We are in very different time zones in the cryptocurrency world. Despite all the pressures, the Bitcoin and altcoin market is growing. On the other hand, experts point to the bullish for some cryptocurrencies. Let’s see which ones they are.
The first altcoin Shiba Inu
The recent spike in the Shiba Inu token burn has had a significant impact on the altcoin SHIB market. It has led to a rapidly rising burn rate and an upward trajectory for the popular meme coin. The Shiba Inu community, known as the SHIB Army, has consistently undertaken token burning efforts that have greatly influenced the dynamics of the SHIB market. They increase scarcity by reducing the token supply and sending tokens to an unavailable address. Also, the community’s dedication helped raise the price of the meme coin.
As reported by etherscan.io, there has been a notable transaction that has contributed to the last wave of burning. This is the address “0xcf6” which is responsible for sending approximately 252.8 million SHIB tokens to a dead wallet. In a single day, the community effort resulted in the destruction of 341 million SHIB tokens in five transactions. This significant reduction in circulating altcoin SHIB tokens will be a consequence. Accordingly, it will positively affect the long-term token value. This is a bullish sign for the altcoin.
The altcoin SHIB token has experienced a significant price surge in recent days, surpassing multiple resistance levels. It is currently trading at $0.00000791. It has experienced a 19.6% increase in value over the past week. With a market cap of $4.6 billion, SHIB ranks 16th among the largest cryptocurrencies.
The daily trading volume of altcoin SHIB has increased significantly over the past seven days. It went from $98 million to $300 million in 24 hours. This increase can be attributed to the overall bullish sentiment in the cryptocurrency market fueled by the bullish trend of the leading cryptocurrency Bitcoin.
Cardano price increase
The recent rise of altcoin ADA is reminiscent of the optimism seen in March 2023. Accordingly, it reflects the reversal of sentiment in the cryptocurrency market. Since hitting a low point on Monday, ADA’s value has risen by over 20%. This pushed the transaction price just above $0.30. This increase indicates a positive change in investor sentiment. On the other hand, it is laying the groundwork for potential strong upside momentum.
Cardano has surpassed an important indicator such as the 20-day exponential moving average (EMA), which is widely used to assess a token’s short-term trend. This milestone achievement points to the potential for a significant shift in investor sentiment. It also paves the way for future growth and performance. Accordingly, recent developments point to a bullish situation.
Rally prospect for XRP
Tony Edward, founder of Thinking Crypto Podcast, recently expressed his excitement for a potential XRP rally to coincide with Bitcoin’s retracement peak. Tony Edward’s optimism about the XRP rally has reasons. Accordingly, it is due to the expectation of a positive outcome in the Ripple case. Bitcoin is approaching its retracement peak around $40,000. Edward predicts a significant price increase for altcoins like XRP and Ethereum (ETH). He believes that a positive decision by Judge Analisa Torres can act as a catalyst for XRP to enter a significant upward trajectory.
Once #Bitcoin hits it's retracement peak of around $40K, we see #Altcoins pump. I got my eyes on $ETH and $XRP. Hoping Judge Torres rules in favor of Ripple and XRP goes on a nice run. Will be taking profits accordingly.
Once the bull rally is over and lows get tested again, I…
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) June 22, 2023
After a prominent lawyer’s argument that XRP could reach $10 post-litigation, Tony Edward plans to change his investment strategy and capitalize on the predicted rise. It plans to profit appropriately during the rally. He is also considering accumulating altcoin XRP for Bitcoin’s expected macro bull run after the halving next year. Uncertainties remain regarding XRP’s post-litigation price action. However, XRP enthusiasts emphasize that XRP has the potential to exhibit unique price dynamics. They also argue that it potentially challenges Bitcoin’s traditional four-year cycles.
Will Altcoin Chainlink perform?
Altcoin Chainlink (LINK) gained popularity in 2020 and 2021 with the increasing adoption of decentralized finance (DeFi) protocols. However, the cryptocurrency has faced challenges due to the persistent bearish trend in the industry. This caused a drop in price. Despite the setback, analyst Daan Crypto believes Chainlink has the potential to recover and move towards new year highs. The price of LINK recently dropped to $9.50. This level served as heavy resistance throughout 2023. However, the analyst says that the $5.50 level acts as a support. Accordingly, he suggests that this indicates a positive forecast for the cryptocurrency.
According to the chart shared by Daan Crypto on Twitter, the token will hit $10 if the LINK bulls maintain the momentum. This target aligns with the top of the channel where the token has been moving for over a year. However, it is worth noting that LINK has struggled to break above this resistance level in the past. Again cryptocoin.comWhen we look at it as a whole, it is important to note that after reaching this level, it usually suffers significant losses.
