The cryptocurrency market has taken a small step back after a day of selling pressure. The total market cap, which rose to $2.16 trillion after Tuesday’s decline, slumped to $2.1 trillion. According to analyst Simon Chandler, now that the market-wide recovery is starting, we can target the old prices yellow. Therefore, we have compiled a list of altcoin projects that are likely to recover strongly in the next few days. These 5 cryptocurrencies could see a price pad over the weekend, assuming the market rebounds. They also all have good long-term potential. Let’s start with Bitcoin…
Bitcoin (BTC) technical analysis
BTC has been more or less sideways in the last 24 hours despite other major cryptocurrencies falling. At $45,500, it fell modestly by 0.97% in the last day and 9.25% last week. However, it has risen more than 350% over the past year, as well as 1.8% over the past month. The 30-day MA is red, 90-days blue, 200-days green and BTC price is on the chart below:
On the technical side, BTC is currently pretty much in line with its 30-day and 90-day averages, according to the analyst. This means neither an up nor a down break. However, the market often depends on Bitcoin for their recovery. So, if the market is really going to paddle this weekend, BTC will also paddle along with altcoin projects, according to the analyst. In other words, those who think the market will paddle this weekend can also rely on Bitcoin. A number of technical models and predictions also suggest that BTC will soon paddle. For example, the stock-to-flow model predicts a year-end of approximately $100,000:
#Bitcoin is currently at $50,400 the baseline S2F forecast of $100,000 for Christmas is still valid (or more precise: $100,000 on average for this halving 2020-2024) On-chain (non-S2F) indicator is yet to hit a peak does not show the mark (no red dot). This is compatible with S2F prediction
Not only technical models. In July, a panel of 42 cryptocurrency executives and researchers predicted the year-end average price of $66,284. This is based on two arguments: 1) Bitcoin is undervalued (and once again); and 2) that BTC will increasingly assume the role of “digital gold” by the end of the year. In fact, part of the panel even rose more than $66,000. Morpher CEO Martin Fröhler, who predicts the end-2021 price of $160,000, said, “A lax monetary policy and adoption by corporate investors, paired with high asset inflation, will push Bitcoin to 6 figures before the end of this year.” The original and (still) largest cryptocurrency, Bitcoin can be traded almost anywhere.
Can the leading altcoin use its upgrades as a catalyst?
ETH, the largest altcoin by market cap, is up around 1% in the last 24 hours. 61 fell. 15% from a week ago. It sits at $3,316, which represents a drop of 27. However, it has risen 8.5% in the last two weeks and 7.6% in the last 30 days.
ETH’s short-term movementollars averages fell below the 200-day MA. Still, it has as high a chance as any altcoin this weekend. This is mostly due to the market interest surrounding the successful London hard fork and the upcoming arrival of Ethereum 2.0. One of the strongest factors in ETH’s favor is that it has been burning some of its trading fees since the London update. Since this presentation, in August, Ethereum has burned some over 100,000 ETH.
ETH’s daily issuance has now dropped below Bitcoin. This trend has accelerated with increasing DeFi and NFT volumes. As such volumes increased the number of transactions, Ethereum became deflationary and more ETH was burned than was issued.
Basically, the London hard fork resulted in an ETH supply shortage accelerated by increased staking of coins in Ethereum 2.0’s smart contract. Therefore, it is one of the 5 cryptocurrencies that could see price paddling this weekend, according to the analyst. As with BTC, Ethereum also supports eToro, Coinbase, Kraken, Gemini, Binance, CEX. io, Crypto. It can be purchased from almost all major crypto exchanges, including .com, Bitstamp, and others.
Saadollarser for Altcoin Cardano (ADA)’s Alonzo rise
ADA has crashed along with the rest of the market in the past few days. It slumped to $2.46 after hitting an all-time high of $3.09 last week, and much of that drop was the result of Tuesday’s leverage-induced crash. Its current price is 12% in 24 hours. 02 plus and 6% in a week. It represents a negative of 72. On the other hand, ADA increased by 46% compared to last month.
Compared to BTC and ETH, ADA’s 30-day and 90-day MAs are closer to its 200-day average. Indeed, both of these short-term averages were on the verge of surpassing the 200-day average yesterday, indicating a potential positive trend. More broadly, ADA continues to have some pretty exciting fundamentals. This Sunday will present the Alonzo upgrade, which brings smart contracts to the platform for the first time. This will enable it to host decentralized applications and create its own DeFi/NFT ecosystem to rival Ethereum (and Solana and others). Assuming this rollout goes according to plan, ADA can be expected to bounce off noticeably at some point on Sunday.
More than 100 companies are waiting to launch Cardano, according to founder Charles Hoskinson. Cryptocoin. com
An August 31 update on the Cardano ecosystem that we cited also found that Alonzo had integrated quite a lot of projects compared to its introduction.
Investors can buy ADA on most major exchanges, including eToro, Coinbase, Kraken, Binance, Gemini, and others.
Solana (SOL) price is in discovery mode
SOL has been one of the best performing altcoin projects in the past month. However, it has been on the decline in the last 24 hours, perhaps as a result of excessive intake. It fell 13% to $181 in the past hour. Currently 3% in the last 24 hours. 59 and 31% in the last 7 days. It is up 54 to trade at $185.22. However, it is up 40% last week and 345% last month. It hit an all-time high of $213 yesterday before falling.
Despite yesterday’s drop, SOL’s 30- and 90-day MAs remain above its 200-day average. This indicates that it may still be on a growth spurt, according to the analyst. At a fundamental level, SOL received a significant positive impact from Wormhole, which launched on August 9. It is a cross-chain bridge and allows users to transfer cryptocurrencies between Solana and other Blockchains (e.g. Ethereum, BSC and Terra). This is one of the main reasons why Solana’s ecosystem has grown so strongly over the past month.
The total value of Solana’s kilidollars has reached nearly $9 billion since the launch of Wormhole. It was at $1.3 billion at the beginning of August, marking a rise of just under 600% in 30 days. This growth in TVL followed the growth in adoption of Solana. The Solanart NFT platform was launched two months ago and managed to surpass one million SOLs in total volume by the end of August.
Similarly, the Saber cross-chain stablecoin exchange running on Solana is another big reason why the platform’s TVL has grown so much in recent weeks.
So, despite last day’s fall, Solana could see another padollarama this weekend. Coinbase, Binance, Kraken and Crypto among others. com can be purchased.
Terra (LUNA) technical analysis
LUNA is one of the few altcoin projects that has risen strongly in the past day. 34. Over 6% in the last hour at $70 and 7% in the last 24 hours. increased by 13. Also 21% in a week. 98 and increased 108% in a month. It could break the current ATH of $36.61 strongly in the next few hours.
This suspicion is supported by the chart above, which shows that LUNA’s 30- and 90-day MAs have moved above its 200-day average. The Wormhole protocol mentioned above is one of the main reasons LUNA is so good. Its launch on August 9 has greatly expanded the Terra ecosystem and the number of users, and the price of LUNA has soared from $13 since its launch.
Even without the wormhole, the Terra ecosystem has been expanding its own tick in recent weeks. It hosts and provides stablecoins stablecoins in different national currencies, with the largest UST token increasing its supply from $2 billion to $2.5 billion in less than a month. This means ascension for the LUNA as Terra burns LUNA in proportion to the amount of UST it produces.
LUNA and Terra have also grown as a result of increased interest in DeFi. Taken together with everything else, LUNA is definitely one of the 5 cryptocurrencies that could see price spikes this weekend.
LUNA is currently not tradable on many major exchanges such as Coinbase, eToro or Kraken. But you can buy it from Binance, Bittrex, Huobi or KuCoin.