Altcoin
How These 3 Altcoins Could Gain from Ethereum ETF Launch
Finally, the spot Ethereum ETFs debuted on July 23 after a long-awaited period and numerous delays. However, ETH, the native cryptocurrency of the Ethereum blockchain, is not the only one in the spotlight.
Altcoins, some of which have their fundamentals linked to the blockchain and share a strong correlation with it, could benefit from the development. Here are the top three altcoins that historical trends show could gain from the ETH ETFs.
Thanks to Ethereum, Uniswap (UNI) Is Prepared to Climb
Uniswap is the largest decentralized exchange for trading cryptocurrency tokens via liquidity pools on Ethereum. Because of this connection, UNI, its native token, strongly correlates with ETH.
BeInCrypto confirms this after assessing data on the correlation coefficient provided by Macroaxis. As such, it is one of the altcoins that could gain from the spot Ethereum ETF launch.
Currently, UNI trades at $7.57. Its 21.31% decrease since the start of the month suggests that it could have provided a “buy the dip” opportunity.
Apart from that, crypto whales seem to be giving credence to the bullish potential, and they have recently accumulated UNI in droves. In addition, the Awesome Oscillator (AO) is flashing green histogram bars, suggesting that the downward momentum could soon begin heading in the upward direction.
If validated alongside continued large accumulation, UNI’s price could rise above $8 in the short term. Should bulls continue to keep bears out of the way, the value of the token may rise as high as $9.40 or $10.03.
Read More: How to Invest in Ethereum ETFs?
However, Uniswap’s bullish bias may not materialize if ETH’s price underperforms. If this happens, the token’s price may slip to $6.76.
Pepe (PEPE) on the Brink of Another Rally After Recent Breakout
This altcoins list will be incomplete without a notable mention of Pepe (PEPE), the top meme coin built on Ethereum.
PEPE recently broke out of a descending channel pattern. This pattern indicates a downtrend, with specific resistance and support levels at the upper trendline and lower trendline, respectively.
The breakout result saw the token rise to $0.000013 earlier before it retraced to $0.000012. While the altcoin continues to swing sideways, the Accumulation/Distribution (A/D) line reveals that buying pressure is slowly improving.
Also, the Relative Strength Index (RSI) remains above the neutral line. The RSI indicates momentum, and when it is above 50.00, it means bullish momentum is present, which is the case with PEPE.
Should ETH’s price rise toward $4,000, PEPE will likely be one of the altcoins that will make a stronger move. If this happens, the token’s price may retest $0.000015 for a start.
Ethereum Name Service (ENS) to Hit $34 After Bitwise Disclosure?
Earlier, we reported that ENS showed signs of what could be possible with the approval of the spot Ethereum ETFs. Moments later, the cryptocurrency’s price reached our prediction of around $28.35.
However, it does not end there. On Tuesday, July 23, Bitwise Invest, one of the ETF issuers, announced that it will become the first ETF to add ENS subnames for each address.
According to its post on X, using the Ethereum Name Service will allow transparency in verifying its holdings.
“This is the sort of transparency only crypto makes possible. It allows anyone to verify ETHW’s holdings and flows directly on the blockchain.” The post mentioned.
This development, and more, makes ENS one of the altcoins that could benefit from the Ethereum ETF launch. The chart below shows how ENS has been ascending and hitting support levels at higher prices, which has been vital to the recent increase.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
Furthermore, the Moving Average Convergence Divergence (MACD) is positive, reflecting a slightly bullish momentum for the token. If sustained, ENS price could break the $30.00 resistance and reach $34.32.
However, if the token fails to surpass the overhead resistance, the price could decrease to $26.61.
Meanwhile, some analysts have expressed skepticism about the quick impact of the ETFs on altcoin prices. One of them is Konstantin Shulga, CEO and co-founder of Finery Markets.
According to him, the spot Ethereum ETFs will get a good level of inflows. However, he notes that it could take some months before the broader market reacts to it.
“The full impact of ETF approvals on the market may not be fully realized until six to nine months later, as it typically takes this time for the products to be fully integrated into financial players’ product portfolios and gain widespread adoption,” Shulga told BeInCrypto
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Pi Network seems to be losing ground as Pi Coin price continues to face strong selling pressure, dropping another 4% and slipping under $0.70. Furthermore, the PI trading activity in the ecosystem is also dropping, showing that the investors’ euphoria is fading away quickly. Also, the PI token unlocks happening over the past week and so have led to a negative sentiment.
Pi Network Faces Backlash Despite PiFest Announcement
Earlier today, the Pi Core team announced that the inaugural PiFest on the Open Network saw record participation, with over 125,000 registered sellers—including more than 58,000 active sellers—and 1.8 million Pioneers utilizing Map of Pi, while highlighting Pi’s real-world utility worldwide.
However, the community doesn’t seem to be pleased by this. Commenting on the reality of the PiFest, Dr. Altcoin noted: “Since the PiFest started, Pi trading activity in the Eco-system has been at its lowest. The only trade was selling Pi for Cash”. While slamming the core team further, Dr. Altcoin stated that the Pi co-founders “seem out of touch with the realities of the everyday Pi Community”.
Other community members have slammed Pi Core Team’s communication approach, stating that it has remained unchanged since the enclosed mainnet phase. Critics like Dao world argue that the monthly updates are too predictable and insufficient for sustaining a large and engaged community.
Community members are now advocating for a more transparent communication strategy, with calls for a new leadership figure who has a deep understanding of cryptocurrency.
Pi Network Reduces Base Mining Rate by 1.18% This Month
The Pi Network’s base mining rate has dropped by 1.18% this month, now standing at 0.0029030 π per hour. This adjustment continues the network’s trend of gradual mining rate reductions. Some community members speculate that the declining interest in mining may be linked to Pi’s current low trading value on exchanges.
Despite talks of the Pi Network listing on top crypto exchanges like Binance and Coinbase, it hasn’t fructified so far. However, the BTCC exchange stated that it has added the cryptocurrency for spot trading, but it failed to add any upward momentum to the Pi coin price.
Where’s Pi Coin Price Heading Next?
Over the past seven days, the Pi coin price has tanked by 20%, with the next crucial support levels at $0.60. Furthermore, the correction under $0.70 comes with heavy selling pressure as daily trading volumes tanked 52% to $148 million.
Pi Network is currently forming a classic falling wedge pattern, testing the lower boundary near $0.687. A confirmed breakout with volume above the $0.71–$0.72 range could signal a bullish move, potentially pushing the price toward $0.75–$0.78, where key resistance levels lie.
Some market analysts still have the hope that PI cryptocurrency could reverse the trajectory to hitting highs of $3 and above.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
PENDLE price has led the broader market gains this Wednesday, pumping nearly 8% amid bullish developments. Recent whale metrics indicated that large-scale investors bought roughly $8 million of the token, whereas a crypto exchange behemoth also listed it previously. In an upshot, traders and investors are eyeing more gains in the asset’s price due to recent advancements that underscore rising demand for the crypto.
PENDLE Price Jumps 8% Amid Bullish Whale Transactions
As of press time, PENDLE price witnessed an 8% uptick in value and exchanged hands at $3.05. The crypto’s 24-hour low and high were registered as $2.84 and $3.07, respectively.
On a keynote, the rising price action aligns with the heightened buying pressure bought by whales in recent days. The latest data from tracker Lookonchain showed that whales bought roughly $8 million worth of coins in the past 5 days. Per the data, five newly created wallets collectively accumulated the aforementioned amount.
Here Are The PENDLE Whale Addresses Captured:
-0x21fBA58b20f62397c015b1f5a15f742ad430dFA
-0x2EB48c60F4ea75fa0a0Ff5BB017EBD9f5981b8F5
-0x11DFEDf01B3FA824BbCB138159B2e6AFE43692a3
-0x981D8856f572Fb076626265114EAD67697dA5501
-0x6478C8681ADC3E7a0C17Aa1E1F0Ff16d1A61a8f6
Why Are Whales Accumulating?
Meanwhile, the rising whale accumulations and PENDLE price upswing fall in line with another bullish development. Crypto exchange behemoth Coinbase unveiled a listing for the token at the end of March last month.
As a result, large-scale investors are hoarding massive amounts of the token, aiming to capitalize on emerging market opportunities.
Historically, listings on top crypto exchanges usually usher a bullish price action as they substantially increase an asset’s market exposure, thereby welcoming more funds from investors. CoinGape previously reported another similar chronicle, wherein cryptos BROCCOLI and TUT price rallied with their listings on Binance. Similarly, the Coinbase listing appears to be a vital catalyst for driving the whale frenzy and recent price upswing.
Can Bullish Developments Fuel Bull Run Ahead?
Usual market sentiments continue to tilt in favor of bulls, given the Coinbase listing and rising whale accumulations. Further, a renowned crypto market trader has poured additional optimism surrounding the coin’s future price action with his bullish prediction.
Analyst AMCrypto recently took to X, revealing that PENDLE price is forming an “inverse head and shoulder pattern.” This pattern formation suggests that a potential trend reversal from bearish to bullish is brewing amid bullish advancements.
In light of this dynamic, the analyst predicts that a break above $3 paves the way for a massive rally ahead. As mentioned above, the coin is currently trading above this price level. As a result, market watchers continue to weigh further bullishness on the asset’s long-term price prospects.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Asset manager VanEck has registered for a proposed BNB exchange-traded fund (ETF), the latest among the list of its new crypto ETF filings. As a result, the trading volume for BNB Coin has shot up by 42% to more than $2.12 billion, as analysts are now closely watching for a BNB price rally to all-time highs.
In BNB Price Ready for A Mega Rally?
BNB Coin has performed relatively well over the past month compared to Bitcoin and other altcoins. While BTC and top altcoins like ETH, SOL, XRP saw double-digit losses in March, BNB Coin is down just 1% on the monthly chart. After a strong consolidation of around $610 levels, the BNB price could be eyeing a strong breakout to new all-time highs.
BNB Burn and Pascal Hardfork Offer Support
BNB Coin features a real-time burn mechanism that permanently removes a portion of gas fees from circulation. Over the past seven days, 951.85 BNB worth $571,747.74 was burned, contributing to a total burn value of nearly $160 million, as per data from BNBBurn.
BNB’s price recently gained momentum following the implementation of the Pascal hard fork, which enhanced its compatibility with Ethereum. The network is preparing for additional hard forks this month and in June, aimed at further improving transaction speeds.
Additionally, BNB Chain is gaining a lot of popularity among meme coins, adding support for Mubarak meme coin, CZ’s Dog BROCOLLI meme coin, and others.
Looking at the technical setup, the BNB price chart shows that the altcoin is forming a cup-and-handle pattern, along with an ascending channel pattern formation, as shown in the image below.
On the other hand, BNB price is trading above the 50-day moving average, which is a positive indicator. But for the altcoin to kickstart a rally to its all-time high of $790, it must first complete the handle formation at $662, and give a breakout above that level.
As of press time, BNB Coin is trading at $603 levels with its daily trading volume up by 42%, surging past $2.12 billion. Furthermore, the Coinglass data shows that the BNB options trading volume is also up by 46%.
VanEck Files for Spot BNB ETF
$115 billion asset manager VanEck filed for the spot BNB ETF in Delaware on Tuesday, April 1, which could serve as a major catalyst for the BNB Coin rally ahead. The proposed BNB ETF would follow the price of BNB, the fifth-largest cryptocurrency by market capitalization.
Apart from BNB, VanEck has already submitted crypto ETF applications for Bitcoin, Ether, Solana, and Avalanche. VanEck filed for SEC approval last month to launch the first AVAX ETF, building on its success with spot Bitcoin and Ethereum ETFs.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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