In a recent forecast, a well-known analyst identified four cryptocurrencies that are poised for a potential price surge in the near future. The analysis indicated a significant price recovery for Bitcoin as well as market leaders Solana, Cardano, and Shiba Inu.
Cryptocurrency expert Ali Martinez, in his technical analysis released on June 25th, highlighted the possibility of an upward breakout in the prices of altcoins Solana (SOL), Cardano (ADA), and Shiba Inu (SHIB), in addition to Bitcoin.
“TD Sequential is showing buy signals on the daily charts of Solana, Shiba Inu, and Cardano, suggesting a potential price recovery for these altcoins!” Martinez stated.
The introduction of spot Bitcoin ETFs in the US has led to a substantial increase in global crypto trading volumes. However, not all exchanges have benefited from these changes.
In a noteworthy development, on June 25th, the three cryptocurrencies SOL, ADA, and SHIB demonstrated significant gains following the recent market crash, with their prices increasing by 7.2%, 5.0%, and 6.1% respectively in the past 24 hours.
Regarding Bitcoin, the analyst observed that the same indicator, TD Sequential, is signaling a buy on the Bitcoin daily chart, forecasting 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 writing, the price of Bitcoin was quoted at US$61,852.42, marking a 1.2% increase in the last 24 hours.
After beginning the week trading below the US$60 level, the price of Bitcoin has rebounded in the last 24 hours and returned to the US$61 range.
Traders seem to be unsettled by the news that failed exchange Mt.Gox will begin paying its creditors from July. Approximately US$9 billion in Bitcoin will be distributed starting next week, which could trigger a wave of liquidation if they sell their tokens.
Furthermore, with investors moving to other cryptocurrencies, the Bitcoin market dominance index recorded the largest drop since January. According to data from TradingView shared by CoinDesk, on June 25th, Bitcoin’s dominance saw a decrease of 1.8%, currently standing at 54.34%. This represents the largest single-day percentage drop since January 12th.
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.