Expectations continue to rise for the four altcoins in the cryptocurrency world. Important developments are on the agenda. Let’s take a look at the given signals.
Altcoin DYDX signals
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 transition proposal, put forward by crypto market maker Wintermute, has received 100% approval from community members who are currently 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 place downward pressure on prices due to increased circulating supply. In this case, however, the supply on the exchanges remained relatively stable. It also shows strong support for the move to the altcoin dYdX chain. The adoption of version 4 and the transition offer created a bullish outlook for DYDX despite token unlocking. On-chain measurements show that the token’s supply on exchanges has not increased significantly. On the other hand, it shows that the selling pressure is decreasing. Also, major wallet addresses have been accumulating DYDX continuously since mid-June 2023. This supports positive price trends. As a result, short-term selling seems unlikely. Altcoin DYDX is currently trading at $2.14. This reflects a 9.51% increase over the past week.
Altcoin PEPE gives bullish signal
There has been criticism surrounding the rug pull claims and altcoin PEPE coin. Despite this, an 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 came amid accusations of $15 million token theft by former founding team members. The buyer had previously purchased 2.43 trillion PEPE tokens, making a profit of $1.67 million. In addition, he did not give up despite the negative atmosphere in the community.
Allegations of a rug pull came to light as insiders were accused of stealing a substantial amount of tokens from the PEPE project. This event led to a decrease in the price of PEPE. On the other hand, it has brought skepticism from crypto influencers and analysts. Some even predicted further price drops for the altcoin. Despite this, the fact that the first buyers have accumulated a significant amount of PEPE tokens indicates their confidence in the project. As of the last update, PEPE is priced at $0.00000088 on Binance.
Litecoin is recovering after halving
Litecoin’s potential post-halving recovery seems to be supported by two key 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) litigation, 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. In addition, there is an increase in Litecoin transactions on BitPay, a crypto payment processor. There are also five million addresses holding the altcoin Litecoin for over 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. Last week, it gave its owners a 4.58% gain. As of now, Litecoin’s price has added 21.54% to its holders over the past year.
Will altcoin Dogecoin rise?
Altcoin Dogecoin (DOGE) has seen a 5% price increase over the past 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 lawsuit and news that social media platform X, led by Elon Musk, will launch crypto payments. There is a chance that the price could potentially increase 10% to $0.0723. It will also drop 5% to the $0.0625 emergency support. 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 bullish action in the price of altcoin DOGE has triggered the liquidation of shorts as stop loss orders hit. 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.
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