Bitcoin (BTC) has been showing strength in its price, maintaining above $33,600 for the past two days. This indicates that the bulls are not quick to exit the market, and if the price continues to hold, it could lead to FOMO (fear of missing out) among investors and spark another round of buying. However, it’s important to note that such rallies are often not sustainable in the long term, and a drop in Bitcoin’s price back to $32,000 cannot be ruled out.
Bitcoin’s dominance in the cryptocurrency market has risen to 54%, its highest level in 30 months. This suggests that Bitcoin is leading the charge higher, which is viewed positively by traders. It also indicates that select altcoins may soon join the party and experience price increases.
Renowned trader Peter Brandt believes that Bitcoin’s bottom is in, but he warns that new all-time highs may not occur until the third quarter of 2024. He predicts that Bitcoin will enter a “chop fest,” indicating a period of consolidation and volatility in the market.
Now, let’s analyze the charts of the top 10 cryptocurrencies to gain further insight into their price movements.
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Bitcoin (BTC) is currently facing resistance at $35,000, but the bulls have not given up much ground. This suggests that the buyers may soon attempt to resume the upward movement. However, the relative strength index (RSI) remains in the overbought area, indicating the possibility of a minor correction or consolidation in the near term. If the price drops below $33,679, Bitcoin could retest support levels at $32,400 and $31,000.
Ether (ETH) is experiencing resistance at $1,855, with bears aggressively defending this level. However, the rising 20-day Exponential Moving Average (EMA) and the overbought RSI indicate that the bulls are in control. If the price turns up from $1,746, the bulls will aim to push ETH above $1,855 and towards the psychologically important level of $2,000.
Binance Coin (BNB) faced rejection at $235 but found support at $223. If the price rebounds from this level, BNB could attempt to rise above $235 once again and potentially reach $250 and $265. However, failure to break above $235 would suggest that bears are selling at higher levels, tilting the advantage towards them. In this case, BNB may trade within the range of $203 and $235 for some time.
XRP (XRP) is engaged in a tough battle near the overhead resistance of $0.56. If the price rebounds sharply from the 20-day EMA ($0.52), it will indicate strong buying at every minor dip. The bulls will then attempt to push XRP above $0.56 and towards $0.71. On the other hand, if the price turns down and falls below the 50-day Simple Moving Average (SMA) ($0.51), XRP may trade in a range between $0.46 and $0.56 for the near term.
Solana (SOL) is trading near the pattern target of $32.81, and the bulls have not given up their ground. This suggests that they anticipate another leg higher. The overbought RSI indicates that SOL may witness consolidation or a minor dip in the near term. If the price stays above $30, the possibility of a rally to $38.79 increases. However, if it falls below $30, bears may push the price to the 20-day EMA ($27.20).
Cardano (ADA) has been unable to initiate a strong relief rally despite trading above the $0.28 level. If the bears can pull the price back below $0.28, ADA may slump to the 20-day EMA ($0.26). On the other hand, if the price turns up from $0.28 and rises above $0.30, it will indicate that the bulls have flipped the level into support. ADA may then march towards $0.32, with the next major resistance at $0.38.
Dogecoin (DOGE) has been recovering strongly, highlighting aggressive buying from bulls. While the price briefly rose above $0.07, there was selling at higher levels. If the bears can pull the price back below $0.07, DOGE may slide to the 20-day EMA ($0.06). However, if the price turns up from $0.07, it will suggest a positive sentiment, and the price could rise to $0.08.
Toncoin (TON) found support at the moving averages but failed to initiate a strong rebound. A decline below the moving averages could indicate a consolidation between $1.89 and $2.31. On the other hand, a sharp turnaround from the current level suggests buying on minor dips and improves the chances of a break above $2.31.
Chainlink (LINK) has been facing selling near $11.50, but the bulls have not given up much ground. This suggests that buyers anticipate the uptrend to continue. The important support to watch is $9.50, with buyers expected to defend this zone.
Polygon (MATIC) broke above the $0.60 resistance but is struggling to maintain the upward movement. This suggests hesitation to buy at higher levels. MATIC may slide to support at $0.52, but a rebound from this level could propel the price above $0.60 and towards $0.70.
In conclusion, Bitcoin’s price remains strong, indicating that the bulls are not rushing to exit the market. Bitcoin’s dominance has also risen, suggesting positive sentiment among traders. However, it’s important to be cautious as such rallies are often not sustainable in the long run. The charts of top altcoins show mixed sentiments, with some indicating potential for further upward movement and others suggesting a consolidation or pullback. Traders should carefully monitor support and resistance levels to make informed investment decisions.
