On Wednesday U.S. trading hours, the cryptocurrency market witnessed a sudden uptick following the release of U.S CPI data. The Bitcoin price jumped 3.7% to trade at $69804, while the Ethereum record jumped 3.85% to reach $3632. Amid the recent market correction, this upswing highlights Ethereum (ETH), Cardano (ADA), and Pepe coin (PEPE) as top Altcoins to buy as they offer the potential for higher recovery.
In a recent announcement, the United States reported that May’s unadjusted Consumer Price Index (CPI) annual rate stood at 3.3%. This figure came in slightly below the anticipated 3.4% and marks a decrease from the previous value, which was also 3.4%.
The US announced that the unadjusted CPI annual rate in May was 3.3%, which was expected to be 3.4% and the previous value was 3.4%. The unadjusted core CPI annual rate in May was 3.4%, which was expected to be 3.5% and the previous value was 3.6%. The core CPI annual rate was…
— Wu Blockchain (@WuBlockchain) June 12, 2024
Similarly, the unadjusted core CPI annual rate for May was recorded at 3.4%, falling short of the expected 3.5% and down from the previous rate of 3.6%. Notably, this core CPI annual rate represents the lowest level since April 2021.
Lower inflation figures could reduce fears of aggressive interest rate hikes by the Federal Reserve and bolster investors to invest in violated assets like Bitcoin and other cryptocurrencies.
Also Read: Crypto Prices Today June 12: Bitcoin & Altcoins Extend Bearish Movement, PEPE & BONK Prices Rally
Top Altcoins to Buy- Ethereum
Ethereum, second-largest cryptocurrency by market cap witnessed a notable downtick in the second week of June. From the high of $3878, the altcoin tumbled to $3433 on Tuesday to record an 11.5% loss.
However, the positive market sentiment around U.S. Data has uplifted the asset to $3624, while the market cap jumped to$436.4 Billion.
An analysis of the daily chart shows the ETH price has entered a sideways action evidenced by the formation of a new lower high. Amid the consolidation, the crypto investor awaits the SEC’s response to S-1 filings of Ethereum ETF issuers which could trigger a notable price movement in ETH.
If the response is positive, the buyers could breach the overhead resistance trend signaling the continuation prevailing uptrend. The post-breakout rally will bolster Ethereum buyers to rechallenge the $4950eaj.
However, if the broader market correction persists, the ETH price could support the long-coming support trendline at $32501.
Also Read: Can Bitcoin Price Reach $70,000 This Week As Ethereum, Solana Scream Buy?
2) Cardano (ADA)
Cardano is a third-generation blockchain platform known for its research-driven approach and emphasis on sustainability and scalability. Over the past two months, the ADA price has been trading sideways resonating between the downsloping trendline and $0.418 support.
The coin strictly following the aforementioned level indicates the formation of a descending triangle. In theory, the chart pattern leads to a short consolidation to recuperate exhausted bearish momentum and resume a downward trend.
Today, the Cardano price rebounded from $0.418 support with 4.5% to trade at $0.414, while the market cap jumped to $15.75.
If the ADA price slips below neckline support, the sellers could drive a correction to $0.34.
However, the buyers could invalidate the bearish thesis if they breach the downsloping trendline. The post-breakout rally may push the asset to $0.52, followed by $0.62.
Also Read: Ethereum ETF Could Boost MATIC and New ERC-20 Token Over Cardano
3) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character, Pepe the Frog. Amid a sudden change in the market dynamic, this asset class usually shows a dynamic move due to its volatile nature.
The PEPE price correction stabilizing above the $0.0000114 support indicates the buyers are accumulating this asset at market dips. By the press time, the Frog-themed memecoin trades at $0.0000136 registering a 20% jump in the last two days.
This recent upswing backed by 15% in trading volume to reach $1.38 Billion, accentuates the trader’s interest in an upwards direction. The post-correction recovery could flip the $0.00001725 and chase the potential target of $0.00002, followed by $0.000024.
Key Takeaway
Today, the crypto market witnessed a notable uptick following the release of US CPI data. The Bitcoin price is on the verge of reclaiming $70k, while Ethereum sustains above $3.5k. However, a look at a higher time frame shows the leading digital assets are not out of a consolidation and the key overhead resistance is still intact. Thus, a follow-up to the current upswing is crucial to gain recovery momentum.
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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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