Top Altcoins For A Winning Portfolio: High And Medium Risk Strategies
Jonathan Fiorenza, a prominent crypto analyst, has shared his views on the top altcoins to invest in during this alt season. According to Jonathan, the coins can be segregated into high-risk or medium-risk groups, and market participants can pick and choose accordingly to create a winning portfolio.
Medium Risk Portfolio
The expert recommends the following altcoins for medium-risk portfolios:
- Cardano (ADA): Jonathan sees the weekly breakout and predicts a 100-140% growth within Cardano. His target price is $0.80.
- Avalanche (AVAX): The expert also believes AVAX is in the bottomed-out area, and a possible small 50% growth can be expected. His target price is $35.
- Polygon (MATIC): Jonathan thinks that MATIC is slightly high and suggests buying it near the $1 mark.
The analyst recommends the following altcoins for high-risk portfolios:
- Phantom (FTM): According to Jonathan, a good entry point for Phantom is around 40-45 cents, and his target price is $1.10-$1.30.
- Solana (SOL): He said that Solana is very near to breaking out and sees a target price of $55-$65.
- THORChain (RUNE): The expert asserts that THORChain is an excellent long-term investment and predicts a 200% growth with a target price of $3.50.
Also Read: Get Ready for an Altcoin Boom: Coin Bureau’s Top 3 Altcoins For March 2023 – Coinpedia Fintech News
The Perfect Crypto ‘Buy’ Strategy
Jonathan’s advice is to create a list for each portfolio and categorize the tokens to know where to find them. He also suggests not to buy any coins that do not get to the buy zones, but to categorize them and get what is perfectly in the zone. Jonathan stresses the importance of a good portfolio and that when a token pumps 100% in a day, it should be sold and not bought back.
It is important to note that altcoin investment carries a high degree of risk and necessitates a comprehensive comprehension of the market. Performing independent research and refraining from investing beyond one’s financial capacity are both critical aspects of any investment, as Jonathan pointed out.
Top Altcoins to Watch Next Week! Experts Predict a Potential Bullish Rally
The crypto market is currently heating up, with investors and traders on the hunt for the next big thing. After Bitcoin and Ethereum yielded massive gains over the past week, traders are now turning their attention to the search for the next altcoins, which have the potential to explode in the coming week. As the altcoin market is yet to gain its maximum potential, many investors are getting into dominating altcoins to enjoy the upcoming bull run.
Altcoin’s Bullish Season is Around the Corner
Since November 2022, Bitcoin’s market capitalization has surged by approximately 80%, reaching the impressive $28,000 mark. However, even with this Bitcoin price pump, many altcoins are still down by as much as 90% from their all-time highs, which presents a prime opportunity for traders and investors to capitalize on in the coming weeks.
Binance Coin (BNB) Price Analysis
On March 23, BNB rebounded from the 20-day EMA ($316), but the ongoing struggle by the bulls to sustain the relief rally suggests the bears are seizing every opportunity to pounce on even minor recoveries.
The sellers will make an attempt to pull the price below the 20-day EMA, and if successful, BNB could experience a drop to $300 and potentially to the 200-day SMA ($289). However, it’s expected that the bulls will put up a strong defense in the area between the 200-day SMA and $265.
As of writing, BNB trades at $323, showing a minor uptrend in the last 24 hours. Analyzing the daily price chart, BNB has formed a triangle pattern, and a breakout above the pattern at $340 will push the coin to trade above $600 by next week.
Polygon (MATIC) Price Analysis
Since March 20, MATIC of Polygon has been trading below the 20-day EMA ($1.14), indicating that the bears are attempting to turn the 20-day EMA into a resistance level.
One small positive sign for the bulls is that despite the bearish pressure, the price has not fallen below the robust support area of $1.05 and the 200-day SMA ($0.96). This indicates that there is strong buying interest at lower price levels.
MATIC price is currently trading at $1.09, with a decline of nearly 2% from yesterday’s price. It is anticipated that MATIC price will make a huge breakout next week as the token will surge above EMA-50 and trade at $1.5.
XRP Price Analysis
XRP price continues to form back-to-back inside-day candlestick patterns, which suggests a state of uncertainty among both buyers and sellers. One small bullish sign is that over the last three days, the bulls have been able to protect the 200-day SMA ($0.40). This could imply that the 200-day SMA may now serve as a new support level next week.
XRP price hovers at $0.447, gaining over 4% in the last 24 hours. It is analyzed that the XRP price will experience a minor dip to $0.43 by tomorrow and then surge throughout the next week to a crucial resistance zone of $0.48-$0.49.
Top Altcoins to Invest Before the Beginning of the 2023 Bull Run
After hitting highs above $1.19 trillion, the global crypto market cap has now consolidated to $1.15 trillion as the markets are consolidating since the early trading hours. The Bitcoin price earlier had raised beyond $28,500, but the bulls who appear to have drained their strength failed to hold these levels.
As a result, the bearish influence is slowly outspreading among the other altcoins. However, despite the mounting bearish influence, some of the altcoins display huge potential to go long before the beginning of a strong bull run.
Solana price has been trading within a bearish trend for quite a long time but is still believed to continue plunging until it reaches the edge of the consolidation. The price may undergo a rejection from the upper resistance and head toward the lower support. The RSI and the ADX both are bearish which may drag the price lower in the coming days. However, after marking the bottom, the price may rebound and rise high to reclaim the lost positions.
Litecoin underwent a parabolic recovery and reached the neckline post to which the price slipped down to accomplish the cup and handle pattern. The price has sparked a rebound and may rise high to hit $100 initially. Further, a significant upswing has been recorded which could reverse the trend in the coming days.
The Chainlink price is trading within a parallel channel, within predetermined resistance and support levels. The price has been trading within the average levels and recently made a notable upward price action.
The V-shape recovery is believed to induce the required momentum which may further lift the price close to the resistance of the channel. However, a bullish breakout may be mandatory as the volatility of the token is less when the strength required for a bullish breakout is accumulating as ADX is trying for a bullish divergence.
Altcoins Prepare For Massive Rally, Bitcoin Poses Similar Narrative as 2019
The Bitcoin market is in the middle of significant weekly volatility after last week’s breakout and remaining above the 200 WMA for the past few days. However, Bitcoin’s daily volatility has significantly reduced in the past four days after experiencing a strong resistance level of around $28k. Money flow has begun pouring into high-cap altcoins, with traders and analysts forecasting mid-cap altcoins could spike soon.
The social media sentiment on altcoins – like XRP, Cardano (ADA), and Dogecoin (DOGE) – is on the rise. Profit taking in the Bitcoin market is expected to increase forced liquidation on Ethereum among other altcoin holders.
Notably, crypto liquidation data from Coinglass shows that $26 million in Ether and $22 million in Bitcoin have been rekt from the top two crypto and digital assets in the past 24 hours. The XRP, Cardano (ADA), and Dogecoin (DOGE) markets have recorded liquidations of about $18M, $3M, and $2M, respectively, during the same period.
Notably, crypto liquidation is a significant aspect considered by most analysts when plotting the Bitcoin and crypto market. Moreover, Bitcoin and some crypto assets are a derivative of pure mathematics. Some offer inflationary limits amidst the ongoing banking crisis caused by the lack of faith in the traditional banking sector.
As more fiat believers fear the rising inflation caused by bank runs, Bitcoin enthusiasts continue to stash more in anticipation of near-future bull markets. According to popular Twitter user @CryptoKaleo, who has made a global reputation through crypto trading, Bitcoin price could be gearing up for similar moves in 2019, amidst the third Federal Funds Rate release of 2023.
“Plenty of similarities to the current range and where we were in the Spring of 2019 after BTC broke out above the HTF bear market downtrend. A bit of chop here is expected before the real send begins,” crypt analyst Kaleo noted.
Top ZK Altcoins to Bet This Alt-Season
The post Top ZK Altcoins to Bet This Alt-Season appeared first on Coinpedia Fintech News
Zero-Knowledge, or ZK, coins are gaining more and more attention in the crypto world. Bitboy Crypto’s Ben Armstrong recently shared his top picks for ZK coins by market cap.
The first coin on the list is Polygon (MATIC) which has seen a significant increase in price recently. Immutable X (IMX) is another coin that had an impressive week, with a 33% increase. Mina, which has been favored by big money according to a Bitcoin whale, is also on the list.
Optimism is another ZK rollup project that Armstrong rates highly. However, he notes that explaining the concept of ZK Rollups can be complicated and less visually appealing than other projects. Despite this, he believes that the potential benefits of ZK rollups will attract crypto users in the long run.
Zigzagging to ZK
Crypto users are bridging millions to ZK-based blockchain networks in the hope of receiving free tokens in an airdrop. Over $8 million has been bridged to the network in the past week alone.
DeFi users have been trying different strategies to claim the tokens if and when they are issued, such as bridging two ZK networks and providing liquidity on decentralized exchanges. Data from DeFi Llama shows that the total value locked in the ZK-based decentralized exchange, Zigzag, has increased to $13 million from $1.5 million in just one week.
Looking ahead, the confirmation of the arbitrary airdrop means that farming activity will shift away from other chains and toward ZK-based networks. Armstrong predicts that people who have completed the Arbitrum (ARB) process will be looking for the next hot thing and may jump to another chain in hopes of receiving free tokens.
Moon math and tools for crypto users
Armstrong also shared some tools for crypto users, such as Defi Llama and Coin Perspective. Defi Llama is a good tool for tracking what’s on the rise and what’s declining, and Coin Perspective is great for doing moon math and seeing what your favorite coin’s market cap would be if it had Bitcoin’s market cap.
Lastly, Armstrong shared some tips for off-ramping crypto. He recommends selling on Coinbase and moving the money to PayPal, which can then be transferred to your bank account. This approach is safer than transferring directly from Coinbase to your bank account and has lower fees than other off-ramp methods.
Institutional Investors Shift Focus On These Altcoins, Sell off Bitcoin and Ethereum
Bitcoin price has reached a crucial resistance level of around $28k as traders await tomorrow’s Federal interest rates. With over $126 million liquidated in the past 24 hours, Bitcoin’s volatility is expected to increase before and after the FOMC statement. The Bitcoin market continues to enjoy a bullish sentiment fueled by the increased fear of a global banking crisis.
The pressure on Jerome Powell to save the banking industry and reduce the dollar inflation to 2 percent has fueled the recent Bitcoin pump. Moreover, Bitcoin has annual inflation of less than 2 percent, and next year’s halving event will reduce the figure much lower. As such, institutional investors and retail traders have gained confidence in stashing more Bitcoins to flee the inflationary fiat market.
Furthermore, Bitcoin price has rallied over 70 percent YTD while the United States Dollar DXY index and the DOW Jones are down 0.41 and 2.69 percent, respectively, in the same timeline.
Closer Look at Cash Flow into Bitcoin And Altcoin Market
A recent report by CoinShares has, however, indicated a rather intriguing phenomenon. Reportedly, Bitcoin recorded a total of $113 million in outflows despite a 17 percent spike during the week. Notably, CoinShares reported that the overall outflow in the Bitcoin market was due to the need for liquidity rather than the negative sentiment.
“In stack contrast to the broader market, Bitcoin remained the focus of negative sentiment, seeing outflows in investment products totaling $113 million last week, with the last six weeks’ outflows totaling $424 million,” CoinShares noted.
Notably, the altcoin market, except Ethereum, which registered an outflow of $13 million last week, generally posted cash inflows of approximately $1.3 million. This is despite the fact that the number of Non-Zero Ethereum addresses just reached an ATH.
Top 3 Altcoins Apart from Bitcoin & Ethereum to Bet on This Month
The crypto markets are showing a huge tendency to ignite a decent upswing in the coming months, which may be further validated as a bull run if the ascending trend intensifies. While the top cryptos like Bitcoin and Ethereum appear to have ended the bearish influence to a large extent, some of the prominent altcoins appear to be on the threshold of a giant explosion.
The Polygon price had dropped below the neckline at $1.18 in the first few days of the month, and the bearish pullback dragged the price below $1. However, the price underwent a rebound and surged by more than 30% to surge beyond $1.25. Unfortunately, the price underwent a minor correction but currently appears to have sparked a flip, which may enable an upswing toward $1.5 soon.
BinanceCoin’s price has risen magnificently within an ascending rising triangle ever since the token rebounded way back in July 2022. The price is attempting to break above the upper resistance of the triangle, but the bears appear to have intensified their activities, due to which it is hovering within the resistance zone.
Moreover, the RSI appears to have lost its grip and hence may soon witness a bearish drop. This may drag the price slightly lower, but the mounting bullish pressure continues to revolve, due to which the pullback may be short-lived. With a bullish reversal, the BNB price may break the $338 resistance and rise very quickly to hit $360 very soon.
The ADA price has displayed enough strength since the beginning of 2023 and surged magnificently. The price has been forming an inverse wave and has tested the lower support, triggering a rebound. Cardano, currently, appears to have engulfed the bearish influence to a large extent, and a notable upswing may be expected in the coming days.
Moreover, the ascending triangle pattern may, however, keep up the bullish trend and soar the prices until they reach the edge of the pattern, triggering a bullish breakout.
Collectively, the crypto markets are turning green, and not only the popular altcoins but the small-cap and mid-cap altcoins are also thriving. The altcoins like Arbitrum (ARB), Conflux (CFX), Fantom (FTM), etc, and popular AI-based tokens like SingularityNET (AGIX), Fetch.ai (FET), etc and many more may also display a notable trend ahead.
Youtuber Bitboy Crypto Shares Insights on AI Coins – Here Are The Top Watch Al Altcoins
In a recent video, Bitboy Crypto shared his insights on AI coins, which he rated as a niche with a lot of potential. However, he also noted that there aren’t many top projects in this niche, giving it an overall rating of five out of ten. Nevertheless, Bitboy gave a ten out of ten rating to Singularity, Fetch.ai, and a few other top projects.
Bitboy also advised investors to focus on newer projects in this niche, as some of the older ones have already had their run. He recommended Singularity DAO as a project to watch out for, citing its strong relationship with SingularityNET, a decentralized AI network. Singularity DAO aims to empower developers and researchers to build AI applications that are transparent, decentralized, and accessible to everyone.
The Future of AI in Crypto
AI is becoming an increasingly important technology in the cryptocurrency space. As more blockchain-based AI projects enter the market, investors are paying close attention to their potential. AI can help to automate tasks, improve security, and analyze data, among other things.
One of the projects that are leading the way in this space is Fetch.ai, a platform that combines different blockchains into one network. Fetch.ai’s CEO recently shared insights on the company’s 2023 roadmap and micro agent launch. The micro agent launch is expected to bring new use cases for the Fetch.ai network, including in the areas of decentralized finance (DeFi) and non-fungible tokens (NFTs).
The potential of AI in crypto is not limited to these projects alone. Many other projects are also working on integrating AI into their networks. For example, Ocean Protocol aims to create a decentralized marketplace for data, powered by AI and blockchain.
Numeraire is building a hedge fund that uses AI to make investment decisions. And Iexec RLC is creating a decentralized cloud computing network that uses AI to optimize resource allocation.
Crypto YouTuber BitBoy Crypto Disclose His Portfolio: Here’s Which Altcoins He Holds
Bitcoin, the world’s largest cryptocurrency by market capitalization, has climbed to its strongest point since June 2022, reaching a high of $27,002.39. This upward trend comes after a period of volatility in the cryptocurrency markets, with BTC/USD hitting a low of $24,624.74 on Thursday. As a result of this latest rally, the 10-day moving average is now on the verge of an upwards crossover with its 25-day counterpart, a potential indication of a longer-term bull run.
Bitcoin Dominance Sparks Portfolio Debate
In a recent video by famous crypto influencer BitBoy Crypto, the host discusses the performance of his portfolios, noting that he is heavily invested in Ethereum (ETH) and Chainlink (LINK). However, with Bitcoin’s dominance currently increasing, he questions whether it may be worth condensing some holdings and investing more in Bitcoin and ETH.
Despite the recent market volatility, the host remains optimistic about the performance of his portfolios, with assets such as Polygon (MATIC) up 33% and Conflicts (CTF) up 106%. He ultimately decides not to make any changes to his holdings, citing his preference for having a diverse range of coins in his portfolio.
Possible Implications for the Market
The recent increase in Bitcoin’s dominance has led to debates among investors and analysts about the potential implications for the wider cryptocurrency market. Some believe that Bitcoin’s dominance will continue to increase, potentially leading to a sell-off in altcoins and an increase in BTC and ETH prices.
Others argue that a diverse range of coins is necessary for a healthy and robust cryptocurrency market. While Bitcoin and other cryptocurrencies continue to encounter volatility and price swings, it remains to be seen how the market will react to shifting market circumstances and investor sentiment. At press time, BTC is worth $27,401, and Ether is worth $1,819.
Altcoins To Thrive in the Upcoming Bull Market- Do You Hold Any?
The crypto market appears to have gained significant strength as the majority of the tokens have been witnessing a significant upswing in the past few days. However, altcoins like Cardano and Solana who are tough competitors within the DeFi and NFT space, are expected to recover from their losses soon.
Cardano and Solana are among the popular chains that are more focused on DeFi and NFT space. Although Cardano has recorded a couple of milestones, Solana is able to catch up with the pace of competing with the giant Ethereum. At its peak, Solana’s Total Value locked (TVL) crossed $10 billion compared to that of ADA which is around $326 million. Solana is also the among the largest platform for NFTs.
However, Solana suffered dreadful days due to its close association with the FTX exchange. The platform was negatively impacted causing the TVL and NFT training volume to get slaughtered very hard.
In terms of price, Solana had experienced a massive price crash amid the FTX fiasco but soon recovered and sparked a fine upswing since the beginning of 2023. Besides, Cardano’s price remained more stable than Solana’s and is displaying a calculated approach. However, the recent descending trend dragged both tokens toward their yearly lows. While Cardano managed to rebound and rise by 37.32%, SOL price soared by more than 98%.
If we consider the historical data, then Solana has been a better performer than Cardano. But Cardano chain has never halted or faced a downtime like Solana which has registered its first halt after experiencing nearly 8 times in the previous year.
Therefore, both altcoins are expected to thrive once the crypto space flips from bearish captivity.
Coinbase Delisting Six Major Altcoins: Here’s The Real Reason!
Coinbase Global, the largest digital asset trading platform in the U.S., has announced that it will suspend the trading of six major cryptocurrencies from its platform. The decision comes after a routine internal review carried out by the exchange for the month of March.
Reasons for Delisting Six Altcoins
In a recent tweet, Coinbase stated that it periodically monitors the assets on the exchange to ensure they meet the company’s listing standards. Following an assessment and subsequent reviews, the exchange has decided to suspend the trade of six altcoins. These cryptocurrencies are Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP).
Suspension of Trading and Fund Accessibility
Coinbase has informed its customers that trading of these altcoins will be suspended across all levels, including basic and advanced levels, and across all platforms, including Coinbase Pro, Coinbase Exchange, and Coinbase Prime. However, customers will still be able to access their deposited funds and withdraw them whenever they choose to. The suspension will take effect on March 29, 2023.
Price Reaction to Coinbase News
As soon as the news of the delisting was made public, the prices of all six cryptocurrencies experienced a significant decline. Augur, with a market cap of $91 million, saw a sharp fall of 2% within minutes of the announcement and is currently trading at $8.2.
DFI Money and OMG Network also suffered a similar drop of 1% and 1.12%, respectively, in the same time frame. In contrast, the native token of the Loom Network, LOOM, outperformed the other tokens by increasing by 0.25% in the past half-hour.
Coinbase’s decision to delist these six altcoins reflects the exchange’s commitment to maintaining high standards of listing and protecting its customers’ interests. While this may have led to a temporary decline in the prices of these cryptocurrencies, the market is likely to adjust as investors and traders look for alternative platforms to trade them.
However, this decision by Coinbase also raises questions about the future of these cryptocurrencies, their viability in the market, and the role of exchanges in regulating the crypto space. Will other exchanges follow in Coinbase’s footsteps? Will the delisted coins recover in price on other platforms?
Is This the Best Time to Buy Altcoins? Can We Expect an AltSeason in 2023?
The crypto market is surging! The Bitcoin (BTC) price is rising! The global crypto market cap is recovering! – Is this an indication that the bearish dominance is fading? If this is the case, why aren’t the altcoins rallying heavily?
XRP, one of the popular altcoins within the top 10 cryptos, has failed to record a single percent price jump in the past couple of days. The Ripple vs SEC lawsuit has approached a crucial juncture and is believed to go in favor of the company. The XRP price is stuck below $0.38 for a long time, making it one of the pivotal resistance levels to achieve.
Besides, Binance Coin soared beyond $300 during the previous trading day and continues to hover around the threshold. The founder of the Binance exchange, CZ, recently announced to the conversion of $1 billion BusD from the Industry Recovery Initiative Funds to native crypto like BTC, ETH, BNB, etc. The massive injection fueled the BTC price high but left out the BNB price which is stuck around $300.
Cardano (ADA) price has displayed a bearish reversal after rebounding from the bottom at around $0.308. The price was on its way to forming a v-shape recovery, but the bears have currently halted the rally below $0.35. However, the bulls are fighting to push the price beyond these levels, but they do not appear to be strong enough which may trigger another bearish wave soon.
MATIC & DOGE
Polygon (MATIC) & Dogecoin (DOGE) are displaying some strength as they record more than a 3% jump each, but the bears have entered the play. Both the tokens are facing counterattacks from them, which has drained the strength of the bulls. While technicals suggest the bullish trend may prevail, the possibility of a bearish reversal looms.
Collectively, the prevailing bullish trend is strengthening due to the bears remaining silent. Although Bitcoin prices are flying high, major altcoins are consolidating and may even begin to shed some of their gains. Therefore, it’s very tough to determine whether the Altseason may occur in 2023 or not, given that the current price rally may also be the biggest bull trap ever.
Top Altcoins Set for a Massive Breakout This Week, Experts Reveal Potential Levels
In the past week, crypto investors experienced trauma as several macro events caused a significant loss of funds from the global market cap. The crypto market was hit hard by the collapse of the SVB, which led to the depegging of the USDC stablecoin, reminding investors of the risks involved. However, the recent announcement of a $25 billion bailout by the Fed and Circle’s assurance of 100% USDC reserve recovery has resulted in the USDC stablecoin returning to its dollar peg. This, in turn, has sparked a massive spike in accumulation in the altcoin market, which may propel top assets above their breakout levels this week.
Will The Altcoin Market Rebound This Week?
On Monday, leading altcoins gained the spotlight following the announcement by US authorities to contain the consequences of Silicon Valley Bank’s (SVB) downfall. Additionally, the issuer of the USD Coin stablecoin reassured that it still can be exchanged for the dollar.
As the effect from the collapse of SVB will be short-term, investors are again making bets in the altcoin market for the long-term, and the following assets may soon fulfill the bullish goals.
Polygon (MATIC) Price Analysis
After forming a long bearish pattern in the price chart, MATIC has finally taken support near $0.94, from which the token is rebounding above its 23.6% Fib level. However, the EMA-50 trend line resistance has become a barrier as MATIC struggles to trade above $1.16. The addition of Covo finance and the upcoming launch of the much-anticipated zkEVM mainnet on the Polygon network may send MATIC’s price to new highs this week.
As of writing, the MATIC token trades at $1.19, with a gain of nearly 10% in the last 24 hours. A prominent crypto analyst, Weslad, predicts that MATIC’s price may soon break its crucial resistance of $1.5 and head toward the vital resistance of $3.4. However, after a minor downward retracement, MATIC may initiate its final wave to $13.
Lido DAO (LDO) Price Analysis
Lido token has broken multiple resistance levels today as it witnessed a massive spike in trading volume near the support level of $1.9. As of writing, the LDO token trades at $2.77, with an uptick of over 30%.
Analyzing the daily price chart, the LDO token is preparing to surge above the immediate resistance of $3.2, above which the token may reach a new high at $4. However, a failure to hold its current uptrend will result in a severe downtrend to $2.
The Graph (GRT) Price Analysis
The Graph token has been trading near a crucial breakout region after surging above EMA-50. As of writing, the GRT token trades at $0.14 with a gain of nearly 25%.
Looking at the 8-hour price chart, the GRT token may break $0.15 and spark a massive pump to $0.17. Moreover, the crossover of the RSI line and SMA-14 suggests a potential breakout for the GRT token this week.
Crypto Market Crash: Altcoins Plunge as Crypto Whales Offload Holdings
The cryptocurrency market is known for its volatility, and the past few days have been no exception. Some altcoins have been experiencing a massive sell-off, and the reason behind it may be the whales offloading their holdings. Crypto whales are individuals or entities that hold a large amount of cryptocurrency, and their actions can have a significant impact on the market.
The Altcoins Dumped by the Whales
According to Ran Neuner, the host of the popular YouTube channel “Crypto Banter,” altcoins are currently being dumped by the whales, adding additional supply pressure to the market. He believes that this is the reason why certain altcoins have sold off more than others. Neuner pointed out that the worst-performing tokens right now belong to Voyager, a crypto brokerage firm that owes its creditors $500 million.
The graph indicating Voyager’s Ether balance shows a sharp decline in the last couple of days. They have been sending 7 to 8 figures of crypto to Winter Moon and Coinbase daily. Neuner shared a screenshot of Voyager’s main portfolio, which includes assets like Decentraland (MANA), Phantom (XRP), Apecoin (APE), and Uniswap (UNI).
Neuner stated that the sell-off is putting additional pressure on a lot of these other alts. He warned that it’s much worse for top-end tokens like Shiba Inu (SHIB) and Chainlink (LINK), which are where the majority of the sell volume is happening. However, it’s still putting pressure on many other altcoins.
The Voyager Sell-Off
Voyager has been aggressively selling off its crypto holdings to pay off its creditors. This has put a lot of pressure on the altcoin market, as these assets are getting hit a lot more than other alts. Neuner noted that Voyager-related altcoins are significantly dropping, including Ether, SHIB, and LINK.
The Impact on the Market
The impact of the sell-off is felt more by altcoins that do not have as much volume, do not have as many buyers, and are not as popular. Neuner stated that the sell pressure did not matter when there was enough demand in the market. But with sentiment being so low and buyers not wanting to buy as aggressively, Voyager still needs to sell its assets to pay off its creditors.
Neuner advised investors to be cautious, especially with top-end tokens like Shiba and Link. These tokens are getting hit the most, but other alts are also being affected. The Voyager sell-off is putting additional pressure on the already uncertain market. Investors need to be cautious and keep a close eye on the market to make informed decisions.
As Crypto Market Experiences Losses, Whale Activity Surges in Altcoins
The cryptocurrency market led by Bitcoin (BTC) and Ethereum (ETH) has bled profusely in the past 24 hours, with over $323 million liquidated from over 98k traders. According to the latest cryptocurrency price oracles, the total crypto market capitalization has dropped by approximately 7.4 percent to stand at $965 billion on Friday.
The Bitcoin weekly death cross is proving to be a solid psychological resistance despite the new year’s bullish sentiments. With Bitcoin looking to close the third consecutive week on a bearish thesis, the altcoin industry faces more sell pressure in the coming weeks.
As the cryptocurrency market continued to dip during the early London trading session, on-chain analysts have identified increased whale activity in the past 24 hours. According to Lookonchain, a whale dumped about $60 million worth of Bitcoin and Ethereum before the market fell earlier today.
With Bitcoin possibly looking at $17.4k as the next weekly solid support, the bleeding is expected to continue in the crypto market during the weekend or coming weeks.
Are these Altcoins Attempting Recovery?
As the cryptocurrency market continues to correct from the new year’s relief rally, on-chain analytics firm Santiment has identified three altcoins that could recover soon. According to Sentiments analyst Brian Polygon (MATIC), Aavegotchi ($GHST) and Fantom ($FTM) have recorded a sharp uptick in whale activity in the past 24 hours.
For instance, Polygon (MATIC) has recorded a single whale transaction involving 58,885,143 MATIC worth approximately $62.1 million in the past 24 hours. However, Santiment noted that the transaction involved an exchange transfer, which often has little effect on the underlying value.
Similarly, Aavegotchi ($GHST) recorded a single whale transaction of $8.2 million involving centralised exchanges.
Fantom (FTM) has recorded a single whale transfer of about $10.2 million in the past 24 hours.
Bitcoin Price is Falling Today- What’s Waiting for BTC and Altcoins Until the Weekend?
The bitcoin price is falling over the past few days, which was fueled by the recent announcement of the 30% tax on the electricity used for BTC mining that was proposed by Joe Biden, the president of the United States.
Soon after this, the crypto space plummeted, incurring massive losses as the global crypto cap dropped by nearly 7%. In the meantime, Bitcoin failed to hold the crucial support level at $21,500, which directed a steep drop below $20,000. A few days ago, BTC’s price registered a massive single-day surge of nearly $1500; a similar event was witnessed but in an inverse way.
So what’s next for the Bitcoin (BTC) price? Will the price continue to plummet and mark new lows? Or is it just a short-term impact that may be reversed soon?
As Bitcoin’s price heads towards its crucial support level at $19,800, a clear rebound is the need of the hour. If the price fails to hold these levels, the price is believed to drop toward the next strong support level at $18,500, as predicted by a popular analyst at Titan of Crypto.
However, analysts also say that the weekly close may be important, as may a close above the ‘Kijun line’ which is a component of the Ichimoku cloud indicator, located at $20,358. Presently, Bitcoin appears to have reached the ley support levels between $18,900 and $19,600, wherein 1.2 million addresses bought 576,390 BTC.
Therefore, if the price fails to hold at these levels, a mass liquidation may trigger, driving the price extremely low. Besides, if the price experiences a healthy rebound, then a stiff resistance is located at $23,000, where 1.5 million addresses hold 768,870 BTC.
Collectively, bearish clouds haunt the Bitcoin price rally ahead as market sentiment does not appear to be in favor of bulls. Therefore, the upcoming weekend may be extremely crucial for the BTC price and the entire crypto space, as the bears have gained enormous strength, enough to keep the levels restricted.
Altcoins Bleed Heavily as Bitcoin Sheds Huge Gains-Is This the Good Time to Buy?
The fresh rounds of negativity have filled the crypto space as most cryptos have slashed below their respective support zones. The Bitcoin price, which had been holding around $22,300 for a while now, slashed below $22,000 as the fresh wave of regulations knocked off. The prevailing bearish trend is expected to continue as a major update from the US emerges as the most bearish factor for today.
The US President, Joe Biden, proposed a budget that could include provisions to fill in the gaps for tax loss harvesting on crypto transactions. The main aim of the provision is to reduce the amount of trading by crypto investors. Presently, investors can sell at a loss and claim it on their taxes. Further, they buy the same tokens with the claimed amount, which is believed to have been repeated all these days.
With this, the crypto space plummeted significantly, facing acute losses since the early trading hours. Besides, it would be a good opportunity to accumulate some, as the data from Santiment suggests, the markets are flashing a ‘buy’ signal.
The altcoins have heavily bled this week, which has caused many signals for their underbought levels. Prices are believed to remain under bearish influence for a long time ahead, as they are likely to rise while the possibilities of a continued plunge are fewer.
So what’s next? How long will the bearish trend prevail?
The upcoming trend may be closely related to the Bitcoin price trend ahead. The price of BTC is believed to test the lower support close to $21,000 in the coming days. If the bulls are able to maintain an HTF close above these levels, then a lower low may be expected for a while, followed by a bounce. However, the bearish trend may continue until the bulls strengthen.
Top Altcoins for the Day-DeFi, NFT Space Lits Up While Traditional Cryptos Wrangle!
Some of the altcoins are displaying huge momentum and strength that may prevent them from deep dive into a bearish well
Along with the traditional altcoins, some of the DeFi tokens and NFTs appear to be poised to reclaim the lost levels quickly
Traditional cryptos like Bitcoin, Ethereum, Cardano, Ripple, etc. have been trying very hard to maintain a fine upswing. Some of the altcoins, like XRP, Polygon (MATIC), Dogecoin (DOGE), etc., are rising above bearish captivity. Meanwhile, tokens like Avalanche (AVAX), and Fantom (FTM) lead the DeFi space, and NFTs like Decentraland (MANA), and Enjin Coin (ENJ) lead the NFTs.
- The Avalanche price has been bearish for the past few days and has dropped heavily to reach the lower support
- Interestingly, the price has formed a double-top pattern that has bought the momentum lower which may further drag the price still lower
- The volume has been slashed heavily and largely dominated by bears and hence the momentum is believed to remain lower
- In such case, the price may slice through the neckline of the double top pattern formed and reach the lower support
- The FTM price has been dropping heavily but within a falling wedge pattern and after testing the upper resistance
- At these levels, if the price fails to slice through the resistance, may face a massive rejection and plunge hard
- In case of a bullish breakout, the price is believed to rise high to reach the upper resistance close to $0.48
- Else, the bearish pullback may drag the price towards the lower support at around $0.36 in the next few days.
- The MANA price was trading within a rising ascending triangle until the recent price crash
- The price sliced the lower support of the triangle and is currently testing the interim support levels
- However, the price made a significant comeback as price rebounded fairly since the early trading hours
- Woefully, the price rise failed to make an entry back into the triangle and hence may tet back the lower support
Enjin Coin (ENJ)
- The ENJ price appears to have lost its grip over the market and hence is shedding the notable gains since the beginning of the month
- The Bollinger bands after compressions and expansion have now begun with a parallel trend, indicating less variation in the prices
- However, the price has reached the upper resistance of the band and is preparing to undergo a rejection
- The volume has dropped heavily which is hindering the progress of the rally to a large extent
Crypto Market Analysis: Bitcoin, Altcoins Remain Sluggish While Dominance Continues to Surge
The Bitcoin price continues to trade below $22,500 for the fourth consecutive day after the drastic price slash in the first few days of March. While Star Crypto is trying very hard to hold the price levels above the support zone, the bearish action also appears to be ineffective at the moment. Therefore, this has compelled the BTC price, along with the entire crypto space, to trade within narrow bands with slashed volatility.
As mentioned in the above chart, the BTC price in the short term has been trading within very narrow ranges. The Bollinger bands have been squeezed heavily and have maintained a parallel trend for more than a few days now. Hence, considering the volume, a notable price drop appears to be evident, as the bears have currently dominated the rally.
In the meantime, the dominance of Bitcoin and the popular stablecoin, USDT, is also surging notably. However, BTC dominance has some prerequisites for continued growth, like a surge beyond 44% that may only trigger an upswing towards the next levels above 46%. Otherwise, a substantial drop toward 42% could be imminent.
Besides, USDT dominance displays the possibilities of a bullish breakout and surge of more than 15% to 20% by the end of Q1 2023.
In the worst-case scenario, if the prices of the popular cryptos continue to slash and the dominance of USDT remains elevated, then a massive flow from Bitcoin and other altcoins to stablecoins is quite possible in the coming days. In such a case, the BTC price may even drop by as much as 25% to 50% by the end of March.
Collectively, the market sentiments for Bitcoin and other altcoins are bearish, but the future predictions remain bullish. Therefore, currently, when the markets are consolidated, a significant price drop may be expected that could attract new traders to get in before the beginning of the new bull run.
Top Altcoins that May Surge in March – ADA, MKR & FET Price May Make it to the Top Gainers Soon
Most altcoins in the space, including the star crypto, Bitcoin, have been affected by the sluggish market behavior, as they are trading within a very narrow range. However, the altcoin market cap has been increasing since the beginning of 2023 and has entered the bullish range. As a result, a significant breakout may be expected in the coming days, as the whales have already smelt huge profits.
The altcoin market capitalization, which is currently hovering very close to $600 billion, is trading in an ascending manner. Despite the sideways trend, the levels have been sustained above within the bullish regions. Hence, this could be the reason that a couple of altcoins like Cardano, Maker, and Fetch.AI witnessed huge whale activity during the past month.
The whale transactions have been signed up for these 3 prominent altcoins, ADA, MKR, and FET. Whale activity increased by 68% over the previous year, while ADA whale activity increased by 47%. The leader of whale activity is Fetch.ai, which has witnessed a massive spike in whale accumulation of nearly 400%.
Massive whale accumulation may happen only if they are well aware of the upcoming market trend or have any information about the network upgrades. However, the bulls appear to remain vigilant and could jump into action at the right time. As rightly said by a well-known analyst, Micheal van de Poppe, the Bitcoin price may not slide below $22,600 as the markets have begun to rise.
Get Ready for an Altcoin Boom: Coin Bureau’s Top 3 Altcoins For 2023
In the latest interview with Coin Bureau’s Guy Turner, the crypto analyst revealed his top three altcoin picks for the future, and they are definitely worth keeping an eye on. Despite the current bear market, Turner is confident that these projects have the potential to explode in 2023 and beyond.
Algorand – A Large Cap Project With a Bright Future
The first project on Turner’s list is Algorand, a large-cap project that has been making significant developments over the last few years. One of the most exciting recent upgrades to the Algorand network is the State Proofs upgrade, which has greatly improved scalability on the network.
Algorand also boasts a talented team, including Silvio McCauley and others from MIT, who have close connections to powerful people in the US. Algorand is working with various governments to solve transactional issues in countries with hyperinflation, and is aiming to solve the blockchain trilemma of security, scalability, and decentralization.
Thorchain – A Project That Ties Into the Idea of Interoperability
The second project on the list is Thorchain, which allows for exchange across different chains, tying into the important concept of interoperability. This is a huge thing in the crypto space, and Thorchain is well-positioned to take advantage of this trend.
Lido Finance – Liquid Staking Could Be the Future
The third project on the list is Lido Finance, which offers liquid staking. Coin Bureau believes that liquid staking could be a significant niche for the future, particularly as the SEC in the United States is cracking down on staking. Liquid staking could be a game-changer, and Lido Finance is one of the projects at the forefront of this technology.
Ethereum vs. Bitcoin – Does It Really Matter?
Turner also discussed the ongoing debate about whether Ethereum will take over Bitcoin. While he believes that Ethereum will eventually flip Bitcoin, he also believes that the two projects do different things and there doesn’t need to be competition between them. At press time, BTC is worth $23,730 and Ether is worth $1,652.
Can Bitcoin Price Rise Beyond $30,000 in 2023? How May it Impact the other Altcoins?
The crypto markets are currently attempting to rise above their crucial resistance while the bears are trying hard to restrict them below the same levels. Bitcoin price is slowly yet steadily rising high along the trend line that it followed since the beginning of the year. Although the current trade setup is bearish, the BTC price continues to remain bullish in the longer time frame.
Therefore, the star crypto flashes bullish signals in the longer time frame and is believed to raise above $25,000 before the end of Q1 2023. The price is believed to maintain a notable upswing along the trend line and eventually reach levels close to $30,000 before the end of the first half of 2023.
After a bullish half-yearly close, will the BTC price spark another bullish move or begin with a larger consolidation?
A popular and well-known analyst, Micheal van de Poppe, in his recent tweet mentions the possible targets for the altcoins if the BTC price surges beyond $35,000.
Ethereum price is believed to surge beyond $2500 while Litecoin price is beyond $200. Apart from this, the analysts mention the targets for various other altcoins and signal the possibilities of a minor bull run in the second half of 2023. As long as the BTC price sustains above $35,000, the possibility of a continued bull run until the end of the year 2023.
Collectively, the Bitcoin price is primed to undergo a significant drop as the RSI levels are plunging toward the south. This may largely impact the entire crypto space which is stuck within a narrow trend. Hence, a minor retracement could be expected before a notable upswing.
Top 5 Best Bet Altcoins to Watch in March
Crypto analyst Tom Busby has released his latest video discussing the top five altcoins to watch for in March. As we head into the final month of Q1 2023, investors are keen to know where the market is headed.
First on the list is Optimism, currently ranked at 73 and trading at $3. Busby notes that Coinbase is launching an Ethereum Layer 2 network based on Optimism, which could be a significant catalyst for its price. Busby thinks that the collaboration between Coinbase and Optimism is a positive sign and will keep Coinbase competitive.
Next up is Anchor, currently ranked 99 and has been on the market since 2019. Anchor has recently partnered with Microsoft to offer enterprise node services, which could give it a competitive edge. Busby notes that partnerships like this are crucial for crypto projects and could lead to mass adoption. Busby believes that Anchor could reach its all-time high of just under 20 cents of a dollar in the long term.
The third pick on Busby’s list is Stax, up 18% today and currently trading well. Stax has been around since late 2019 and is a layer 1 blockchain solution designed to bring smart contracts and decentralized applications to Bitcoin. Busby believes that if Stax can provide this for Bitcoin, it will keep its competitive edge.
Polygon, also known as Matic, is Busby’s fourth pick. Polygon is doing some amazing stuff behind the scenes, building the Ethereum network’s scalability. Busby notes that they’ve recently partnered with zkEVM launch, which he’ll discuss in more detail in his upcoming video. Busby believes that Polygon could reach its all-time high of just around $2 at $22 or $70 in the long term.
The final pick on Busby’s list is Cardano, currently ranked number seven in the world. Although it had an alright February, Busby notes that there are some bearish signs for Cardano, but it’s still a pick for March. Cardano is partnering with many different companies and countries worldwide, which could be a big thing in the long term.
Busby notes that March is usually a month of bearish price action, and he expects to see the same in 2023. He believes that Bitcoin’s price will continue to drag up and down the altcoins throughout March. Although he believes we could see a sub-20k Bitcoin within the next few months, he’s also optimistic that inflation could come under control quickly, which could change things very quickly.
These Altcoins Can Breakout In Coming Week! Here Are The Levels Traders Should Watch Out
In recent times, there has been a noticeable shift in sentiment among crypto investors towards altcoins, as opposed to Bitcoin. This shift is partly attributed to the growing understanding of altcoin’s diversity and future potential beyond Bitcoin’s dominance. Altcoins, such as Tezos, SingularityNET, and LUNC, has garnered significant attention this week, which may send them to new highs soon.
Altcoin Traders Are Closely Watching These Assets!
The cryptocurrency industry has experienced a remarkably positive first quarter of 2023. The industry has exceeded expectations despite earlier projections from investors predicting a short-lived bull run at the beginning of the year. In addition, several altcoins have emerged with a transparent roadmap, surpassing Bitcoin’s dominance in the market.
Tezos (XTZ) Price Analysis
Despite the ongoing market downturn affecting most cryptocurrency prices, Tezos’ (XTZ) value has gained significant attention due to Google Cloud’s partnership. Tezos may make a bullish reversal in the coming week with a target of $1.75.
As of writing, the XTZ token trades at $1.25 with a decline of 8%. Looking at the daily price chart, the Tezos token is currently on a downward trajectory and is aiming to test its support near EMA-100 at $1.1. However, as the RSI is still in a bullish region with a spike in buying pressure, the XTZ token may rebound next week and head toward the resistance of $1.75.
SingularityNET (AGIX) Price Analysis
As AI platform ChatGPT’s popularity is constantly rising, AI altcoins like AGIX have gained enough attention to break their upcoming resistance levels in the next week. AGIX is currently trading at $0.42, with a gain of 6.5% in the last 24 hours.
On the 4-hour price chart, the AGIX token has formed a triangle pattern with the potential of breaking its 31.8% Fib level. If AGIX breaks above $0.45, it may witness an exponential surge to its Bollinger band’s upper limit of $0.66.
Terra Luna Classic (LUNC) Price Analysis
The price movement of Luna Classic is currently in an intriguing position that indicates the potential for an upward trend in the near future. However, this projection is not as simple as it appears. To initiate this bullish surge, LUNC must first overcome a resistance confluence.
LUNC price is currently trading at $0.00016 with a minor downward retracement. In late November 2022, Luna Classic’s price formed a consolidation of 31% between $0.000145 and $0.000194. As of now, the altcoin is still trading within this range without any significant movement. A breakout above the EMA-100 and $0.0002 will push the LUNC token beyond $0.00027 by next week.
Top Altcoins Which May Recover From the Ongoing Bearish Trend
The crypto space has been extremely volatile in recent times as the top crypto assets have been hitting their resistance and support levels constantly. In the meantime, some of the altcoins appear to be ready for a massive explosion but refrain from it themselves due to the ongoing sluggish market conditions.
Below are the top altcoins that may recover quickly as the BTC price rebounds.
XRP price has displayed significant strength in recent times and has held strong despite the markets being largely dominated by the bears. The price witnessed a sudden drop during the early trading hours, due to which it slipped from $0.3891 to $0.3771. However, the price continues to remain within bullish captivity as it trades along the lower trend line. Although, the RSI is bearish presently, the price is displaying the possibility of a bullish breakout soon.
Polygon has been displaying extensive strength as the price maintained a fine rally toward the higher targets. The MATIC price has recovered the loss incurred due to the market crash in May 2022. The price amid the upswing triggered since the beginning of 2023 and has been maintaining a steep upswing since then. Despite the bearish market trends, the price is believed to rebound quickly with a slight relief from the bearish trend.
Optimism price soared high before the Ethereum Merge and continued to rally high at the beginning of 2023. Presently, the asset has been failing to surge above $3.1 as it is being rejected each time it visits. But the social dominance of the token is rising along with the sentiments. Hence, a fine upswing could be imperative this week.
Shiba Inu (SHIB)
Shiba Inu price was undergoing a parabolic recovery, but the bears restricted the price below $0.000015 as they dragged the price close to $0.000012. Currently, the price is trying to break out from the consolidation and ignite a fine upswing soon. However, the depleting RSI could be a little matter of concern, therefore, a decent pullback could be imminent to find the bottom below $0.000012 before triggering a rebound.
Altcoin Season Is On The Horizon! These Altcoins May Print Impressive Bullish Momentum Soon!
In the past week, several altcoins have experienced substantial gains, with some seeing double or even triple-digit increases. However, the top two cryptocurrencies, Bitcoin and Ethereum, have remained relatively stagnant without impacting the overall market as they have continued to consolidate their position without significant upward momentum.
Altcoin Traders To Enjoy A Bullish Ride Soon
The last week has shown the bottom price levels to traditional crypto investors, including Bitcoin and Ethereum, forcing the crypto market to shift their attention to the top-notch altcoins for investment.
Altcoin traders are now eagerly awaiting the upcoming bullish season as the metric Altcoin-Season index is heading toward 75, currently trading at 41.
Stacks (STX) Price Analysis
The STX token has surged over 160% in the last few days as it has witnessed a steady growth in NFT activities on the Stacks blockchain amid the Bitcoin NFT (Ordinals) hype.
As of writing, the STX token trades at $0.87, with an uptrend of over 10% in the last 24 hours. Looking at the daily price chart, STX price may build a bullish trend continuation as it forms a cup-handle pattern. A breakout above $0.89 will send the token to trade near the next resistance of $1.03.
Aptos Price Analysis
Aptos price is preparing for a 50% upswing this week as it has taken support above the EMA-50 trend line. According to CoinMarketCap, the Aptos token trades at $13.79, with a gain of 5.53% from yesterday’s price.
Observing the 1-day price chart, the Aptos token has formed a ‘W’ pattern, which signifies a potential bullish rally if APT breaks above the EMA-20 trend line at $14.2. If it gains buyers’ confidence and pressure, the APT token may surge above $16.3 this week. Moreover, the SMA-14 forms a bullish divergence with the RSI-14, hinting at a 50% upswing soon.
Lido Dao Price Analysis
Lido Dao has been on an upward rally, getting continuous support from bulls with solid buying pressure. After forming a bottom at $2.63, the LDO token has broken its 31.8% Fib level and has continued to surge.
As of writing, LDO trades at $3.12, with a gain of nearly 10% in the last 24 hours. APT is currently moving near the immediate resistance level of $3.2, and a push above this may take the LDO token to $4.
Altcoins in Correction Mode: Is it the Perfect Time to Load Up Your Bags?
The market has corrected this due to Bitcoin’s failure to cross the $25,000 barrier. Losses in altcoins are far greater than those in Bitcoin, which may be the result of an earlier correction in altcoins.
An Analysis Of Key Market Indicators
Michael van de Poppe, a prominent crypto analyst, suggests that the market’s overall trend is upward, as Bitcoin has risen from $16K to $25K in just a few weeks. If Bitcoin breaks through the $25K mark, it could easily blast through 30K and higher. However, Bitcoin’s failure to break through that crucial resistance level suggests that the market may be on the edge of another correction.
Van de Poppe notes that the Nasdaq is showing weakness, making lower highs and lower lows, indicating a potential drop back into the range. The SMP is also turning around, indicating a sustained correction. The dollar index is showing strength, as is the ten-year yield, which is approaching FOMC minutes. If the minutes indicate that the policy will continue, there could be continued strength in the yields.
Consolidation Could Be Essential In The Long Run
The famous expert suggests that Bitcoin needs more consolidation before it can continue rallying. A retest of $22.4k or a correction to $23.6k to $23.2k could be a good entry point. The correction in Bitcoin also provides an opportunity for Altcoins to be bought at a significant discount.
In terms of Altcoins, Van de Poppe suggests a long entry point for Chainlink (LINK) at the $7.25 area, and for Ethereum (ETH) at $1600. He notes that Conflux (CFX) is correcting, and a potential short trigger is around 33.5 cents. Fantom (FTM) is showing some momentum, and he is interested in taking long positions at around 48 cents.
While the correction is healthy for the market, it does not necessarily mean a bear market. As long as the market stays within the entire build-up, there is still a chance for continued upward momentum.
As always, make sure to stay up-to-date with the latest crypto news and analysis, and do your own research before making any investment decisions. Bitcoin was worth $23,999, and Ether was valued at $1,636 at the time this article was written.
These 3 Altcoins Could Go Parabolic By SEC’s Latest Regulatory Crackdown
In the United States, regulators have been grappling with the classification of crypto assets as securities, property, or something else for quite some time.
Recently, the Securities and Exchange Commission (SEC), the most stringent regulator, has ramped up its crackdown on crypto staking. In response to this move, let’s take a closer look at how this decision could impact three specific altcoins: Lido DAO (LDO), Rocket Pool (RPL), and Ankr Network (ANKR).
This analysis has been provided by CryptoBusy’s Tom Busby.
Lido DAO (LDO)
Lido is a decentralized liquid staking provider that has been performing well recently. Its 7-day chart and 30-day chart demonstrate an 8% increase in the past 24 hours and a 30% increase over the last thirty days. If the SEC bans centralized staking providers in the US, Lido will benefit greatly. Currently, Lido’s market share is at 25%, while the largest US exchange Coinbase only holds 11.5%. As a result, a majority of cbETH, which likely originates from US customers, could be freed and transferred to Lido, boosting its value.
Rocket Pool (RPL)
As a decentralized Ethereum liquid staking pool, Rocket Pool stands to gain significantly from the US’s restrictions on cryptocurrency staking. Investors will be forced to turn to alternatives, such as Rocket Pool, which has already seen its value increase by 6.7% in the last 24 hours and 43% in the previous thirty days.
Ankr Network (ANKR)
Ankr has the most potential for future expansion among the three altcoins mentioned. Its coin value has risen by 11% in the last 24 hours, and it will likely emerge as the ideal option for investors looking for an alternative when centralized staking is outlawed in the United States.
USA CPI Reports being Out Tomorrow-Here’s What You Can Expect from Bitcoin & Altcoins
The economic calendar for the week is set as multiple events may knock in disturbing the entire crypto space. The Bitcoin price which dropped below $22,000 a few days ago, is unable to make it above the levels However, the much-expected US CPI report is expected to roll out in the short while which may impact the entire crypto space soon.
The impending week is expected to be extremely crucial for the markets as Retail sales data and PPI & the Jobless claims data on Wednesday and Thursday following the fresh inflation rates on the coming Tuesday. Moreover, a significant portion of the S&P 500 companies, nearly 10% are set to report their earning.
Will the crypto market be affected? If yes, then whether the levels may surge or drop.
The Bitcoin price along with the other altcoins has been facing significant selling pressure which could be impacted by the upcoming CPI rates. The rejections are appearing similar to the previously failed breakouts. Therefore, a popular analyst, Micheal van de Poppe suggests his 647.8K followers not to expect to earn tons of profits, trading the event.
The estimated CPI data is expected to be around 6.2% against the December rates which were around 6.5%. Therefore, significant volatility is expected in the coming days as the CPI rates have been heading toward the bottom of the cure which reached the peak in July 2022 at 8.7%. Hence a notable BTC price plunge is expected after the release of new rates as a rate of more than 6.1% could trigger a decent downswing.
Besides, if the fresh CPI rate is below 6.1%, then the markets may react positively, uplifting the price beyond $22,000. However, if Bitcoin & other crypto prices continue to be down until the CPI data release, then one can expect the data to be weak which may push the BTC price higher. However, the markets have been experiencing a minor upswing each time previously and hence a similar impact is expected to repeat until the weekend.
These Altcoins May Fly To New Highs Next Week! Here’s Where Litecoin, ApeCoin, And Aptos Prices Are Heading
The SEC’s bold move on crypto exchange Kraken and suspension of the staking program has sent shockwaves to the altcoin market as many investors are leaving the sector. Hence, altcoin traders are wondering whether this is the start of another crypto winter or just a temporary correction in the market. However, market analysts state that this correction is temporary as the market gained astronomical value in January.
Altcoins Seem To Get Less Influenced From Market’s Dip
Though Bitcoin’s price has witnessed a massive fall, it did not influence altcoins to experience the same. Moreover, BTC investors are switching their attention to the altcoin market as altcoins’ dominance usually surges whenever the BTC price makes a dip.
Litecoin Price Analysis
The altcoin market has already started its recovery rally, and Litecoin is leading a significant role. LTC price has taken support at $90 after a steep fall from the $100 mark. Analyzing the daily price chart, Litecoin is preparing for a big test this week as it surges above the 23.8% Fib retracement.
As of writing, LTC trades at $93.5, with an uptrend of over 2% in the last 24 hours. It is predicted that LTC’s price may test its resistance at $95.79; if it breaks, we can see LTC’s price trade near the next resistance level of $97.77.
Aptos Price Analysis
Aptos labs is continuously expanding its sector as it recently invested in the web3 social media app, Chingari. Hence, the Aptos token has dominated the altcoin market and marked a remarkable price momentum in the last few hours. As of writing, APT is trading at $14.15 with a gain of nearly 10%.
As previously reported by Coinpedia, Aptos is validating our prediction as it has defended its support at $12 and made an upward retracement above the 31.8% Fib level. Therefore, if Aptos surges above the immediate resistance level of $15, it may follow our projected price trend and head toward its Bollinger band’s upper limit of $18.36, above which the altcoin may continue its bullish trend for the next few weeks.
Apecoin Price Analysis
Apecoin gets into the top position in the market’s gainer list as it surged over 6% in the last 24 hours and is currently trading at $5.24. The current price trend forms an ascending channel pattern which may push the Apecoin to its resistance of EMA-20 at $5.53 in the next few hours.
The Stochastic RSI makes a reversal with the spike in trading volume, and RSI-14 enters a bullish region near the level of 45, which creates more room for the altcoin to ride higher. A breakout above $6.1 will continue the bullish trend next week as investors are getting into this altcoin.