Are Whales Buying These Altcoins Before US Election 2024?
Amidst the ongoing market turmoil, major cryptocurrencies have experienced significant corrections in their values. However, whalers took advantage of this situation by adding to their holdings and stacking more tokens at discounted prices.
With the price volatility in the crypto space, is this a critical time to invest in these cryptocurrencies to maximize profits from the post-election bull market? In this article, we have covered the top 3 signals that could dominate the market this month.
Bitcoin (BTC)
With a 2.08% decline in the last 24 hours, Bitcoin price retested the $68,000 support level. However, it has jumped 11.33% in the past month and has returned YTD +61.63%, highlighting a long-term bullish move.
The RSI indicator failed to breach the bought range in the 1D time frame. This resulted in a significant drop in the price chart. In addition, it indicates a negative outlook for the price of Bitcoin in the coming period.
If bullishness resurfaces, BTC coin price could retest the ATH of 73,750.07 this month. On the other hand, if bearish sentiment prevails, the star crypto may retest the $60k low.
Also, read the Bitcoin (BTC) price forecast!
Ethereum (ETH)
The price of Ethereum recorded a neutral trend in the last seven days, with a difference of less than 2% in the evaluation. This indicates weak buying and selling pressure for the leading altcoin in the cryptocurrency market.
Moving Average Convergence Divergence (MACD) is a fixed red histogram in a 1D time frame and its averages record an independent price trend. Moreover, the 50-day EMA acts as resistance, which suggests mixed price action.
If the market supports the bulls, the price of the ETH coin may retest the high resistance level of $2,800 next time. Conversely, if the bears outnumber the bulls, the altcoin leader could retest the critical support level of $2,200.
Dogecoin (DOGE)
Despite a 6.36% correction and trading volume of $1.570 billion in the last 24 hours, DOGE coin price has increased 9.91% in the last week and 40.47% in the last month. With a YTD return of 69.62%, it indicates long-term bullishness.
The SMA indicator has recorded a bearish consolidation on the DOGE price chart. Additionally, the RSI has shown a significant drop in the 1D time frame. This shows a negative attitude towards the leader of memecoin next time.
Let's say, the bulls regain momentum, the price of Dogecoin retests the high resistance level of $0.18225. Conversely, if the bears dominate the market, this meme coin will drop to the $0.127 support level this month.
Also, read the Dogecoin (DOGE) price forecast!
