- The price of ETH barely changed in the last 24 hour.
- PEPE DOGE SHIB all performed well during the last week.
As the bull market began to take hold, many altcoins showed impressive performances. The latest dataset however hinted that altcoins would continue to rally.
Will the show start with AI tokens or meme coins?
Altcoins start a rally
Moustache recently posted a message on Twitter. tweet regarding an interesting development. The tweet indicates that altcoins are still not at the November 2021 highs, indicating further growth.
At the time the tweet was sent, the coins were in a phase of consolidation that could soon lead to a price increase.
In 2013, the altcoins market cap was at its highest in 2017.
If history repeats, alts could soon show bull momentum allowing them reach a new ATH within the next few months or years.
How are the altcoins performing?
All eyes are on Ethereum [ETH] Altcoins are the best choice for initiating a rally, since they have the greatest potential.
CoinMarketCap shows that ETH was valued at over 16% higher last week. In the last day, it has barely changed in value. As of press time, its value was trading At $3,949.87.
At press time, the Relative Strength Index of ETH (RSI) as well as stochastic were both in overbought areas.
Source: CryptoQuant
Many other metrics looked negative for the altcoin. AMBCrypto’s Analysis of CryptoQuant’s data The ETH reserve’s growth was a sign of high pressure to sell.
Both Ethereum Korea Premium and Funds Premium also had a red color. This means that funds and Korean investors were dominated by a selling sentiment.
Look at some meme coins
In contrast to Ethereum, the rally of meme coins was more prominent in the last week as most coins recorded double-digit growth. Notably, PEPEThe value of soared by almost 130%.
AMBCrypto examined the daily chart of the meme coin to determine what was behind this surge. The MACD was in favor of the bulls over the past week.
PEPE’s Chaikin Money Flow Index (CMF) as well as its Relative Strength Index Index (RSI), both of which were high, also remained so last week.
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Dogecoin [DOGE] The following are some examples of how to get started: Shiba Inu [SHIB] Also, their values grew by 33% and 72% respectively over the past week.
The drop in DOGE’s Weighted Sentiment was a sign that the market sentiment, despite the increase in price, remained negative. SHIB, however, remained in the green zone.
In the last 24 hour, the price movements of all meme coins listed above were dormant. This could indicate that these meme coins are also capable of kicking off a bull market in the short term.
Source: Santiment
All eyes on AI
AI tokens have also suffered the same fate as meme coins. It could be because of the current market conditions or that the altcoins are in a phase of consolidation.
Worldcoin [WLD], The price of the product, which was recently in the news for its huge price hikes, dropped by 5.11% just within the last 24-hours.
WLD traded at $10.01, with a market capitalization of more than $1.48 billion.
In the last few weeks, the sentiment has become more bullish about the AI token. Its social volume has also risen, indicating its popularity in crypto.
Source: Santiment
In order to determine whether the AI token will experience a change of fortune in the near future, we looked at its daily chart. Our analysis showed that WLD’s value had reached the upper limit on the Bollinger bands.
When this happens, a correction in the price is imminent.
The Relative Strength Index of the token also showed a downward trend, indicating that investors were selling. Chaikin’s Money Flow (CMF), which measures the tokens price, followed a similar trend.
MACD is still bullish.
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Another popular AI token apart from WLD is Fetch.ai [FET]. FET’s situation was not much different. CoinMarketCap reports that FET is down more than 7% over the last 24 hour.
As of the date of this writing, its market cap was over $2.36 Billion.
FET’s daily chart looked very similar to WLD’s, since the price of FET touched the upper band of Bollinger Bands. The RSI as well as the CMF of FET also showed a downward trend.
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Read more Ethereum’s [ETH] Price Prediction 2024-25
Bitcoin Question
While the performance and price of top altcoins play the major role in triggering a bull run, the part played by the other currencies is also important. Bitcoin [BTC] It is also possible that the market will be affected. BTC is the biggest crypto and influences the whole market.
BTC has been inciting investors to expect a new rally. It will be hard for altcoins, given BTC’s sheer dominance, to challenge its bull rally.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
