Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says


Altcoin Market Set for Bullish Surge

Altcoin Market Set for Bullish Surge

Quick Look:

Altcoin Rebound: Financial stabilization suggests altcoins like CKB and AKT are gearing up for recovery;
CKB’s Promising Position: Stabilizing at the 50-day EMA could signal a surge towards $0.050;
Bitcoin’s Ripple Effect: With Bitcoin’s halving approaching, altcoins expect to benefit from its potential massive gains.

As financial markets begin to stabilize after a turbulent period, the cryptocurrency sector, particularly altcoins, shows signs of a bullish resurgence. The market downturn triggered by geopolitical tensions in the Middle East has softened, with Asian markets showing resilience. This resilience, coupled with a potential upswing in U.S. markets today, sets the stage for a promising rebound in high-potential altcoins.

One such digital asset, the Nervos Network (CKB), illustrates the tentative recovery paths that many altcoins might follow. After a significant retraction of nearly 40% from its resistance trendline, CKB now stabilizes at the crucial 50-day Exponential Moving Average (EMA). This level supports the altcoin’s price and aligns with the 50% Fibonacci retracement level, suggesting a potential upward movement. Currently priced at $0.021944, CKB teeters on the brink of breaking through this dynamic support. A move that could initiate a strong recovery rally targeting the $0.050 mark, a key psychological threshold.

Critical Support Levels as Safety Nets

Conversely, Akash Network (AKT) illustrates a case of bullish struggle amid a broader market recovery. After plummeting by 43%, AKT’s price stabilizes at a crucial confluence of support—the 200-day EMA and a vital demand zone around $3.20. Although the altcoin is currently in a bearish trend, this support area could potentially curb further losses. Moreover, it might foster a reversal rally. Consequently, such a rebound could prevent the formation of a dreaded ‘death cross.’ Additionally, it would revitalise investor confidence. This change could help the price to recover positions above the recently breached trendline.

Bitcoin’s Bullish Outlook and Implications for Altcoins

The cryptocurrency market’s broader narrative remains robustly optimistic, buoyed by the upcoming Bitcoin halving. Historical precedents post-halving show significant price rallies, with Bitcoin appreciating by 650% since the 2020 halving. Current speculations suggest Bitcoin could soar beyond the $100,000 mark in the ongoing bull market, potentially reaching as high as $435,000 by the 2028 halving.

This bullish trend will likely gain more support from macroeconomic factors, including expected rate cuts and lenient monetary policies within the next 12 to 18 months. Consequently, this environment will favour riskier asset classes such as cryptocurrencies. Moreover, Bitcoin’s positive trajectory is anticipated to influence the altcoin market significantly, thereby substantially boosting altcoins like CKB and AKT. Therefore, investors looking for growth should view these conditions as ideal for enhancing their cryptocurrency portfolios, especially focusing on altcoins that are set for a reversal and an ensuing bull run.

The post Altcoin Market Set for Bullish Surge appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...


    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024