Ethereum

Bittensor

Immutable

Bonk

Ethereum Name Service

It was a sea of green on Monday as Bitcoin bounced back above $63,000 as investors embraced a risk-on sentiment.&nbsp; 
Ethereum Name Service (ENS) was one of the best-performing altcoins on Monday as focus shifted to the <a href="https://crypto.news/ethereum-name-service-ens-up-30-as-market-anticipates-ensv2-upgrade/" target="_blank" rel="noreferrer noopener">upcoming ENSv2 upgrade</a>. LayerZero, which recently launched its airdrop, rose to $3.6, 40% above its lowest level last week. 
Mog Coin, one of the best-performing meme coins this year, rose to an all-time high of $0.0000021, up more than 200% above its lowest level in June. Bonk has also risen by over 32% from its last month’s lowest point, which made it our <a href="https://crypto.news/chart-of-the-week-is-bonk-about-to-skyrocket/" target="_blank" rel="noreferrer noopener">chart of the week</a>. Some of the other top-performers were altcoins like <a href="https://crypto.news/dogwifhat-wif-leads-meme-coin-rally-with-19-surge/" target="_blank" rel="noreferrer noopener">Dogwifhat (WIF)</a>, Immutable X (IMX), Fantom (FTM), and Bittensor (TAO). 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14282326"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/ZRO-vs-MOG-vs-Bonk-1024x570.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="570" src="https://crypto.news/app/uploads/2024/07/ZRO-vs-MOG-vs-Bonk-1024x570.png" alt="MOG vs ZRO vs Bonk prices"> 
 </picture> 
</figure> 
MOG vs ZRO vs Bonk prices chart 
Bitcoin and altcoins’ recovery happened in a high-volume environment. Data by <a href="https://coinmarketcap.com/charts/" target="_blank" rel="">CoinMarketCap</a> shows that the daily volume jumped by over 45% to $53 billion, its highest point since June 28th. 
There was no major catalyst to justify the rally. Therefore, the likely reason why these coins gained is that investors have embraced a risk-on sentiment after the French election held on Sunday. While <a href="https://crypto.news/french-elections-what-marine-le-pens-victory-could-mean-for-crypto/">Marine Le Pen’s party</a> won the election, the victory was lower than what polls were expecting.&nbsp; 
In the aftermath, the US dollar index (DXY) dropped by 15 basis points while global stocks jumped. The French CAC 40 index rose by over 2% while the German DAX index rose by 0.70%. In the US, futures tied to the Dow Jones and Nasdaq 100 index were also in the green. 
<h2 class="wp-block-heading" id="dead-cat-bounce">Dead cat bounce?</h2> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14282325"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Bitcoin-Price-1024x570.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="570" src="https://crypto.news/app/uploads/2024/07/Bitcoin-Price-1024x570.png" alt="Bitcoin price"> 
 </picture> 
</figure> 
Bitcoin price chart 
Still, there is a risk that the LayerZero, Mog Coin, and Bonk price rally is a dead cat bounce, a scenario where an asset in a freefall stages a brief comeback only to resume a downtrend.&nbsp; 
This risk is magnified by the fact that Bitcoin has formed several risky patterns in the past few months. It formed a double-top pattern at $72,000 last month. It has also failed to move above that level since March 27th.&nbsp; 
Bitcoin has also remained below the 50-day and 100-day Exponential Moving Averages (EMA), meaning that bears are still in control. Most recently, it has formed a bearish pennant chart pattern. 
Therefore, there is a risk that Bitcoin will drop and move below $60,000 this week. If this happens, altcoins like MOG, BONK, and ZRO will resume their bearish trend since in most cases, these tokens follow Bitcoin’s price action.

LayerZero, Mog Coin, and Bonk prices are rising: beware of key risks

Table of Contents

crypto.news

Άλλα άρθρα που δημοσιεύτηκαν στις 1 Ιουλ 2024

Bybit Launches Reward Program After Reaching No. 2 Spot

What to expect from Bitcoin in July

ENS Jumps 30% On The Anticipation Of ENSv2 Upgrade

Investor Kembali Akumulasi SHIB, Harga Siap Pulih?

Bitfinex Whale Move: Analyzing the Impact of the $111 Million ETH Deposit

Crypto Market Giants Polygon and Cardano Facing a Downward Trend While Qubetics Whitelist Rises t...

Join our free newsletter for daily crypto updates!