A late rebound to come for altcoins – After a few weeks, I left cryptocurrency on hold. Bitcoin and Ethereum are trying to bounce back, but so far the reaction has been muted. The capitalization of altcoins continues to pull, the price hence the impression that the bidders are no longer present. After a period of three calms, are altcoins able to rebound? Are the sellers in ambush? Analysis of the situation on altcoins!
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Danger for the capitalization of altcoins which tries to break the bullish trendline
The capitalization of altcoins was blocked against the weekly resistance located at $670 billion. Since then, the sellers have had their hands on the price, and the capitalization at 17% shot :
The course is beyond the bearish trend Initiated in November 2021, more than the parent course has so far spent rebuking a dynamic with the troughs and rising suns. Moreover, the price is slipping dangerously below the bullish line trend. If the course is not flying fast, the bullish line trend and the institutional bias (EMA 9/EMA 18) kiss could act as resistance. In this case, a return to the level of the $480 billion support it’s possible. However, if the seekers show up quickly, and the price breaks the weekly resistance, the price could move in the direction of the resistance at $950 million.
The RSI could rebound at the level of the bullish line trend. A rebound here plans to maintain the momentum initiated in June 2022. new wave of decline.
Coming Rejection at Bitcoin Dominance Level?
The domination of Bitcoin is three interesting to know them capital flows. Indeed, as the dominance of BTC grows, capitals are leading against the king of cryptocurrencies. On the other hand, when the domination starts, the capitals launch against the altcoins. Currently, the price is above the monthly resistance at 47% dominanceBitcoin to the possibility of continue to withdraw capital :
Dominance has been climbing since the end of 2022. Recently, the price has marked a high point at 48.9% dominanceand one low point at 46.9% dominance. The price evolves between these two limits, with a fit very weak after several weeks. Dominance has the possibility of rebounding at the level of the bullish institutional bias, and expand above the last vertex. In this case, the capitals continue to move towards Bitcoin. On the other hand, if the price closes below 46.9%, altcoins could take advantage of this to express themselves. We will have to wait to see the direction of the price by the course.
Of course, the RSI seems to show the direction. Indeed, the RSI broke the bullish line trendand it’s a sign ofshortness of breath on the buyers’ side. If the RSI continues to show momentum with the lows and descending highs, the altcoins will pour out to take advantage of it.
Ethereum price clings to support at $1,850
SO local high marked at $2,150, buyers have deserted. The sellers have regained control of the price, but for the moment the price is moving around the support at $1,850 :
The dynamic is always bullish in this unit of time. However, buyers must react quickly to avoid a return to the level of the support at $1,700 or at the level of last low at $1,370. A fence above $2,150 makes it possible to relaunch the dynamic and return to the level of the resistance at $2,400. as long as altcoin leaderif Ethereum distributes higher, altcoins could also follow.
The RSI evolves at the level of the bullish line trend, a rebound could occur at this level. A necessary rebound for buyers of keep up the momentum. Beware of a possible breakage of the bullish line trend which meant that shortness of breath would set in.
Could Ethereum outperform Bitcoin in the coming weeks?
The ETH/BTC pair is on a monthly range for two years. Price has occasionally attempted to break out above resistance, or below support, but price has returned within the range between 0.08 BTC And 0.06 BTC :
Recently, the price slipped below the mid-range support, but he recovered. However, it is not yet won for buyers. Indeed, the price must now break the bearish trend and close above the last Sometimes stood at 0.07 BTC. In this way, the price would change momentum, and Ethereum could outperform the king of cryptocurrencies. From then on, a return to the higher level of the monthly resistance it will be possible. If it is a accumulation range On this pair, the breakout of resistance would bring bullish volatilityand ETH has significantly outperformed BTC.
The RSI looks like giving the direction of the pair. In fact, the momentum indicator means break the downtrendand the fence above 53 allowed me to restart dynamic bullish. Buyers have the momentum since this close.
The Render token (RNDR) is the altcoin of the week: + 13% in one week
The RNDR is one of the rare assets of the top 100 which displays a 10% more increase after one week. Currently 44th In terms of capitalization, the project benefits from the hype around artificial intelligence to pull capital. Analysis technique for this asset:
The RNDR fell by almost 98% then i went to the top $8.8. However, buyers showed up around $0.4. Since then, the asset has found joined dynamic bullish in unit of time 3 days. It continues to show a trend with ascending lows and highs. The course is close to resistance at $3A dismiss intervene first. The price could return to the level of the support at $2.3 to find buyers and start rising again. Attention, in case of a break of the support at $2.3, the price could go to the next support at $1.8.
For its part, the RSI has recently bounced back at the level of bullish line trend allowing buyers to keep up the momentum. A close above the last high at 70 usable to continue on the dynamic bullish.
Altcoin capitalization needs to react quickly and get back above the uptrend line to avoid another wave of declines. In the event of a shot, the price could return to $480 million. Bitcoin dominance is still in indecision, a return below the weekly resistance at 47% allows altcoins to regain color. Ethereum is trying to reach its support level at $1,850. De facto, buyers need to react quickly to avoid another wave of declines that could bring the price back below $1,700. In the event of a close above $2,150, the price could retrace to $2,400. The ETH/BTC pair seems distributed on the upside, but the price must confirm by breaking the downtrend line.
The Render Token is one of the altcoins that manages to seed. Indeed, it is in house plus 10% in one week. If the resistance at $3 breaks, the price could rise towards the next resistance at $4. On the other hand, a breakout of the support at $2.3 could mark the trend running out of steam.
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