Crypto Price Prediction: The crypto market has fluctuated with uncertainty for the past two weeks following the Bitcoin price consolidation. The daily chart showing neutral candles highlights a lack of momentum from both bulls and bears.
However, the leading digital asset had a notable rally on Monday, likely driven by positive market sentiment towards the spot Bitcoin ETF, which will begin trading in Australia tomorrow. Today, Bitcoin’s price rose 2%, sparking a relief rally among major altcoins.
Among the recent jumps, the Canine-Memecoin Floki and Kaspa emerged amid the higher gains that attracted momentum buyers from the market.
Also Read: 5 Top Catalysts That Could Make Bitcoin Price Rally To $150,000
1. Bitcoin (BTC)
Bitcoin (BTC) is the pioneering cryptocurrency that operates on a decentralized network that uses blockchain technology to enable peer-to-peer transactions without intermediaries.
For the past two weeks, Bitcoin has remained steady around $69,000, thanks to a strong demand zone between $66,900 and $68,900, according to crypto analysis firm IntoTheBlock. More than two million addresses accumulated a total of 1.1 million BTC in this series, highlighting significant interest and activity among traders.
Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k.
In this series, more than two million addresses accumulated a total of 1.1 million BTC, highlighting a significant level of interest and activity among traders. pic.twitter.com/FVUGfFY5IF
— IntoTheBlock (@intotheblock) June 3, 2024
An analysis of the daily chart shows that the BTC price is developing a bullish pennant pattern. The coin price resonating within two converging trend lines should restore buying momentum and release it on the breakout for the overhead trend line.
At press time, the Bitcoin price was trading at $68949, while the market cap boasted $1.358 trillion.
The potential breakout will provide buyers with suitable support to drive recovery to $75,000, followed by an extended rally to $88,000.
Also Read: Bitcoin News: Developers Debate Major BTC Network Upgrade For New Use Cases
2) Floki
Floki is a cryptocurrency project inspired by Elon Musk’s Shiba Inu dog named Floki. It aims to create a vibrant ecosystem that combines meme culture with real utility. With today’s market recovery, the FLOKI price jumped 15% to currently trade at $0.000267.
According to the data of CoinMarketCap, the FLOKI coin has a market capitalization of $2.7 billion, while the training volume has increased by 127% to $689.2 million since yesterday. This rally managed to reclaim a notable price level of $0.000267, providing buyers with suitable support to resist the $0.000313 high.
A potential breakout would accelerate the buying momentum and push the FLOKI price past the all-time high of $0.0003437. With this asset poised to enter a price discovery mode, the traditional pivot indicates the overhead supply at $0.00041, followed by $0.0005.
Also Read: FLOKI Price Rises 5% As 7 Billion Coins Accumulated, Price To Maintain Momentum?
3) Kaspa (KAS)
Kaspa (KAS) is a cryptocurrency project focused on delivering a high-performance, scalable and secure blockchain platform. Kaspa’s standout feature is its use of the GhostDAG protocol, which enables faster block times and higher transaction throughput compared to traditional blockchains.
Since the beginning of May, the KAS coin has seen a significant recovery, with its price rising from $0.10 to $0.149, representing an increase of 48%. Moreover, its market capitalization rose to $3.552 billion.
An analysis of the daily chart shows the formation of inverted head and shoulders with the altcoin currently challenging its neckline at $0.15. A potential breakout of this barrier would signal a major change in trend reversal, emboldening buyers to chase potential targets at $0.19, followed by $0.22.
take away
The ongoing consolidation in the crypto market is expected to end as Bitcoin nears a decisive breakout. Under the influence of a bullish continuation pattern – pennant, the BTC price can recover its exhausted bullish momentum and resume the prevailing uptrend.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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