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Cryptocurrency Picks for Today: The ongoing correction in the crypto market takes halts as Bitcoin price attempts to hold its position above $42000, will recovery continue?
Cryptocurrency Picks for Today: On Tuesday, the crypto market witnessed a minor relief rally in its correction trend, as the Bitcoin price tries to stabilize above the $42000 mark. Although the recent introduction of spot Bitcoin ETFs didn’t trigger a major uptick in the underlying asset BTC, current technical chart analyses suggest that this correction phase is a typical financial asset behavior, often preceding a recovery in bullish momentum.
According to a recent tweet by the renowned crypto analyst @thescalingpro, there’s a significant development in the altcoin sector. He stated that:
#Altcoin Marketcap Broke out of the Massive Wyckoff Accumulation phase. Price is currently consolidating above the point of breakout. Altcoin Rally Incoming
Following the successful approval of Spot Bitcoin ETFs, the potential of Ethereum ETF approval has surged immensely, which will further accelerate the buying pressure in altcoins.
Here are the best crypto to buy today-
Ethereum (ETH) Price Eyeing $3,000 in the Wake of Market Fluctuations
The recent approval of the Spot Bitcoin ETF had an unexpectedly stronger impact on Ethereum (ETH) than Bitcoin. The ETH price experienced a notable 10.4% rise on Wednesday, breaking free from five weeks of consolidation.
This upward movement pushed ETH past the key resistance level of $2,430, reaching a two-year peak at $2,700 last week. However, this high was short-lived as the broader market soon entered a correction phase.
In the past five days, the Ethereum price has declined by 6.5%, currently trading around $2,530. This downward trend is anticipated to revisit the $2,430 mark, testing it as a potential support level.
If ETH manages to sustain above this critical $2,430 support, it could trigger a resurgence, potentially rallying toward $2,700 and even aiming for the $3,000 mark.
Analyzing the daily time frame chart, Ethereum’s recovery trajectory appears to be guided by an ascending trendline, providing dynamic support for buyers. As long as this trendline holds, ETH’s rally could continue.
Additionally, the ADX indicator, standing at 20%, suggests that the current buying momentum has the strength to propel the cryptocurrency to higher levels.
Here’s Why Klaytn (KLAY) Price is Set for 62% Surge
During the launch week of the Spot Bitcoin ETF, Klaytn’s native token, KLAY, demonstrated notable stability, consistently holding above the $1.6 level. This strong support led to a bullish reversal, propelling the altcoin’s value by an impressive 52% within two weeks to currently trade at $0.23.
A major portion of this recovery is recorded today, as the coinmarketcap shows a Klay price is 21.5% in the last 24 hours. This uptick could be leaked to the market’s interest in the recent merger announcement with Finschia Foundation to create a joint ecosystem. This ambitious move aims to establish a dominant Web3 technological hub and ecosystem across Asia.
The unified ecosystem is expected to encompass more than 420 decentralized applications (DApps) and a staggering 250 million wallets. These will be seamlessly integrated with Kakaotalk and LINE, two of Asia’s most widely used messaging services.
This development aligned with a bullish double-bottom chart pattern in the technical chart, indicating strong growth potential for this altcoin. If this pattern holds true, the Klaytn price is likely to surge 62% and challenge the neckline resistance around $0.376.
A breakout above this barrier will signal a better confirmation of trend reversal.
Bullish Pattern May Porlong Chiliz (CHZ) Price Rally to $0.135
A look at the daily time frame chart shows the last seven months’ sideways trend in the Chiliz coin has developed into an inverted head and shoulder pattern. This well-known bullish reversal pattern commonly spotted at market bottoms indicates an early sign of trend reversal.
The Chiliz price has been under recovery mode over the past three months, where the coin value has surged from $0.054 to its current trading price of $0.105, registering 93.6% growth. Amid this rally, the coin price had a deceive breakout from the neckline resistance around the $0.098 mark.
If the coin price shows sustainability above the breached trendline, the buyers may drive a 28% rally to hit the $0.135 mark.
An uptick in the upper boundary of the Bollinger band indicator shows the buyers are currently dominating in this asset.
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