Forecast for Crypto Market The Top 3 Altcoins Poised for Imminent Breakout
Key Takeaways
Despite Bitcoin’s struggles, altcoins are gaining traction in the market.
This week has seen a surge in whale activity for Cardano, Shiba Inu, and JasmyCoin, hinting at potential price increases.
Technical indicators point towards a bullish breakout for Cardano, Shiba Inu, and JasmyCoin.
As Bitcoin continues to face price stagnation, altcoins are taking center stage in the cryptocurrency realm. The renowned Binance coin, BNB, has reached new heights above $700, leading the charge in a wave of bullish sentiment that is sweeping across the altcoin market.
Could this be the beginning of a significant altcoin rally? Keep reading to uncover the top altcoins that whales are accumulating and why you shouldn’t miss out on this potential opportunity.
Is Bitcoin Holding Up Altcoins?
While Bitcoin struggles with its price, institutional investors are showing renewed interest, inadvertently boosting the altcoin market. The inflow of funds into the US-based spot BTC ETF is injecting liquidity and optimism into altcoins, showcasing a growing confidence in the crypto industry’s resilience beyond the current bull cycle.
Insightful data analysis by Santiment reveals a notable increase in whale activity for major altcoins like Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY) this week. Transactions exceeding $100k on these networks have surged, indicating heightened accumulation and investor enthusiasm.
Altcoins Ready to Take Flight!
Cardano (ADA): Building Momentum
Cardano has been steadily consolidating within a megaphone structure since its breakout last year, displaying resilience amidst market volatility. With a fully diluted valuation of around $20 billion, ADA has maintained stability above 43 cents and the 50-week Moving Average (MA), positioning itself for potential bullish breakthroughs against the US dollar.
Shiba Inu (SHIB): Riding the Memecoin Wave
Amidst the meme coin craze, Shiba Inu has emerged as a significant player, aiming to replicate the success of other meme tokens like Pepe (PEPE) and Floki Inu (FLOKI). With a fully diluted valuation of approximately $25 billion, SHIB shows signs of an imminent bullish surge, finding support around $0.00021, a level that aligns with the weekly 0.618 Fibonacci Retracement.
JasmyCoin (JASMY): A Promising Performer
JasmyCoin has been climbing the ranks steadily since the beginning of the year, boasting a market cap of around $1.8 billion and a daily average trading volume of $211 million. Technically, JASMY’s price against the US dollar is primed for a bullish phase, with the weekly Relative Strength Index (RSI) hovering around 68 points, reflecting growing investor confidence and potential for further upside.
Don’t Miss Out on:
Ethereum ETFs Facing Significant Delays: SEC’s Gensler Reveals Critical Details
If you’re considering investing in altcoins, ensure you conduct thorough research before making any decisions.