Week Ahead: Altcoins likely to bounce due to short-term bullish wave
- Bitcoin's bullish price action is likely to have a ripple effect on altcoins.
- Nonfarm Payrolls at the end of the week is an important macroeconomic event to watch.
- AI altcoins could make a comeback in anticipation of Apple's event next week.
Last week was a bummer with Bitcoin (BTC) price consolidation, and altcoins movements showed confusion in their directional bias. Some altcoins saw bullish, impulsive moves, but most trended sideways or slid lower.
Read more: Bitcoin sets the stage for a potential “destruction of fiat currency“
Bitcoin to set the tone this week
At the time of writing, BTC is up 1.26% in the Asian session, and if this outlook continues, it could be good for the entire cryptocurrency market. However, as noted in a previous publication, the $63,000 support level is key. Due to the consolidation witnessed over the last two weeks, the highest volume traded price level has shifted from $63,000 to $67,700, making it a key support level. Considering this data point, it makes sense for BTC to bounce from here, and it wouldn't be surprising if it continued higher, setting the tone of the market.
As a result, altcoins could expect some relief as they dance to BTC’s bullish tune.
BTC/USDT 4-hour chart
Read more: Bitcoin Weekly Forecast: BTC likely to provide another buying opportunity
Crypto and macroeconomic events this week
June 3
- Dusk (DUSK) - €3.5 million (Euro) Bond Offering
June 4
- Mina Protocol (MINA) Berkeley Upgrade
June 5
- Cosmos (ATOM) V17 Upgrade
June 7
- Nonfarm Payrolls (NFP) at 12:30 PM GMT
Altcoins Spotlight
Due to the upcoming events, DUSK, MINA, and ATOM could see increased volatility and liquidity.
Apart from these altcoins, Render (RNDR) and Fetch.ai (FET) have important events next week and could preemptively rally.
The same can be said for Arweave (AR), which could also prompt a move in its contemporary storage token sector, Filecoin (FIL).
Additionally, the upcoming Chiliz (CHZ) event could stir the gaming sector and trigger moves for Gala (GALA) and The Sandbox (SAND).
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Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
