Altcoins have experienced a positive shift following a recent surge in Bitcoin prices, with some recording gains exceeding 5%. Bitcoin’s current price resistance at $66,000 has raised some concerns about the stability of these gains. However, optimism persists as incoming ETF inflow data is anticipated to provide clearer market insights in the coming hours. Investors are now turning their attention to predictions for specific altcoins like TRX, PEPE, and SHIB.
What Are the Expectations for TRX?
Large holders of TRX, known as whales, have continued to accumulate the cryptocurrency, with significant purchases totaling over $160 million last month. This accumulation has pushed their reserves to the highest level of the year. GIOM data indicates that $142 million worth of TRX is poised for gains in the $0.123 to $0.127 price range. Should the price exceed this threshold, selling pressure may decrease as investors wait for even higher profits.
Currently, TRX is trading at $0.125 and is nearing the $0.127 resistance level. If TRX surpasses this, the price could initially rise to $0.13, and if $0.130 becomes a support level, the next target will be $0.144. Conversely, if the price falls below $0.121, it could drop to $0.116 or lower.
How Did PEPE Coin Perform?
PEPE Coin recently broke its all-time high on May 15, benefitting from the Bitcoin price increase. The new peak of $0.00001158 has set the stage for potential further gains, with attempts likely to reach the $0.000013 to $0.000015 range. To sustain this momentum, PEPE must turn its previous peak of $0.00001088 into a strong support level.
In the meme coin category, Floki has seen a more than 10% increase, while other coins like DOGE and SHIB have lagged behind. Nonetheless, Shiba Coin is showing a modest growth of 3% for the day.
Shiba Coin Commentary
Shiba Coin has recorded a 3% increase, continuing its upward trend amid the general market optimism. However, the coin has not performed as strongly as other meme coins like Floki. If Shiba Coin can turn $0.00002652 into a support level, it may begin a new upward trajectory.
Actionable Insights
– TRX investors should watch for the $0.127 resistance level; surpassing it could lead to significant gains.
– PEPE Coin needs to establish $0.00001088 as support for potential rises to the $0.000013-$0.000015 range.
– Shiba Coin could initiate a new upward trend if it maintains support at $0.00002652.
The recent Bitcoin rally has positively influenced various altcoins, yet investors should cautiously watch for key support and resistance levels to assess future market movements.
