The creation of a Hong Kong ETF (Exchange-Traded Fund) has prompted excitement among market observers, who believe it might indicate a new bull run in the cryptocurrency market. With the ETF opening up a new investment route for traditional investors, the stage is set for a possible increase in cryptocurrency values.
Analysts believe that some coins, including AVAX, DOGE, and ALGT, are primed for a surge in value due to favorable fundamentals and market trends. As the market prepares for a potential rebound, investors are keeping a close eye on these currencies, expecting to profit from the next major move.
Avalanche (Avax) price drops due to Nft volume decrease
Avalanche (AVAX) fans are drawn to the project’s quick transaction rates, scalability, and strong security. However, the recent performance of the Avalanche price has taken a bearish turn, with AVAX down more than 2% in the previous 24 hours. According to CoinMarketCap, the Avalanche price has dropped by more than 35% in the previous month, falling from $46 to $33.
Selling pressures have increased as trade volumes have fallen by more than 20% in the last 24 hours. According to technical research, the pessimistic mood stemmed from dropping AVAX NFT sales, which fell by more than 7% in the previous week. This drop in NFT sales has resulted in a fall in trading activity, with buyers down more than 35% and sellers down more than 38%.
The AVAX NFTs ecosystem has experienced a surprising decrease in trade activity. This decrease in activity has added to the gloomy attitude around Avalanche, with many investors growing more wary. As a result, the price of AVAX continues to fall, and it remains to be seen if it can recover from the recent dip.
Dogecoin’s 24-hour trading volume is up to 50% reaching $1.7 billion
Dogecoin (DOGE), a cryptocurrency born from internet meme culture, has recently faced a notable decline in value, dropping by over 5% in the past 24 hours to a new low of $0.1346. This downward trend aligns with broader negative movements across the cryptocurrency market.
Despite this dip, Dogecoin has seen a remarkable 50% increase in trading volume, reaching $1.7 billion, indicating growing interest among traders. With a market capitalization of $19.39 billion, Dogecoin currently holds the eighth position among cryptocurrencies.
The attention on Dogecoin has intensified due to significant activity by a mysterious crypto whale. According to data from the on-chain transaction tracker Whale Alert, this entity made two substantial acquisitions recently. Initially, they secured 150 million DOGE, valued at approximately $21.28 million, from the trading platform Robinhood, sparking notable market shifts and garnering considerable attention.
The future trajectory of Dogecoin remains uncertain. A drop below the $0.12 mark could signal further bearish movement, potentially leading to support levels at $0.11, $0.10, and $0.09. On the other hand, sustained bullish trends could see Dogecoin breaking above $0.12 and aiming for $0.15, and even the long-awaited milestone of $1, contingent upon overcoming significant resistance and maintaining robust support levels.
Algotech: Poised for liftoff amidst crypto boom
Algotech (ALGT), a decentralized algorithmic crypto trading platform, is gaining traction in the cryptocurrency community. The platform’s presale has already exceeded $4 million, showing high investor interest. As the crypto market prepares for another bull run, ALGT emerges as a possible game changer. ALGT’s novel approach to algorithmic trading, as well as the success of its continuing presale, indicate that the company is ready to launch.
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