Altcoins
AVAX Brushes Off Bearish Pressure With 11% Rally
Published
2 months agoon
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adminAVAX continues to rush forward to greater heights with the token reaching $28.74 since last week. This has been the biggest push by the bulls, influenced by the growing market confidence fueled by Bitcoin’s rally to $60k. Avalanche’s dev team is also hard at work with multiple on-chain news supporting this most recent price action.
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AVAX Gaming Grows With More Projects
Although the gaming side of crypto is still relatively small, platforms like Avalanche provide developers with a stable and secure blockchain to deploy crypto-centered games. Just last Friday, Fableborne announced that their first play-to-airdrop event was a success, with more than 77,000 concurrent players joining the occasion.
@fableborne wrapped up its first Play to Airdrop campaign with an impressive player turnout.https://t.co/MxPRTt0zzW
— Avalanche Gaming 🔺 (@GamingOnAvax) July 19, 2024
July 20th also marks the announcement of ChronosWorlds that they partnered with Avalanche, stating that the platform is their “preferred deployment chain.” This just shows that developers trust AVAX as a crypto and gaming platform.
Avalanche is the chain for gaming.
Our team recently partnered up with @avax as our preferred deployment chain.
We’re so excited to partner up with this amazing team and are excited about our future plans. pic.twitter.com/myz3BN6ra7
— ChronosWorlds (@ChronosWorlds) July 19, 2024
As of writing, AVAX is still gaining ground, following the general upward trend in the market. The coin has tallied an 11% rally in the last week, data from Coingecko shows. This bullishness and the continuous effort toward onboarding more dev teams and improving the platform puts Avalanche in an advantageous position within the market to gain more ground against the bears.
$28.74 Might Not Be Enough For The Bulls
As of now, the bulls are in a slight advantage against the bears which might not last in the coming days. Although the correlation with major currencies like Bitcoin is great for mounting to retake the $32.12 price range, it will take time before bulls will reach those heights once more.
The current position of the bulls leaves them in a precarious situation. Stuck between accumulation, to further pump the price and gain ground, or consolidation, to keep the status quo and hope for better conditions; they should consider consolidating their current position.
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Consolidation means slowing the accumulation stage, giving way to stability and a platform to move through to higher price ranges. Right now, if AVAX bulls decide to keep $28.74 as a support level there is a high chance for them to regain $32.12 and above.
Aside from technical factors like price, investors and traders should also monitor Avalanche’s next moves in the coming months. Last week, the Avalanche X account reiterated its upcoming Avalanche Summit LATAM, an exclusive event where developers and interested individuals in crypto come together. If the event is successful, investors and traders can expect more projects and partnerships to come.
Featured image from Flickr, chart from TradingView
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Altcoins Outperform Bitcoin (BTC) and Ether ((ETH) Following Fed Meeting Due to Poor Liquidity, Higher Beta
Published
13 mins agoon
September 21, 2024By
adminTotal3, an index that tracks the market capitalization of the top 125 cryptocurrencies, excluding bitcoin and ether (ETH), was trading 5.68% higher since the central bank’s announcement that it would slash the Federal Funds rate by 50 basis points, according to data on TradingView. Bitcoin’s market cap, by contrast, rose only 4.4%.
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Altcoins
Solana (SOL) Flies 12% To Reclaim $140, Is $160 Next?
Published
20 hours agoon
September 20, 2024By
adminSolana (SOL) joined the recent crypto market pump after climbing 10% on Thursday. SOL’s price broke above a key resistance level, reigniting the bullish sentiment among investors and traders who believe the cryptocurrency is soon poised to reclaim higher targets.
Solana Breaks Above Key Resistance Level
Following the highly anticipated US Federal Reserve (Fed) rate cuts, the crypto market rebounded 5% in the last 24 hours. Most cryptocurrencies have registered green numbers in the past day, recovering from their performance in the past few weeks.
Solana, the fifth-largest cryptocurrency by market capitalization, regained momentum on Thursday after reclaiming a key level. The token had failed to break about the $140 resistance level throughout September, consolidating between the $130-$139 price range in the last few weeks.
SOL had registered a 7% weekly drop by Wednesday, which alarmed many investors and market watchers. Some crypto analysts considered the token’s recent performance hinted at a possible correction that could drive the token’s price to a yearly low.
Seasoned trader Peter Brandt suggested that the cryptocurrency could face a significant correction to the $80 support zone if it unsuccessfully continued retesting this resistance level.
Nonetheless, SOL’s price recovered from its disappointing performance, jumping over 10% in the last 24 hours. The cryptocurrency moved past the $140 mark on Thursday morning, breaking out of a two-month downtrend.
The price surge represented a 5.4% and 8.3% increase in the weekly and biweekly timeframes. Additionally, its daily market activity soared 81.3% in the past day, with a daily trading volume of $3.76 billion.
Experts Set Next Targets For SOL
Some analysts highlighted Solana’s performance, suggesting that the cryptocurrency is ready to aim for higher targets. Crypto analyst Jelle stated that, in the higher timeframes, Solana has performed considerably better than most altcoins.
Other market watchers previously noted Solana’s strength since Q3 started. During the market retraces, the cryptocurrency was deemed “one of the strongest assets” after moving sideways while other tokens made new lows.
Jelle highlighted that SOL’s price still held “all key support levels even though most altcoins are down >50% from the highs.” Effectively, Solana has remained above the $120 support zone since March, currently being 31% down from March’s highs.
Similarly, crypto analyst Yuriy considers SOL’s recent performance has set the stage for a breakout above the $150 resistance level. However, he warned that bulls must hold the $138 mark, as failing to maintain this support could lead to a correction to the $120 level.
The analyst believes a successful breakout will send SOL’s price to the $160 resistance zone next, potentially moving toward the $180-200 targets. As of this writing, SOL is trading at $143.3, a 12.2% increase in the last 24 hours.
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Bank of Japan Keeps Interest Rates Unchanged, Bitcoin and Altcoin Rally Ahead?
Published
1 day agoon
September 20, 2024By
adminIn a major macro development, the Bank of Japan (BOJ) has decided to keep interest rates unchanged at 0.25%. The development sent the Nikkei index soaring by 2.10% and 700 points today itself. As the fears of the further unwinding of the Yen carry trade subside, Bitcoin and altcoins have also been showing strength with further upside.
Bank of Japan on Future Rate Hikes
In the latest policy update, the Japanese central bank has revised its assessment of consumption. Thus, it showed confidence in a solid economic recovery that would allow the central bank to raise interest rates again in the coming months.
“Private consumption has been on a moderate increasing trend despite the impact of price rises and other factors,” the BOJ said in a statement.
The markets are keeping a close watch on how Governor Kazuo Ueda plans to roll out future BOJ rate hikes amid global economic uncertainty. Moreover, the unprecedented rate hikes this year by the Bank of Japan have exacerbated the fears of Yen carry trade unwinding and the rising Japanese Yen. The Japanese central bank ended the negative interest rates earlier in March, shifting away from its decade-long stimulus program to boost inflation.
In the last month of August, the core consumer inflation hit 2.8% rising for the fourth consecutive month. If inflation remains on track to hit its 2% target, the BOJ will continue with its rate hike said Ueda. The recent Reuters report suggests that a majority of economists expect the BOJ to raise interest rates in December.
Bitcoin and Altcoin Rally Ahead?
With the Bank of Japan holding interest rates steady, risk-ON assets like cryptocurrencies are enjoying the upside. The Bitcoin price surged by 3% moving further closer to $64,000. On the other hand, altcoins led by Ethereum have registered gains anywhere between 4-10%.
Bitcoin has been showing strength following the Fed rate cuts earlier this week, for the first time in nearly four years. Interestingly, per the data from Sanitment, this strong recovery has come without any high FOMO. This shows that the Bitcoin and altcoin market recovery is healthy and can continue going further.
On the technical chart, the Ethereum price is also showing signs of recovery with the recent jump. Despite the Vitalik Buterin address moving ETH recently, the below chart shows a strong recovery with the potential to rally to $5,000.
The TD Sequential is now signaling a buy on the #Ethereum $ETH weekly chart, suggesting a potential rebound if the crucial $2,200 support level holds strong. pic.twitter.com/Fdor0G7waz
— Ali (@ali_charts) September 19, 2024
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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