With the recent economic data and hawkish commentary from Fed policymakers causing the crypto market to pull back, traders are searching for altcoins with strong bullish momentum. However, it is difficult to find strong performing altcoins in the current bearish market. Bitcoin dipped back to the low $61,000s from earlier highs, and US consumer sentiment slumped to six-month lows while inflation expectations rose. This slight stagflationary wind has impacted the economy, leading to uncertainties about whether policy is restrictive enough to combat inflation.
Fed policymakers have indicated that it is too early to consider cutting rates, with disappointing Q1 inflation data and uncertainties regarding policy restrictions. The money market’s implied likelihood of no Fed rate cuts by September has increased, causing crypto to perform poorly in this environment of tighter financial conditions. This has been compounded by subsiding Bitcoin ETF demand and the typical market lull during the summer/post-halving period. With uncertainty surrounding when the Fed will start interest rate cuts, the Bitcoin price may continue to trade sideways between $56,000 and $70,000 in the coming months.
Despite the broader bearish market, Toncoin (TON) has been trading with strong momentum, up 7.5% in the past 24 hours. Optimism surrounding the launch of the Telegram-based GameFi token Not Coin (TON) on the TON blockchain has contributed to this pump. Additionally, support for the Tether stablecoin on the blockchain has fueled the rally, with TON potentially retesting April’s highs near $7.70. Render (RNDR) is another token showing bullish momentum, trading near $11 and up 60% from earlier monthly lows. The cryptocurrency was featured in a recent Apple keynote, indicating its potential for growth.
Investors seeking greater upside potential should consider presale investing in projects like Mega Dice Casino, which has launched a presale of its utility token, DICE. This well-established crypto casino offers benefits such as big cashback on wagers and passive income through DICE staking. The project has raised $880,000, with the DICE price expected to rise when the $1 million milestone is reached. Analysts at Cryptonews recommend Mega Dice Casino as a project with significant potential for exponential gains. However, it is important to note that crypto is a high-risk asset class, and investors should exercise caution when making investment decisions.
