Highlights:
- Ethereum could reach $4100 if bullish momentum continues after breaking the $3500 resistance.
- Cardano ecosystem aims to integrate DeFi with Bitcoin, strengthening its ecosystem and market.
- Analysts anticipate if Chainlink breaks the $22 resistance, it could possibly set a new all-time high.
The crypto market has witnessed a notable decline as most of the coins trade in red, shedding majority of their recent gains. Bitcoin, the leading asset, has also suffered a pullback, diminishing the anticipated $100k sentiment after dropping below the $92k level.
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Furthermore, the overall crypto market cap has also dropped by 7% to $3.15T due to the negative market sentiment. However, the trading volume has increased by 20% to reach $254B pointing to increased market activity.
Amidst the broad pullback in the market, the altcoin sector was not left out as the top 10 altcoins experienced considerable drops too. However, there is a catch. The latest drop could lead to a chance of finding the next altcoins to explode, like Ethereum (ETH), Cardano (ADA) and Chainlink (LINK)
Next Altcoins to Explode
1. Ethereum (ETH)
Despite the broad selling pressure, the largest altcoin, Ethereum, has declined by 3.81% in the past 24 hours, displaying its resilience. As of press time, ETH is exchanging hands at $3,332, with surges of 7% and 35% on the weekly and monthly charts, respectively. The trading volume has spiked 80% to $54B despite the decline in the market cap at $403B.
Despite the bearish sentiment in the cryptocurrency market, Ethereum shows upward potential in its price movement. Ethereum’s open interest surged almost 10% within a day, reaching $22 billion, as per the on-chain data provided by Coinglass. This figure is more than doubles the levels witnessed during the peak in November 2021.
【XChainNews Market: Ethereum's Open Interest Hits Record $22 Billion; Is an ATH Coming Soon?】
Despite a bleak outlook across the cryptocurrency sector, Ethereum (#ETH), the second-largest cryptocurrency globally, is poised for significant upward movement. Bullish price… pic.twitter.com/hwKGnF2yMT
— XChainNews (@XChainNews) November 26, 2024
Ethereum’s price is sandwiched between $3,290 and $3,480, nearing a key resistance level of $3,500. Should the bulls regain momentum and breach the $3550 mark, then the prices will likely reach $4100, a 15% growth. Moreover, the RSI is still below 70, which means more gains are yet to come before the coin’s value reaches overbought conditions. As traders search for the next altcoins to explode, Ethereum’s price movements show a healthy interest in the market.
2. Cardano (ADA)
Cardano displayed a remarkable rally recently climbing above the $1 key level. However, the bears have overthrown the bulls as ADA drops 10% to trade at $0.91. Furthermore, market cap and trading volume have decreased from $32B to $2.88B.
Cardano founder Charles Hoskinson has announced plans to bring DeFi features to Bitcoin. It aims to allow users to use Bitcoin in direct payments for user interaction with dApps. The project proposes to use the Babel fees of Cardano, which will permit the payments of transactions with other tokens. This would improve the usability of Bitcoin by broadening its ecosystem.
Just a brief reminder, having been around for a very long time and having read a lot of the early source code for Bitcoin, it's easy for me to get back into the mindset of Bitcoin's design and purpose.
It's like a childhood friend that I lost touch with and re-discovered. I…
— Charles Hoskinson (@IOHK_Charles) November 26, 2024
Hoskinson thinks that now is the time to change Bitcoin’s design as well as add some new sections to it. This vision seeks to enable Bitcoin-powered hybrid apps by connecting the two blockchains, which could potentially impact Cardano’s market, fueling the price.
3. Chainlink (LINK)
Following an impressive rally that saw Chainlink gain a massive 50% over the past month, the coin has been rejected at the $18 region. As of presstime, LINK is trading at $16.64 down by 10% as the broad market drives through a bearish trend. LINK’s market cap and trading volume stand at $10.25B and $1.06B, respectively.
Crypto analyst Ali Martinez has noted that for Chainlink to realize a new all-time high, it has to overcome the key resistance level at $22. Ali said overcoming this level could open the door to higher returns, highlighting LINK’s potential as altcoins capitalize on the current Bitcoin rally.
The next critical hurdle for #Chainlink $LINK is $22. Clearing it could set the stage for a potential all-time high—just a question of timing! pic.twitter.com/9cS8XJsF1q
— Ali (@ali_charts) November 25, 2024
Conclusion
Amid the ongoing bearish conditions in the cryptocurrency market, Ethereum, Chainlink and Cardano have shown strong relative strength and growth potential. These altcoins could provide opportunities to investors as Ethereum approaches resistance level, Chainlink targets key levels and Cardano makes advances with its usability.
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