Altcoins have been the star performers in the cryptocurrency market over the past week. Among the altcoins with a market value above $1 billion, Avalanche's AVAX token emerged as the leader with a gain of 17% on Wednesday (6/12).
Another notable mover is Helium, which saw a surge of 42% in its value after the company announced the launch of a mobile phone plan in the U.S. that provides unlimited data, texts, and calls for only $20 per month.
Layer 1 tokens - ADA, ALGO, AVAX, and SOL - have been among the top performers as the capital rotation from the stalling Bitcoin has lifted the altcoins, resulting in gains of 7% to 11%.
In the recent market dynamics, Bitcoin (BTC) witnessed a bearish pullback, retracing to the crucial $42,000 level. A notable pattern has emerged on the daily chart, revealing the formation of a potential double top pattern. This pattern, characterized by two peaks at approximately the same price level, often signals a reversal in the ongoing trend.
Market analysis suggests that the price of BTC may encounter support in the range of $40,000, representing a significant psychological level, or at the $42,000 resistance level. These levels are pivotal as they have historically played roles in either supporting or resisting price movements.
Ethereum (ETH) recently underwent a retracement, reaching the $2,250 level. Analysts are eyeing a potential buying opportunity if the pullback extends to the $2,100 level. This level is perceived as a strategic entry point by market participants, and its significance lies in historical price reactions.
The longer-term sentiment for ETH remains optimistic, with a bullish outlook prevailing among investors. Despite the short-term pullback, the overall trajectory suggests positive sentiment and confidence in the future performance of Ethereum.
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