GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In Turbo Mode?

GMX, the native token of decentralized perpetual exchange GMX, has soared over 20% in the past 24 hours. The surge was seemingly fueled by a crypto whale move that ignited the communitys positive sentiment towards the token. Some analysts believe GMX might be preparing for a breakout above the $60 mark. Related Reading: AVAX Primed To Break $100 Barrier As Bullish Signs Emerge Whales Send GMX To New Wallets In the early hours of Thursday, a whale withdrew over 85,000 GMX tokens from crypto exchange Binance. Per the reports, the whale sent the funds to a fresh wallet, boosting the price surge. The whale withdrew 84,515 GMX, worth around $3.77 million, in five transactions for an average price of $43.07. This move propelled the price from $40 to $44 in the following hours. Moreover, the price jump resulted in over half a million in unrealized profit for the crypto investor. Similarly, reports of another whale withdrawing GMX from Binance surfaced this morning. According to the post, 72,300 GMX tokens were sent to a wallet from Binance. The wallet now holds 82,768 GMX, worth $3.69 million. The tokens surge appears to have begun before the whale activity. GMXs price jumped from the $36 price range to the $42 mark on Wednesday, which fueled the positive sentiment of the crypto community. In the past 24 hours, GMX rose 22.2%, trading above $44 now. The recent performance represents a 26% and 76.3% price increase in the weekly and monthly timeframes. Moreover, it has registered a surge in its market activity, registering a 121% daily trading volume increase in the last day. Crypto Analysts Bullish On GMX The tokens performance didnt go unnoticed by crypto analysts. The market watchers expressed their bullish sentiment towards GMX and set a short-term target. According to Daan Crypto, GMX appears to be running back to turbo mode. The token is currently up 2x from its bottom registered in April of this year. Moreover, GMX is trading back above the daily 200MA/EMA. To the analyst, the $41 support zone will be a key level to hold going forward. He also considers the $60 price range a good target for the tokens bullish momentum. Crypto trader and analyst JJcycles also weighed in on GMXs performance. The trader highlighted a bullish flag pattern on the tokens chart. Per the analyst, GMX is nicely reversing into the beginning of the third wave. JJcycles also pointed out the token successfully broke out of the $40 resistance level in the following hours. To the trader, it looks like GMX printed the bottom in April when it went as low as $22. Additionally, he called out those who capitulated within the bottom accumulation range, including Arthur Hayes. Just like it is supposed to be, capitulators are in pain, wrote the analyst. Related Reading: Fake Crypto Airdrop: Tethers CEO Warns Of Ongoing Supply Chain Email Exploit As reported by NewsBTC, the BitMEX founder was the largest individual holder of GMX, with over 230,000 GMX tokens. In April, Hayes seemingly accepted capitulation after sending all his GMX holdings to an address linked to crypto algorithmic trading firm Wintermute Trading. At the time, GMX investors criticized the transaction, suggesting that the altcoin was in that buy zone again. Featured Image from Unsplash.com, Chart from TradingView.com

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Bullish News: Top Analyst Forecasts Altcoin Bottom Today, Market Poised For Upswing Heres Why

In a recent social media post, renowned crypto analyst Michael Van de Poppe shared his predictions regarding the potential bottoming out of the altcoin market.  Van de Poppe emphasized the significance of key economic data and the upcoming interest rate decisions from the Federal Open Market Committee (FOMC), highlighting their potential impact on the crypto market. Altcoin Rally Ahead? CPI Data Points To Bullish Outlook Consumer Price Index (CPI) data revealed that US inflation had fallen to 3.3%, lower than expectations, which he deemed bullish news for the altcoin market. The CPI data holds particular importance as it influences the Federal Reserve’s decision on interest rate cuts. Related Reading: Ex-Ripple Director Explains XRP Price Slide Amid Good News Van de Poppe explained that if the CPI data came in above expectations, it would have led to a stronger US dollar and higher yields. In such a scenario, the chances of a near-term rate cut would have diminished, leading to a decline in risky assets. Conversely, a lower-than-expected CPI reading paves the way for a positive market reaction, as is the case today. The FOMC’s interest rate decisions were identified as the second significant event of the day. Following the European Central Bank’s recent rate cut, there is speculation that the US might consider similar measures.  Van de Poppe emphasized the importance of Federal Reserve Chairman Jerome Powell’s speech, as it could provide valuable insights into future monetary policy, potentially influencing market sentiments. Trading With Caution The altcoin and crypto markets experienced notable corrections last week, led by Ethereum (ETH), the largest altcoin in the market, with a price drop of over 5%, with a historical negative correlation observed during FOMC meetings and CPI releases.  However, Van de Poppe suggested that a repricing upwards could be anticipated, potentially leading Bitcoin to approach its all-time high of $73,700 in the coming weeks if the FOMC adopts a dovish stance. However, caution was advised, as price action can be deceptive. In the event of an unchanged rate decision, initial downward market responses might occur, with the true impact unfolding later.  Related Reading: Bitcoin Price Prediction: Major Analysts Say BTC Is Headed For 6-Digit ATH Another market expert, Adrian Zduczyk, offered his perspective, highlighting the tendency for prices to retrace to previous levels with little effect on volatility following FOMC decisions. While traders often anticipate news releases and follow patterns, he cautioned against trading against the Federal Reserve’s monetary policy decisions. As the altcoin market awaits the outcome of key economic data and FOMC decisions, analysts monitor these factors closely, anticipating a potential reversal and subsequent market upswing. With the Ethereum ETF seeking trading in the coming weeks, the summer months promise renewed market momentum and a potential challenge to all-time highs. ETH is currently trading at $3,618, experiencing a significant surge of 4.1% in the past few hours, coinciding with positive CPI data and heightened expectations of favorable news from the US Federal Reserve.  Featured image from DALL-E, chart from TradingView.com

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Only 8 Altcoins Have Broken ATH Against Bitcoin Since FTXs Collapse Analyst Weighs In

During this bull cycle, the crypto market has been surfing off Bitcoins crest and enjoying the bullish momentum. However, investors hope for a seismic explosion to impulse Altcoins to new highs. Related Reading As the crypto industry awaits, online reports revealed that, since FTXs fall, only eight altcoins have hit a new all-time high (ATH) [...]

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Analysts Foresee Altcoins Explosive Rally Incoming, Is The Correction Phase Over?

Over the weekend, the crypto market started recovering from the largest retrace of this bull cycle. The strong correction caused Bitcoin and the altcoins market to drop to levels not seen since February. While some sectors of the crypto community felt like the bull run was over or needed to cool-off, others seemed optimistic about the cycles future. Now that the market is back from the correction, analysts foresee that the altcoin season might come soon. Related Reading: Heres When Bitcoin Could Peak In This Accelerated Bull Run: Analyst Is The Correction Phase Over? Over the weekend, crypto analyst and trader MilkybullCrypto shared with his X followers that the Altcoins market capitalization was at an RSI level that initiates an explosive rally. Per his chart, this level is a reset for a healthy rally, as seen in 2016 and 2020. During these two cycles, when the altcoins reached this level, a huge rally followed. The analyst shared his latest forecast on Monday after seeing the market strengthen its recovery. To Milkybull, the altcoins market cap finished a Heatly retest. The market displayed a similar correction during the 2020-2021 rally before skyrocketing to all-time high (ATH) levels. The chart seems to display the same performance, which could mean that altcoins are in preparation for an explosive rally, if history repeats itself. Altcoins resembling performance between cycles. Source: MilkybullCrypto Similarly, crypto trader and analyst Captain Fabik considers the Healthy Correction is done. In his X post, the analyst identified a bullish falling wedge pattern, which signals a bullish rally incoming. Altcoins Cool-Off Or Euphoria Incoming? According to analyst and trader Rekt Capital, the Altcoin market cap, excluding the top 10 cryptocurrencies, has successfully retested the $250 billion level as a support level over the last several weeks. Per the trader, the altcoins are following the proposed path of his Ultimate Altcoin Market Cap Game Plan For The Coming Months. On this plan, Rekt Capital forecasted altcoins market cap would surge to the $315 billion level before retracing back to the $250 billion mark. This retrace would be followed by an explosive surge above the $440 billion market capitalization. Altcoins have stayed above the $250 billion support zone despite the strong corrections, as seen in the chart below. To the analyst, this suggests the market is now showing initial signs of trying to curl up from here. Ultimate Altcoin Market Cap Game Plan For The Coming Months. Source: Rekt Capital Renowned figures have expressed their disappointment in altcoins performance this cycle. Altcoin Sherpa considers that many alts didnt even run that hard over the last few months, which could suggest that its time for a cool-off. At the time, the analyst deemed altcoins rally was done for the next 1-4 months. However, others believe the euphoria phase for altcoins is coming. According to Crypto Yhodda, The alts will rise again, and by the end of 2024, they will go crazy. Moreover, the analyst believes that Altcoins Cycle III will give us some crazy pumps. According to his chart, the altcoins cycle I and II displayed a symmetrical triangle pattern before the breakout. The surge was followed by a slowdown before the upward trajectory continued, called Round 1 by the analyst. Subsequently, the rally would repeat the pattern on a second round before reaching the cycles top. Cycle III appears to be in the middle of Round 1, which suggests to the analyst there is a long road ahead before it hits the euphoria phase. Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential Altcoins market capitalization sits at $1.045 trillion in the weekly-chart. Source: TOTAL 2 on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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85% Of Altcoins In Opportunity Zone, Santiment Reveals

The on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical opportunity zone. MVRV Would Suggest Most Altcoins Are Ready For A Bounce In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The Market Value [...]

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Santiment Reveals Best Altcoins Currently In Opportunity Zone

The on-chain analytics firm Santiment has revealed the altcoins that have recently surged into the mid-term “opportunity zone.” These Altcoins May Be More Likely To See Rebounds In a new post on X, Santiment has discussed what the various altcoins in the market are looking like from the perspective of the MVRV. The “Market Value To Realized Value” (MVRV) refers to an indicator that keeps track of the ratio between the Bitcoin market cap and the realized cap. The realized cap here is a capitalization model for BTC that measures the total sum of capital that the investors have used to purchase their coins. As such, the MVRV tells us about how the value that the investors are holding right now (the market cap) compares against this initial investment. Related Reading: Bitcoin Plunges Under $63,000, Heres Where Next On-Chain Support Is Historically, the more profits the investors have held (that is, the higher the market cap has been compared to the realized cap), the more likely tops have been to occur. This is naturally because investors become more likely to give in to the allure of profit-taking the higher their gains get. On the other hand, cryptocurrencies have been probable to see rebounds when holders’ returns have dropped into the negative territory. In these conditions, there aren’t many profit-takers left, so selling pressure begins to run out. Based on these facts, Santiment has come up with an “Opportunity & Danger Zone Model” that uses the MVRV’s divergence from the norm on various timeframes to determine if an asset is providing a potential window for selling or buying right now. Below is the chart shared by the on-chain analytics firm that reveals what this model is saying for altcoins around the sector: Looks like some of the coins are approaching the opportunity zone | Source: Santiment on X From the graph, it’s visible that a lot of coins are still inside the overbought territory, but several altcoins have managed to sneak into the mid-term opportunity zone following the recent market downturn led by Bitcoin’s plunge. “This zone gets breached when an asset’s 30-day, 90-day, and 365-day average wallet returns are combining to be in negative territory,” explains Santiment. It should be noted, though, that while mid-term returns are red for these coins, they are still not yet inside the buy zone proper. “In a zero sum game like crypto, projects with minimal returns compared to the rest of the sector have a higher probability of a more efficient rebound for those who are willing to #buythedip on projects traders are in the most pain on,” notes the analytics firm. Related Reading: Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains According to Santiment, some of the best altcoin candidates who are inside the mid-term opportunity zone include Lido DAO (LDO), Synthetix (SNX), Storj (STORJ), and OMG Network (OMG). LDO Price Lido DAO has had a bad time recently as its price has gone down more than 31% over the past week. With these red returns, it’s no wonder that the coin is becoming underbought on the MVRV. The price of the altcoin appears to have plunged down in the last few days | Source: LDOUSD on TradingView Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

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Market Expert Highlights Top Coins To Watch As Ethereum (ETH) Reaches 22-Month High

Market expert Miles Deutscher has identified several key trends and developments in the cryptocurrency market, particularly focusing on the Ethereum (ETH) rally and its implications for Layer-2 (L2) decentralized finance (DeFi) altcoins.  Deutscher highlights that ETHs recent surge to a 22-month high of $3,130 has sparked increased interest in L2/DeFi altcoins, presenting potential opportunities for [...]

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FLOKI Skyrockets 32% Higher Following DWF Labs $10 Million Acquisition Plan

In a significant development for the Floki Inu memecoin, digital asset market maker investment firm DWF Labs has revealed its plans to purchase $10 million worth of FLOKI tokens. The announcement has triggered a remarkable surge in the token’s price, propelling it to a new 9-month high at $0.00005097. DWF Labs Strengthens Partnership With Floki Inu According to the official statement, DWF Labs will acquire the tokens directly from the Floki treasury over two years, reflecting DWF Labs’ commitment to support the protocol’s ecosystem.  As announced, the firm recognizes the potential for an “explosive” bull run in the cryptocurrency industry and aims to leverage FLOKI’s utility and marketing strength to capitalize on this opportunity. The partnership between Floki and DWF Labs was initially established in May 2023, when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has played a pivotal role in boosting FLOKI adoption.  Related Reading: Bitcoin Fear & Greed Index Reaches Highest Level Since 2021, What To Expect Next Through the partnership, DFW Labs reportedly facilitated key exchange listings, introduced Floki to influential industry projects, and publicly championed the token’s progress and achievements. DFW Labs concluded in the announcement: This massive FLOKI token purchase will further deepen our relationship with DWF Labs while strategically positioning FLOKI for dominance in an increasingly competitive landscape during this bull run Price Soars, TVL Rises, And Chinese TV Exposure Exciting developments continue for FLOKI as it gains significant exposure on China’s national sports TV channels, CCTV5 and CCTV5+. This exposure results from a strategic market partnership announced in 2023, which took place during the ITTF World Team Table Tennis Championships Finals in Busan 2024. According to the memecoin development team, this opportunity to be featured on mainstream Chinese television has introduced Floki and its sister asset, TokenFi (TOKEN), to an extensive audience of over 340 million people and solidified their presence in the Chinese market. The Floki Inu team expressed their excitement about this milestone, emphasizing that being featured on mainstream Chinese television is remarkable, making them among the very few cryptocurrencies to receive such recognition. Related Reading: Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000 Another achievement for Floki Inu is the success of their FlokiFi Locker, a decentralized finance (DeFi) crypto locker protocol. The team announced that the Total Value Locked (TVL) in the FlokiFi Locker had reached an all-time high of $111 million, setting a new record and highlighting the widespread adoption of the token’s utility products. In addition, the team announced that the total value locked for staked FLOKI tokens has reached an all-time high of $105 million. This represents 25% of the token’s supply, with $105,313,899 worth of tokens locked and staked for up to 4 years. This position of dominance in staking distinguishes the dog-themed token from other major “memecoins” such as DogeCoin (DOGE), Shiba Inu (SHIB), BONK, and PEPE, as FLOKI has the largest share of its supply staked among them. The memcoin token is trading at $0.00004080, maintaining its gains with a surge of over 32% in the last 24 hours. As a result, the market capitalization has jumped to nearly $500 million, reaching $475 million, according to the latest update. Additionally, the trading volume for FLOKI has significantly increased, reaching $204 million in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com

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Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound.  ETH On The Rise In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, [...]

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