Whales Are Buying These Altcoins Ahead Of U.S. Election 2024?
The post Whales Are Buying These Altcoins Ahead Of U.S. Election 2024? appeared first on Coinpedia Fintech News
Amid ongoing market turmoil, top cryptocurrencies have recorded a significant correction in their values. However, whales have taken advantage of this situation by increasing their hold and stacking more tokens at a discounted price.
With the increased price volatility in the crypto space, is this a crucial time to invest in these cryptocurrencies to maximize your profits during the bull market post-election? In this article, we have covered the top 3 tokens, that can dominate the market this month.
Bitcoin (BTC)With a drop of 2.08% in the past 24 hours, the Bitcoin price has retested its support level of $68,000. However, it has jumped 11.33% during the past month and has a YTD return of +61.63%, highlighting a long-term bullish action.
TradingView: BTC/USDT
The RSI indicator has failed to breach the overbought range in the 1D time frame. This has resulted in a sharp downtrend in its price chart. Further, it indicates a negative outlook for the Bitcoin price in the coming time.
If the bullish sentiment resurfaces, the BTC coin price could retest its ATH of $73,750.07 this month. On the other hand, if a bearish sentiment intensifies, the star crypto could retest its low of $60k.
Also, read Bitcoin (BTC) Price Prediction!
Ethereum (ETH)The Ethereum price has recorded a neutral trend over the past seven days, with a variation of less than 2% in valuation. This indicates a weak buying and selling pressure for the altcoin leader in the cryptocurrency market.
TradingView: ETH/USDT
The Moving Average Convergence Divergence (MACD) shows a constant red histogram in the 1D time frame with its averages recording a neutral price trend. Moreover, the EMA 50-day acts as a resistance, suggesting a mixed-price action.
If the market favors the bulls, the ETH coin price could retest its upper resistance level of $2,800 during the upcoming time. Conversely, if the bears outrun the bulls, the altcoin leader could retest its crucial support level of $2,200.
Dogecoin (DOGE)Despite recording a correction of 6.36% in the past 24 hours and a trading volume of $1.570 billion, the DOGE coin price has jumped 9.91% over the past week and 40.47% during the past month. With a YTD return of 69.62%, it indicates a long-term bullish sentiment.
TradingView: DOGE/USDT
The SMA indicator has recorded a bearish convergence in the DOGE price chart. Further, the RSI has displayed a significant drop in the 1D time frame. This suggests a negative outlook for the memecoin leader in the coming time.
Suppose, the bulls regain momentum, the Dogecoin price will retest its upper resistance level of $0.18225. On the contrary, if the bears dominate the market, this meme coin will plunge toward its support level of $0.127 this month.
Also, read Dogecoin (DOGE) Price Prediction!