Bitcoin
Top Altcoins to Watch Amid Bitcoin’s Latest Correction
Crypto market analysis: the leading cryptocurrency, Bitcoin, falling for four consecutive days interrupted the bullish sentiment started by Ethereum earlier this week amid the development of the Spot ETH ETF. The U.S. Securities and Exchange Commission (SEC) recently greenlit Form 19b-4 filings for eight notable Ethereum exchange-traded funds (ETFs), as reported by Wu Blockchain.
The ETFs, led by industry giants such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton, have not yet activated their S-1 registration statements before trading can begin. While the timeline for this final phase of approval remains uncertain, Bloomberg analyst James Seyffart estimates the process could last several weeks. This development marks a significant step in the integration of cryptocurrency into mainstream financial services.
Thus, the price of ETH shows remarkable resilience; the $3,650 level of other altcoins like Pepe Coin (PEPE) and Lido DAO (LDO) signals an opportunity for an extended recovery.
Read too: Ethereum Price Is At Risk Of Falling Towards $3,400 Despite ETF Optimism, Here’s Why
1) Ethereum (ETH)
Ethereum is an open-source, decentralized blockchain system that features its own cryptocurrency, Ether (ETH). It stands out as a fundamental platform in the blockchain ecosystem due to its pioneering in smart contracts – self-executing contracts with the terms of the agreement written directly into code.
Ethereum (ETH) | Trading view
Last week, Ethereum (ETH) began its recovery phase after a strong rebound from the $2,860 monthly support level. This bullish reversal has led to a more than 30% increase in its value, with the coin now trading at around $3,696. At the same time, Ethereum’s market capitalization increased to $443.6 billion.
This recovery gained notable momentum following developments around Spot ETH ETF. While the broader market has shown a notable sell-off this week, the Ethereum Price sustained above $3,650, indicating active buying pressure from below.
The above-mentioned level could act as a suitable support for ETH to drive its next recovery bounce to $4,090, followed by $4,430.
2) Pepe Currency (PEPE)
Pepê Currency (PEPE) is a cryptocurrency that capitalizes on the viral internet character Pepe the Frog, positioning itself in the meme coin category alongside others such as Dogecoin and Shiba Inu. PEPE operates as an ERC-20 token on the Ethereum blockchain, which is known for its security provided by the Proof-of-Stake consensus mechanism.
Pepe Currency (PEPE) | Trading view
O PEPE Price has shown a steady recovery over the past six weeks under the influence of an ascending trendline. A recent reversal from this support on May 20 boosted the asset by 54% to currently trade at the $0.0000138 mark.
According to CoinMarketcap, Pepe coin has a market cap of $5.93 billion, while the 24-hour trading volume is $3.9 billion.
The Support/Resistance indicator – pivot level shows the increase PEPE price may witness indirect supply at $0.0000165 and $0.0000189 while support levels are at $0.0000108 and $0.00000109.
Read too: 4 Must Buy PEPE Alternatives for 100X Earnings in May-April 2024
3) Uniswap (UNI)
Uniswap (UNI) is a leading decentralized finance (DeFi) protocol known for facilitating automated trading of decentralized tokens on the Ethereum blockchain. It is distinguished by its use of a unique trading model called an automated liquidity protocol, where users pool their assets to form liquidity pools.
Uniswap (UNI) | Trading view
Over the past five weeks, the UNI Price fluctuated predominantly within a narrow band between $8.35 and $6.6. This sideways movement occurs at a critical support juncture, marked by the 78.6% Fibonacci retracement level and an ascending trendline (illustrated by the blue line), signaling a significant accumulation zone.
On May 20, buyers decisively broke through the pattern’s overhead resistance, signaling a major trend reversal. O Uniswap Coin it currently trades at $9.44 and has a market cap of $5.65 billion.
If the breakout holds, coin buyers could lead a rally to $10.3 followed by $13.3.
Read too: Uniswap price analysis suggests rally beyond $10 as buyers break 6-week consolidation
Main advantage
The altcoin market remains remarkably resilient amid a Bitcoin correction, bolstered by advances in the development of an Ethereum Spot ETF, which has maintained bullish momentum. Ethereum price stability above $3,650 confirms continued strong buying interest in the market.
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