A well-known analyst recently unveiled four cryptocurrencies that are expected to experience a potential surge in price in the near future. The analysis predicted a significant price recovery for the giants of the market, Bitcoin, Solana, Cardano, and Shiba Inu.
According to cryptocurrency expert Ali Martinez, in a technical analysis released on June 25, there is a potential upward breakout in the prices of altcoins Solana (SOL), Cardano (ADA), and Shiba Inu (SHIB), as well as for Bitcoin.
“TD Sequential is showing buy signals on the daily charts of Solana, Shiba Inu, and Cardano, indicating a potential price recovery for these altcoins!” Martinez stated.
The launch of spot Bitcoin ETFs in the US has significantly increased global cryptocurrency trading volumes. However, not all exchanges have benefited from these changes, as indicated in a tweet by KaikoData on June 25, 2024.
In an interesting turn of events, on June 25th, the three cryptocurrencies SOL, ADA, and SHIB, exhibited significant gains following the recent market crash, with their prices increasing by 7.2%, 5.0%, and 6.1% respectively in the last 24 hours.
Regarding Bitcoin, the analyst noted that the same indicator, TD Sequential, is presenting a buy signal on the Bitcoin daily chart, predicting a recovery of one to four daily candles for the largest cryptocurrency in the market.
“Over the past two years, Bitcoin’s daily RSI has entered oversold territory three times, resulting in price increases of 60%, 63%, and 198%, respectively. With BTC now below $62,000 and the RSI in oversold territory again, this could be an excellent opportunity to buy the dip,” emphasized the specialist.
At the time of publication, the price of Bitcoin was quoted at US$61,852.42, with an increase of 1.2% in the last 24 hours.
After starting the week trading below the US$60 level, the price of Bitcoin recovered in the last 24 hours and returned to the US$61 zone.
Traders appear to be concerned by the news that the failed exchange Mt. Gox will pay its creditors from July, with around US$9 billion in Bitcoin set to be paid starting next week. This could potentially trigger a wave of liquidation if creditors choose to sell their tokens.
Furthermore, with investors fleeing to other cryptocurrencies, the Bitcoin market dominance index showed the biggest drop since January. According to data from TradingView shared by CoinDesk on June 25, Bitcoin’s dominance recorded a drop of 1.8%, currently standing at 54.34%. This marks the largest single-day percentage drop since January 12.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.