Expectations continue to rise for four altcoins in the cryptocurrency world. Important developments are on the agenda. Let’s take a look at the signals given together.
Altcoin DYDX gave a signal
On Tuesday, $14 million worth of altcoin DYDX token was unlocked. Despite this, the token’s price managed to hold its value above the $2.12 support level. This resistance is attributed to the unanimous support of the community for the adoption of Version 4 of dYdX and its transition to the dYdX chain. This migration proposal, put forward by crypto market maker Wintermute, has now received 100% approval from community members voting on the issue. This positive mood, along with increased activity from larger wallet addresses, contributed to DYDX’s relative strength.
Typically, token unlock events lead to downward pressure on prices due to increased circulating supply. But in this case, the supply on exchanges remained relatively constant. It also shows strong support for the move to the altcoin dYdX chain. The adoption of Version 4 and the migration offer created a bullish outlook for DYDX despite the token unlocking. On-chain metrics show that the token’s supply on exchanges has not increased significantly. On the other hand, it shows that selling pressure has decreased. Additionally, major wallet addresses have been continuously accumulating DYDX since mid-June 2023. This supports positive price trends. As a result, the likelihood of a short-term sale appears low. Altcoin DYDX is currently trading at $2.14. This reflects a 9.51% increase over the past week.
Altcoin PEPE gives a bullish signal
There has been criticism surrounding rug pull allegations and the altcoin PEPE coin. Despite this, one early adopter of the meme coin showed his confidence by purchasing 1.04 trillion PEPE tokens for $951,000 just before the price jump. This comes amid accusations of $15 million worth of token theft by former founding team members. The buyer had previously made a profit of $1.67 million by purchasing 2.43 trillion PEPE tokens. He also remained undaunted despite the negative atmosphere in the community.
Allegations of a rug pull arose as insiders were accused of stealing a significant amount of tokens from the PEPE project. This event led to a decline in the price of PEPE. On the other hand, it brought skepticism from crypto influencers and analysts. Some even predicted further price declines for the altcoin. Despite this, the fact that early buyers have accumulated a significant amount of PEPE tokens indicates their trust in the project. As of the last update, the price of PEPE stands at $0.00000088 on Binance.
Litecoin is in recovery phase after halving
Litecoin’s potential post-halving recovery appears to be supported by two important catalysts in the crypto ecosystem. Grayscale’s recent legal victory against the US SEC, particularly in the context of the spot Bitcoin exchange-traded fund (ETF) case, has had a positive impact on investor sentiment for various cryptocurrencies, including Litecoin. This victory is expected to be an impetus for Litecoin’s recovery. Additionally, there is an increase in Litecoin transactions on BitPay, a crypto payment processor. There are also five million addresses that have held the altcoin Litecoin for more than a year. Accordingly, this indicates increased trust among long-term LTC holders.
Despite the post-injury price drop, Litecoin is currently trading at $67.77 on Binance. It gave holders a gain of 4.58% last week. As of now, Litecoin’s price has added 21.54% in value to its holders over the past year.
Will altcoin Dogecoin increase?
Altcoin Dogecoin (DOGE) has experienced a 5% price increase in the last 24 hours. It also resulted in the liquidation of short positions worth up to $1.88 million. This increase comes after positive developments in the Grayscale and SEC case and the news that Elon Musk-led social media platform X will launch crypto payments. The price could potentially increase by 10% to $0.0723. It will also drop 5% to the immediate support of $0.0625. According to data from IntoTheBlock’s Global In/Out of the Money (GIOM) metric, 52.04% of DOGE token holders are currently facing losses.
The recent upward movement in the price of altcoin DOGE triggered the liquidation of short positions due to hit stop-loss orders. The Relative Strength Indicator (RSI) is currently below 50. It also indicates a stalemate between the bulls and the bears. On the other hand, Awesome Oscillator (AO) is showing positive momentum. However, there is still potential for DOGE’s price to decline given that AO remains negative. The price encountered resistance at the 50-day Exponential Moving Average (EMA). When we look at Kriptokoin.com, it will potentially tend to fall to the immediate support level.
