Ethereum

Pepe Coin

Wednesday

On Wednesday U.S. trading hours, the cryptocurrency market witnessed a sudden uptick following the release of U.S CPI data. The <a href="https://coingape.com/markets/bitcoin-price-80000-per-btc-beckons-on-softer-us-cpi-inflation-data/" rel="noopener noreferrer nofollow">Bitcoin price</a> 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.&nbsp;
In a recent announcement, the United States reported that May’s unadjusted <a href="https://coingape.com/metamask-launches-ethereum-staking-service-theres-a-catch/" rel="noopener noreferrer nofollow">Consumer Price Index (CPI)</a> 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%.&nbsp;
<blockquote class="twitter-tweet">
 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) <a rel="noopener noreferrer nofollow" href="https://twitter.com/WuBlockchain/status/1800868801325789665?ref_src=twsrc%5Etfw">June 12, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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: <a href="https://coingape.com/crypto-prices-today-june-12-btc-eth-altcoins-continue-bearish-movement-pepe-price-soars/" rel="noopener noreferrer nofollow">Crypto Prices Today June 12: Bitcoin &amp; Altcoins Extend Bearish Movement, PEPE &amp; BONK Prices Rally</a>
<h2 id="span-style-font-weight-400-top-altcoins-to-buy-ethereum-span">Top Altcoins to Buy- Ethereum</h2>
<a href="https://coingape.com/ethereum-records-largest-outflow-from-coinbase-topping-300k-eth-price-gains-loom/" rel="noopener noreferrer nofollow">Ethereum</a>, 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.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/s/SfYncGQq.png" alt="BITSTAMP:ETHUSD Chart " width="1815" height="792">
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 Ethereum| Tradingview
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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 <a href="https://coingape.com/metamask-launches-ethereum-staking-service-theres-a-catch/" rel="noopener noreferrer nofollow">ETH</a> 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 <a href="https://coingape.com/ethereum-etf-update-key-week-ahead-for-sec-comments-on-s-1-filings/" rel="noopener noreferrer nofollow">Ethereum ETF</a> 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: <a href="https://coingape.com/markets/can-bitcoin-price-reach-70000-this-week-as-ethereum-solana-scream-buy/" rel="noopener noreferrer nofollow">Can Bitcoin Price Reach $70,000 This Week As Ethereum, Solana Scream Buy?</a>
<h2 id="2-cardano-ada">2) Cardano (ADA)</h2>
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 <a href="https://coingape.com/sponsored/cardano-gears-up-for-historic-rally-after-node-9-0-launch-nears-algotech-final-round-crosses-6-5m-after-bitmart-announcement/" rel="noopener noreferrer nofollow">ADA</a> price has been trading sideways resonating between the downsloping trendline and $0.418 support.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/k/KdXc8ouC.png" alt="BINANCE:ADAUSDT Chart " width="1946" height="893">
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 Cardano (ADA)| Tradingview
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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 <a href="https://coingape.com/price/cardano/" rel="noopener noreferrer nofollow">Cardano price</a> 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: <a href="https://coingape.com/sponsored/ethereum-etf-could-boost-matic-and-new-erc-20-token-over-cardano/" rel="noopener noreferrer nofollow">Ethereum ETF Could Boost MATIC and New ERC-20 Token Over Cardano</a>
<h2 id="span-style-font-weight-400-3-pepe-coin-pepe-span">3) Pepe Coin (PEPE)</h2>
<a href="https://coingape.com/markets/pepe-price-prediction-new-record-high-on-the-horizon-after-recent-surge/" rel="noopener noreferrer nofollow">Pepe Coin</a> (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.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/o/OcgQPvvA.png" alt="BINANCE:PEPEUSDT Chart " width="1946" height="893">
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 Pepe Coin (PEPE)| Tradingview
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The <a href="https://coingape.com/price/pepe-coin/" rel="noopener noreferrer nofollow">PEPE price</a> 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.&nbsp;
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.&nbsp;
<h3 id="span-style-font-weight-400-key-takeaway-span">Key Takeaway</h3>
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.
The post <a href="https://coingape.com/markets/top-altcoins-to-buy-now-us-cpi-data-crypto-market/" rel="noopener noreferrer nofollow">Top Altcoins To Buy Now As US CPI Data Boosts Crypto Market Recovery</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Top Altcoins To Buy Now As US CPI Data Boosts Crypto Market Recovery

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