends

Following Deutscher’s mention of COTI last week, the coin has seen over 100% growth, breaking through key resistance levels. With the launch of their new privacy-enhancing L2 coinciding with the upcoming Ethereum Dencun upgrade, Deutscher notes that the protocol is in a favorable position for further price growth in the market.

On the other end of the spectrum, Deutscher acknowledges the rapid pace of market rotation and suggests keeping a close eye on Artificial Intelligence (AI) coins, which, as reported by NewsBTC, have seen significant gains with the hype surrounding AI projects such as Worldcoin (WLD).

Finally, with signs of life emerging over the weekend, according to the analyst, Rollbit Coin’s (RLB) burn mechanics position it as a leader in the “Rev Share/Real Yield” narrative. With the market potentially entering an “explosive bull run,” Deutscher believes the casino/gambling narrative could gain traction, benefiting projects like Rollbit, which has also seen gains of over 7% in the past 24 hours.

Ethereum

Featured image from Shutterstock, chart from TradingView.com

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Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound. 

ETH On The Rise

In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens. 

Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC. 

Altcoins

Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May. 

Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins. 

Highlighted Altcoins And Their Catalysts

  • BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue.
  • BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest.
  • STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines.
  • SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way.
  • MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity.

As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

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Analyst Predicts Bitcoin Consolidation, Eyes Long-Term Price Target Of $500,000

In the last day, Bitcoin (BTC) has notched up minor gains to the tune of 0.7%, pushing its market price above the $42,000 mark. Investors in the world’s leading cryptocurrency are likely encouraged by this recent price gain, following the 20% price decline that trailed the highly anticipated approval of the Bitcoin spot ETFs earlier in January. 

Amidst many speculations on BTC’s next movement, popular crypto analyst Michaël van de Poppe has released a prediction that indicates Bitcoin’s movement may be restricted for the coming months. Albeit, he projects a massive price surge in future years.

Bitcoin Potential Consolidation Paves The Way For Altcoin Boom

In a post on X on January 27, van de Poppe shared an intriguing forecast on Bitcoin’s price trajectory, as he predicted the digital asset to soon enter a consolidation state.  According to the crypto analyst, Bitcoin is likely to trade between $37,000 – $48,000 for the next few months. If this prediction holds true, BTC could maintain its current upward trajectory and head for the $48,000 zone before experiencing any major pullback. 

Interestingly, van de Poppe also stated that a possible Bitcoin consolidation would lead to altcoins recording significant market gains. In a previous prediction, the crypto enthusiast shared a similar belief explaining that BTC is gradually approaching its peak market dominance with the Bitcoin halving event just a few months away. 

Based on historical data from 2016 and 2020, when BTC attains its highest level of market dominance, the altcoins embark on a bullish run and even outperform the market leader. Michaël van de Poppe is projecting a similar occurrence in the coming months, accompanied by a BTC consolidation phase.

Analyst Remains Optimistic About Long-Term ETF Impact On BTC

In the same post on X on January 27, de Poppe also commented on the potential effects of the Bitcoin spot ETF on the asset’s price. The analyst expressed much confidence in the newly introduced exchange-traded products  (ETP) stating they had the potential to spur BTC to a market price of $300,000 to $500,000 in the coming years.

His prediction comes as the Bitcoin spot ETF market is currently witnessing a decline in outflows following a rather perturbing start which saw over $4.786 billion exit the novel market within its first 10 trading days. 

On January 26 (trading 11), the BTC spot ETF recorded a new minimum outflow of $255.1 million, according to data from BitMEX Research. At the time of writing, total net flows in the ETF market stand at $759.4 million with Bitcoin trading at $42,088.  If de Poppe’s forecast proves true, investors in both markets could record massive profits in the coming years.
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These Altcoins Are Showing Most Bullish & Bearish Divergences: Santiment

The analytics firm Santiment has revealed the list of altcoins that are showing the greatest bullish and bearish divergences currently.

RSI Reveals These Altcoins To Contain The Most Extreme Values Right Now

In a new post on X, Santiment has discussed some altcoins that are showing overvalued or undervalued conditions based on the Relative Strength Index (RSI) currently.

The RSI refers to a momentum metric in technical analysis that tracks the speed and magnitude of recent changes happening in the price of any given asset. This measurement can be made over any period, but in the context of the current topic, the 1-day RSI is of relevance.

Generally, a high value of this indicator can be a sign that the asset is overheated right now and may be at risk of forming a top. More specifically, the 70 mark is chosen as the cutoff for when the probability of a bearish reversal becomes significant.

On the other hand, the RSI being 30 or lower can imply the price is under its fair value at the moment, and as such, a potential reversal to the upside could be brewing for the asset.

Now, here is the chart shared by the analytics firm that shows the trend in the 1-day RSI for a few different altcoins from the top 150 market cap list over the past year:

Altcoins RSI

As displayed in the above graph, the 1-day RSI has been at high levels for Maker (MKR), Venus (vBNB), and Sei (SEI) recently. To be more specific, the metric has a value of 74.6, 72.4, and 75 for vBNB, SEI, and MKR, respectively.

Clearly, these RSI levels are in the zone typically associated with an overheated market. Maker has recently enjoyed a sharp rally, observing gains of over 30% during the past couple of weeks. If this metric is anything to go by, though, the asset’s strong run may be approaching an end.

On the other end of the spectrum are the altcoins Elrond (ELGD), Arweave (AR), and Bonk (BONK), which are observing low levels of 1-day RSI. ELGD and AR are inside the underpriced zone with the metric sitting at 22.6 and 29, while the Solana-based memecoin BONK is floating just over the area with a value of 31.

According to Santiment, all six of these coins have also separated from the rest of the altcoins cohort, implying a bearish/bullish (depending on whether overvalued or undervalued) divergence could be forming for them.

As such, coins like BONK observing a bullish divergence may be likely to see some price rise, so that they can catch up with the other alts. Similarly, MKR and others may see a correction to be more in line with the rest of the market.

BONK Price

Bonk has had a bad time these last few weeks, as its price has been following an overall downward trajectory. The coin may finally be starting to turn itself around, however, as its price has shot up over 22% in the past 24 hours.

Bonk Price Chart