Market
Top Altcoins of the Week: 3 Biggest Gainers
The altcoin market has seen a blend of gains and losses this week. While some assets have shown weakness, others have managed to post gains and are looking to extend their rallies.
Among the top 100 cryptocurrencies by market capitalization, SATS (1000SATS), Fantom (FTM), and Thorchain (RUNE) have recorded the most notable gains this week.
SATS (1000SATS) Trends Within Bullish Channel
1000SATS, a token created as a tribute to Bitcoin’s pseudonymous creator, Satoshi Nakamoto, currently trades at $0.00029. Over the past week, its value has surged by 20%, making it the top gainer during the period.
A one-day chart analysis shows that 1000SATS traded within an ascending channel, which it broke above on August 12 and 13. This pattern, formed by two upward-sloping parallel lines, is typically a bullish signal, where the upper line represents resistance and the lower line indicates support.
However, the recent price increase has led some 1000SATS holders to sell for profit, causing the token’s price to dip below the channel’s support line. When an asset drops below this level, it indicates that the bulls have failed to maintain support, suggesting a weakening uptrend and increasing selling pressure.
Read more: What Are BRC-20 Tokens? Everything To Know in 2024
If this trend persists, 1000SATS could lose some of its recent gains and drop toward $0.00011. However, if demand picks up and surpasses the sell-offs, the bearish outlook may be invalidated, allowing the token’s price to rise and target resistance at $0.00033.
Fantom (FTM) Sees Surge in Bullish Bias
With a 17% price increase, FTM is the second-highest gainer this week, currently trading at $0.39. The double-digit price surge is driven by growing bullish sentiment among market participants, as reflected in its Elder-Ray Index. On a one-day chart, this indicator has consistently posted positive values since August 14, currently at 0.038.
The Elder-Ray Index gauges market strength or weakness. When its value is above zero, it indicates strong buying pressure, suggesting high demand for the asset and signaling the potential for a continued price rally.
Additionally, FTM’s rising Accumulation/Distribution (A/D) Line reinforces this demand increase. At 251.31 million as of now, the A/D Line has grown by 14% over the past week.
The A/D Line tracks money flow into or out of an asset by comparing the closing price to the high-low range and multiplying it by trading volume. A rising A/D Line indicates ongoing token accumulation, a bullish sign that points to a likely continuation of the uptrend.
Read more: What Is Fantom (FTM)?
FTM’s continued demand can push its price to $0.48, which it last traded at on July 24. However, if the bears re-emerge and selling pressure spikes, FTM’s price may drop to $0.25, a low it last traded at on August 5, during the broader market downturn.
THORChain (RUNE) Climbs to Seven-Day High, But There Is a Catch
RUNE’s price has increased by 16% this week, reaching a seven-day high of $3.90. However, despite this growth, the declining Chaikin Money Flow (CMF) signals a potential reversal.
A bearish divergence occurs when an asset’s price rises while its CMF declines, indicating that the rally is not backed by strong buying pressure. This divergence suggests that a reversal is likely.
Read more: Which Are the Best Altcoins To Invest in August 2024?
Once buyers lose momentum, RUNE could shift into a downtrend, potentially dropping to $2.53 — a 35% decline from its current value. But if liquidity returns to the market, pushing RUNE’s price to $4.64, this bearish outlook would be entirely invalidated.
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.
Market
Ethereum Whales Fail to Drive Price to $3,500, Drawdown Likely
Ethereum’s recent price movement has shown a decline following a rally, even after ETH Whales made a comeback and Bitcoin reached a new all-time high.
While ETH had gained momentum alongside the broader market surge, this recent drop could hinder a significant shift in Ethereum’s price trajectory, raising questions about its short-term outlook.
Ethereum Whales Aren’t Strong Enough
Ethereum whale activity has spiked, with transaction volume reaching over $13.8 billion, a three-month high. This uptick signals renewed interest from large wallet holders, a group that significantly influences ETH’s price trends. Such whale participation often leads to short-term surges in Ethereum’s value, as witnessed in the recent rally.
Despite the whale-driven increase, Ethereum’s price has faced resistance in maintaining its peak. This pattern reflects a mix of enthusiasm and caution among investors, as the heightened whale activity has yet to propel ETH past critical levels. The surge in whale activity may contribute to Ethereum’s ongoing resilience, but it also reveals the volatility inherent in the current market sentiment.
On the macro side, Ethereum’s momentum is being tested as its EMAs (Exponential Moving Averages) inch closer to forming a Golden Cross. The 50-day EMA nearing a crossover with the 200-day EMA would confirm a Golden Cross, traditionally a bullish signal. However, ETH’s recent price dip may delay this bullish indicator.
The Golden Cross remains a crucial marker for Ethereum’s potential upward momentum, as a successful formation would validate a more sustained uptrend. Until then, the delay may result in more cautious trading as investors await clearer signals that the altcoin’s current trend can turn positive.
ETH Price Prediction: Finding Support
Last week, Ethereum’s price surged by 39%, pushing it above $3,327. Despite this gain, ETH failed to secure $3,327 as a support level, leading to a 6% drop over the last 72 hours. This downturn has pulled Ethereum further from the critical $3,524 resistance.
If the current decline continues, ETH could test the support level at $2,930. This could act as a buffer but might also signal additional downward movement if breached.
However, a reversal fueled by Bitcoin’s ongoing strength could help ETH regain momentum toward $3,327. Turning this level into support would invalidate the bearish outlook and position Ethereum to target $3,524 as the next milestone.
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.
Market
Will the Altcoin Season Cycle Begin Soon? Analyst Weighs In
Crypto analyst Miles Deutscher has pointed to a promising technical setup in TOTAL3, fueling speculation that the altcoin season cycle may close. The analyst comments come as the broader crypto market sees a notable bounce, with Bitcoin (BTC) briefly crossing $93,000 and several altcoins showing strong gains.
But how soon could altcoin season actually arrive? This analysis delves into other factors that could either ignite or delay the anticipated rally.
Altcoin Season on Standby, Analyst Says
For context, TOTAL3 is the entire market capitalization of the top 125 cryptocurrencies excluding BTC and Ethereum (ETH). Historically, when this metric rises, it indicates that altcoin season could be on the horizon as long as Bitcoin dominance drops.
Deutscher’s post on X (formerly Twitter) showed the TOTAL3 monthly chart, indicating that it had formed strong support. The post also revealed that the recent rise in altcoin prices has taken the market cap above notable resistance.
“TOTAL3 (altcoin index) monthly chart. Setup looks fantastic, honestly.” Deutscher wrote on X.
While the analyst’s opinion might be valid, one obstacle that could hinder the altcoin season cycle is Bitcoin’s dominance. Bitcoin dominance refers to the ratio of BTC’s market capitalization compared to the total market capitalization of the entire cryptocurrency market.
As of this writing, the BTC.D, as it is popularly known, is 61.33%. This indicates that the number one cryptocurrency still has a strong hold on the market. For alt season to commence, this ratio has to drop, which Deutscher himself admitted on November 12.
“Bitcoin dominance keeps grinding higher. Only when BTC dominance breaks down can a true alt season ignite.” The analyst emphasized.
Altcoins Surge Could Be Delayed Until BTC Drops
Currently, Blockchaincenter’s altcoin season index, which measures whether the market is in an alt season, has dropped one place to 29. About one week ago, the reading was 30. For confirmation, at least 75% of the top 50 cryptos need to outperform BTC.
Despite this uptick, the index remains well below the 75 threshold, as only 16 of the top cryptocurrencies have outpaced Bitcoin over the past 90 days.
Should that remain the case, then Bitcoin’s price might climb to a higher value before most altcoins hit new highs. However, if BTC experiences a double-digit correction, this could give way for alts to thrive. If that happens, then alt season can officially begin.
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.
Market
Why the Aptos Token Price May Struggle to Recover
Yesterday, the world’s largest asset manager, Blackrock, disclosed that it had expanded its tokenized money fund to other blockchains, including Move-programmed Apots (APT). This development sparked speculation that the Aptos token price could gain from it.
Initially, APT price climbed to $12.60. But as of this writing, the altcoin has dropped by 6.33%, suggesting that the integration with Blackrock is not enough to keep the price going high.
Aptos Falters Moments After Bullish Announcement
Blackrock’s announcement, which BeInCrypto reported earlier, coincided with the broader market rally, as the Aptos token price had increased by 21%. However, our finding shows that the drop in Open Interest (OI) was one reason that APT failed to hold on to the $12 mark.
According to Santiment, APT’s OI attempted to approach $200 million on Wednesday, November 13. But it did not and has now dropped to $105.37 million. Open Interest refers to the total number of active contracts in the futures market that have not yet been settled.
An increase in OI indicates more participants are entering the market, potentially strengthening the current trend. Conversely, a decrease in the metric may suggest that the trend is losing momentum.
Therefore, with the metric declining in Aptos’s case, there is a chance that the altcoin’s price might continue to decrease. Additionally, the Chaikin Money Flow (CMF) indicator suggests that Aptos’ price may face challenges in staging a rebound.
For context, the CMF is an indicator developed to track the accumulation and distribution of an asset over a specific period. It ranges from -1 to +1. When the reading rises, it means that accumulation is ongoing, and the price can increase.
However, in APT’s situation, the reading has dropped, suggesting that selling pressure has begun to outpace buying pressure. Should this remain the same, Aptos’ price could slide lower than $11.69.
APT Price Prediction: Sub-$10 Likely
On the daily chart, Aptos faces resistance at $13.72, with support at $10.43, just below the 23.6% Fibonacci retracement level. Given the decline in trading volume, the price of Aptos could continue to slide, and bulls may struggle to maintain support at this level.
This is largely because low trading volume indicates a drop in market interest. As such, it could be challenging for buying pressure to increase. If this is the case, then APT’s price might drop to $9.85.
On the other hand, an increase in buying pressure could invalidate that prediction. Thus, if the accumulation of APT rises, the price might bounce toward $14.13.
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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