Crypto Market Analysis: Top Altcoins to Watch Amid Bitcoin’s Latest Correction
Release: 2024/05/24 20:28 Reading: 338
Crypto Market Analysis: Top Altcoins to Watch Amid Bitcoin's Latest Correction
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The leading cryptocurrency, Bitcoin, has fallen for four consecutive days, disrupting the bullish sentiment initiated by Ethereum earlier this week amid developments in Spot ETH ETF. The U.S. Securities and Exchange Commission (SEC) has recently greenlit Form 19b-4 applications for eight notable Ethereum exchange-traded funds (ETFs), as reported by Wu Blockchain.
The ETFs, spearheaded by industry giants such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton, are yet to activate their S-1 registration statements before trading can commence. Although the timeline for this final approval phase remains uncertain, Bloomberg analyst James Seyffart estimates that the process could span several weeks. This development marks a significant step forward in the integration of cryptocurrency into mainstream financial services.
Thus, the ETH price shows notable resilience; the $3650 level of other altcoins like Pepe coin (PEPE) and Lido DAO (LDO) signals an opportunity for a prolonged rally.
1) Ethereum (ETH)
Ethereum is a decentralized, open-source blockchain system that features its own cryptocurrency, Ether (ETH). It stands out as a foundational platform in the blockchain ecosystem due to its pioneering of smart contracts—self-executing contracts with the terms of the agreement directly written into code.
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Ethereum (ETH)| Tradingview
Last week, Ethereum (ETH) began its recovery phase after a strong bounce from the $2860 monthly support level. This bullish reversal led to a more than 30% increase in its value, with the coin now trading at around $3696. Concurrently, Ethereum's market capitalization rose to $443.6 billion.
This recovery gained notable momentum following the development around Spot ETH ETF. While the broader market showed a notable sell-off this week, the ETH price sustained above $3650 indicating the active buying pressure from below.
The aforementioned level may act as a suitable support for ETH to push its next recovery leap to $4090, followed by $4430.
2) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a cryptocurrency that capitalizes on the viral internet character Pepe the Frog, positioning itself within the meme coin category alongside others like Dogecoin and Shiba Inu. PEPE operates as an ERC-20 token on the Ethereum blockchain, which is known for its security provided by the Proof-of-Stake consensus mechanism.
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Pepe Coin (PEPE)| Tradingview
The PEPE price has been riding a steady rally for the past six weeks under the influence of an ascending trendline. A recent reversal from this support on May 20th has propelled the asset 54% to trade at the $0.0000138 mark currently.
As per CoinMarketcap, the Pepe coin holds a market cap of $5.93 Billion, while the 24-hour trading volume is at $3.9 Billion.
The Support/Resistance indicator— Pivot level shows the rising PEPE price may witness overhead supply at $0.0000165 and $0.0000189, while the support levels are at $0.0000108, and $0.00000109.
3) Uniswap (UNI)
Uniswap (UNI) is a leading decentralized finance (DeFi) protocol known for facilitating automated trading of decentralized tokens on the Ethereum blockchain. It distinguishes itself through the use of a unique trading model called an automated liquidity protocol, where users pool their assets to form liquidity pools.
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Uniswap (UNI)| Tradingview
Over the last five weeks, the UNI price has predominantly fluctuated within a narrow range between $8.35 and $6.6. This lateral movement occurs at a critical support juncture, marked by the 78.6% Fibonacci retracement level and an ascending trendline (illustrated by the blue line), signaling a significant accumulation zone.
On May 20th, the buyers gave a decisive breakout from the pattern's overhead resistance signaling a major trend reversal. The Uniswap coin currently trades at $9.44 and holds a market cap of $5.65 billion.
If the breakout sustains, the coin buyers could lead a rally to $10.3 followed by $13.3.
Key Takeaway
The altcoin market remains notably resilient amidst a Bitcoin correction, bolstered by advancements in the development of a Spot Ethereum ETF, which has sustained bullish momentum. Ethereum's price stability above $3650 confirms continued strong buying interest in the market.
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