As whales flock to this altcoin, all 3 cryptocurrencies are giving bullish signals. Analysts shared the rise expectations and reasons for the mentioned digital assets.
This cryptocurrency is in a whale invasion
Binance Coin puts forward several reasons that point to the existence of a market base. According to analysts, investors should keep the altcoin on their watchlists throughout the summer. The bulls are moving towards the previous highs established at the end of May. However, the BNB price is starting to show evidence of strength. Binance Coin does not come close to the previous high selling levels of most cryptocurrencies in the space. Therefore, it appears to be leading the market in terms of superior performance. The price of the cryptocurrency is currently up for auction at $327. That is, it’s just a few dollars behind the May 26’s $338 price tag. Auction market theory suggests that substantial liquidity is placed above the spring high. He also suggests that market makers are likely aiming to increase volatility at those levels.
Also, Santiment’s on-chain analytics tools support the idea of a potential bull run. Circulation data over the past 365 days shows that the circulating supply of Binance Coin has undergone a significant decline. You can view the data in the chart above. The last time BNB saw such an illiquid market was on July 17, 2020. At that time, the BNB price was trading at $16.00. The price of the cryptocurrency has the potential to unleash a bigger wave with a conservative target of $470. However, an expanding target to $700 is also possible if the FOMO frenzy kicks in. Investors should wait until more evidence emerges to support the macro thesis in the coming weeks. The invalidity of the bullish thesis will be revealed if there is a drop to $180.
Leading cryptocurrency Bitcoin signals rally
Bitcoin (BTC) hasn’t had a good week so far, especially with all the news of high inflation from all major economies. That said, news from Iran has the potential to help push the best crypto forward during the week. The news shows that the country has imported the first batch of goods in crypto. This is very important, as there is a validation for Bitcoin as a means of payment. This is likely to create FOMO around Bitcoin. Especially now Bitcoin is holding strong above $20,000.
Ethereum can start new week with bullish momentum
Ethereum (ETH) is one of the cryptocurrencies that has the potential to make big moves during the week. This has to do with the news about a possible fork prior to the Ethereum Merge upgrade, as we reported on Kriptokoin.com. It’s possible that this is the last chance for investors to buy ahead of the Merge. At the same time, there is a lot of expectation that the value of Ethereum may increase after the Merge. This is because the upgrade comes with many expectations regarding the reduction of Ethereum scaling issues and overall Ethereum gas fees. All this combined with the Ethereum price volatility over the past few days. Thus, ETH revealed that it could see record gains throughout the week.
Axie Infinity likely to make big gains
Axie Infinity (AXS) rounds up the list of top cryptocurrencies that are likely to succeed throughout the week. This is because AXS is currently trading 90% lower than its most recent peaks. However, AXS price is on the rise and most investors have seen an improvement in price recently. The data shows that only 22% of all AXS traders are currently at a loss. As more traders become profitable, it’s possible to see AXS FOMO and see gains within the week.
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