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Following key indicators and expert predictions, Bitcoin’s recent bottom may set the stage for XRP to reach its all-time high and NuggetRush to hit new price targets after the upcoming halving.
Bitcoin (BTC) recently suffered a huge correction, dropping from $72,000 to as low as $61,800. Following this correction, the profit/loss ratio of BTC now indicates that the leading cryptocurrency has hit its bottom.
With the crypto market regaining momentum, Leb, a popular market analyst, has predicted that Ripple (XRP) will be one of the most bullish altcoins after the halving. Meanwhile, NuggetRush looks to lead all gaming tokens as it rallies to its price target of $1.00.
Profit/Loss ratio hints at Bitcoin bottom
Reacting to the macroeconomic tremors and profit-taking ahead of the halving event, Bitcoin has suffered one of its most bearish weeks in 2024. While Bitcoin is recovering from its recent low at $61,800, the Profit/Loss (P/L) ratio suggests that a bottom has been hit.
Ali Martinez explained that the P/L ratio has dropped below 1, meaning more BTC holders are realizing losses than profits. He added that a drop below one has acted as a bottom for Bitcoin over the last six months. BTC still remains a top crypto to buy now, as analysts have forecasted that the halving will cause a price surge above $100,000.
NuggetRush makes wave in GameFi market
NuggetRush (NUGX) is a new project that has drawn a lot of attention in the GameFi space. NuggetRush is pioneering a paradigm shift in the GameFi sector by merging P2E gaming with artisanal mining, NFTs, meme culture, staking, and a unique social impact model.
The cornerstone of the NuggetRush ecosystem is its mining game. Within the game, players will go on exciting mining challenges in search of gold and other precious minerals. NuggetRush stands out as the leading defi gaming platform, allowing players to convert their virtual awards into real gold, cash, and NUGX, the ERC20 coins of the platform.
NuggetRush has even more layers of earning within its platform. Players who find the rare trending NFTs, RUSHGEM, can stake them for an APY of up to 20%. The social impact model of NuggetRush adds an extra layer of uniqueness to the platform. Poor artisanal miners in underdeveloped countries will be helped using the profits generated on NuggetRush.
These unique features helped NuggetRush achieve an outstanding blockchain ICO, where over $3.8 million was raised. The NUGX token will be airdropped in less than a week. Although NUGX will be listed at $0.020, analysts have set a price target of $1.00 for the token in 2024.
Ripple poised to set new all-time high post-halving
Although Ripple has been the worst-performing token among the top 10 altcoins, things look to change for the altcoin. From its recent drop to $0.43, XRP has rallied by 17% to recover above the $0.50 support level. Leb, a top crypto analyst, is even more bullish about Ripple in the coming weeks.
According to Leb, XRP could rally above its ATH of $3.84 just after the Bitcoin halving. Technical indicators also support a major bullish price movement for XRP. The XRP/BTC chart has formed a falling wedge pattern. This bullish reversal pattern hints at a potential 70% increase for XRP in the coming weeks.
Conclusion
Although the cryptocurrency market is going through a rough patch, there are positive signs hinting that a reversal is on the horizon. While XRP and Bitcoin are top crypto coins poised to record significant gains, NuggetRush is on track to outperform them as it chases its price target of $1.00.
To learn more, visit the NuggetRush Presale website.
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This article first appeared at crypto.news
