1 month ago
22
As Bitcoin (BTC) targets a retest of $60k, several top altcoins look poised for a similar rebound.
Toncoin (TON) and Chainlink (LINK) stand out among the top 20 by market cap, with the psychological $10 level likely to be key for both coins.
Meanwhile, the new cryptocurrency Bitcoin Dogs (0DOG) is attracting fresh interest akin to what followed its pioneering ICO on the Bitcoin network.
Bitcoin price: Bulls target $60k
BTC price has bounced off the $60,000 level since sinking to under $50,000 on August 5. However, the area has proven stubborn for bulls, which sees bulls still battling for a successful retest and breakout.
Investor sentiment related to the US Federal Reserve’s potential to cut interest rates has provided a positive outlook for stocks and crypto.
“Slowing US inflation boosted market confidence, sending equities back towards all-time highs. Continued rate cuts by major central banks like RBNZ reinforce the wave of global monetary easing,” Singapore-based trading firm QCP Capital noted.
However, the crypto market still has jitters related to the US government’s holdings after the $591 million BTC transfer to Coinbase.
The movement of the Silk Road bitcoins spooked some investors and saw BTC shrink, with the market worried about the 203 BTC that the US government still holds.
As can be seen in the daily chart below, the daily close above $59k may help bulls strategize for further upside momentum.
If bears strengthen, Bitcoin price may retreat to support below $57k.
BTC chart. Source: TradingViewThe benchmark coin currently trades around $59,400, up 1.4% in the past 24 hours.
Toncoin, Chainlink price prediction
TON recently bounced off a key support level and tested highs of $7.26.
While the altcoin has returned to levels near $6.20 amid potential profit-taking, sentiment around the TON blockchain and Telegram could help the cryptocurrency’s price.
Notable listing on Turkey’s largest crypto exchange BtcTurk provided the boost buyers need to break above $7.00.
Price levels to watch for TON are likely $6.89 and $8.17 on the upside – which will allow for a retest of the psychological $10 level.
On the downside, $5.44 and $4.83 will be critical.
Source: TradingViewChainlink on the other hand trades just above $10 after breaking lower since in March.
The downtrend line provides a robust challenge for bulls at $10.86 and a breakdown could see bears target the $8.0 area.
Source: TradingViewBitcoin Dogs scores major exchange listings
0DOG, the native token of the BRC-20 token Bitcoin Dogs, makes its market debut on August 21.
This is when the cryptocurrency of the world’s first token offering on the Bitcoin blockchain lists on its first – not one, but three – crypto exchanges.
The exchange listings come months after the project secured over $13.4 million in its presale, paving the way for a new roadmap phase for the play-to-earn and NFT platform.
Gate.io, MEXC and Unisat have all confirmed support for Bitcoin Dogs, which also opened up 0DOG claiming for its users on August 21.
Bitcoin Dogs’ price prediction
Inspired by Tamagotchi, Bitcoin Dogs targets the growing GameFi market on Bitcoin and will offer 10K Ordinal NFTs.
The project also eyes the Telegram market that has exploded with game projects such as Hamster Kombat and Catizen.
With the exchange debut imminent, it’s big news for 0DOG presale participants.
The crypto launched at $0.015 in stage one before the 30-day presale ended with the 0DOG price increasing to $0.0404.
While it’s not possible to pinpoint how the market performs, interest and Bitcoin Dogs’ strong presale suggest traction will be massive.
Potential catalysts for the project’s performance could also be the predicted explosion in DeFi, gaming and NFTs on Bitcoin.
With bullish BTC predictions despite the latest sell-off pressure, it’s possible to see 0DOG explode as staking, gaming rewards and overall crypto resurgence kick in in the coming months.
Learn more here.
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