Not all altcoins have rallied this season; for example, DeFi and ERC-20 tokens saw a prolonged rally before ETH’s price reached a new high. There are more altcoins in the purchase zone right now than there are rallying ones. DeFi tokens that have stabilised from the decline in BTC bundled in DeFi are either rallying or waiting for a price spike with improved liquidity. Among other items, the price of FIL has fallen by more than 12% in the last 24 hours.
The token’s price has dropped after a prolonged price surge, and with a close 40% decrease in trading volume in the last 24 hours, it is possible that FIL’s price will fall further before recovering. FIL is reportedly in the buy zone based on recent market activity over the last 30-days.
Grayscale’s launch of FIL on its website has an effect on FIL’s price, however as trade demand has decreased, the price has fallen. With less variables affecting FIL’s price and more altcoin trading opportunities, FIL is unlikely to deliver double-digit returns in the next week; nevertheless, investing at the current price level is with a long-term bullish view.
Despite the recent bearish mood, the long term outlook is overwhelmingly bullish. At the current price level, contrarians can book unrealised losses by selling FIL for tokens that are currently on an upward trend. Another altcoin making its way into the top 10 is KLAY, whose price has fallen more than 3% in the last 24 hours, and as its price falls, traders may begin to accumulate.
What KLAY and FIL’s stories have in common is the expectation of more market corrections before the price begins to rise and retail traders book earnings. Currently, the turnover on spot markets does not reflect a bullish mood, and a further decline is possible.
Similarly, altcoins such as NEO and MIOTA have seen a 25% rise in trading rate, which could translate to a price increase; however, this may not be the case in all cases. In the case of MIOTA, exchange volume has declined, and accumulation may have already started. Altcoins such as FIL, MKR, NEO, and MIOTA are beginning to increase in value, and more increases are likely in the coming week.
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