Bitcoin
Bitcoin rallies above $67K, but are THESE altcoins a better bet?
Posted:
| Last updated: July 31st, 2024
contributor
- FLOW and PYTH stood out as the best-performing tokens in the midweek.
- CHZ, FTM, and ADA are some of the altcoins that could potentially break out to the upside
Bitcoin [BTC] led the rest of the cryptocurrencies in a pronounced market-wide retracement on the 24th of July as U.S. stock markets tracked multi-week lows.
The NASDAQ composite and S&P 500 indices marked their worst days since Q3, 2022.
Source: TradingView
Meanwhile, the flagship crypto slid briefly below $64,000 on the 25th of July after failing to protect the $65,500 level.
Bitcoin out, altcoins in
Most altcoins equally remained subdued on the 24th of Wednesday and have seen suppressed action for the better part of the 25th.
Flow [FLOW] and Pyth Network [PYTH], however, stood out among the best-performing tokens in the midweek price action.
PYTH posted double-digit gains on the 24th of July, boosted by recent news of Pyth Network powering Galxe’s Layer-1 omnichain Gravity. In an announcement on the 22nd of July, the team wrote,
“Gravity will be powered by Pyth, with Price Feeds being available to developers building on Gravity and looking to leverage the chain’s performance and UX capabilities. […] Smart contract developers can also tap into Pyth Network’s 550+ real-time price feeds for cryptocurrencies and even traditional asset classes.”
Flow’s native token FLOW set an intraday and five-week high of $0.70 on the 24th of July per CoinMarketCap, but has given up some gains, settling at $0.63 at the time of writing.
Source: TradingView
On the daily chart, FLOW has recouped losses from a downward phase in the second and third weeks of July. At press time, bulls faced immediate resistance at $0.65.
The FLOW/USDT pair traded between widening Bollinger Bands on the 4-hour chart, confirming increasing market volatility.
Source: TradingView
When the bands widen significantly, it often suggests a strong trend or a breakout is underway.
The case for CHZ, FTM, and ADA
Notwithstanding peaking Bitcoin dominance, some market commentators expected a rebound in the second half of the year.
Source: X
Market intelligence platform Santiment highlighted Cardano [ADA], Chiliz [CHZ], and Fantom [FTM] as some altcoins likely to see price boosts from potential liquidated shorts.
The trio of tokens has been consistently shorted in the last five weeks.
Source: Santiment
ADA bounced above the 20- and 50-simple moving averages (SMA) on the 12th of July on the back of six consecutive daily green candles between the 8th and 13th of July.
Read Cardano’s [ADA] Price Prediction 2024-25
The streak marked the first repeat since the 26th of February.
Source: TradingView
On the daily chart, ADA/USDT has erased most of the gains from the second week of July and ranged below the 20- and 50-SMA lines at press time, which intersected at $0.40 on the 24th of July.
