2023-05-26 15:00:00
A rebound that is slow to come for altcoins – For the past few weeks, the cryptocurrency market has been on hold. Bitcoin and Ethereum are trying to bounce back, but so far the reaction has been muted. The capitalization of altcoins continues to fall, the price gives the impression that the buyers are no longer present. After a very calm period, do altcoins have a chance to rebound? Are the sellers in ambush? Let’s analyze the situation on altcoins!
This market analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Danger for the capitalization of altcoins which tries to break the bullish trendline
Altcoin capitalization stalled once morest weekly resistance located at $670 billion. Since then, the sellers have had their hands on the price, and the capitalization fell 17% :
The course is beyond the bearish trendline initiated in November 2021, but the price is currently unable to regain momentum with bottoms and rising tops. Moreover, the price is slipping dangerously below the bullish trendline. If the price does not react quickly, the bullish trendline and the institutional bias (EMA 9/EMA 18) bearish might act as résistance. In this case, a return to the level of the support at 480 billion dollars is possible. However, if the buyers show up quickly, and price breaks the weekly resistance, price might develop towards the resistance at $950 billion.
The RSI might rebound at the level of the bullish trendline. A rebound here would maintain the momentum initiated in June 2022. Buyers need to react quickly to avoid experiencing a new wave of decline.
Rejection to come at the level of Bitcoin dominance?
The dominance of Bitcoin is very interesting to know the capital flows. In fact, when the dominance of BTC increases, capital flows to the king of cryptocurrencies. On the other hand, when dominance drops, capital flows into altcoins. Currently, the price is above the monthly resistance at 47% dominanceBitcoin has the ability to continue to attract 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 very low volatility since 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, capital would continue to flow into Bitcoin. On the other hand, if the price closes below 46,9 %, altcoins might take advantage of this to express themselves. We will have to wait to see the direction taken by the course.
For its part, the RSI seems to show the direction. Indeed, the RSI broke the bullish trendlineand it is a sign ofshortness of breath on the buyers’ side. If the RSI continues to show momentum with descending lows and highs, altcoins might benefit.
Ethereum price clings to support at $1,850
Since local top 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 bracket 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 bracket at $1,700 or at the level of last low at $1,370. A fence above 2 150 $ would make it possible to relaunch the dynamic and return to the level of resistance at $2,400. Inasmuch as leader des altcoinsif Ethereum rebounds, altcoins might also follow.
The RSI evolves at the level of the bullish trendline, a rebound might occur at this level. A rebound would allow buyers to maintain the momentum. Beware of a possible breakage of the bullish trendline which would mean that shortness of breath would set in.
Could Ethereum outperform Bitcoin in the coming weeks?
The ETH/BTC pair is in 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 et 0,06 BTC :
Recently, the price slipped below the intermediate rack support, but he recovered. However, it is not yet won for buyers. Indeed, the price must now break the bearish trendline and close above the last top located at 0.07 BTC. In this way, the price would change momentum, and Ethereum might outperform the king of cryptocurrencies. Therefore, a return to the level of monthly resistance would be possible. If it is a range d’accumulation on this pair, the break of the resistance would bring bullish volatilityand ETH would significantly outperform BTC.
The RSI seems to give the direction of the pair. Indeed, the momentum indicator tries to break the bearish trendlineand the fence above 53 allows you to restart the bullish momentum. 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 few assets in the top 100 to show a increase of more than 10% for a week. Currently 44e in terms of capitalization, the project benefits from the hype around artificial intelligence to attract capital. Let’s technically analyze this asset:
The RNDR fell by almost 98 % from the top market to 8,8 $. However, buyers showed up around 0,4 $. Since then, the asset has recovered bullish momentum in unit of time 3 days. It continues to show a trend with ascending lows and highs. The course is close to resistance at $3and rejection might come first. The price might return to the level of the bracket at $2.3 to find buyers and start rising once more. Beware, if the support at $2.3 breaks, the price might head towards the next bracket at $1.8.
For its part, the RSI has recently bounce at the level of bullish trendline allowing buyers to maintain the momentum. A close above the last high at 70 would allow us to continue on the bullish momentum.
The capitalization of altcoins must react quickly and return above the bullish trendline to avoid a new downward wave. In the event of a fall, the price might return to 480 billion dollars. The dominance of Bitcoin is still in indecision, a return below the weekly resistance at 47% would allow altcoins to regain color. Ethereum is trying to hold onto the support level at $1,850. In fact, the buyers must react quickly to avoid a new wave of decline which might bring the price back below $1,700. In the event of a close above $2,150, the price might retrace to $2,400. The ETH/BTC pair seems to be on the rise once more, but the price must confirm by breaking the bearish trendline.
The Render Token is one of the altcoins that manages to express itself. Indeed, it is up more than 10% in one week. If the resistance at $3 breaks, the price might rise towards the next resistance at $4. On the other hand, a break of the support at $2.3 might mark the trend running out of steam.
Isn’t there a better time than these recovery periods to get exposure to the cryptocurrency market? Automate your positions without further delay by joining CryptoTrader , a powerful algorithmic crypto-asset trading service.
1685180806
#Artificial #Intelligence #propels #RNDR #altcoins #follow
