Newton Gitonga
Cryptocurrencies are performing relatively well amid soaring geopolitical tensions.
Most tokens have held their crucial price levels as Bitcoin trades range-bound within the $105,000 vicinity.
Altcoins saw mixed movements in the last 24 hours, with many signaling potential momentum shifts to bullish.
Ethereum holds above its key support of $2,500, while Raydium and Mantle stole the show with substantial gains over the past day.
Ethereum holds $2,500 amid institutional inflows
The largest altcoin by market cap has remained resilient as the crypto industry ignored the Israel-Iran conflict.
ETH trades at $2,534 at press time, and the shifting sentiments indicate imminent recoveries.
However, institutional accumulation suggests investor confidence in Ethereum’s performance.
SoSoValue data shows US ETH spot exchange-traded funds have seen a single red day in the past ten days.
Maintaining the prevailing bullishness could see the token soaring to the nearest resistance at $2,699.
Bulls should push Ethereum above this level to shift its short-term outlook to bullish.
Nevertheless, losing grounds at $2,500 would trigger notable dips to the reliable support zone at $2,395.
Weakness at this foothold might open the path to the psychological mark of $2,000.
RAY skyrockets on Upbit listing
Raydium dominated crypto trends on Thursday following its sharp jump to an intraday high of $2.6279.
It has gained approximately 35% since yesterday.
RAY was trading at $2.22 after brief corrections from its daily peak.
Its 24-hour trading volume has increased by over 600%, indicating renewed trader interest in the altcoin.
The bullish momentum emerged after South Korea’s leading exchange, Upbit, confirmed listing Raydium’s USDT and KRW trading pairs.
However, the question remains. Can Raydium sustain the prevailing rally and switch it to long-term gains?
The token exhibits massive volatility, calling for caution.
Further, the latest rebound comes after an extended struggle, with RAY lowering about 30% of its value the previous month.
While it can stretch its current upside, the alt remains poised for notable declines once the “Upbit optimism” diminishes.
However, reclaiming the vital region between $2.60 and $2.70 could trigger substantial gains to the resistance at $3.5.
MNT soars as Mantle launches UR crypto bank
Mantle’s native token joined the upside party, climbing from the $0.5591 low to $0.6305 at press time.
That translates to a 15% increase since yesterday.
News of Mantle launching UR, a crypto-first digital bank, kick-started MNT’s rally.
UR is a borderless crypto neobank that aims to bridge traditional finance with DeFi by allowing users to save, spend, and more in one account.
MNT exhibits robust bullishness amidst the impressive ecosystem developments.
The altcoin will likely extend its rally before possible declines.
Nevertheless, trading volumes remain weak, with only a 4% increase in the past day.
MNT needs surged trading volumes to sustain its current rally.
The post Altcoins today: RAY and MNT soar up to 35% as Ethereum holds $2,500 appeared first on Invezz
