As a seasoned crypto investor with a few battles scarred on my forehead from market volatility, I can’t help but feel a pang of familiarity as Bitcoin and top altcoins like Ethereum, ZKsync, XRP, Dogecoin, and more take a hit, closing the week in the red. The recent downturn was not entirely unexpected, given the market’s erratic behavior. However, it’s disheartening to see my portfolio taking a hit once again.
As an analyst, I’ve observed a downturn in Bitcoin‘s value, causing it to end the week with a negative return. This trend is also prevalent among top altcoins such as Ethereum (ETH), ZKsync (ZK), XRP, and Dogecoin (DOGE). Previously, there were indications of a bullish outcome due to promising data from the US Personal Consumption Expenditures (PCE) report. However, these optimistic expectations have not materialized as expected.
Despite the strong likelihood that bears will prevail, potentially leading to a prolonged drop in prices, hidden opportunities persist amidst this downturn.
Investors are tasked with the daunting job of separating valuable altcoins from the multitude of options, filtering out the noise to discover hidden gems. Fortunately, CoinGape’s team offers a helpful list of promising altcoins for consideration, acting as a solid foundation for further investigation to ensure wise investment decisions.
1. Top Altcoins To Buy: Dogecoin
Signs of a full-blown recovery in Dogecoin’s price are still lacking, but the cryptocurrency is currently clinging to key support levels. This holding pattern suggests the possibility of a substantial bounce back.
During the June market correction, I observed a substantial decline in Dogecoin’s price, which dropped from a peak of $0.165 to a trough of $0.113. This represented a considerable loss of 31.6%. However, upon closer examination of the daily chart, I noticed the emergence of a commonly recognized bullish continuation flag pattern.
The price of this coin is fluctuating between two trendlines, attempting to regain strength in line with prevailing trends, as per theory. Currently, Dogecoin’s price is at $0.127, marking a 0.22% increase for the day. Its market capitalization stands impressively high at $18.4 billion.
As the crypto market shows signs of optimism, the price of DOGE is making an effort to surmount the immediate barrier at $0.129, which aligns with the 200-day moving average. If this hurdle is conquered, DOGE could experience a 10% increase in value before encountering the significant resistance of the flag pattern’s downward slope.
2. XRP
People who own XRP are hopeful that the legal dispute between Ripple, the company behind XRP, and the Securities and Exchange Commission (SEC) might eventually lead to a favorable resolution, potentially pushing the token’s price up to reach as high as $10.
As an analyst, I would rephrase that sentence as follows: The SEC’s proposed penalty against Ripple in the case filed at the end of 2020 was originally set at a staggering $2 billion. However, during the trial stage that began in 2021, they revised their proposal to $102.6 million instead. In response, Ripple’s legal team countered with a suggested penalty of $10 million, which is just under 10% of the SEC’s new figure.
For investors, an XRP Exchange-Traded Fund (ETF) would enhance the token’s credibility as a legitimate cryptocurrency, similar to Bitcoin and Ethereum. VanEck’s application for a Solana ETF, submitted on Thursday, increases the competition among larger altcoins such as XRP, Cardano, and Dogecoin.
The price increase of XRP to $10 is contingent upon favorable market conditions, heightened demand, and fear of missing out (FOMO) among investors. Reaching this milestone could be a lengthy process.
As a researcher studying XRP‘s market trends, I believe the cryptocurrency will regain strength based on the Relative Strength Index (RSI) rebounding from the oversold territory. Traders would confirm the uptrend once the RSI surpasses its downward trendline and XRP’s price breaks above the $0.5 resistance level.
3. GameStop
As a crypto investor, I’ve noticed an impressive 26% surge in the value of GME token over the last week. This growth can be attributed to the buzz in meme-based cryptocurrency markets. The token currently hovers between $0.0066 and $0.0093, demonstrating a bullish trend.
From a monthly standpoint, I’ve observed GameStop’s significant surge, reaching an unprecedented peak at $0.03207 on June 7, representing over 85% growth. Following this brief dip, the stock is presently bouncing back. This rebound seems to align with Roaring Kitty, or Keith Gill’s, return in early May.
As a researcher, I’ve observed that his impact has been substantial on the token’s current market behavior, mirroring the steep increases in GameStop’s share price during pre-market hours, which almost doubled after his involvement became public.
As a crypto investor, I believe that GameStop (GME) is primed to break past the resistance at $0.0084 if the ongoing bullish trend continues. This potential leap could potentially propel its value towards the $0.01 mark. If this upward momentum gains further strength, we might see GME reaching values of $0.1 in the near term or even surpassing the $1 threshold during a future bullish cycle.
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2024-06-28 21:50