After a monumentally successful past month, Cardano and Solana have begun to show weakness. Currently, ADA is down 2.07% in the last day, while SOL is trading at $57 after peaking at $67 on Thursday.
However, the promising new presale project, Bitcoin ETF Token ($BTCETF), continues to push ahead after raising $1 million in 11 days.
ADA and SOL Buyers Exhausted After Strong Uptrend, Analyst Warns of Further Downside Risk
Cardano began an impressive trajectory in October, finding support around $0.24 and uptrending to highs of $0.4 without much resistance.
However, the psychologically important level of $0.4, combined with its sustained uptrend, has led to a selloff recently, causing its price to drop to $0.35 and fall below its 50-day EMA on the 4-hour chart.
Its trading volume has also decreased significantly, falling 35% in the last 24 hours, currently at $389 million. This could be a cause for concern since it indicates a diminishing interest in the asset.
Meanwhile, Solana underwent a similar yet even more parabolic trajectory this month. It found support on 13 October at $21 and then did over a 3x to peak at $67 on Thursday.
This stirred up tremendous excitement surrounding SOL, which may have led to overconfidence and a lack of risk management from traders, leading to its recent selloff.
That said, Solana has found support on the 50-day EMA at around $55, but it must not break below as that could lead to a significant correction.
Crypto analyst JACKIS has been warning that the pumps of several top altcoins are a “suckers rally” and will be followed by a strong selloff.
While the analyst is bullish on these cryptos in the long term, he believes there will be significantly better opportunities to buy ahead of the Bitcoin halving.
However, not all cryptos are currently struggling. In the ongoing uncertain market conditions, some analysts are bullish on newly launched projects without a price history.
These tokens can immediately enter price discovery after launching and make significant gains regardless of broader market conditions.
Currently, the most promising project is Bitcoin ETF Token, a trend-savvy presale focused on the upcoming Bitcoin ETF approvals.
Deflationary Stake-to-Earn Presale Bitcoin ETF Token Continues Momentum & Raises $1M in 11 Days
The token features a sophisticated burn mechanism, enabling long-term growth while capturing the prevalent Bitcoin ETF hype. Its burning mechanism is two-fold. Firstly, it will burn 5% of its total supply at five different Bitcoin ETF milestones, inducing scarcity when the hype is highest.
Secondly, $BTCETF features a 5% burn tax on each transaction, making the token deflationary and helping boost its price over time.
Additionally, it features a news feed that updates users on the latest Bitcoin ETF developments. This will help users navigate the markets amid the ongoing volatility and aims to foster a long-term, active community.
Despite only launching 11 days ago, the presale has already raised $1 million. This shows it is in popular demand and could explode after its IEO.
The project is also backed by prominent analysts, with Youtuber Austin Hilton saying it is “like nothing you have ever seen” to his 230K subscribers.
Currently, investors can buy $BTCETF for $0.0054, but they must hurry as its price will rise in one day.