Published on augustus 20, 2024, 12:37 am
Image source: Fox News
```json [ "Bitcoin consolidating, leading traders to consider altcoins like BNB, TON, AAVE, and HNT.", "Institutional investors adding Bitcoin ETFs to portfolios supports Bitcoin around $55,724.", "Bitcoin expected to range-bound until October or November; interest in select altcoins may return if it crosses $60,000.", "BNB aiming at $605 resistance, TON in a tug-of-war but could move towards $7.65 with SMA breakout.", "AAVE faces resistance at $118 but maintains bullish momentum towards $134; HNT showing upward trend with potential resistance at $9.74.", "Investment decisions require thorough research due to risks involved in cryptocurrency trading." ] ```
Bitcoin’s recent period of consolidation has intrigued traders, leading them to consider diversifying into altcoins. Some noteworthy altcoins gaining attention include BNB, TON, AAVE, and HNT according to Cointelegraph.
Bitcoin appears to have found support around the $55,724 mark as institutional investors have been strategically adding spot Bitcoin exchange-traded funds (ETFs) to their portfolios during this phase of consolidation. Significant purchases from players like Goldman Sachs, Capula Management, and Avenir Tech reflect a growing interest in Bitcoin ETFs, as indicated by CoinShares Research and Coinbase’s reports on institutional investor behavior.
Market analysts foresee Bitcoin potentially remaining range-bound for a while longer before a breakout in October or November based on historical patterns exhibited during previous US election years. This sideways movement in Bitcoin’s price has put pressure on some altcoins; however, there are expectations of renewed interest in select altcoins if Bitcoin manages to surpass the $60,000 threshold.
Taking a closer look at some prominent cryptocurrencies besides Bitcoin:
1. **BNB**:
BNB is showing signs of recovery by testing the downtrend line. With reducing selling pressure indicated by the 20-day EMA flattening out and RSI nearing midpoint levels, buyers aim to tackle the downtrend line resistance towards reaching $605.
2. **TON**:
TON experienced a bounce off the 20-day EMA after being rejected at the 50-day SMA. The current range-bound action suggests a tug-of-war between bulls and bears until a decisive move above the SMA could propel TON towards $7.65.
3. **AAVE**:
AAVE faced resistance near $118 but maintains bullish momentum supported by an ascending 20-day EMA and positive RSI levels. Sustaining above this resistance could pave the way for further gains towards $134.
4. **HNT**:
HNT exhibits signs of an upward trend with optimistic sentiment as indicated by an upwards sloping 20-day EMA and RSI approaching overbought levels. Potential resistance lies at $9.74 with dips likely to be viewed as buying opportunities by investors.
While these insights provide valuable information, it’s essential to note that all investment decisions involve risk, requiring thorough individual research before engaging in any trading activities related to cryptocurrencies or altcoins.
Original article posted by Fox News
