Altcoin
Best altcoins to buy now as US CPI data spurs crypto market recovery
During US trading hours on Wednesday, the cryptocurrency market saw a sudden rally following the release of US CPI data. THE Bitcoin price jumped 3.7% to settle at $69804, while record-breaking Ethereum jumped 3.85% to reach $3632. In the context of the recent market correction, this recovery highlights Ethereum (ETH), Cardano (ADA) and Pepe coin (PEPE) as the best Altcoins to buy as they offer the potential for a greater recovery.
In a recent announcement, the United States reported that the month of May was incorrect Consumer Price Index (CPI) the annual rate stood at 3.3%. This figure is slightly lower than the expected 3.4% and marks a decrease compared to the previous value, also equal to 3.4%.
The United States announced that the annual unadjusted CPI rate in May was 3.3%, while the forecast was 3.4% while the previous value was 3.4%. The annual unadjusted core CPI rate in May was 3.4%, while the forecast was 3.5% and the previous value was 3.6%. The core CPI annual rate was…
— Wu Blockchain (@WuBlockchain) June 12, 2024
Likewise, the unadjusted core CPI annual rate for May was recorded at 3.4%, lower than the expected 3.5% and down from the previous rate of 3.6%. Notably, this annual core CPI rate represents the lowest level since April 2021.
Lower inflation data could reduce fears of aggressive interest rate hikes by the Federal Reserve and encourage investors to invest in hacked assets such as Bitcoin and other cryptocurrencies.
Best Altcoins to buy: Ethereum
Ethereum, the second largest cryptocurrency by market capitalization, saw a notable decline in the second week of June. From the high of $3,878, the altcoin collapsed to $3,433 on Tuesday, recording a loss of 11.5%.
Ethereum| Tradingview
However, positive market sentiment towards US Data pushed the asset to $3,624, while the market capitalization jumped to $436.4 billion.
An analysis of the daily chart shows the ET the price entered into sideways action highlighted by the formation of a new lower high. Amidst the consolidation, the cryptocurrency investor awaits the SEC’s response to the S-1 filing Ethereum ETF issuers that could trigger a notable price movement in ETH.
If the response is positive, buyers may breach the trend upper resistance, signaling a continuation of the prevailing uptrend. The post-breakout rally will support Ethereum buyers to challenge $4,950 each again.
However, if the broader market correction persists, ETH price could support the long-term support trendline at $32501.
Read also: Can Bitcoin Price Reach $70,000 This Week as Ethereum and Solana Scream Buy?
2) Cardan (ADA)
Cardano is a third-generation blockchain platform known for its search-driven approach and emphasis on sustainability and scalability. In the last two months, the ADA the price traded sideways, resonating between the downtrend line and the $0.418 support.
Cardano (ADA)| Tradingview
The coin strictly following the above level indicates the formation of a descending triangle. In theory, the chart pattern leads to a short consolidation to regain exhausted bearish momentum and resume a downtrend.
Today, the Cardano price it rebounded from the support of $0.418 by 4.5% to settle at $0.414, while the market capitalization jumped to $15.75.
If the ADA price slips below the neckline support, sellers could bring a correction to $0.34.
However, buyers could invalidate the bearish thesis if they break above the descending trend line. The post-breakout rally could push the asset to $0.52, followed by $0.62.
Read also: Ethereum ETF Could Boost MATIC and New ERC-20 Token on Cardano
3) Pepe Coin (PEPE)
Pepe Moneta (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character, Pepe the Frog. In a sudden change in market dynamics, this asset class usually shows dynamic movement due to its volatile nature.
Pepe Coin (PEPE)| Tradingview
THE Price PEPPER the correction settling above the $0.0000114 support indicates that buyers are accumulating this asset on market dips. As of this writing, the Frog-themed memecoin is trading at $0.0000136, jumping 20% over the past two days.
This recent sustained 15% recovery in trading volume to reach $1.38 billion accentuates trader interest in an upward direction. Post-correction recovery could reverse $0.00001725 and chase the potential target of $0.00002, followed by $0.000024.
Key takeaway
Today, the cryptocurrency market saw a notable rally following the release of US CPI data. Bitcoin price is on the verge of reclaiming $70,000, while Ethereum holds above $3.5,000. However, a look at a longer time horizon shows that major digital assets have not emerged from consolidation and key resistance is still intact. Therefore, to build momentum for the recovery, it is crucial to follow up on the current recovery.
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