The cryptocurrency analysis firm 10x Research has pointed out in its latest report that the bullish momentum in the altcoin market has begun to weaken. The report indicates that while Bitcoin's market dominance remains strong, trading volumes have declined again, and attempts for altcoins to rise have encountered resistance at the critical 30-day moving average level.
The firm believes that the current upward trend for altcoins has not formed a strong breakout, and if prices fall below the 30-day moving average, it advises investors to close their positions. Analysts at 10x Research state that the market is still centered around Bitcoin, and the rebound of altcoins has lost momentum at the first significant resistance level.
The report mentions that under current market conditions, BNB and TRX are two notable altcoins. For BNB, Grayscale's ETF application, its inclusion in Coinbase's roadmap, and the theme of tokenized equity are considered important catalysts. For TRX, Tron’s aggressive treasury purchases and the launch of the MOEXTRX index by the Moscow Exchange are seen as noteworthy developments.
On the other hand, the report points out that the risk of profit-taking for certain altcoins has increased in the short term. Although SUI has risen 21% this week, supported by the launch of CME futures trading and $143 million in treasury staking data, investors may choose to take profits after the rise.
Regarding ONDO, the report mentions the first tokenized U.S. Treasury repayment process in collaboration with JPMorgan and Ripple, which serves as an important example of corporate infrastructure development. ONDO has risen 18.4% over the past week.
As for TON, the report notes that security risks and trust issues arising from the high-profile deletion of Telegram accounts have put pressure on its price, resulting in a 14% loss in value.
10x Research also advises investors to remain cautious regarding ETH, HYPE, TRUMP, and MKR. They specifically mention that HYPE recently dropped 9.9% after the ETF launch, labeling it a classic case of “buy the rumor, sell the news.”
*This content does not constitute investment advice.