Forecast for Crypto Market Top 3 Alternative Coins Poised for Imminent Surge
Key Points
Despite Bitcoin’s struggles, altcoins are gaining momentum.
Whale activity in Cardano, Shiba Inu, and JasmyCoin has surged recently, hinting at potential price increases.
Technical indicators suggest bullish breakout patterns for Cardano, Shiba Inu, and JasmyCoin.
As Bitcoin remains relatively stagnant around $72k for the past four months, altcoins are taking center stage. BNB, the native coin of Binance, has seen remarkable growth, surpassing $700.
This upward trend is not limited to BNB – a wave of optimism is sweeping through the altcoin market.
Could this be the beginning of a significant altcoin rally? Keep reading to learn about the top altcoins that whales are accumulating and why you should consider seizing this opportunity.
Bitcoin – Paving the Way for Altcoins?
While Bitcoin grapples with price fluctuations, renewed interest from institutional investors is inadvertently fueling the altcoin market. Investments in the US-based spot BTC ETF are injecting liquidity and confidence into altcoins, showcasing a growing belief in the resilience of the crypto industry beyond the current bullish cycle.
Insights from Santiment’s on-chain data analysis reveal 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 spiked, indicating heightened accumulation and investor interest.
Altcoins Poised for Growth
Cardano (ADA): Gaining Momentum
Cardano has maintained a steady uptrend within a megaphone pattern since its breakout last year, displaying resilience amid market volatility. With a fully diluted valuation of around $20 billion, ADA has found support above 43 cents and the 50-week moving average (MA), positioning itself for potential bullish moves against the US dollar.
Shiba Inu (SHIB): Riding the Meme Coin Wave
Amid 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 has shown signs of an impending bullish surge, finding stability around $0.00021, aligned with the weekly 0.618 Fibonacci Retracement level.
JasmyCoin (JASMY): A Promising Contender
JasmyCoin has steadily climbed the ranks since the beginning of the year, boasting a market cap of about $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 increasing investor confidence and potential for further upside.
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Considering investing in altcoins? Conduct thorough research before diving in.