While Bitcoin’s lack of liquidity has weighed on the altcoin market, only a limited number of projects have had the opportunity to rise. Analysts predict that these 5 altcoins could take action with news of completed or upcoming partnership, investment and integration.
Kevin Svenson says altcoin market is ready
While the popular crypto analyst shares bullish expectations about a Blockchain game, he voices his bullish expectation for the altcoin market.
In his current analysis, he mentioned that the altcoin market is too late for a rally. According to their statement, “We have not had an altcoin bull since late 2021. Most of the altcoin market has been in decline since then… Think about it. Don’t be surprised to see them rebound hard soon. Many are just starting to come off the bottom, literally right now.”
We haven't had an $Alt-Season since the end of 2021
Its been down only since them for majority of $Alts …. think about it.
Do not be surprised to see then rally hard soon#AltSeason #Bitcoin
— Kevin Svenson (@KevinSvenson_) May 17, 2023
Meanwhile, the technical analyst also featured an altcoin he was waiting for to rally. He said that Ethereum (ETH)-based gaming platform Gala (GALA) is a project with strong fundamentals and investor demand.
Svenson remains bullish on the short-term prospects of the altcoin markets. However, another analyst, Benjamin Cowen, thinks that an alt season is still far away.
Appearing at the Web3 Summit in Tokyo, this altcoin is giving green signals
According to the latest Alchemy Pay (ACH) news, the project is attending the Teamz Web3 Summit in Tokyo. The news that emerged on May 17 had an upside effect of 13.9% on the ACH price.
Exciting Day 1 at @teamz_inc Web3 Summit in Tokyo!
We had the opportunity to meet with a diverse range of innovative projects and talented developers. The future of #Web3 is looking bright. Looking forward to Day 2! $ACH #AlchemyPay #Teamz pic.twitter.com/I9loreVnpd
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) May 17, 2023
ACH price remains 47.5% below its yearly high despite jumping 34% from lows. Recent analysis reveals that price needs a bigger breakout to reverse the trend. Technical analysis shows that the price is strengthening from the 0.0226 support level. After a strong recovery, the price was rejected from the ascending trendline today as seen in the chart below.
According to technical analyst Abdullah Sarwar, the bulls will take the stage if the price rises above this trend line. In the event of a breakout, the bulls will specifically target the $0.035 level. This will mean a 31.5% increase from the current price. This also opens the doors for a 100% increase towards the ATH level.
Pentoshi sets $138 target for Litecoin
The popular crypto analyst expects Litecoin (LTC) to take action in eight to ten weeks. According to the chart he shared, he is first targeting $138 in Litecoin’s price. But he predicts it will drop to $92 later.
At the center of Pentoshi’s analysis was the halving cycle, which historically resulted in a rally. The next Litecoin halving will take place on August 2, 2023.
$LTC
History doesn't repeat itself but it often rhymesI wouldn't be surprised to see something like this in the next 8-10 weeks pic.twitter.com/FeYa1Opdwq
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) May 17, 2023
Apple announcement triggered a rally in these altcoins
cryptocoin.com As you’ve been following, the blockchain gaming industry has revived this week with a new Apple announcement. The world’s largest technology company has announced that it will allow the Axie Infinity crypto game (Origins) to be sold on the App Store.
1/ Origins has passed review with Apple and is now available on the App store!
We believe this is the first time that Apple has agreed to make an externally-purchased NFT usable on the App Store.
Let’s dive in 🧵👇 pic.twitter.com/LYPLnHEVF6
— Axie Infinity | #AxieOrigins, #AxieHomeland (@AxieInfinity) May 17, 2023
Following the Apple news, the AXS price jumped to a weekly high of $8.06. Similarly, metaverse projects Decentraland (MANA) and Sandbox (SAND) priced the news positively.
Technical analysis shows that the Keltner Channel bands are expanding on the 4-hour time frame of AXS price. The upper band reaches 7.4026909 and the middle and lower bands reach $6.8965406 and $6.3936818 respectively, indicating increased volatility.
Arbitrum (ARB) announces the highly anticipated new platform
Arbitrum is on the rise again with a new announcement. ETH staking platform has announced the highly anticipated V2 version of Y2k Finance. However, the ARB price suffered a momentary drop as soon as the news was published. It fell to $1.14 during the day. However, he quickly recovered his losses as bullish sentiment prevailed. ARB later bounced back to $1.21.
The long awaited V2 from @y2kfinance is coming soon!
More details below👇💙🧡 https://t.co/rOMjwaxCcW
— Arbitrum (💙,🧡) (@arbitrum) May 17, 2023
The upcoming V2 release promises a marketplace for hedging, underwriting and pricing. Packed with features, this upgrade will deliver a vastly improved user experience through Carousel, a core feature of the V2.
Carousel revolutionizes depositing by enabling automatic rollovers and enabling the ability to deposit for the next period even while the previous period is still alive. In particular, depositors now earn Y2K from the beginning of each era. Eliminates any waiting time for case openings.
The biggest token unlock events of May
10 altcoins are releasing massive amounts of tokens this month, notably Optimism and Avalanche. cryptocoin.comWe have compiled the token unlock dates and amounts for May in this article.
