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Will Altcoin Season Kick Off in May 2024? 3 Cryptos to Track

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6 months ago

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Bitcoin price was expected to increase following the halving that took place towards the end of April. However, when that did not happen, investors turned to altcoins. 

While many anticipate altcoin season to take place soon, the possibility seems low except for these three altcoins.

Bitcoin Dominance Is Rising Again

Bitcoin dominance reached 56.32% in mid-April and started trickling to 54.34%. But in the last few days, this dominance has grown to almost 55%, threatening the potential of altcoins breaking out and the market noting an altcoin season.

Indeed, altcoin season usually occurs when 75% of the top 50 coins perform better than Bitcoin over the last 90 days. This figure currently stands at 35%, which is far below the threshold for a confirmed altcoin season.

Thus, the chances of an altcoin season in May are pretty low, so it could instead extend to June. Nevertheless, these three altcoins are looking to break out in the coming month.

Ethereum (ETH) Is in a Bullish Reversal Pattern

Ethereum’s price trading at $3,063 failed to breach past the upper trend line of a falling wedge it has been stuck in since March. Following failed attempts in the past, the second biggest crypto asset in the world could break out after bouncing off $2,991 support.

A falling wedge is a bullish chart pattern characterized by converging trendlines sloping downward, indicating a potential reversal from a downtrend. Based on this pattern, the target set for ETH is 16.7% above the upper trend line, marked at $3,695.

Read More: Ethereum ETF Explained: What It Is and How It Works

Ethereum Price Performance.
Ethereum Price Performance. Source: TradingView

However, if the support of $2,991 is broken, Ethereum could fall to $2,800, invalidating the bullish thesis.

Helium (HNT) Set to Reverse the Death Cross

Helium’s price has sharply recovered in the past week after falling to $3.63. During the decline, the altcoin formed a death cross. This occurs when a 50-day Exponential Moving Average crosses below the 200-day EMA, typically signaling a potential downtrend or market weakness ahead.

Nevertheless, the recent recovery is close to not only invalidating the death cross but also forming a golden cross. This could push HNT’s price beyond the $6.33 resistance level to flip it into support. The upswing could enable Helium to enter a 26% rally to reclaim $7 and $8 as support.

Read More: Helium (HNT) Price Prediction 2024/2025/2030

Helium Price Performance.
Helium Price Performance. Source: TradingView

But if the death cross weighs heavier than a potential breakout, a drawdown to $3.6 is possible. Losing this level would also invalidate the bullish thesis.

Can Shiba Inu (SHIB) Escape From the Descending Channel?

Shiba Inu’s price has been moving within a descending channel, but with the support of the 50 and 200-day EMA, a bullish breakout could occur in the coming days.

A breakout above the upper trend line at $0.00002584 could translate to 29% growth for the meme coin, potentially sending it to $0.00003332.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Shiba Inu Price Performance.
Shiba Inu Price Performance. Source: TradingView

This rise could come in May, provided the meme coin does not witness a decline on the daily chart. Losing the support of $0.00002268 could send SHIB lower to fall below $0.00002000. This would invalidate the bullish thesis, increasing the potential for losses.

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.



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Agency Reiterates “Digital Assets Securities” As XRP Eyes $2

Published

57 minutes ago

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November 21, 2024

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Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.

US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit

In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”

“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”

Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.

The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.

Will XRP Lawsuit Get Dismissed?

The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.

Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.

Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.

XRP Price Rally to $2

XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.

Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
ImageImage

XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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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Dogecoin Whale Accumulation Sparks Optimism, DOGE To Rally 9000% Ahead?

Published

2 hours ago

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November 21, 2024

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Amid a highly bullish DOGE market witnessed recently, Dogecoin whales’ action to heavily accumulate the token has garnered significant attention among traders and investors globally. On-chain data indicates over 500 million coins were bought from crypto exchanges, signaling increased market confidence in the asset’s long-term prospects. In the wake of this market statistic amid a bull market, crypto watchers anticipate a staggering 9000% gain in the dog-themed coin’s price ahead.

Dogecoin Whale Accumulation Spikes As Over 500M Coins Bought Recently

As per an X post by the renowned crypto market analyst Ali Martinez on November 21, Dogecoin whales bagged over 550 million tokens, worth $214.5 million, from crypto exchanges over the past week. This massive purchase has put significant buying pressure on the asset, pointing out the potential for considerable upside movement ahead.

Dogecoin whale accumulationDogecoin whale accumulation

Notably, the leading dog-themed meme crypto already surfs bullish tides, primarily attributable to the broader market events. Mainly, with Elon Musk’s taking the D.O.G.E. (Department of Government Efficiency) role under Donald Trump’s cabinet, market sentiments surrounding the meme coin have turned highly bullish.

Aligning with this endeavor, a recent CoinGape Media report reveals that D.O.G.E leads Elon Musk and Vivek Ramaswamy further outlined a strategy to reduce the federal workforce under Trump’s presidency. This saga garnered significant attention to the meme coin which is also much touted by Musk. It’s noteworthy that Elon and Vivek are also starting a podcast named “dogecast.” These chronicles, in turn, bring substantial attention to Dogecoin.

Simultaneously, in light of these broader events and the massive buying pressure brought by whales, market watchers foresee a phenomenal rally ahead.

DOGE To Soar 9000% Ahead?

At press time, DOGE price gained slightly by 0.5% intraday and is resting at $0.387, amid a surge in Dogecoin whale activity. The coin’s 24-hour low and high were $0.3666 and $0.3956, respectively. Notably, the monthly chart for the meme coin showcases gains worth 173%. This bullish movement has sparked further investor curiosity despite the recent turbulent performance.

Notably, leading crypto analyst Ali Martinez further spotlights that for DOGE to finally witness a 9,000% parabolic rally, 40% to 50% corrections are sure to be expected. This bullish projection rides the back of historical trends, as the meme coin witnessed a 9,470% pump in 2017 with two major corrections of 40% and another at 84%. In addition, recent on-chain data also indicates a potential rally for top meme coins like DOGE, SHIB, and others, in the coming days.

Subsequently, the coin skyrocketed 30,700% in 2021, seeing two key pullbacks of 46% and 53%. These statements indicate substantial potential for Dogecoin to pump ahead in the light of a broader bull meme coin market, further accompanied by massive whale accumulations.

Ali Martinez post on DogecoinAli Martinez post on Dogecoin

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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.





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Sui Network Back Online After 2-Hour Outage, Price Slips

Published

3 hours ago

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November 21, 2024

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Decentralized Layer-1 blockchain Sui Network faced a major downtime with no blocks produced in the last few hours. The data from Suivision showed that the network faced a “major outage” as some validators faced problems with approving transactions. SUI price tumbled 10% but recovered as the network started processing transactions again.

Sui Network Faced Major Outage

The Sui Network has been down for more than two hours, according to reports from Suivision. The blockchain didn’t produced any blocks since 09:15 UTC today.

The Sui community members have reported issues with some validators, and the team is currently investigating the cause of the disruption. The official handle on the X platform has acknowledged this downtime:

“The Sui network is currently experiencing an outage and not processing transactions. We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates.”

Dubbed the Solana-killer, this is the first time that the Sui Network has been facing such an outage. Referring to the past outages for Solana, the crypto community members have been taking jabs at Sui. Some wrote “No wonder Sui is the next Sol” while others called it a “Solana moment. Bullish”. It has also triggered a meme frenzy with “first time?” tags on the X platform.

According to SanXz, the Sui Network is actually not down. The analyst added that the Sui team is actively investigating an RPC issue related to validators, which has caused disruptions.

However, one user ‘reisen’ responded to this analysis by saying: “Having nodes/validators operational is useless when no blocks are produced – So not producing blocks for 1:50h is equivalent to being down”.

Price Tumbled 10% During Downtime?

While the SUI price might see some volatility as the network resumes transactions, the community hasn’t turned bearish yet. One X platform handle Bullishify.sui wrote:

“Sui pulling a Solana? Remember when $SOL went down in Dec 2020, then ripped 1000% right after? $SUI like, ‘Yeah, we’re following the script too.’ Buckle up, fam!”

The SUI price recovered after dropping 10% over the last 24 hours, and currently trading at $3.63. As per CoinGape analysis, SUI price can rally to $18 with 750% gains on the monthly timeline and more than 500% gains on the yearly timeline.

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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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