Crypto Price Analysis 17/5: Key Altcoins to Focus If BTC Reclaims $70K

Highlights

The Ethereum Fear and Greed index at 59% accentuates the recovery sentiment returning to market participants.
The Cardano price develops a suitable bottom at the $0.426 support.
The PEPE price may prolong its recovery sentiment until an ascending trendline is intact.

Crypto Price Analysis: The BTC price rise to $65000 on Wednesday sparked a fresh recovery sentiment in the crypto market. The altcoins are rebounding from their prior correction trend, projecting an opportunity to take part in a post-retracement rally.

Moreover, the crypto analytics firm Santiment highlights a key trend in the market. With crypto prices rising, stablecoin market cap growth could validate the upward momentum. From mid-October to mid-April, major stablecoins like USDT, USDC, DAI, BUSD, USDP, and TUSD saw a 25% increase in market caps, reflecting higher trading volumes and investor confidence.

https://x.com/santimentfeed/status/1791189262186185105?t=zKf7OhSIs4j1CRT1ETTA1g&s=35

However, in the past four weeks, this growth has stalled. Santiment suggests that monitoring stablecoin market caps is crucial as they may indicate Bitcoin’s next move, whether it hits a new all-time high or drops below $60,000.again.

Also Read: Bitcoin Versus Ethereum War: Which Crypto Is Winning?

1) Ethereum (ETH)

Ethereum is a decentralized platform that enables smart contracts and decentralized applications (dApps) to be built and executed without downtime, fraud, or interference. It stands out due to its robust smart contract functionality, allowing developers to create self-executing contracts with the terms directly written into code.

BITSTAMP:ETHUSD Chart — Ethereum (ETH)| Tradingview

Amid the recent market surge, the Ethereum price rebounded from the monthly of $2875 and surged to $3036. The ETH price could rise another 8.5% to rechallenge the $3300 barrier if bullish momentum sustains.

By press time, the Ethereum coin shows a market cap of $364.8, while the trading volume slipped 6.5% to reach $14.3 Billion.

For Ethereum investors seeking assurance of recovery, the price must break above the key resistance level. Achieving this could set the stage for Ethereum price to reach potential targets of $3730 and then $4010.

Also Read: Bitcoin Price: Will Softer CPI Send BTC To $70,000 In May?

2) Cardano (ADA)

Cardano is a blockchain platform focused on sustainability, scalability, and interoperability. It is built on peer-reviewed research and evidence-based methods, making it unique in its rigorous scientific approach to development.

The Cardano price has been rising for three consecutive days uplifting its value from $0.42 to $0.487, registering 14.3% growth. The upswing back by increasing trading volume gives a decisive breakout from the resistance trendline of the month-long descending triangle.

Currently, the Cardano coin boasts a market cap of $17.34, holding its position as the tenth-largest cryptocurrency. If the recent breakout sustains, the ADA price could extend its recovery to the $0.52 and $0.56 mark.

Also Read: Smart Money Has An Eye For 2 Crypto To Buy For 10X-50X Potential In 2024

3) Pepe Coin (PEPE)

Pepe Coin (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme, Pepe the Frog. By incorporating NFTs, Pepe Coin taps into the growing market for unique digital collectibles, enhancing its value proposition.

BINANCE:PEPEUSDT Chart — Pepe Coin (PEPE)| Tradingiview

Contrary to the recent market surge, the PEPE price witnessed intense supply pressure at $0.0000108 resistance leading to a 15.3% loss over the past 3 days. If the bearish momentum persists, the meme price could plunge another 6% to an ascending support trendline.

This dynamic support intact for the past five weeks is crucial for buyers to prolong the uptrend.

If the support sustains, the PEPE price could lead the next recovery leap to $0.0000138, followed by $0.0000164.

Key Takeaway

The cryptocurrency market is riding a fresh relief rally projecting the formation of a suitable bottom for several altcoins. However, the BTC price must validate its sustainability above the $65000 psychological level to develop a sustainable recovery trend.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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