Altcoin
The best Altcoins to accumulate next week: Uniswap (UNI), Notcoin (NOT) and Bonk prices are set to rise further
The altcoin sector is becoming more and more dominant, while the price of Bitcoin remains stable around $70,000. Furthermore, the recent sanction of a spot ETF on Ethereum is increasing demand to purchase altcoins, potentially leading to an increase in trading volume soon.
Bitcoin’s $70,000 Could Halt Altcoin Rally
Recently, the price of BTC has seen a significant increase, led by an increase in ETF volume, consolidating around the $70,000 mark. Following the approval of a spot Ethereum ETF, Bitcoin’s dominance saw a slight decline, losing 2.3% over the week.
Since May 20, the seasonal altcoin index has shown a downward trend, moving from a peak of 43 to 35. This indicates that the market may not be ready for a rally yet. However, with preparations underway for the SOL and XRP ETFs, the altcoin market may soon gain momentum.
Uniswap (UNI) price analysis.
Uniswap price has risen exponentially above its Fib channels and currently maintains momentum around the $11 mark. Both traders are now aiming for a clear trend in the next few hours. As of this writing, the UNI price is trading at $11.2, up more than 3.8% from yesterday’s rate.
The bears are currently strongly defending the $12 level; however, buyers aim to break above the level by increasing pressure. A surge above $12 could strengthen long positions, resulting in a surge towards the $17.2 level.
To know more: Uniswap (UNI) price exits consolidation; A new 25% recovery could be on the horizon!
However, a rejection from $12 would suggest that the bears are trying to establish this level as a resistance level. To initiate a bearish rally, bears need to break below the EMA20 trend line. This could take the price towards $8.2.
Analysis of bank prices
Bonk price has recently shown significant upward movement, attempting to break out of nearby resistance levels. Despite this, the bears are actively trying to prevent further increases, creating strong resistance near the $0.000037 mark. Currently, Bonk’s price stands at $0.000035, reflecting a decline of 2.8% over the past 24 hours.
The BONK/USDT trading pair looks set to break out of the Fibonacci levels and reach the resistance at $0.000048. Bears believe that maintaining this level is vital to preserve their control, as breaking above it could mark a change in market dominance. If successful, the price could rise to a new ATH next week.
Read also: 60% upside potential in BONK price if bulls break out of $X
Conversely, a drop below the moving averages could strengthen bearish positions. As a result, Bonk price may head towards the immediate support level of $0.000022. If the bears continue to apply further pressure, we could see Bank’s price fall towards the $0.0000135 support.
Notcoin price analysis
Notcoin price has been fluctuating around the moving averages on the 15-minute price chart, reflecting a significant fight between buyers and sellers. Recently, bears have managed to push the price below the EMA trend lines. At the time of writing, NOT price is trading at $0.0051, up more than 2.8% in the past 24 hours.
Sellers are trying to keep the price below the moving averages and Fib lines. If they succeed, the NOT/USDT pair could fall to the key support level at $0.0046, which would likely prompt aggressive buying from buyers. A robust recovery from $0.0046 could prolong the sideways move.
To indicate a change in momentum, buyers need to break above the descending resistance channel. Reaching this could trigger a rise to $0.0057 and potentially reach major resistance at $0.0068.