Altcoins stick their heads out of the water – Altcoins were on the precipice, with some even dropping below lows marked in 2022. However, the market saw an upward move, allowing altcoins to avoid another wave of declines. The market was redirected higher as the king of cryptocurrencies bounced off the support level at $25,000.
Thanks to this rebound, the price of Bitcoin touched the symbolic bar at $30,000, and Ethereum managed to return to $1,900. At the moment, altcoins are bouncing back, but they continue to underperform BTC. Among the best performing assets is Bitcoin Cash (BCH), which is up 35% in one week.
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Ongoing rebound on the capitalization of altcoins
The capitalization of altcoins has broken the bullish trendline in place since December 2022, marking thestop an uptrend. However, the course is in the process of bounce, it found buyers at the bearish trendline. However, the price is again at the resistance level represented by the institutional bias (EMA 9/EMA 18) bearish. The rise could already mark a pause at this level. resistance :
If the sellers show up here, the price could fall towards the support at 480 billion dollars. This would be bad news for altcoins as capitalization would likely mark a new low in this downtrend.
Indeed, since the last summit at the level of the resistance at $670 billion, the capitalization of altcoins continues to show descending lows and highs. To be optimistic on altcoins, it will be necessary to find a bullish momentumand break the resistance at $670 billion.
The RSI broke the bullish trendlineshowing some breathlessness at the level of the trend initiated in December 2022. The RSI is still evolving below the bullish trendline, it could experience a new rejection in the coming days. It will be necessary to find a momentum with troughs and ascending peaks so that the buyers recover the momentum.
Bitcoin Dominance Climbs, Altcoins Underperform Crypto King
The dominance of Bitcoin lets you know where is the capital going. If it increases, Bitcoin attracts capital. On the other hand, if it falls, it is the altcoins that benefit from the rotation of capital. For several months, the Bitcoin sees its dominance increase passing 40% To 51% of dominance in just a few months. I’regulatory uncertainty hovering over cryptocurrencies, it would seem that traders turn to asset created by Satoshi Nakamoto :
THE tidy between 40% And 47% of dominance seems to have been broken up. The next resistance for the course is around 53%. In the event of a slight drop, the institutional bias could act as a dynamic support.
The rise in BTC dominance could be seen as a negative signal for altcoins. In fact, they are struggling to perform right now. However, this is what happened in 2018-2019, and altcoins then benefited from capital rotation. For altcoin enthusiasts, you will probably have to be patient. Only a few altcoins will be able to outperform BTC.
The RSI had broken the bullish trendline, marking a bearish signal. However, with the violent upward movement known on Bitcoin, the RSI has gone up again. The trend is maintained at the RSI level.
Ethereum price soon back to $2,000?
The course is currently heading towards the resistance at $2,000. This had pushed the price back in August 2022, and in April 2023. This is an important level of resistance to break for buyers:
Despite this rebound of nearly 20% from the lowest marked at $1,625Ethereum always displays a downtrend from the fence under $1,740. This movement could make it possible to go back up, but it will be necessary to confirm by marking a double bottomor by breaking the resistance at $2,000. The breakout of the resistance at $2,000 could help regain the resistance at $2,400. However, if the sellers once again show up around $2,000the price could fall again to the level of the bracket at $1,750.
The RSI is still moving below the bullish trendlineit could again be rejected at this level in the coming days. We will have to go back beyond the trendline for buyers to regain momentum.
Ethereum does not confirm against Bitcoin
The ETH/BTC pair is in a tidy for more than two years between 0.08 BTC And 0.06 BTC. Since September 2022, the ETH/BTC pair has struggled to express itself, the course is reject at the downtrendline:
For the past few weeks, the price has been moving between two limits. In fact, the course hangs around 0.07 BTC And bounces around 0.062 BTC. A fence above 0.07 BTC would allow the pair to return to the level of the resistance at 0.08 BTC. In this case, Ethereum would recover against Bitcoin. On the other hand, if the price closes below 0.062 BTCTHE Bitcoin would continue to outperform Ethereum.
The RSI has so far failed to develop above the bearish trendline. If the RSI bounces and closes above 61the pair could regain strength.
Bitcoin Cash (BCH) Soars, Posts a 35% Rise in One Week
BCH is one of the altcoins that show a strong increase in one week. In fact, the 24th capitalization of cryptocurrencies is in 35% increase in one week. However, the rise may already be over for this altcoin:
The course has dropped 94% in 2022 before finding buyers around $98. Concretely, the course is in a range between $98 and $140. Recently, the price rebounded from the bottom of the range, and it is currently trading at the level of the resistance at $140.
This could once again push back the course. However, if the buyers push, the price could join the next resistance at $170. To find a bullish momentum on this asset, it will be necessary to close above the last high at $154.5. The RSI broke the bearish trendlineand this led to bullish volatility.
Altcoins are finally rebounding, after several weeks of falling. The capitalization of altcoins has rebounded at the level of the bearish trendline, but the price must already face resistance with the presence of the bearish institutional bias. Bitcoin dominance continues to climb, it could reach the resistance zone around 53% dominance. On the other hand, ETH is rebounding, the price could quickly return to the resistance level at $2,000.
It will be necessary to break this resistance to return to $2,400. At the moment, Ethereum is underperforming Bitcoin. The altcoin of the week is Bitcoin Cash (BCH). It’s up about 35% in the space of a week. However, the price is back at the top of the range at $140, a new rejection could occur here.
If the buyers manage to break this resistance, the price could then head towards the resistance at $170. Can altcoins keep bouncing back? If the rise is confirmed, it could be a hot summer for altcoins.
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