Crypto Price Prediction: The Bitcoin price upswing above $64,000 on May 5th has maintained the upward trajectory for the altcoin market. So far May month has shown strong bullish signs for the cryptocurrency market, with a revived interest in BTC ETFs playing a significant role in this trend.
In a recent update from SpotOnChain, Bitcoin ETFs saw a substantial net inflow of $217 million as of May 6, 2024, with no outflows for two consecutive days. The Fidelity ETF (FBTC) recorded the day’s highest inflow at $99.2 million, while the Grayscale ETF (GBTC) experienced an inflow of $3.937 Million despite a decrease in volume. This trend suggests strong investor confidence and a potential bullish outlook on Bitcoin as an investment vehicle
With several analysts suggesting the start of a post-halving rally, investors might find promising bullish opportunities in leading altcoins such as Ethereum (ETH), Solana (SOL), and XRP.
Also Read: Bitcoin Price Analysis: End-of-Correction Pattern Hints $BTC Rally to $73k in May
1)Ethereum (ETH)
Ethereum stands as the second-largest cryptocurrency by market cap, distinguished by its robust smart contract functionality which enables decentralized applications (dApps) to be built on its platform.
Over the past three, the ETH price has been actively consolidating two horizontal levels for $3300 and $2850. The coin price rebounded thrice from each of the mentioned levels creating a narrow range indicating a lack of dominance from buyers and sellers.
A recent reversal from the range’s lower boundary has surged the Ethereum price 8% to currently trade at $3101. The data from Coinmarketcap shows Ethereum at a market cap of $372.2, while the 24-hour trading volume jumped 40% to $13.2 Billion.
For buyers to regain control over this asset, the Ether price must overcome the overhead resistance and downsloping trendline for a falling wedge pattern. For ETH holders, the $3730 and $4100 stands as firm resistance while the $2870 and $2700 provide strong support.
Also Read: Ethereum Price Forecast As DeFi TVL Jumps To $57B, ETH Poised For $4,000 This Week?
2) Solana (SOL)
Solana is recognized for its high-speed blockchain, which supports a wide array of decentralized applications and crypto projects with significantly lower transaction costs and faster processing times compared to many other blockchains.
SOL, the native cryptocurrency of the Solana ecosystem, has witnessed a buying spree for the past seven which propelled its value from $118.5 to $156. This 32% upswing in the daily chart reveals the formation of a bullish reversal pattern called a double bottom.
The Solana coin currently stands as 5th largest cryptocurrency with a market cap of $3.013 Billion.
With sustained buying, the SOL price is poised to break the overhead resistance at $160, providing buyers with suitable support to chase the $210 target.
Also Read: Why Solana (SOL) Weekly Gain Might Sustain Despite Pressure
3) XRP
XRP, created by Ripple, is designed primarily for rapid and low-cost international money transfers, serving as a bridge currency in cross-border transactions.
As of the latest update, XRP is trading at $0.538, with yesterday’s candle showing a strong rejection, suggesting a prevailing sentiment of selling during bullish rebounds
By the press time, the XRP price traded at $0.538, and overhead supply evidenced by the long rejection from yesterday’s candle indicates the market sentiment persists at selling on a bullish bounce.
The market cap of XRP currently stands at $29.7 billion, while the trading volume wavers at $1.78 Billion, projecting a 116% gain since yesterday.
A potential breakout above the overhead trendline would serve as a crucial indicator of a trend reversal, paving the way for XRP to potentially reclaim levels at $0.643 and $0.748.
Key Takeaway
The recent recovery rally in Bitcoin shifted sideways last weekend, stabilizing above $63,000. This consolidation followed an earlier surge in the week, where BTC climbed 14.4% from $56,500. This lateral trend could rejuvenate buyers, potentially restoring bullish momentum and driving the BTC price above $70,000. Reclaiming this psychological level could spark significant buying interest in altcoins.
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