The cryptocurrency market is heating up! After a recent downturn, the total market cap has surged over 1% in the past 24 hours. Bitcoin has made a crucial comeback, reclaiming the $58,000 support level. But that’s not all – altcoins are also showing signs of life. Binance Coin, Sui, and Cardano are leading the charge, hinting at a potential rebound from the recent sell-off.
Cryptocurrencies have been following major stock indexes, which have seen gains recently due to expected changes in the US economy. Additionally, US inflation has dropped notably, with the Consumer Price Index (CPI) now at 2.5%, down from 2.9% last year.
Want to know more? Keep reading to discover the factors driving this market surge and which altcoins are poised for a breakout.
Analysis by Santiment suggests that altcoins with high funding rates and more short positions may rebound strongly, as forced liquidations could cause a short squeeze.
With the growing adoption of Web3 and play-to-earn projects, Decentraland (MANA) is positioned for a potential near-term rise. This small-cap altcoin, valued at about $594 million with a daily trading volume of around $27 million, has gained over 3% in the last 24 hours, trading at approximately $0.2719 during the mid-London session.
Technically, MANA’s price is showing signs of a possible reversal, with a rising divergence on the daily Relative Strength Index (RSI).
The Graph (GRT), an indexing protocol for blockchain data, has seen a sharp increase in short funding rates. This could lead to a bullish rebound if these short traders face liquidations.
With a fully diluted valuation of about $1.5 billion and a daily trading volume of around $34 million, GRT has risen over 3% in the past 24 hours, trading at roughly $0.14. It has established strong support above 12 cents and shows a double bottom pattern with bullish divergence on the daily RSI.
Aave continues to perform well among DeFi protocols, operating across several blockchains including Ethereum, BNB Chain, Avalanche, and Fantom. This mid-cap altcoin, valued at around $2.4 billion with a daily trading volume of about $461 million, has risen nearly 2% in the past 24 hours, trading at about $150 on Thursday.
Read Also: Three Important Factors Weighing Heavily on Bitcoin Price
What other altcoins do you think are poised for a breakout? Let us know your picks.
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