Altcoins are on the train – The price of Bitcoin has been stagnating for a few weeks, and altcoins are struggling to get started. Indeed, traders are looking towards the PEPE Coin, but other altcoins are struggling to get started. Ethereum is still stagnating and I am trying to hold the level at $1900. Can altcoins rebound and benefit from capital turnover? Regarding the clues left by the graphs.
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Can altcoins resume bullish momentum?
As I explained in the introduction, remaining altcoins shy Currently. The capitalization of altcoins has been blocked at the level of the weekly resistance at $670 million :
The capitalization of altcoins is on the rise after the start of 2023. Notwithstanding, after the dismiss at the level of resistance, altcoins are struggling to recover. Institutional bias (EMA 9/EMA 18) is home oriented, it could act as long as dynamic support. A fence beyond the last summit at $661 billion could allow the capitalization of altcoins to join the next resistance stands at $950 million. As price moves below resistance at $670 million, altcoins will struggle to clash.
The RSI retains the bullish line trend at the moment, a bounce could occur at the level of the trendline. If the trendline were to give way, the momentum would send a signal of loss of steam.
Could altcoins continue to suffer?
The year 2023 is the year of Bitcoin at the moment. I made him a chart of Bitcoin dominance is on the rise after the start of the year from 40% to 49% dominance in the space of a few months. As dominance languishes, capital rules against the king of cryptocurrencies:
The institutional bias is still largely on the upside, it could act as a dynamic support. A fence beyond 49% could revive the dynamic bullishand maybe break the monthly resistance. If the case is confirmed, the capital will continue to be reversed against Bitcoin, and altcoins continue to feverishly.
The RSI is encouraging, the rest above the bullish line trend. As long as this is the case, the buyers have their hands on the momentum. A breakout of this trend would be a first signal that the trend is running out of steam.
Ethereum needs to rekindle bullish momentum
I missed the recent blow, Ethereum price remains solid. Indeed, the course is at the level of the weekly support at $1,850 :
Ethereum is bullish in weekly after close above $2,030. To restart the momentum, the price must close above the last high at $2,140. A fence thus needed the course to join the next resistance at $2,400. Could the price reach this level before the next Cancun update? Whatever happens, we should avoid losing supportbecause sellers might push to the next support at $1,270.
The RSI applies above the bullish line trend, buyers still have their hands on the momentum. If the RSI bounces off the uptrend line, the price could rejoin the level at $2,400. Be careful, a break of this trend line would be a bad sign.
The ETH/BTC pair remains in indecision
The ETH/BTC couple allows compare the strength of Ethereum to the strength of Bitcoin. The course is in a range After two years:
The price always evolves under the bearish trend. As long as it’s home, the course remains fragile. Currently, the ETH/BTC pair is moving between the last sometimes at 0.0709 BTC and the last low at 0.062 BTC. If the price closes above the last peak, it could break the bearish trendline and join the resistance at 0.08 BTC. On the other hand, if the price closes below the last trough, the price could reach the bottom of the range. For altcoin enthusiasts, it will be positive to return to a higher level of the monthly resistance.
The RSI is always fragile, it evolves under the downtrend. A fence above 54 could allow buyers to replicate the hand on momentum.
Altcoin of the week analysis technique: Casper (CSPR)
You CSPR is the altcoin of the week, as he is one of the active players who have played this week. Indeed, this week, the Casper course is up more than 10%. After a decline of almost 98% after May 2021, can the course be delivered at home? Chart analysis of this altcoin:
During the bearmarket, the price broke the level of support at $0.062. Then the lesson to be learned is just to find the author of the buyers $0.026. The course set up a between $0.026 and $0.044. At the end of 2022, the bearish trendline was broken, and the price broke the upper limit of the range at $0.044. Following this breakout, the price joined the resistance at $0.062. Concretely, the course is in the house of 140% after January 2023. Here are the two scenarios which can be submitted at this stage:
- Break of resistance at $0.062 : a break of the resistance necessary during to continue on the dynamic bullish. For the moment the price shows a dynamic with bottoms and ascending tops, the buyers have the hand on the price. Moreover, the institutional bias is bullishhe could act as dynamic support. The price could then return to $0.095.
- Rejection at the resistance level at $0.062 : if the buyers weaken, the price could be rejected. In this case, a return to the level of progress support at $0.044 it’s possible. Buyers will then have to defend this level to avoid re-entering the range.
On the other hand, the RSI is bullish, it continues to show a trend with ascending lows and highs. For the moment, buyers have their hands on the momentum.
Amid the banking crisis, Bitcoin continues to be strong, but altcoins are struggling to get off the ground. In 2023, altcoins are on the rise, but the capitalization of altcoins is expected to reach the resistance level at $670 billion. This resistance will have if we want to see the altcoins perform again.
For the moment, bitcoin dominance continues to be home-oriented. Bitcoin would dress the capital, and a close above 49% would be a sign of bullish continuation. The ETH/BTC pair is still fragile, it will be necessary to wait for the price to break the bearish trendline to regain color. If the altcoin leader becomes strong against Bitcoin again, altcoins could benefit. Casper is the altcoin of the week, it is up more than 10% in one week. It has been showing bullish momentum since January 2023, but it is moving at an important resistance level. If it gives way, it could of course climb towards the next resistance at $0.095.
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