Forecast Top 3 Altcoins in Crypto Market Poised for Imminent Breakout
Key Points
Altcoins are gaining traction while Bitcoin struggles.
Whale activity in Cardano, Shiba Inu, and JasmyCoin is on the rise, hinting at possible price increases.
Technical indicators show bullish patterns in Cardano, Shiba Inu, and JasmyCoin.
As Bitcoin continues to face price stagnation at around $72k for the past four months, other cryptocurrencies, known as altcoins, are flourishing. Binance’s native coin, BNB, has surged above $700, leading the way for a wave of positivity in the altcoin market.
This surge in altcoin momentum is not an isolated event; rather, it signals a broader bullish sentiment across the market.
Could this be the beginning of a significant rally for altcoins? Keep reading to find out which altcoins whales are accumulating and why you should consider seizing this potential opportunity.
The Influence of Bitcoin on Altcoins
While Bitcoin struggles with its price, institutional investors’ renewed interest has inadvertently boosted the altcoin market. The inflow of funds into the US-based spot BTC ETF has injected liquidity and optimism into altcoins, showcasing a growing confidence in the crypto industry’s resilience beyond the current bull cycle.
Insights from Santiment
Santiment’s on-chain data analysis 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 a rise in accumulation and investor interest.
Promising Altcoins to Watch
Cardano (ADA): Building Momentum
Cardano has remained stable within a megaphone structure since its breakout last year, showcasing 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), setting the stage for potential bullish breakthroughs against the US dollar.
Shiba Inu (SHIB): Riding the Memecoin Trend
Amidst the meme coin craze, Shiba Inu has emerged as a prominent 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 displayed signs of an imminent bullish surge, finding support around $0.00021, aligning with the weekly 0.618 Fibonacci Retracement level.
JasmyCoin (JASMY): A Rising 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 shows potential for a bullish phase, with the weekly Relative Strength Index (RSI) hovering around 68 points, reflecting increasing investor confidence and the possibility of further gains.
Additional Resources:
Ethereum ETFs Face Significant Delays: SEC’s Gensler Provides Key Details
Considering investing in altcoins? Conduct thorough research before making any investment decisions.
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