Bitcoin corrects after all-time high – Altcoin prices are currently bullish

Bitcoins (BTC) rise to a new all-time high also caused the vast majority of the top 100 Altcoins to rise. Several altcoins followed the crypto reserve currency and also formed new highs.

The crypto market can look back on an eventful week of trading. The approval of the first US-based Bitcoin ETF caused the crypto key currency Bitcoin (BTC) to soar to a new all-time high of USD 67,014. Although this was followed by increased profit-taking, which allowed the Bitcoin price to correct back towards USD 60,000, this did not detract from the mood among investors. Many altcoins such as Ethereum (ETH), Solana (SOL) and the Meme Coin Shiba Inu (SHIB) also reached new all-time highs before more profit-taking began. This development could continue in the coming months. The last quarter is traditionally the most bullish part of the year on the crypto market.


Best price development among the top 10 altcoins:

Shiba Inu (SHIB):

The Meme Coin Shiba Inu can again increase significantly in value in the last few days of trading and increase in value by around 40 percentage points on a weekly basis. At its peak, the SHIB price reached a new all-time high at USD 0.00004468 and caused the meme coin to jump into the top 10 altcoins. The development of non-fungible tokens on Shiba Inu caused a stir in the community. It remains to be seen whether this news will ensure a further increase in the SHIB price in the long term. A positive indicator would be the sustained price stabilization above the cross support at USD 0.00003228.

Bullish variant (SHIB)

Shiba-Inu’s share price is again bullish after two weeks of consolidation. If the bulls manage to lift the SHIB price above the previous all-time high of USD 0.00003969 at the daily closing price, the weekly high of USD 0.00004468 will come into focus again. If this resistance is broken dynamically, a march through to the region between USD 0.00004912 and USD 0.00005300 should be planned. These resistance levels are derived from the 127 and 138 Fibonacci extensions. A breakout above it brings the first strong resist in the form of the 161 Fibonacci extension at USD 0.00006110 into focus.

At this point, at the latest, investors should increasingly plan for profit-taking. A price correction back towards USD 0.0004468 is then quite likely and unproblematic for the bullish price development. Looking ahead, Shiba Inu could rise to the 200 Fibonacci extension at USD 0.00007434 in the coming trading weeks. If the market as a whole should start a new bull run, a subsequent increase up to the repeatedly mentioned maximum price target of USD 0.00009575 is conceivable. From the current point of view, the 261 Fibonacci extension is the end of the flagpole for the price increase.

Bearish variant (SHIB)

The SHIB rate reached a new all-time high at USD 0.00004468 at the weekend, but is currently around 12 percentage points lower at USD 0.00003857. However, an attempt to sell off back below the support at USD 0.00003524 was initially blocked by the bulls. If the correction expands again in the coming trading days and falls below this price level, an initial directional decision will be made on the 78th Fibonacci retracement at USD 0.00003228. A fall back below this support level brings the red support area between USD 0.00003036 and USD 0.00002914 into focus. If the SHIB rate falls dynamically below this support zone, the correction initially expands to the EMA20 (red) at USD 0.00002722. If Shiba Inu does not stabilize here, a relapse to the key range between USD 0.00002421 and USD 0.00002312 is likely. Here the SHIB course turned north several times in the last few weeks of trading.

If the bears manage to push the Shiba Inu price below this strong support, a directional decision will be made for the coming period in the area of ​​the 50s Fibonacci retracement at USD 0.00002237. The supertrend can also be found here in the daily chart, the task of which is clearly clouding the chart image. As a result, the correction extends to the history low at USD 0.00002058. The EMA50 (orange) runs just below, which should also have a holding effect. If this zone is also abandoned by the bulls, the probability of a correction to the orange support area between USD 0.00001828 and USD 0.00001570 increases noticeably. In addition to the 38 Fibonacci retracement, the lower Bollinger band also runs here. From the current perspective, this area represents the maximum bearish price target for the coming trading weeks. Only when the overall market should also correct significantly is a fallback to the 23rd Fibonacci retracement at USD 0.00001322 available.

Indicators (SHIB)

The RSI indicator as well as the MACD indicator currently have a buy signal in the daily chart. As long as the RSI ranks well above the neutral zone between 45 and 55, a continuation of the current upward movement is to be seen as more likely.

Worst price development among the top 10 altcoins:

Ripple (XRP):

The price of Ripple has been trending directionlessly between USD 1.05 and USD 1.25 for many trading weeks. Although the bulls have recently been able to prevent a relapse below the moving averages EMA200 (blue) and MA200 (green) several times, buyers have not yet been able to build up enough purchasing power to break out above the orange resistance area. For the last seven days of trading, the XRP price oscillated in the area of ​​the EMA20 (red) and EMA50 (orange) in the area of ​​the 50s Fibonacci retracement at USD 1.07.

Bullish variant (Ripple)

If the bulls manage to stabilize the XRP price above the red resistance area for a short time, a rise towards the orange zone between USD 1.20 and USD 1.28 is initially conceivable. Only when Ripple breaks through the high of 1.23 USD on a sustained basis will there be further upside potential towards 1.34 USD and beyond. If this resistance can be regained, the high of September 6 at USD 1.42 will come into focus again. This resistance level needs to be overcome dynamically in order to develop new price potential towards USD 1.55. If this resist is also broken through sustainably, the chart image will brighten further and the purple resistance zone could be targeted. The bulls will then have to do whatever it takes to start the resistance at $ 1.74.

If this price mark can subsequently also be regained without a significant setback, a walk-through of up to USD 1.88 must be planned. If the bulls stay on the trigger and the XRP price rises to its annual high of 1.97 USD, a first important price target would be reached. Only when the annual high is dynamically overcome should a break-through to at least USD 2.09 be planned. By the end of the year, if the overall market continues to be bullish, Ripple could even aim for the price target of USD 2.62 (Fibonacci 138 extension). The maximum price target for Ripple has not changed since the last price analysis in July of this year. Furthermore, a maximum rise up to the 161 Fibonacci extension at USD 3.04 can be derived from a technical chart point of view.


Bearish variant (ripple)

If, on the other hand, the bears manage to cap the XRP price in the area of ​​USD 1.10 and then sell it back below USD 1.05, the 14-day low at USD 1.01 comes into focus as a price target. The MA200 (green) and the lower Bollinger band in the daily chart can also be found here. If, contrary to expectations, Ripple also breaks through this course support without significant resistance, the course correction extends to the cross support at USD 0.93. Here the supertrend is paired with the EMA200 (blue). Here the bulls should try to stabilize the course at the latest. Abandoning this support makes a correction extension into the light blue support area between USD 0.90 and USD 0.86 likely. In addition to the lows from September, the 38 Fibonacci retracement of the higher-level price movement is also running here.

If the bears manage to break through this support in the long term, the correction will expand significantly. A relapse into the green support zone between USD 0.75 and USD 0.78 should be planned. If this support area does not stop either, a price drop down to USD 0.64 or even USD 0.60 cannot be ruled out in the medium term. Here you can find the breakout level from July 27th paired with the 23rd Fibonacci retracement. The range around USD 0.51 is to be seen as the maximum bearish price target for the coming months. The price low from June and July of this year, which has been defended several times, is found at this price level. As long as Ripple can stabilize above USD 0.94 in the coming trading weeks, such a strong price correction of almost 50 percentage points is to be assessed as unlikely.

Indicators (Ripple)

The RSI indicator is trending directionless in the neutral zone between 45 and 55. The MACD is also moving sideways without impulses and does not contain any information gain. The same can be seen with a look at the weekly chart. Even on a weekly basis, both indicators are trending sideways without direction.

Top 10 stability

The profit-taking of Bitcoin after reaching a new all-time high also corrects the majority of the top 10 altcoins. On the other hand, the newcomer to the top 10, Shiba Inu (SHIB), contrary to the trend in the last two trading days, can rise significantly northwards. On a weekly basis, the Meme Coin Shiba Inu gains almost 40 percent in value. Solana (SOL) is also bullish with 32 percent price plus and Terra (LUNA) with 19 percentage points. Dogecoin (DOGE) was also bullish, infected by the recent hype about Shiba Inu. A Twitter post from Elon Musk, according to which he still had Dogecoin in addition to Bitcoin and Ethereum, caused the Doge rate to rise by 11 percentage points.

As in the previous week, the losers are Ripple (XRP) with a two percent price discount, followed by Cardano (ADA) with a one percent price decline. Looking at the ranking of the top 10 altcoins, there are two shifts in place. Of the Binance Coin (BNB) slipped past Cardano into third place. Due to its strong weekly performance, Shiba Inu has also moved up in the list of the ten largest cryptocurrencies. Shiba Inu overtook Terra (LUNA) and moved up to ninth place.

Winner and Loser of the Week

After Bitcoin reached a new high at around USD 67,000, the rally is currently cooling down a bit. Some investors are increasingly shifting their deposits back to altcoins, at least in the short term. Looking at the weekly development of the 100 largest cryptocurrencies, it can be seen that a large majority of almost 80 percent has an increase in price. The list is led by the exchange’s own token OKB (OKB) of the Asian crypto exchange OKex with 68 percent increase in value. Thorchain (RUNE) with a price increase of 65 and NEXO (NEXO) with almost 60 percent increase in value are also bullish. A good 30 percent of the top 100 Altcoins can generate a double-digit price increase.

The list of underperformers is headed by Bitcoin Cash ABC (BCHA) and Flow (FLOW), each with a 13 percent price decline. ECOMI (OMI) with 11 percent course minus and the Celsius Network (CEL) with nine percent course correction are also suffering from profit-taking. As long as Bitcoin consolidates its price rally sideways in recent weeks, investors should continue to invest more in Altcoins. However, investors should keep a close eye on possible new all-time highs for the crypto reserve currency, along with a sustained increase in its market dominance. Statistically, the majority of alternative cryptocurrencies tend to underperform Bitcoin in this market phase.

Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.

The chart images were created using TradingView created.

USD / EUR exchange rate at the time of going to press: 0.86 euros.


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