Altcoins
Analyst expects gains of up to 40% this week
- Altcoins are showing signs of recovery, with potential for significant gains.
- Analysts point out strong market movements and positive technical patterns that signal an uptrend.
THE altcoins The stock market is showing signs of reversing its recent downtrend, having fallen from a peak of more than $1.26 trillion in March to a low of $960 billion on June 24.
With the arrival of July, a significant rebound has been observed. In the past few days, the altcoin market has surged by almost 3%, once again surpassing the $1 trillion mark, currently valued at $1.025 trillion.
This recovery of the altcoin market is closely linked to a parallel recovery Bitcoin [BTC]BTC has seen an increase of about 2.7% over the past week, with prices fluctuating between $62,000 and $63,000.
An analyst at The Sniper Trading Show by Crypto Banter highlighted that the fact that Bitcoin has been trading in this range indicates a bullish push over the last 24 hours, exemplified by the formation of a “pin bar” candlestick.
Such a pattern often hints at a potential bullish reversal. During The Sniper Trading Show, the analyst pointed out how bulls pushed the price higher at the weekly and monthly close. This signals strong upward momentum.
Altcoins could surge by 40% this week
The analyst noted that altcoins, including big names like Solana [SOL]are demonstrating significant activity. Analyzing the Ethereal on the Bitcoin chart, highlighted a possible trend reversal and a recovery in the value of Ethereum.
He noted that many altcoins are showing potential on higher time frames. With strong RSI levels indicating a bullish divergence, these coins could soon surpass both Ethereum and Bitcoin.
Additionally, the overall sentiment in the cryptocurrency market seems to be changing in a positive direction. The analyst highlighted the decreasing dominance of USDT as a sign that the market bottom could be forming, paving the way for substantial gains.
This sentiment is reinforced by the strategic movements of coins like Cardano [ADA]RUNA, Injective [INJ]Chain link [LINK]Ghost [FTM]Solana and Polkadot [DOT]all elements that are forming bullish patterns that could lead to significant price increases.
In particular, the analyst expects a solid performance for altcoins in the coming week, predicting gains of 20-40%.
While he is bullish on altcoins, he maintains a more cautious view on Bitcoin, predicting a gradual increase in its price without foreseeing an immediate surge to $70,000.
Bullish Signals Observed: Cardano as a Case Study
To assess potential bullish trends in altcoins, Cardano [ADA] serves as an illustrative case study. We will be looking at Cardano’s key metrics for any notable signs of upside. It may perhaps lend more credence to the analyst’s prediction of a 40% increase for altcoins.
First, it’s worth noting the asset’s market performance: ADA has shown solid performance recently; it’s up 2.5% over the past day, continuing a week-long uptrend that has seen a total increase of over 5%. ADA was trading at $0.4064 at press time.
The asset’s open interest, a measure of the total number of outstanding derivative contracts, such as futures and options, that have not been settled, reflects the rising trend of its prices.
Second Coin glassADA’s open interest increased by 3% in a single day, now reaching $223.28 million.
The surge is in line with a roughly 1% increase in open interest volume, which now stands at $257.59 million, demonstrating growing engagement among traders.
Source: Coinglass
Additionally, whale activity in the ADA has also seen a significant increase. Data IntoTheBlock’s latest data reveals a sharp increase in large transactions (over $100,000), from less than 4,000 transactions last month to over 5,000 transactions today.
This increase in high-value transactions is an indicator of growing interest from major investors, which could positively impact the price of ADA.
Source: IntoTheBlock
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These solid metrics in ADA trading activity suggest that both Cardano and the broader altcoin market may be gearing up for a bullish surge, as predicted by Crypto Banter analyst.
This optimistic scenario was further supported by an earlier report from AMBCrypto, suggesting that the recent negative sentiment around ADA could be a harbinger of a significant price rebound.