Altcoin
Top altcoins to focus on if BTC recovers $70,000
Cryptocurrency price analysis: the BTC price The rise to $65,000 on Wednesday triggered a new rallying sentiment in the cryptocurrency market. Altcoins are recovering from their previous correction trend, anticipating an opportunity to take part in a post-retracement rally.
Additionally, crypto analytics firm Santiment highlights a key trend in the market. As cryptocurrency prices rise, stablecoin market capitalization growth could validate the bullish momentum. From mid-October to mid-April, major stablecoins such as USDT, USDC, DAI, BUSD, USDP, and TUSD experienced a 25% increase in market capitalizations, reflecting higher trading volumes and investor confidence.
https://x.com/santimentfeed/status/1791189262186185105?t=zKf7OhSIs4j1CRT1ETTA1g&s=35
However, in the last four weeks, this growth has stalled. Santiment suggests that monitoring stablecoin market caps is crucial as they could indicate Bitcoin’s next move, whether it hits a new all-time high or drops below $60,000 again.
Read also: Bitcoin vs Ethereum War: Which Cryptocurrency Is Winning?
1) Ethereum (ETH)
Ethereum is a decentralized platform that allows you to create and run smart contracts and decentralized applications (dApps) without downtime, fraud or interference. It stands out with its robust smart contract functionality, which allows developers to create self-executing contracts with the terms written directly into the code.
Ethereum (ETH)| Tradingview
In the context of the recent market surge, the price of Ethereum rebounded from the monthly $2875 and rose to $3036. ETH price could rise another 8.5% to challenge the $3300 barrier again if the bullish momentum continues.
At press time, the Ethereum coin shows a market capitalization of $364.8, while trading volume fell 6.5% to reach $14.3 billion.
For Ethereum investors looking for assurance of a recovery, the price needs to break above the key resistance level. Achieving this goal could set the stage for Ethereum price to reach potential targets of $3,730 and then $4,010.
Read also: Bitcoin Price: Will a Weaker CPI Take BTC to $70,000 in May?
2) Cardan (ADA)
Cardan is a blockchain platform focused on sustainability, scalability and interoperability. It is based on peer-reviewed research and evidence-based methods, making it unique in its rigorous scientific approach to development.
THE Cardano price increased for three consecutive days, increasing its value from $0.42 to $0.487, registering a growth of 14.3%. The recovery through increased trading volume leads to a decisive break from the resistance trend line of the monthly descending triangle.
Currently, the Cardano coin boasts a market capitalization of $17.34, maintaining its position as the tenth largest cryptocurrency. If the recent breakout continues, the ADA pricing it may extend its recovery to the $0.52 and $0.56 level.
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3) Pepe Coin (PEPE)
Pepe Moneta (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme, Pepe the Frog. By incorporating NFTs, Pepe Coin enters the growing market for unique digital collectibles, enhancing its value proposition.
Pepe Coin (PEPE)| Tradingview
Contrary to the recent market surge, the Price PEPPER we have seen intense supply pressure on the $0.0000108 resistance leading to a loss of 15.3% over the last 3 days. If the bearish momentum persists, the meme price could collapse another 6% to an ascending support trendline.
This dynamic support intact over the past five weeks is crucial for buyers to prolong the uptrend.
If the support holds, PEPE price could lead to the next rally bounce to $0.0000138, followed by $0.0000164.
Key takeaway
The cryptocurrency market is experiencing a new relief rally that involves the formation of a proper fund for several altcoins. However, BTC price needs to validate its sustainability above the psychological level of $65,000 to develop a sustainable recovery trend.
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