still bullish or is a price correction due?

The altcoins have recorded a positive performance in the last 30 days with price gains of over 250%. At the same time, altcoins’ 30-day funding rates are also rising, reaching 9-month highs. In this scenario, traders want to know the fate of the current crypto rally: still bull or price correction?

Altcoin on the rise: Gains of over 250% and funding rates at their highest level in the last 30 days

Over the past thirty days, altcoins have recorded dizzying performanceswith increases of over 250% in the last thirty days.

At the time of writing this article Cardano (ADA) is in a +250% month-on-month increase, Stellar (XLM) +432%, Hedera (HBAR) +577%, XRP +352% and Algorand (ALGO) +328%.

Some earlier, some later, the crypto rally began when Donald Trump, a pro-crypto candidate, was announced as the winner of the 2024 US presidential election 30 days ago.

As of today, however, the operators are still looking Indicators to understand what the fate of altcoins will be. An indicator to take into account is, among others the funding rate of the altcoins.

According to CoinGlass data, this turns out to be the case The 30-day funding rate for perpetual futures has increased significantlywith cops paying between 4% and 6% per month to maintain leveraged positions.

This level is beginning to be reached high, but not yet as high as the 25% seen in 30-day funding rates during the rally last February 2024.

Altcoin and financing interest rates: is there still room for another upward wave?

Go into more detail, for example by considering the case of only ADA and XRP, it can be determined how their While funding rates are higher than the last six months, they are lower than the 12-month highs.

In this sense, this indicator could suggest that the two altcoins still have room for further price growth, driven by leverage.

Of course, to have more security, operators need to take into account the funding rate of altcoins along with other indicators.

In any case, in general: If the 30-day funding rate of altcoins remains between 4 and 6%, the situation remains manageablewithout there being any immediate risk of a cascade liquidation.

The latest crypto price predictions

Recently the analyst Dan Gambardello published on X his Price prediction for ADA at $3which will be achieved very soon if it follows the path of XRP.

In practice, the analyst believes that even if there is demand for spot ADA ETFs for Cardano in the US, such a probability of reaching a new ATH could quickly become a reality.

Speaking of Ethereum: The analyst from Bitget Research: Ryan Lee, explained that ETH is expected to fluctuate between $3,000 and $4,500 in December 2024. At the time of writing, ETH is worth $3,851 and is up +4% compared to 24 hours ago and +7% compared to a week ago.

In the case of Dogecoin, the launch of Valour’s ETP has caused the AI ​​to determine that this is the case The short-term price prediction for DOGE is $0.50. also thanks to the FOMO that was able to arise around the memecoin. In fact, DOGE has hit the $0.46 threshold in the last 24 hours.