Cardano price soars with the increase in DEX volume and the launch of new meme coin. Shiba Inu aims to recover as holders withdraw more than 44 trillion tokens from exchanges. As network activity heats up, this altcoin is poised for a price surge, according to analyst alias CryptoFaibik. Crypto analyst Akash Girimath says LTC is ready to explode. Analyst Gregor Horvat argues that MX Token is targeting ATH.
Cardano-based DEXs and meme coins fuel altcoin price rally
cryptocoin.comAs you follow, Cardano Blockchain recorded an increase in transaction volume in May. Transaction volume on Minswap, the largest DEX in the blockchain, climbed from $10 million at the beginning of May to $72 million on Tuesday.
Minswap is currently the largest Total Value Locked (TVL) DEX on the Cardano Blockchain. The stock market has assets worth $175 million. Therefore, a significant increase in activity in Minswap is affecting Cardano Blockchain. SNEK, a meme coin with a 24-hour trading volume of $8 million, was launched on Cardano-based DEXs Sundaeswap and Minswap. Since its launch, the price of SNEK has risen by 268.71%. Market participants trading SNEK contributed to the increase in trading volume on Minswap.
Since their launch, both SNEK and BANK prices have risen. As of Tuesday, the combined market capitalization was $80 million. The flurry of activity from DEX transactions and meme coin launches fueled a rally in Cardano. ADA rose from $0.3535 on Friday to $0.38 at press time. Altcoin showed a 7.5% increase in this move. Cardano is likely to continue to rise with the growing popularity of DEXs and meme coin launches on their platform.
SHIB reserves are falling on the stock markets, what does that mean?
Shiba Inu’s reserves on crypto trading platforms decreased by 33% between March and May. As of May 30, there were 88.36 trillion SHIB tokens on crypto exchanges, according to data from crypto intelligence tracker Santiment. On the other hand, this figure fell sharply compared to 132.89 trillion in March.
The chart shows that the supply held by the top addresses increases as the stock market reserves decrease. This means that wallet investors and SHIB holders withdraw tokens from exchanges. These actions resulted in a drop in SHIB supply. This eased selling pressure at a time when 65% of wallet addresses holding Shiba Inu were underwater, meaning they were sitting on unrealized losses. Altcoin price is at $0.000000870 at the time of writing. Therefore, 31% SHIB holders are in a profitable position at the current price level.
Also, there is an increase in Shiba Inu address activity on May 26. The increased address activity is likely to support a recovery in the price of the meme coin. According to Glassnode data, 2,538 new Shiba Inu wallet addresses were created that day. This metric marks the largest daily increase in new addresses in the past three months.
The drop in SHIB prices, coupled with reduced supply on exchanges and the large volume of new addresses being created, could serve as a catalyst for altcoin price recovery in the short term.
XRP networkat address activity is increasing, altcoin price ready to rise
According to data from crypto intelligence tracker Santiment, the XRP network has recorded the second-largest all-time increase in address activity over the past two days. On March 18, XRP saw its highest ever address activity. Also, this was followed by a 45% rise in XRP price over the next ten days. Typically, high address activity is associated with increased demand for the asset among market participants.
The chart above shows two major activity spikes against altcoin price. Also, according to data from Santiment, XRP stands out slightly from other altcoins in the crypto ecosystem. Santiment recorded a 4% divergence in XRP, bolstering its argument for an impending price rally. If history repeats itself, a scenario similar to March 18 is likely to come into play.
The technical analyst, nicknamed CryptoFaibik, puts forward a bullish thesis for the XRP price. The analyst predicts a strong flow of buying volume in XRP. Also, according to him, the bulls are ready to break the asset’s price past the two-year descending trendline resistance at $0.5003. This results in a break.
However, if the XRP price fails to break out of the symmetrical triangle pattern, the bullish thesis for the altcoin is invalid.
Litecoin price ready to explode
LTC price has been struggling to break the $98 barrier for four months. Although there were short-term breaks, none of them could continue and led to drastic corrections. The latest pullback pushed LTC down to sweep the $80 support base. Thus, it marked a low of $75. So far, the altcoin price has bounced around 22%. LTC is currently trading at $91.
It is possible to see the significant changes in the Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators. The AO marks a clean return above zero, indicating the presence of an uptrend. Also, the RSI is recovering above the average level as it approaches the descending resistance level. Interested investors can start accumulating LTC at current levels. Confirmation of the uptrend will come when the RSI crosses the descending trendline. In such a case, it is possible for the Litecoin price to start its rise. This is also likely to turn the $98 barrier into a support base. This development will pave the way for the altcoin to revisit the $120 resistance level. Altogether, this move represents a 32% gain from the current position for LTC holders.
While the outlook for the altcoin price is reasonable, it is still too early to predict whether buyers will arrive. On the other hand, Bitcoin price seems poised to gather sell-stop liquidity below last week’s low of $25,764. If the bears take control and force LTC to close a three-day candlestick below $80, this will create a lower low and invalidate the bullish argument. After the aforementioned support base is broken, Litecoin price could drop by around 20% to $64.
This altcoin targets all-time highs
We noticed an impressive rally on the MX Token (MX). We last spotted this on Jan 11, with a completed larger ABC correction and a strong support zone.
Meanwhile, as you can see today, the MX Token is already above the 3.00 level. This is the bullish confirmation level that will send the price back to all-time highs in the near future. However, it is important to remember to be aware of short-term pullbacks.
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