The cryptocurrency market witnessed a sudden surge in buying pressure during the United States presidential election on Tuesday. The pioneer digital currency, Bitcoin, teased a bullish breakout of the $70,000 barrier, uplifting the recovery momentum in the altcoin market. Amid investors’ anticipation of a potential bull run, three Ethereum coins show promising potential for a 5x increase as ETH targets an ambitious $5,000 milestone.
3 Ethereum Coins Poised to 5X If ETH Reaches $5,000
The current market recovery is fueled by the U.S. presidential election, Bitcoin surge to ATH, and traders’ anticipation of a Fed rate cut. These macroeconomic events create a suitable environment for the altcoin market to thrive. Here are the top three Ethereum coins that could leverage the broader market recovery to drive a 5x increase if ETH reaches the $5,000 milestone.
Shiba Inu (SHIB)
The popular memecoin Shiba Inu (SHIB) tops our list of top Ethereum coins due to its huge upside potential. By press time, the SHIB price traded at $0.0000178 with a market cap of $10.48 Billion.
A look at the daily chart shows the Shiba Inu price prediction has shifted its five-month correction sideways, signaling an early sign of trend reversal.
Despite the consolidation trend, the SHIB supply held by top addresses has surged steadily since April 2024 to reach 61.35%. Such accumulation typically suggests that these large investors anticipate future price growth or significant market movements, as they tend to build positions ahead of bullish trends.
Pepe Coin (PEPE)
Another top memecoin that holds a 5X growth potential is the Pepe coin. Over the past five months, the PEPE price has shown a sideways action between two converging trendlines, indicating the formation of a symmetrical triangle pattern.
Theoretically, the narrowing range should bolster the asset price to recuperate the bullish momentum and signal uptrend continuation with a key breakout.
However, the Pepe coin has been witnessing an active accumulation trend from large investors before the consolidation trend. According to Santiment data, the whale wallets with 100 Million to 1 Billion coins have increased their holding from 11.82 Trillion to 13.7 Trillion according to Santiment.
Similar to SHIB, this implies that significant investors are showing growing confidence in the potential of the Pepe coin.
Uniswap (UNI)
As the DeFi sector expands, platforms like Uniswap are essential for providing liquidity and enabling seamless token swaps. Currently, the UNI price trades at $7.12 with a market cap of $4.29 Billion.
With an intraday gain of 5.2%, the UNI price is inching close to $8.25 resistance, a level which has limited buyer’s recovery since early July. Despite the recent 30-day MVRV (Market Value to Realized Value) ratio wavers at -6.75%, indicating the short-holders are at a loss.
These traders often capitulate if the correction trend prolongs, allowing buyers a better value to enter the market. Thus, this transition often boosts asset prices, with long-term buyers setting a sustained uptrend.
Conclusion
Ethereum coins like SHIB, PEPE, and UNI are deeply embedded in the ETH ecosystem and poised to benefit from its growth, driven by increased adoption of DeFi, smart contracts, and dApps.
Frequently Asked Questions (FAQs)
These tokens are integral to the Ethereum ecosystem and have shown patterns of accumulation and consolidation, indicating potential for significant growth
The PEPE coin has been forming a symmetrical triangle pattern over the past five months, signaling an impending breakout
A negative MVRV ratio, currently at -6.75% for UNI, indicates that short-term holders are at a loss. This scenario often leads to capitulation among speculative traders, providing an opportunity for long-term investors to enter the market at favorable prices
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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