IOTA, Kava, Enjin set sights on gains as Bitcoin hits $66K
invezz.com 27 September 2024 12:50, UTC IOTA could ride the real-world assets surge and decentralized finance traction to gain.
Meanwhile, as cryptocurrency prices rise amid Bitcoin’s surge to $66k, altcoins such as Kava (KAVA) and Enjin (ENJ) could follow suit.
Bitcoin spot ETFs record $366m in net inflows
US spot Bitcoin ETFs saw $365.57 million in net inflows on September 26, bringing cumulative inflows since their debut to $18.31 billion.
This meant the market recorded a sixth consecutive trading day with net inflows. Gary Gensler’s latest comments on Bitcoin further buoyed investors.
With nearly $366 million on the day, this was the largest daily net inflow since July 22 when spot BTC ETFs recorded $485 million.
The surge in net inflows on Thursday came as Bitcoin soared to its highest level in nearly two months.
On most crypto exchanges, BTC price reached highs of $65,919 (bulls touched $66,000 on Coinbase).
While Bitcoin remains within a reaccumulation range, crypto analyst Rekt Capital believes exiting this phase could mark the beginning of a parabolic upside.
The potential rally to $70k or higher for BTC could spark moves for some coins, including Kava, IOTA and Enjin.
IOTA price: can bulls hold onto gains?
RWA is growing into a major market segment, and distributed ledger technology (DLT) platform IOTA is eyeing traction in this.
IOTAEVM, a fully Ethereum virtual machine-compatible layer 2 solution for IOTA in June was a key milestone in this direction.
It added to the overall DeFi growth on the Tangle network. IOTAEVM total value locked has also increased significantly.
While IOTA’s price has struggled since rejecting from around $0.42 in March, it looks to have bottomed out near $0.12.
This has helped bulls recover to near $0.15 with over 14% upside in the past two weeks.
IOTA could rally to July highs above $0.18 if BTC continues higher.
However, the slight retreat in the past 24 hours suggests bears might push back.
KAVA retests $0.40: what next?
The price of Kava (KAVA) fell to $0.36 on Sept. 21.
However, with positive sentiment cascading into smaller cap coins as BTC surged, buyers managed to touch highs of $0.40 during Asian trading hours on September 27.
Kava, a layer-1 blockchain that combines Cosmos (ATOM) speed and interoperability with Ethereum (ETH) developer power, however, remains well below its all-time high of $9.12 reached on August 30, 2021.
However, a new shift involving AI and DeFi advancement may see KAVA price benefit.
Recently, the project announced an advisory team for this push. Market conditions and the network growth may catalyze KAVA price upside.
Kava is excited to welcome experienced advisors focused on the intersection of #AI and DeFi! Can you guess who’s joining? Hint: you may ask @Scott_Stuart_ for clues!
The key resistance is likely at $0.42, but above that, buyers may rally to retest $0.70 and year-to-date highs of $1.11.
On the downside, primary support may be around $0.28.
Enjin Coin gains 11% in a week
NFT and gaming related digital asset Enjin Coin (ENJ) recently benefited from a key network upgrade.
The price of ENJ increased from $0.12 on September 7 to above $0.17 on September 27.
Bulls also held on as ENJ revisited the support area near $0.13.
A flip in sentiment around web3 games, NFTs and the integration of real-world assets on the platform amid launch of top game titles is noteworthy.
This comes as the Kampong Glam update successfully went live on September 9.
It means the ascending channel breakout for ENJ could allow bulls to re-establish the $0.30 area as primary support.
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