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Cardano (ADA) 50-Week EMA Flashes Bullish, Is $0.45 On The Way?

Cardano (ADA) is one of the altcoins that has seen major gains in recent days, and this has ignited chatter about how the crypto token could climb. In line with this, Dan Gambardello, the founder of Crypto Capital Venture, has some answers as he provided insight into the token’s trajectory using technical analysis.

What The Charts Are Saying About Cardano

In a video shared on YouTube, Gambardello highlighted the fact that ADA saw a weekly close above the 50-week exponential moving average (EMA), which is something he labeled as “special” and “something “huge.” This is so because there are currently similarities between now and the last cycle, which ushered in the bull market.

Interestingly, he noted that Cardano seems to be above the game this time around, as the close above the 50-week moving average occurred this time while ADA is still in the accumulation phase, unlike back in February 2020 when it happened just after the accumulation phase. 

He also linked the Relative Strength Index (RSI) to these happenings as he noted that, just like the last cycle, ADA was overbought as it was preparing for an upside move. Despite the overbought similarities, he mentioned that this could be different in that ADA continues instead of a retracement as both the 20-day and 50-day exponential moving averages haven’t crossed over the 200-day EMA.

Can ADA Make A Move To $0.45?

Although the crypto founder admitted that he didn’t exactly have a target as to what price level ADA could hit, he mentioned that the daily chart was hinting at $0.45 as a possible target. However, he doesn’t believe Cardano can add that much gain to hit such height, as he predicts a “big retracement” soon enough.

As to how high he believes Cardano (ADA) can reach before the retracement, he mentioned that the crypto token could peak at $0.40 before the expected retracement, which could see ADA drop to around $0.29 and $0.30 based on the moving average structure. 

Such a decline will represent about a %15 decline, but Gambardello is optimistic as he stated that such a dip usually occurs in between the end of the bear cycle and the start of the bull cycle. Meanwhile, he said that ADA could also fall to a Fibonacci support at around $0.26 and $0.28.

Despite his prediction that Cardano is going to fall soon enough based on its overbought status, Gambardello isn’t ruling the target of $0.45 out. He just believes it could take longer rather than just seeing all green candles straight up to that target. 

At the time of writing, ADA is currently trading at around $0.35, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

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Blockchain

Bitcoin Price Targets $46,000 As DXY Receives Kiss Of Death

In a striking dual analysis, the financial charts paint contrasting futures for the US Dollar Index (DXY) and Bitcoin (BTC). Gert van Lagen, a technical analyst, has provided a bearish prognosis for the DXY, while simultaneously highlighting a bullish setup for Bitcoin that could see it aiming for a $46,000 target.

DXY Receives Kiss Of Death

The DXY has been in an upward trend since July, as shown by the blue ascending trend line on the daily chart. However, this line was broken to the downside on October 9, indicating a change in market sentiment. Van Lagen explains, “Blue uptrend since July has been broken too. Time to continue down.”

This sentiment is reinforced by the price action within the black channel from the beginning of October till recently, where a period of consolidation is visible, succeeded by a strong downward move. The DXY dropped by 1.2% last Friday, November 3, to 104.92 and is currently undergoing a retest of the channel, a common technical pattern where the price moves back to the breakdown point before continuing in the direction of the initial direction.

A third bearish argument for the DXY is the rejection at the highlighted red zone on the chart which signifies a high timeframe Fibonacci resistance area. The Fibonacci retracement is a popular tool among traders to identify potential reversal levels. The DXY’s price action shows a “clear rejection” at this level, where the index attempted to rise but was pushed back down, reinforcing the bearish stance.

Bitcoin Price Targets $46,000

Amidst the weakness of the DXY, the inverse correlation with Bitcoin becomes a focal point for crypto investors. Gert van Lagen provides insight into Bitcoin’s potential trajectory, observing a bullish pattern emerging on its 6-hour chart.

“BTC [6h] – Bullish pennant in play targeting $46k. The pennant is part of the shown ascending channel,” remarked van Lagen. The chart displays Bitcoin’s price consolidating in a pennant structure, a continuation pattern that signals a pause in a strong upward or downward trend before the next move.

The pennant is delineated by converging trend lines which have been formed by connecting the sequential highs and lows of price action, converging to a point indicative of an imminent breakout.

In this case, the pennant follows a significant upward trend, suggesting that the breakout is likely to continue in the bullish direction. The ascending channel, highlighted by two parallel upward-sloping lines, encompasses the entire bullish movement of Bitcoin on the chart, including the pennant formation. This channel serves as a guide for the price trend, indicating where support and resistance levels are anticipated at the moment.

Van Lagen’s analysis posits a targeted price of $46,000 upon the resolution of the pennant, a level that is determined by the height of the prior move that preceded the pennant, projected upward from the point of breakout. The dashed lines on the chart illustrate the potential path Bitcoin’s price could take following the breakout.

An important detail in van Lagen’s chart is the ‘Invalidation’ level marked below the pennant. This level at $34,103 is critical as it signifies where the bullish hypothesis would be considered incorrect, serving as a stop-loss point for traders acting on this pattern.

At press time, BTC traded at $34,625.

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Blockchain

Ethereum Bullish Revival: Will This Breakthrough Lead To A New Market Phase?

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has exhibited a promising technical development, igniting optimism within the crypto community.

The formation of a bullish flag pattern within the daily timeframe has captured the attention of analysts and traders, hinting at potential positive movements in the near future.

A bullish flag pattern is a common technical analysis formation in financial markets, frequently visible on price charts. It involves an upward price surge (the flagpole) succeeded by a consolidation or sideways movement (the flag) within a downward or sideways channel.

Typically identified within the daily timeframe, it signals recent upward movement followed by a consolidation phase. Traders and analysts keenly observe this pattern as it often implies a potential continuation of an upward trend.

This aligns perfectly with the current recovery sentiment in the cryptocurrency market, as Ether managed to breach the upper trendline of the pattern earlier this week, pointing towards the possibility of a substantial upward surge.

Ethereum: Breakthrough Resistance

The recent surge in Ethereum’s price has broken past a critical resistance level marked by the convergence of its 50-day and 100-day Exponential Moving Averages (EMAs). These EMAs hold paramount importance for traders and analysts, often serving as key indicators of market trends and momentum.

The successful breach of this resistance level further reinforces the bullish sentiment surrounding Ethereum, indicating a potential shift towards a more robust upward trajectory.

The bullish flag pattern that has taken shape on Ethereum’s price chart has been a long time in the making, spanning over a period of seven months. During this time, the price of ETH has fluctuated within the converging trendlines of the pattern, reflecting the market’s indecision and the tug-of-war between buyers and sellers.

It is noteworthy that the upper boundary of the pattern has acted as a significant support level twice, underlining its influence in shaping market sentiment and price dynamics.

Market Insights And Caution

As of the latest market data provided by CoinGecko, the current price of Ethereum stands at $1,890, reflecting a modest 24-hour gain of 0.5% and a notable upward trajectory of 5.3% over the past seven days. These figures reaffirm the growing interest in Ethereum, highlighting the market’s confidence in the coin’s potential for further gains.

Industry experts and seasoned traders offer valuable insights into this recent development, emphasizing the importance of closely monitoring the price action and overall market sentiment surrounding Ethereum. With the bullish flag pattern hinting at a potential bullish continuation, market participants are advised to stay vigilant and consider the implications of this technical setup in their trading strategies.

Despite the positive momentum, caution remains essential, as the cryptocurrency market is known for its inherent volatility and unpredictability. Investors and traders are advised to conduct thorough research, employ risk management strategies, and stay informed about market developments to make well-informed decisions in this dynamic and rapidly evolving landscape. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Blockchain

Why Ark Invest’s Cathie Wood Picks Bitcoin Over Cash And Gold

Ark Invest CEO Cathie Wood was a guest on Merryn Somerset Webb’s show ‘Merryn Talks Money’, where she discussed the macro environment and the recent happenings in the financial world. What will mainly interest the crypto community is what she had to say about the flagship cryptocurrency, Bitcoin

“Bitcoin Hands Down”

When quizzed by Merryn about which she would prefer to hold for 10 years between gold, cash, and Bitcoin, Wood replied by saying, “Bitcoin hands down.” She noted that while Bitcoin and Gold both have hedging functionalities, the latter already had its time, unlike Bitcoin, which she labeled as “new” and was just gaining steam. 

While highlighting Bitcoin’s future potential and “incremental demand,” she stated that institutions were still barely involved and that the major investors of the future (the “young people,” as Wood put it) would prefer to hold Bitcoin over Gold. She also mentioned that Bitcoin has been outperforming Gold recently in terms of its hedging capabilities.  

Wood’s bullishness on the foremost cryptocurrency may not come as a surprise to many, considering that her company, ARK Invest, is one of many asset managers who have applied with the US Securities and Exchange Commission (SEC) to offer a Spot Bitcoin ETF. 

Interestingly, her company leads the race toward approval as the SEC is expected to make a decision (possibly approve) on their application in January 2024, with decisions on the other applications to come after. However, it remains to be seen if that is what will happen, as the SEC can choose to approve (if it does) all funds at the same time. 

Cathie Wood Recognizes Bitcoin’s Importance

Earlier in the interview, Wood highlighted the price of Bitcoin as one of the things her company was monitoring in relation to the financial markets and deciding on how to gauge the inflation rate. 

She alluded to how Bitcoin’s price rose from $19,000 to $30,000 during the regional banking crisis that occurred back in March with a couple of banks like Silicon Valley Bank collapsing. 

She described Bitcoin’s rise during that period as “fascinating” and how many saw the cryptocurrency as a “flight to safety vehicle.” While many have in the past touted Bitcoin as a hedge against Inflation, Cathie Wood believes it can go both ways as the cryptocurrency can also serve as a hedge against deflation because there is no counterparty risk in Bitcoin. 

She seemed to suggest that Bitcoin was a haven for many, especially with the banking crisis, because it was completely “transparent and decentralized,” unlike banks where customers do not know anything about what goes in there and how their deposits are being used or safeguarded. 

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Blockchain

Near-Term XRP Price Rally Of 270% Is Imminent: Crypto Analyst

The XRP price has seen a strong uptrend in recent days, demanding attention from investors and analysts alike. According to crypto analyst Dark Defender, XRP has surpassed the short-term price target of $0.66, a bullish signal for the digital asset’s trajectory.

“We set $0.66 as a very short-term target, and now it’s broken in the 4-hour time frame. Congrats, who believed in it,” tweeted Dark Defender.

The Next Near-Term XRP Price Target

The analyst highlights the necessity for XRP to maintain its stance above this level to confirm its bullish trend. “We need to stay above this level today as well. The daily time frame indicates we are oversold, so there might be back-tests to $0.66 daily,” Dark Defender added, hinting that a corrective move could be imminent.

Remarkably, Dark Defender’s not solely confined to daily movements; the analyst provided a comprehensive bullish outlook across various time frames. “Daily Time Frame, Bullish; Weekly Time Frame, Bullish; Monthly Time Frame Bullish,” stated Dark Defender, reaffirming a strong uptrend sentiment after several months of anticipation.

In terms of future price predictions, the crypto specialist sees a 270% rally to $1.88 as the next short-term target, but not before a crucial condition is met: “We must observe XRP close above $0.6649 first, a prerequisite for a crucial Fibonacci Level of $1.88.”

Fibonacci levels are often used in trading to identify potential levels of support and resistance, and the $1.88 mark is highlighted as a significant Fibonacci level equivalent in strength to the $0.66 threshold. On the way up, Dark Defender sets $1.05 and $1.33 as further targets, although these are considered less challenging than the $0.66 level.

Long-Term Price Targets

The realignment of focus will shift to $5.8563 once the $1.8815 level is breached. “Whenever I see $1.8815 is broken, then we can set $5.8563” as the next target, the analyst explains, setting an ambitious but calculated path for XRP’s potential growth.

The chart shared by Dark Defender showcases the XRP price targets, illustrating a well-defined Elliott Wave pattern, a technical analysis tool that predicts future price movements by identifying crowd psychology that manifests in waves. This method hinges on the notion that market prices unfold in specific patterns, which Dark Defender has applied to the XRP price chart.

The chart indicates that XRP is currently in an Elliott Wave pattern, a structure that consists of impulse and corrective waves. The impulse waves, labeled as 1, 3, and 5, move in the direction of the trend, while the corrective waves, labeled 2 and 4, move against it. Dark Defender’s analysis suggests that XRP completed its wave 1 and wave 2, with wave 1 characterized by a sharp increase in price and wave 2 marking a retracement.

Wave 3, which is often the longest and most dynamic, has targets set by the analyst using Fibonacci extension levels. This is where we see the recent break above $0.66, marking the potential start of wave 3. The 1.618 Fibonacci extension level provides the next target for this wave at $1.88. However, Dark Defender’s ultimate target for wave 3 is above the 2.618 Fibonacci extension level at $5.88.

As for wave 4, Dark Defender expects a slight corrective wave, which will likely see the price retrace from the highs of wave 3, but not below $3.5. Finally, wave 5 is anticipated to push the price up again, completing the Elliott Wave cycle. If the prediction of the analyst holds true, the XRP price sets a bold long-term target of $18.22 for the completion of wave 5, which would represent a substantial increase of more than 2,500% from the current levels.

At press time, XRP trade at $0.6933.

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Blockchain

Chainlink Enters Bull Territory, Signals Long-Term Uptrend — Crypto Expert

Chainlink (LINK) has been a topic of significant discussion among cryptocurrency enthusiasts lately, particularly after the insights shared by the pseudonymous analyst Rekt Capital on the social media platform X. 

Rekt Capital’s recent statement about Chainlink’s shift into the bull territory following an extended period of sideways movement has captured the attention of market observers. 

$LINK

The Macro Downtrend is over

The Macro Range is over

And a new Macro Uptrend has begun#LINK #Crypto #Chainlink pic.twitter.com/E2VHgclnYL

— Rekt Capital (@rektcapital) November 4, 2023

According to the information provided, the current price of Chainlink stands at $12.86, experiencing a noteworthy 24-hour rally of 5.6% and a seven-day surge of 11.4%. Rekt Capital’s proclamation that “the macro downtrend is over” has sparked optimism among investors, pointing towards a potentially promising future for the cryptocurrency.

One of the key indicators supporting Rekt Capital’s analysis is the notable increase in the number of Chainlink wallets containing a minimum of 1,000 LINK tokens.

The data indicates a substantial surge in the total count of such wallets, marking an all-time high of 27,152. This surge in wallet activity hints at a growing interest in Chainlink, potentially contributing to the cryptocurrency’s recent upward momentum.

Chainlink Price Surge And Technical Analysis

A closer examination of the TradingView chart further reinforces the bullish sentiment surrounding Chainlink. The technical analysis chart highlights a remarkable upward trajectory, showcasing Chainlink’s ascent above both the 50-day and 200-day moving averages.

This development serves as a robust signal for the continuation of the current bullish trend. Notably, the fanning out of the moving averages underscores the strength of the ongoing uptrend, instilling further confidence in the cryptocurrency’s performance.

Investors and traders are taking note of these developments, expressing their growing confidence in Chainlink’s potential. The cryptocurrency community’s response to Rekt Capital’s assessment has been largely positive, with many anticipating a sustained upward trajectory for Chainlink in the foreseeable future.

Market sentiment appears to be shifting in favor of Chainlink, with an increasing number of participants viewing it as a lucrative investment option amidst the dynamic landscape of the cryptocurrency market.

The Broader Altcoin Market Outlook

Industry experts are closely monitoring the broader altcoin market, with Rekt Capital’s assertion regarding the breakout from the year-long market structure serving as a point of interest.

This shift in market dynamics has garnered attention, prompting further analysis of the potential implications for altcoins beyond Chainlink. The acknowledgment of a new macro uptrend signals a potentially optimistic outlook for altcoins, hinting at the possibility of a more vibrant and dynamic market environment in the coming months.

In light of these recent developments, investors and analysts alike are advised to exercise caution and conduct thorough research before making any investment decisions. While the current market conditions appear favorable for Chainlink, the cryptocurrency landscape remains inherently volatile, necessitating a cautious approach to investment strategies. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Blockchain

XRP Price Prediction – Bulls Take Breather But Rally Seems Far From Over

XRP price rallied over 20% and climbed above $0.70 against the US Dollar. The price is correcting gains but the bulls might again be active near $0.650.

XRP started a strong increase above the $0.680 resistance.
The price is now trading above $0.685 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.6580 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might correct further lower, but the bulls could remain active near $0.6500.

XRP Price Starts Fresh Rally

After starting a decent increase from the $0.532 zone, XRP gained bullish momentum. There was a strong move above the $0.580 and $0.585 resistance levels. It even outperformed Bitcoin and Ethereum.

The bulls even pumped above the $0.650 resistance zone. Finally, a new multi-week high was formed near $0.7329 and the price recently started a downside correction. There was a move below the $0.620 level. The price even declined below the 23.6% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high.

XRP is now trading above $0.665 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.6580 on the 4-hour chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high.

On the upside, immediate resistance is near the $0.695 level. The first major resistance is $0.700. A close above the $0.700 level could send the price toward the $0.728 resistance.

Source: XRPUSD on TradingView.com

If the bulls remain in action above the $0.728 resistance level, there could be a rally toward the $0.750 resistance. Any more gains might send XRP toward the $0.785 resistance.

Are Dips Limited?

If XRP fails to clear the $0.700 resistance zone, it could continue to move down. Initial support on the downside is near the $0.660 zone and the trend line.

The next major support is at $0.650. If there is a downside break and a close below the $0.650 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.620 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.660, $0.650, and $0.620.

Major Resistance Levels – $0.700, $0.728, and $0.750.

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Blockchain

Ethereum Price Hesitates But A Bull-Run To $2,000 Seems Likely

Ethereum price is slowly moving up toward the $2,000 resistance against the US dollar. ETH is in a better positive for a decent upward move than Bitcoin.

Ethereum is still attempting to move toward the $2,000 level.
The price is trading above $1,850 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move higher above the $1,920 and $1,950 levels.

Ethereum Price Remains Supported

Ethereum formed a support base and slowly moved higher above the $1,850 resistance zone. ETH even broke the $1,880 level and spiked toward the $1,920 resistance, unlike Bitcoin.

The price traded as high as $1,915 and is currently consolidating gains. There was a minor downside correction below the $1,900 level. The price dipped below the 50% Fib retracement level of the upward move from the $1,858 swing low to the $1,915 high.

However, the bulls are protecting more downsides below $1,880. They are protecting the 61.8% Fib retracement level of the upward move from the $1,858 swing low to the $1,915 high.

Ethereum is now trading above $1,880 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,900 level. The first major resistance sits at $1,920. If ETH surpasses the $1,920 resistance, it could gain bullish momentum and even clear $1,950. In the stated case, the price could drift toward the $2,000 barrier. The next key resistance is near $2,050, above which the price could accelerate higher toward the $2,120 level.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,880 level or the trend line.

The next key support is $1,860 or the 100 hourly SMA. The main support sits at $1,850. A downside break below the $1,850 support might spark bearish moves. In the stated case, Ether could drop toward the $1,750 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,850

Major Resistance Level – $1,920

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Blockchain

Bitcoin Price Consolidates Above $34K: What Could Trigger A Fresh Rally?

Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone.

Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.
The price is trading near $34,850 and the 100 hourly Simple moving average.
There is a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if there is a clear move above the $35,350 resistance.

Bitcoin Price Stuck In Range

Bitcoin price remained in a range above the $34,000 support zone. BTC attempted a fresh increase above the $35,000 resistance zone. However, the bears remained active near $35,250 and $35,350.

The bulls made a few attempts to clear the $35,250 resistance but failed. A high was formed near $35,382 before the price started a downside correction. There was a move below the $35,000 level. The price even spiked below the 50% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.

Bitcoin is now trading near $34,850 and the 100 hourly Simple moving average. There is also a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair. The triangle support is near the 76.4% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.

On the upside, immediate resistance is near the $35,000 level. The next key resistance could be near $35,050 or the triangle upper trend line. A clear move above the $35,050 resistance might open the doors for a move toward the $35,250 resistance.

Source: BTCUSD on TradingView.com

The next key resistance could be $35,350, above which the price could rise toward $36,000. Any more gains might send BTC toward the $36,200 level.

More Losses In BTC?

If Bitcoin fails to rise above the $35,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,600 low.

The next major support is near the $34,250 zone and the triangle lower trend line. If there is a move below $34,250, there is a risk of more downsides. In the stated case, the price could even drop below the $34,000 support level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $34,600, followed by $34,250.

Major Resistance Levels – $35,000, $35,250, and $35,350.

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Blockchain

Altcoins Rally: What’s Next After The Breakout

Altcoins have witnessed a significant surge recently, with their collective market capitalization rising from $575 billion to $615 billion in just a few days – an increase of 7%. This momentum hints at the potential for further growth in the Altcoin sector.

Breakout From Descending Triangle

The Altcoin market capitalization had been trading within a descending triangle pattern since its yearly peak in April. This technical pattern, characterized by a series of lower highs but consistent lows, typically signals a bearish sentiment – suggesting that each rally is met with increasing selling pressure, keeping upward price movements in check.

Related Reading: November Outlook For Bitcoin Price: Another Pump Or Retrace?

However, this past weekend marked a pivotal change. The market capitalization decisively broke through the pattern’s upper resistance line, surging by 7%. Such a breakout from a descending triangle is a bullish pattern, often indicating a reversal of the prior downtrend. With this breakout, the market cap is now eyeing the target set by the initial peak of the pattern, which could mean an additional increase of 7%.

 

The significance of this breakout is further highlighted by the fact that the Altcoin market cap has not only broken through the resistance but also surpassed the previous high set in July. This breach could signal that the market is transitioning from a bear-dominated phase to a bullish one, where buyers are regaining control and pushing the market to new heights.

Bitcoin Decreasing Dominance

Bitcoin’s dominance on the market has recently slipped to 52.50%, down from its annual peak of 54%. This is a normal market fluctuation, considering Bitcoin had been on a ten-week streak of increasing dominance.

Related Reading: Bitcoin Season: Leading The Charge In The Crypto Market

Yet, it’s crucial to note that Bitcoin’s market share has dipped below the pivotal 53% support level. Should Bitcoin fail to reclaim dominance above this support level, we could anticipate a further decrease to the next support at 49%, opening the door for Altcoins to capture a greater portion of the cryptocurrency market cap.

In bear markets, Bitcoin’s dominance tends to increase as the market pulls back, which suggests that if Bitcoin manages to hold or increase its price, Altcoins could experience further rallies.

 

Conversely, an increase above the 53% support could set Bitcoin out for the next resistance at 58%, at the expense of Altcoins’ market share.

Historically, bull markets often begin with Bitcoin leading the way due to events like the halving event, which reduces the inflow of new Bitcoin.

Nonetheless, there are still phases when Altcoins rapidly gain momentum, experiencing significant and rapid price increases. The current market breakout, along with a reduction in Bitcoin’s dominance, hints that such a phase could potentially unfold now.

Top Altcoins Gains

In the past week, many Altcoins have witnessed remarkable gains. Here are the top performers:

Pancake Swap: +95%
Trust Wallet Token: +53%
Neo: +48%
MultiversX: +46%
Blur: +45%

Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.

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