Top Altcoins Show Strong Volume While Bitcoin Declines

Among Top Altcoins, Strong Volume Witnessed While Bitcoin Faces Decline

Leading altcoins, such as PEPE, ARB, AVAX, and ENS Coin, have exhibited notable trading volume today. Meanwhile, Bitcoin (BTC) has been experiencing a downward trend.

As anticipated for Ethereum (ETH) ETF launch day, a positive scenario has emerged. Daily volume is expected to reach approximately $1 billion, a promising start for the ETF. However, overall market sentiment remains susceptible to negative influences, including the MTGOX and US sales. In the long run, these factors are perceived as bullish.

PEPE Coin Forecasts

PEPE Coin has emerged as one of the most sought-after altcoins, boasting a daily volume exceeding $907 million. It has surpassed trading volume of prominent altcoins, including ARB, AVAX, and ENS. Despite a strong recovery from a dip, with support at $0.0000116, the price has been unable to break through the resistance at $0.0000129. This has resulted in a sideways market for PEPE Coin, trapped between these two crucial levels for the past seven days.

Should the support level be breached, a retest of the $0.00001016 to $0.00000817 range is likely. Conversely, decisive closures above the resistance would pave the way for a potential new ATH. For the time being, with BTC trading below $66,000, the overall market outlook remains bearish.

ARB Coin Trajectory

ARB Coin has recently hit a new ATL and is grappling with weakness due to the development team's lack of focus on token utility. It has not yet surpassed $0.80, a surprising development considering the significant recoveries observed in other altcoins. If ARB loses $0.72, a further decline to $0.57 could be on the cards. However, a breakout above the resistance would initiate a move towards $1.00, invalidating the current bearish scenario.

AVAX Price Target

AVAX's price has struggled to surmount $32, repeatedly reversing course from this level. This has led to disappointment among investors. While AVAX has demonstrated delayed rallies in key regions, it has rapidly lost defensive lines during BTC's downturns. $28 is the next probable target for AVAX, and a further breakdown could lead to $24.50.

ENS Coin Price Prediction

Driven by the ETH ETF launch, ENS Coin has experienced a slight increase in price, mirroring the positive sentiment surrounding ETH. However, it has recently formed extended upper wicks, suggesting intense profit-taking. ENS Coin, fueled by support from Vitalik and others, has a substantial influence in the altcoin market. If it can maintain $28.70, further attempts at $32 may emerge.

On the other hand, if ENS Coin closes below $25.60, a retracement to $19 is possible.