After Bitcoin, comes the time for altcoins? – The king of cryptocurrencies is one of the most profitable assets of the year 2023 according to Sharpe’s ration. Indeed, the volatility on Bitcoin is important, but the performance is just as important. In 2023, BTC will increase by more than 150%. Ethereum managed to break the resistance at $2,100, but the price did not take the opportunity to explode higher. Ethereum still shows an increase of more than 10% in one week.
For its part, Binance Coin (BNB) is up almost 2%, and XRP (XRP) is up almost 7% in one week. Capital turnover is not yet really present in the cryptocurrency market. However, there are signs that the turn of altcoins could be coming soon. Let’s analyze the situation of altcoins! We will also be interested in the technical situation of Dogecoin (DOGE) which marks an increase of 17% in one week.
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Bullish explosion coming for altcoins?
The capitalization of altcoins is in increase of almost 40% since buyers defended the level of support at $515 billion. The course attempts to break a tidy located between the resistance to 650 billion dollarsand the support at $440 billion. However, the price moves above the resistance which makes up the range, and even above the resistance at $690 billion :
The goal of buyers is now to keep the last trough marked around the support at $650 billion. If this level is maintained as support, the price of altcoin capitalization could explode upward. The next solid resistance is located at the level of 950 billion dollars. On the other hand, it can be a simple DETOUR. This scenario would be confirmed in the event of loss of support at $650 billion.
If the RSI was bullish so far, it seems that a certain shortness of breath is put in place. Indeed, the price marks new highs, but not the RSI. A bearish divergence could be put in place in the event of a close below 70. After the rise of Bitcoin, Will capital finally turn to altcoins? ? Let’s look at the dominance of Bitcoin.
Bitcoin dominance is solid, BTC concentrates capital
If we look at the trend of Bitcoin dominance, we notice that the buyers have control over the price since the end of 2022. However, the dominance of Bitcoin allows you to know if the capital is directed towards BTC or towards altcoins. As long as this dynamic remains unchanged, altcoins will be abandoned, and only a few rare assets will outperform the king of cryptocurrencies. Here is the graph of Bitcoin dominance:
The price moves above the latest high marked at 54.3%. Thus, the bullish momentum is once again confirmed. The next objective for the course is at the level of resistance to 58% dominance. In this scenario, the altcoins would continue to have difficulty expressing themselves. However, if BTC starts to settle tidyand dominance falls, this would indicate that the capital is heading towards altcoins again. It will be necessary to fence below the last low at 51.7% to confirm this scenario.
The price makes new highs, but not the RSI. A bearish divergence could be put in place in the event of a close below 55.
towards a return to the $2,400 level for the Ethereum price?
The course ofETH breaks resistance one after the other. Indeed, recently, the resistance at $2,100 was broken. The course validates a dynamic with rising lows and highs. Buyers have their hands on the second largest capitalization of altcoins:
As long as the level of support at $2,100 is retainedthe course has the possibility of returning to the level of resistance at $2,400. The buyers’ goal is to maintain the last low marked around $1,930. THE institutional bias (EMA 9/EMA 18) is trending upwards, it could act as dynamic support in the event of a fall in the price.
The RSI is bullish, it continues to make a series of ascending troughs and peaks. THE buyers benefit from momentum For now.
Ethereum remains fragile against Bitcoin
As we could see in the paragraph dedicated to the dominance of Bitcointhe king of cryptocurrencies isasset that attracts capital Currently. The chart of the ETH/BTC pair also goes in this direction. In fact, the momentum is bearish for many months. For the moment, the dynamic does not change:
Buyers must defend support level at 0.05 BTC to avoid falling under the lowest marked in June 2022. If the support holds, the price could rebound towards the resistance and moving averages 9 and 18 trending downward. Whatever happens, we will have to find a bullish momentum and break the bearish trendline to find some bullish volatility on this pair.
The RSI is bearishThe VsEndors maintain momentum advantage in this unit of time.
Dogecoin is the altcoin of the week: +17% for memecoin
Dogecoin (DOGE) is now a regular in the top 10 largest capitalizations of cryptocurrencies. While the altcoins struggle to express themselvesthe dog-faced memecoin displays a increase of 17% in one week. Buyers defended the level of support at $0.059the course is in increase of more than 60% from this level:
For buyers, the goal is to maintain the last low marked at $0.071. As long as this level holds, the price could continue to rise.evolve upwards. Recently, DOGE has been stuck at the resistance at $0.105. If this resistance gives way, the next one is at the level of $0.13. The RSI is bullishit continues to display a bullish momentum. THE buyers have their hands on momentum.
The capitalization of altcoins has the possibility of exploding upwards if the $650 billion level is maintained. Indeed, the next resistance is at the $950 billion level. However, until proven otherwise, it is BTC that attracts capital. Bitcoin’s dominance continues to rise, and the ETH/BTC pair remains fragile. Until these charts change momentum, most altcoins should continue to underperform the king of cryptocurrencies. Altcoin leader Ethereum is showing strong momentum against the dollar. Recently, the price broke the resistance at $2,100. The next resistance lies at $2,400 for the prince of cryptocurrencies.
Dogecoin (DOGE) has been in good shape for some time. In fact, it shows an increase of more than 15% in one week. DOGE is showing ascending lows and highs. As long as the price holds the last low at $0.071, the odds are tilted towards a bullish continuation. Will altcoins also take off and follow Dogecoin? The CAKE is close to $3.
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