Sokipiriye Dokubo
Traders might start looking at altcoins like BNB, TON, AAVE, and HNT due to Bitcoin’s stagnant price action. Major institutional investors have taken advantage of Bitcoin’s consolidation to increase their holdings in spot Bitcoin exchange-traded funds.
Institutional investors, especially investment advisers, raised their Bitcoin ETF holdings in the second quarter of 2024. However, hedge funds reduced their positions during the same period, attributing the choppy price action to slower activity during the summer months in the United States.
Analysts predict that Bitcoin may continue its sideways movement akin to previous U.S. election years and could potentially see a breakout in October or November.
As Bitcoin struggles to break the $60,000 barrier, some altcoins may garner interest. Here’s an overview of the top five cryptocurrencies showing strength:
Bitcoin price trends:
The current price of Bitcoin is consolidating near the $55,724 support level. If the price manages to stay above the 50-day SMA at $61,540, a potential rally to $65,660 and beyond may occur.
BNB price movement:
BNB has regained some ground and could climb higher if it breaches the downtrend line. A push above $605 could signal further gains.
Toncoin analysis:
Toncoin has rebounded from the 20-day EMA support and might rally to $7.65 if it surpasses the 50-day SMA. Support lies at $6.05.
Aave price outlook:
Aave failed to break resistance at $118 but remains above the 20-day EMA. Potential support lies at $90 while resistance is at $118.
Helium price prediction:
Helium is on an upward trend towards a strong resistance at $9.74. Dips are likely to be bought, but a reversal could occur if the price falls below the 20-day EMA.