As a seasoned crypto investor with a deep understanding of market trends, I find today’s sudden uptick in the cryptocurrency market following the U.S CPI data release particularly intriguing. The unexpected decrease in inflation figures has alleviated fears of aggressive interest rate hikes by the Federal Reserve, making it an opportune time for investors to invest in undervalued assets such as Bitcoin and other altcoins.
As a market analyst, I’ve observed an unexpected surge in the cryptocurrency market during U.S trading hours on Wednesday. This surge followed the publication of the U.S Consumer Price Index (CPI) data. The price of Bitcoin spiked by 3.7%, reaching $69,804. Similarly, Ethereum experienced a notable increase of 3.85%, trading at $3,632. Amidst the recent market correction, this upswing presents an opportunity to invest in Ethereum (ETH), Cardano (ADA), and Pepe coin (PEPE). These altcoins have shown potential for significant recovery.
As an analyst, I’d rephrase it this way: In my latest analysis, the US Consumer Price Index (CPI) for May came in at an annual rate of 3.3%, slightly lower than the predicted 3.4% figure. This represents a decrease from the previous month’s value, which was also 3.4%.
As an analyst, I would rephrase it as follows:
— Wu Blockchain (@WuBlockchain) June 12, 2024
In May, the unadjusted core Consumer Price Index (CPI) annual rate came in at 3.4%, which was less than the anticipated 3.5% and a decrease from the prior rate of 3.6%. It’s worth mentioning that this core CPI annual rate marks the lowest reading since April 2021.
Reduced inflation numbers might alleviate concerns among investors about steep interest rate increases from the Federal Reserve, potentially leading them to buy back into assets such as Bitcoin and other cryptocurrencies.
Top Altcoins to Buy- Ethereum
As a researcher studying the cryptocurrency market, I’ve observed that Ethereum, the second-largest digital asset by market capitalization, experienced a significant decrease in value during the second week of June. The price peaked at $3878 before experiencing a sharp decline, dropping to $3433 on Tuesday. This downturn represented an 11.5% loss for Ethereum investors.
The favorable outlook on US data has boosted the asset’s price to $3624, and its market capitalization has grown to an impressive $436.4 billion.
The chart analysis reveals that Ethereum’s daily price has entered a period of sideways movement, indicated by the formation of a new, lower peak. During this consolidation phase, Ethereum investors keep an eye on the Securities and Exchange Commission (SEC) for their response to Ethereum ETF filings. This potential decision could significantly impact Ethereum’s price.
As an analyst, I would interpret a positive response as a potential breakthrough of the overhead resistance for Ethereum. This development could be indicative of the uptrend’s continuation and might encourage buyers to push the price even higher towards the $4950 level. The post-breakout surge in buying activity might further strengthen their resolve, potentially resulting in another challenge at this significant resistance point.
As a market analyst, I would say: If the broader market correction continues, I believe Ethereum’s price may find support around the trendline of approximately $3250.
2) Cardano (ADA)
As a cardano analyst, I’d describe it as follows: I’ve observed Cardano, a blockchain platform recognized for its research-oriented philosophy and focus on sustainability and scalability, in the past two months. The price of ADA has been moving laterally, bouncing off the downward trendline and finding support around $0.418.
A coin conforming to the previously mentioned level is a sign of a potential descending triangle formation. This chart pattern theoretically results in a brief consolidation period for the bearish momentum to regain strength, before continuing its downtrend.
As a Cardano investor, I’ve observed an uplifting trend today as the price bounced back from a supportive level of $0.418 with a noteworthy gain of around 4.5%. This has propelled the token to trade at a current price of $0.414. In addition, the market capitalization has experienced significant growth and now stands proudly at $15.75.
If the ADA price slips below neckline support, the sellers could drive a correction to $0.34.
As an analyst, I would rephrase it as follows: The downtrend line serves as a significant resistance level for potential buyers. Should they manage to break above this trendline, it could challenge the bearish outlook and potentially propel the asset’s price upward. This upward momentum might carry the asset to reach $0.52 first, followed by further gains towards $0.62.
3) Pepe Coin (PEPE)
Pepe Coin, represented by the symbol PEPE, is a cryptocurrency born from the Pepe the Frog meme’s popularity in the internet world. Known for its volatility, this digital currency often experiences significant price swings as market conditions shift unexpectedly.
As a crypto investor, I’ve noticed that the PEPE price correction has leveled off above the crucial support of $0.0000114. This signifies to me that buyers are actively accumulating this memecoin during market downturns. Currently, PEPE is trading at $0.0000136, representing a robust 20% increase over the past two days.
The surge in trading volume, which has increased by 15% to hit $1.38 Billion recently, underscores the growing enthusiasm among traders for this asset to head northward. Following the correction, there’s a strong possibility that the price may rebound from the current level of $0.00001725 and aim for the potential milestone of $0.00002. Subsequently, if the upward trend continues, the next target could be $0.000024.
Key Takeaway
As a researcher studying the crypto market, I’ve observed an intriguing development today. The market has experienced a significant surge following the publication of the US Consumer Price Index (CPI) data. Bitcoin hovers just below $70,000, while Ethereum maintains its position above $3,500. However, a closer examination reveals that these leading digital assets are not yet out of their consolidation phase. The key resistance levels remain unbroken, suggesting that the current upward trend may be followed by another crucial push to regain momentum and secure a lasting recovery.
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2024-06-12 19:40