Markets
Top Altcoins to Buy Now as US CPI Data Drives Crypto Market Recovery
On Wednesday in US business hours, the cryptocurrency market witnessed a sudden surge following the release of US CPI data. O Bitcoin price it jumped 3.7% to trade at $69,804, while record high Ethereum jumped 3.85% to reach $3,632. Amid the recent market correction, this rally highlights Ethereum (ETH), Cardano (ADA), and Pepe Coin (PEPE) as the top Altcoins to buy as they offer the potential for further recovery.
In a recent announcement, the United States reported that the unadjusted May Consumer Price Index (CPI) the annual rate stood at 3.3%. This value was slightly below the predicted 3.4% and marks a decrease compared to the previous value, which was also 3.4%.
The US announced that the unadjusted annual CPI rate in May was 3.3%, which was expected to be 3.4% and the previous value was 3.4%. The unadjusted annual core CPI rate in May was 3.4%, which was expected to be 3.5% and the previous value was 3.6%. The basic annual CPI rate was…
— Wu Blockchain (@WuBlockchain) June 12, 2024
Similarly, the underlying unadjusted annual CPI rate for May was recorded at 3.4%, falling short of the expected 3.5% and below the previous rate of 3.6%. Notably, this annual core CPI rate represents the lowest level since April 2021.
Lower inflation numbers could reduce fears of aggressive interest rate hikes by the Federal Reserve and encourage investors to invest in breached assets such as Bitcoin and other cryptocurrencies.
Read too: Crypto Prices Today, June 12: Bitcoin and Altcoins Extend Bearish Move, Price Rally PEPE and BONK
Top Altcoins to Buy – Ethereum
Ethereum, the second largest cryptocurrency by market cap witnessed a notable drop in the second week of June. From a high of $3,878, the altcoin fell to $3,433 on Tuesday, recording a loss of 11.5%.
Ethereum| Trading view
However, positive market sentiment surrounding the US data lifted the asset to $3,624 while the market capitalization jumped to $436.4 billion.
An analysis of the daily chart shows the ETH the price entered a sideways action evidenced by the formation of a new lower high. Amid Consolidation, Crypto Investor Awaits SEC Response to S-1 Filings of Ethereum ETF issuers that could trigger notable price movement in ETH.
If the response is positive, buyers could break out of the indirect resistance trend, signaling the continuation of the prevailing uptrend. The post-breakout recovery will encourage Ethereum buyers to challenge $4.950 billion again.
However, if the broader market correction persists, ETH price could support the long-term trendline support at $32,501.
Read too: Could Bitcoin Price Hit $70,000 This Week As Ethereum, Solana Scream Buy?
2) Cardano (ADA)
Cardano is a third-generation blockchain platform known for its research-driven approach and emphasis on sustainability and scalability. In the last two months, the ADA the price has been trading sideways, bouncing between the descending trendline and the $0.418 support.
Cardano (ADA) | Trading view
The coin strictly following the above-mentioned level indicates the formation of a descending triangle. In theory, the chart pattern leads to a short consolidation to regain the exhausted bearish momentum and resume a downtrend.
Today the Cardano Price bounced from $0.418 support with 4.5% to trade at $0.414, while the market cap jumped to $15.75.
If ADA price falls below the neckline support, sellers could drive a correction to $0.34.
However, buyers could invalidate the bearish thesis if they breach the descending trendline. The post-breakout recovery could push the asset to $0.52, followed by $0.62.
Read too: Ethereum ETF Could Boost MATIC and New ERC-20 Token Instead of Cardano
3) Pepe Currency (PEPE)
Pepê Currency (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character Pepe the Frog. In the midst of a sudden change in market dynamics, this asset class typically exhibits dynamic movement due to its volatile nature.
Pepe Currency (PEPE) | Trading view
O PEPE Price The correction that stabilizes above the $0.0000114 support indicates that buyers are accumulating this asset on market dips. At press time, the Frog-themed memecoin trades at $0.0000136, registering a 20% jump in the last two days.
This recent recovery supported by 15% in trading volume to reach $1.38 billion, accentuates trader interest in an upward direction. The post-correction rally could turn $0.00001725 and chase the potential target of $0.00002, followed by $0.000024.
Main advantage
Today, the crypto market witnessed a notable surge following the release of US CPI data. Bitcoin price is about to recover $70,000, while Ethereum remains above $3,500. However, an analysis of a longer time frame shows that the major digital assets are not out of consolidation and that the main indirect resistance is still intact. Therefore, monitoring the current recovery is crucial to gaining recovery momentum.
Related articles