Cryptocurrency analytics company 10x Research stated in its latest report that the bullish momentum in the altcoin market has begun to weaken.
According to the report, while Bitcoin’s dominance remains strong, trading volumes are declining again, and attempts at upward movements in altcoins are encountering resistance at the critical 30-day moving average level.
The company argued that the current uptrend in altcoins has yet to produce a strong breakout, stating that long positions should be closed if prices fall below the 30-day moving average. 10x Research analysts said the market is still Bitcoin-focused and the altcoin rally lost momentum at the first major hurdle.
The report stated that two altcoins that stand out in the current market conditions are $BNB and $TRX. On the $BNB side, Grayscale’s ETF application, its inclusion in Coinbase’s roadmap, and the tokenized equity theme were cited as significant catalysts. For $TRX, Tron’s aggressive treasury purchases and the launch of the MOEXTRX index by the Moscow Exchange were considered noteworthy developments.
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On the other hand, it was pointed out that the risk of short-term profit-taking has increased in some altcoins. While it was noted that SUI rose 21% this week, and that the start of CME futures trading on May 29th and the $143 million treasury staking data supported its price, it was stated that investors might turn to profit-taking after this rise.
For $ONDO, the first tokenized US Treasury bond repayment process carried out with JPMorgan and Ripple was cited as a significant example of corporate infrastructure building. It was noted that $ONDO has risen by 18.4% in the last week.
On the $TON side, it was stated that security concerns and trust issues arising from the deletion of a high-profile Telegram account put pressure on the price. It was reported that $TON lost 14% of its value as a result of these developments.
10x Research also advised investors to be cautious about ETH, $HYPE, TRUMP, and MKR. They specifically mentioned the recent 9.9% drop in $HYPE following its ETF launch, citing it as a classic example of “buy the news, sell when the event occurs.”
*This is not investment advice.
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