Crypto Price Analysis 17/5: Key Altcoins to Focus If BTC Reclaims $70K

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As an experienced crypto analyst, I believe that the recent surge in Bitcoin’s price to $65,000 has brought renewed optimism to the crypto market. The altcoins are bouncing back from their correction trend, presenting an opportunity for investors to participate in a potential post-retracement rally.

The surge in Bitcoin‘s price to hit $65,000 on Wednesday has ignited renewed optimism among crypto investors. Meanwhile, altcoins are bouncing back from their previous downtrend, presenting a potential chance to join the anticipated upswing following a correction.

As a researcher studying the cryptocurrency market, I’ve noticed an intriguing trend brought to light by the crypto analytics firm Santiment. With cryptocurrency prices on the rise, the growth of stablecoin market caps could serve as a strong indicator of this upward momentum. Between mid-October and mid-April, the market caps of major stablecoins such as USDT, USDC, DAI, BUSD, USDP, and TUSD experienced a significant increase of approximately 25%. This expansion in market caps can be attributed to heightened trading volumes and increased investor confidence.

Over the last month and a half, I’ve noticed a halt in growth. According to Santiment’s insights, keeping an eye on stablecoin market caps is essential for understanding Bitcoin’s potential future direction. These market caps could be indicators of whether Bitcoin will reach a new record high above $60,000 or experience another dip below that price point.

1) Ethereum (ETH)

As a analyst, I would describe Ethereum as follows: I work with Ethereum, a decentralized platform where I can build and run applications (dApps) and smart contracts without interruption or manipulation. What sets Ethereum apart is its strong foundation in smart contract technology. With Ethereum, I have the ability to create self-executing agreements whose terms are encoded directly into the code itself.

Crypto Price Analysis 17/5: Key Altcoins to Focus If BTC Reclaims $70K

In the current market uptrend, Ethereum’s price bounced back from its monthly low of $2875 and reached a high of $3036. If the bullish trend continues, ETH could potentially increase by 8.5% to challenge the resistance level at $3300.

As a crypto investor, I’ve observed that by the time of this report, Ethereum’s coin market capitalization stood at a impressive $364.8 billion. However, the trading volume took a slight dip, decreasing by 6.5% to reach a total of $14.3 billion.

If investors in Ethereum are looking for signs of a price rebound, it’s crucial that the asset surpasses its significant resistance point. Doing so might pave the way for Ethereum’s price to hit anticipated targets at around $3730 and further up to $4010.

2) Cardano (ADA)

Cardano is a sustainable, scalable, and interoperable blockchain platform that stands out due to its meticulous scientific approach. Based on scholarly research and proven techniques, its development process ensures rigor and reliability.

Crypto Price Analysis 17/5: Key Altcoins to Focus If BTC Reclaims $70K

Over the past three days, the price of Cardano has climbed steadily, lifting its value from $0.42 to $0.487. This represents a significant increase of 14.3%. The uptrend, fueled by increasing trading volume, has resulted in a clear breakthrough above the resistance line of the triangle formation that had persisted for over a month.

At present, the market value of Cardano’s coin stands at approximately $17.34 billion, making it the tenth largest cryptocurrency. If the current upward trend continues, the price of ADA could potentially rise to reach around $0.52 and $0.56.

3) Pepe Coin (PEPE)

Pepe Coin, represented by the symbol PEPE, is a cryptocurrency that draws inspiration from the widely recognized internet meme, Pepe the Frog. This digital currency seeks to capitalize on the surging interest in Non-Fungible Tokens (NFTs) by integrating them into its platform. By doing so, Pepe Coin adds value through unique digital collectibles, making it an attractive proposition for potential investors and collectors.

Crypto Price Analysis 17/5: Key Altcoins to Focus If BTC Reclaims $70K

Despite the recent market uptrend, the PEPE token experienced significant selling pressure at the $0.0000108 resistance level, resulting in a 15.3% decrease in value over the past three days. If the downtrend continues, the PEPE price might fall an additional 6%, reaching the ascending support trendline.

This dynamic support intact for the past five weeks is crucial for buyers to prolong the uptrend.

If the support holds firm, the price of PEPE may spearhead its next significant surge towards $0.0000138, and subsequently reach $0.0000164.

Key Takeaway

As a crypto investor, I’m observing a new wave of optimism in the market with altcoins showing signs of potential bottom formation. Yet, for a lasting recovery trend to take shape, Bitcoin needs to convincingly surpass the $65,000 psychological resistance level.

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2024-05-17 14:36