The Storm Is Coming! These 4 Signs of Altcoins

Important signs have come for the four altcoins. Let’s start with Ethereum first. Ethereum price is preparing for a potential bullish break above the critical $1,650 resistance level.

Altcoin Ethereum shows positive signs

Altcoin Ethereum is showing resilience by maintaining levels above the $1,620 support zone. The price is now above $1,640. It also sits above the 100 hourly Simple Moving Average, both of which point to positive momentum. One important development to note is that there is a key bullish trend line forming with support near $1,625 on the hourly chart of ETH/USD. This trendline adds to the overall bullish sentiment.

As of now, altcoin Ethereum is trading above $1,640. It is also supported by the 100-hour Simple Moving Average. Immediate resistance lies near the $1,650 level. Beyond this, the price might face resistance near $1,670. A successful breach of the $1,670 resistance will take Ethereum to the $1,720 level. It will also then push it towards a major hurdle near $1,750. The continuation of the rise will even push the price towards $1,880.

Altcoin Synthetix experienced a notable rise

Synthetix (SNX) had an impressive performance last week. Accordingly, it increased its price by about 20%. He also led the recovery of the crypto market. Social interest in altcoin SNX is growing. On the other hand, behavior on the chain continues to rise. Accordingly, many investors faced losses due to impatience.

Currently, SNX is approaching a resistance level at $2.40. Accordingly, a successful breakout will pave the way for the altcoin to regain a significant part of its recent losses. The Relative Strength Index (RSI) also remains above the neutral line, indicating a bullish trend. However, if SNX fails to convert resistance into a support level, it will face a pullback to $2.00. Accordingly, falling further below this psychological level will cause a retest of $1.90. It will also cause altcoin SNX to fall to its June low of $1.73.

there is impatience

Despite the upward trend, some investors showed impatience. On-chain data shows that addresses holding 1 million to 10 million SNX tokens have accumulated significant amounts of tokens over the past week. It also reveals that they added approximately 5 million SNX to their wallet, bringing their total assets to 55 million SNX. In contrast, addresses with balances ranging from 100,000 SNX to 1 million SNX reduced their holdings by approximately 4 million SNX during the same period.

This rise in the price of Synthetix was due to the escalation of social discussions regarding the altcoin. On the other hand, it has led to an increase in network growth. New address creation hit a two-month high, posting a 27% increase. Interestingly, the rally prompted some investors to secure their profits by anticipating possible corrections in the future. As a result, many chose to sell. Accordingly, it resulted in minimal losses that were not as significant as expected.

Significant number of BONE staked

Shiba Inu’s Layer-2 solution, Shibarium, continues to reach milestones. However, the relevant cryptocurrency prices are not reflective. As reported by SHIB Kind, more than 25 million Bone ShibaSwap tokens (BONE) have been staked on the L2 mainnet through 12 validators.

Shibarium’s block height has exceeded half a million blocks. However, the average block generation time is around five seconds. Accordingly, this indicates that the initial high traffic flow issues have been resolved. Additionally, BONE, Shibarium’s official gas fee and governance token, has been successfully staked through these 12 validators. On the other hand, it created a staking vault of 25 million BONE in total.

Shibarium’s success is not reflected in the price

However, despite these successes, both SHIB and BONE have suffered in the current bear market, especially due to the strong correlation between the price of the Shiba Inu and the price of Bitcoin. Bitcoin’s price has fallen 5.5% in the last seven days. On the other hand, altcoin SHIB experienced a decline of 6.9%. Additionally, the main reason for this decline was the price correlation of 0.93.

Over the last 30 days, BONE has lost a significant 40% in value. It also fell below the $1 support level for the first time since the beginning of July 2023. According to the latest data from CoinGecko, BONE is trading at $0.988558. Analyzing blockchain data, IntoTheBlock notes that large transactions and holders are currently profiting from the current price. It also suggests that network growth and whale concentration remain neutral.

Altcoin TRON shows strength

Tron (TRX) is showing bullish momentum, surpassing the $0.0780 level against the US Dollar. It outperforms Bitcoin. There are also chances of a potential move beyond the $0.0800 resistance level.

Tron is making positive strides above the crucial $0.0750 level against the US dollar. Currently, the price is holding steady above $0.0780 and the 100 simple moving average (4-hours). There was a significant breakout with a major contracting triangle forming with resistance near $0.0770 on the 4-hours chart of the altcoin TRX/USD pair. As a result, the pair successfully cleared the $0.0785 level. The peak was formed around $0.0793.

Tron price prediction

It will be an important development if altcoin TRX closes above the $0.0880 resistance. There is a possibility that the doors will open for further upward movement. The next major resistance level is located at around $0.095. On the other hand, beyond that, the bullish momentum will target the important $0.10 region in the coming days.

If altcoin TRX price struggles to clear the $0.080 resistance, there could be a corrective drop. Looking at Cryptokoin.com, the first support levels on the downside are located around the $0.0780 region.