As a seasoned crypto investor with a few years of experience under my belt, I’ve learned that the market can be unpredictable and volatile. The recent dip in Bitcoin’s price ahead of the US CPI data caused some panic among investors, including myself. However, the market’s quick recovery indicates that the uptrend is still intact.

Bitcoin bounced back from a significant drop following two consecutive days of decline, just before the release of the US Consumer Price Index (CPI) data. The sudden plunge to $66,000 caused unease among traders, prompting some to sell in haste. However, the market is rebounding as Bitcoin surpasses $69,000 once more. As prices continue to rise, investors might want to explore alternative investment opportunities within the cryptocurrency sector during this week’s trading, such as Terra Classic (LUNC) and GameStop (GME).

1. Bitcoin Alternatives To Buy – GameStop

As a researcher examining the cryptocurrency market, I observed that the price of GME meme coin remained approximately at $0.0191 during European trading hours on a recent Wednesday. This represented a noteworthy surge of 12% in the preceding 24 hours and an even more impressive gain of over 100%, equivalent to $0.0387, within the last week according to CoinGecko data.

The price of Gamestop has been climbing above both its 50-day and 200-day simple moving averages for some time now, yet it remains precariously near these levels. Following a remarkable spike that pushed the meme stock to an unprecedented peak of $0.032, GME‘s price plummeted by almost 56% in just one day, reaching a low of $0.014.

Despite the asset displaying symmetrical triangle patterns in its price action with alternating higher lows and lower highs, the ending phase of this formation for GME is approaching. A decisive move up or down lies ahead, as such market structures carry an equal probability of resolution. However, external factors could potentially sway the odds towards one outcome over the other.

One aspect of GameStop’s (GME) price behavior is that it has continued to rise, even after a significant downturn, without dipping below its previous minimum. This upward trend could potentially lead to GME surpassing its prior record high and reaching $0.034. However, there’s a notable barrier at around $0.023 that might hinder this progression. Conversely, if the price of GME were to decline, it may encounter support near the $0.015 mark.

2. Terra Classic (LUNC)

As a researcher studying the Terra Classic market, I’ve noticed that defending the most crucial support at $0.0001 is proving to be a challenging task for the bulls. Despite bouncing from this level on the daily chart thus far, the RSI has dropped to 38, which could signal an extended downward trend.

The Relative Strength Index (RSI) indicates a growing disparity between price increase and negative momentum, foreshadowing challenges for bulls. If the price falls further below the 30 mark into oversold territory, this would signal two outcomes: A more forceful bearish trend and a waning downward trajectory.

Traders should keep a close eye on the price action around $0.0001 due to the lower ascending trendline indicated in the chart. A swift bounce back from this level may initiate an upward trend, while a daily close below it could instill fear among investors and potentially trigger a sell-off, leading to a possible decline to $0.00009, which is the next line of support.

As an analyst, I would interpret a potential bounce back from the lower trendline as a sign of a trend reversal. However, it’s important to note that LUNC may still be under the control of the bears until it manages to surpass the upper broken trendline and a significant resistance level at $0.00012. Once this hurdle is cleared, the path to $0.0002 could open up rather swiftly, fueled by FOMO (Fear of Missing Out) and a generally bullish market sentiment.

Conclusion

As an analyst, I’d advise that cryptocurrency trading involves both patience and the capacity to adapt to a rapidly evolving market landscape. For instance, the sudden drop in Bitcoin price from around $66,000 on Tuesday to surging above $69,000 implies that trends can shift dramatically. In such a situation, investors might consider diversifying their portfolios by purchasing key Bitcoin alternatives like LUNC and GME. This strategy could potentially help minimize risk and maximize returns if the uptrend persists.

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2024-06-12 21:18