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Zameer Attar
Zameer Attar
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- May 17, 2024 11:54 UTC
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Top 3 Altcoins Set for a Bullish Breakout Soon
Altcoins rebounded due to rising Bitcoin price, positive crypto regulations, and spot Bitcoin ETF inflows.
Analyst predicts significant price increases for Arbitrum (ARB) and Enjin Coin (ENJ) based on technical analysis.
Injective (INJ) is also expected to surge due to its strong backing and ecosystem growth.
On Friday, many altcoins saw a significant rebound, driven by Bitcoin’s (BTC) impressive price jump above $66,000. Optimistic regulatory developments in major areas—like the United States, India, Hong Kong, and Europe—have boosted positive market sentiment. Additionally, spot Bitcoin ETFs have seen three consecutive days of cash inflows after a period of notable outflows in recent weeks.
This positive trend has sparked a bullish sentiment across several altcoins, with Chainlink (LINK) and meme coins leading the charge, hinting at a market surge in the near future.
Top Altcoins to Watch Ahead
Arbitrum (ARB)
The Ethereum (ETH) community is eagerly awaiting next week’s decision on VanEck’s spot Ether ETF, which could greatly affect other applicants. Arbitrum (ARB), a leading Ethereum-based layer two scaling solution, is on the brink of a significant bullish breakout.
Popular crypto analyst Captain Faibik predicts that ARB could rally by at least 50% if it successfully breaks out of its current falling wedge pattern.
Enjin Coin (ENJ)
Enjin Coin (ENJ) is set to play a crucial role in the mainstream adoption of digital assets through its immersive GameFi web3 projects. With a fully diluted valuation of about $560 million and an average daily trading volume of $22 million, ENJ has surged over 5% in the past week, currently trading at around 31 cents.
Captain Faibik notes that ENJ is gradually breaking out of a falling wedge pattern, potentially leading to a 50% price increase soon.
Injective (INJ)
Injective (INJ), backed by major investors like Binance, Mark Cuban, and Pantera Capital, has grown into a vibrant Web3 ecosystem with a fully diluted valuation of over $2.4 billion and a daily trading volume of $91 million.
Crypto analysts, including Captain Faibik, believe that INJ is on the verge of a bullish breakout, which could result in at least a 50% gain.
Stay tuned for more updates as the altcoin market continues to react to Bitcoin’s momentum.
Also Check Out : Why Ethereum Is A Good Buy Right Now: Supply Squeeze, DeFi Boom, and More!
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