Bitcoin price is picking up significantly and is taking the Altcoins in tow

The recovery of the previous week continues and ensures green signs on the entire crypto market. In particular, the price strength of Bitcoin (BTC) and Ethereum (ETH) carries over to almost all Altcoins from the top 100.

After several weeks of weak trading, the crypto market is noticeably gaining momentum again this week. As mentioned in the previous week’s analysis, investors seem to be increasingly investing in the crypto sector again. In addition to Bitcoin, which is about to hit USD 60,000, Ethereum (ETH) in particular can convince and jump to USD 3,200 this Monday. The DeFi sector is also still very bullish. Most recently, the volume in this area topped the USD 100 billion mark.

Best price development among the top 10 altcoins:

Dogecoin (DOGE)

Price analysis based on the value pair DOGE / USD on Binance

The hype surrounding Dogecoin still doesn’t seem to be subsiding. DOGE stabilized in the area of ​​the blue support zone and investors are using the new support level for further long entries. DOGE rose north again in the last few days of trading and ended the weeks near its weekly high. The DOGE price is currently at USD 0.38 and is trading within reach of its all-time high.

Bullish variant (Dogecoin)

Doge broke above USD 0.30 this week and subsequently broke above USD 0.32. On yesterday, Sunday, May 2nd, Dogecoin rose as high as $ 0.40, almost reaching the next major resistance. As long as Dogecoin can stabilize above USD 0.32, the gaze is directed further north. If the DOGE rate can attack USD 0.41 and break through dynamically, a subsequent rise towards the all-time high at USD 0.45 must be planned. If this resistance is also overcome by the daily closing price, Dogecoin can be expected to march through to USD 0.49.

This is where the 461 Fibonacci extension of the superordinate upward movement runs. Only the upper Bollinger band at USD 0.47 could hold the movement back a little. If the DOGE price breaks the resistance at USD 0.49 and surpasses the psychological USD 0.50 mark, DOGE should continue to gain momentum and head for the 561 Fibonacci extension of the current price movement at USD 0.58. If there is no clear rebound to the south here either, an increase up to the 661 Fibonacci extension at USD 0.68 is conceivable. As mentioned in the last analysis, this projection mark is to be seen as the maximum price target for the time being. Only when this chart mark has also been overcome can new technical chart goals be issued.

Bearish variant (Dogecoin)

DOGE recovered significantly from its share price weakness in the previous week. As a result, all resistances between USD 0.30 and USD 0.40 were overrun. It will be exciting to see whether the fans of Dogecoin can also attack and overcome the USD 0.41. Should the DOGE rate bounce off more clearly to the south in the area of ​​USD 0.40 and fail to break through USD 0.41 sustainably, a consolidation up to USD 0.36 is initially likely. If this support is also dynamically undershot, the price should initially approach USD 0.345. Below this support, the correction could extend further towards USD 0.32. If the bears subsequently manage to break through USD 0.32 sustainably, and the support at USD 0.30 does not stop, a return to the EMA20 (red) is also conceivable. The purple support zone should give the DOGE course support for the time being. In this area, increased buying by the bulls is to be expected again.

If, contrary to expectations, DOGE falls back below USD 0.27, the correction extends towards the blue support area between USD 0.245 and USD 0.224. In particular, there is strong cross-support at USD 0.224. In addition to the lows of April 24th and 25th, the supertrend can also be found here in the daily chart. If, on the other hand, the seller manages to push the DOGE rate below the blue support area between USD 0.22 and USD 0.24 again, an expansion of the correction up to USD 0.20 should be planned. A relapse into the green support zone between USD 0.15 and USD 0.18 can then no longer be ruled out. Should Dogecoin continue to lose ground in the course of a correction in the overall market, investors will focus on the old high of 0.145 USD. A reset to the pink support area is also possible.

Indicators (Dogecoin):

The RSI as well as the MACD indicator show a buy signal on a daily basis. The same can be seen with a look at the weekly chart. Here, too, both indicators have a buy signal.

Worst price development among the top 10 altcoins:

Litecoin (LTC)

Price analysis based on the value pair LTC / USD on Binance

Like all other top 10 Altcoins, the price development of Litecoin is bullish this week. To speak of a loser of the week is therefore almost an exaggeration. The LTC rate increased by 14 percent in a weekly comparison. In the medium term, a renewed increase towards USD 314 and beyond is to be expected.

Bullish variant (Litecoin)

If the LTC price can assert itself above the EMA20 (red) and also dynamically break through the pink resistance area between USD 282 and USD 289, the horizontal resist at USD 314 comes into focus. This horizontal resistance was of great importance in December 2017. Should the bulls manage to overcome this price mark with the daily closing price, the annual high in the area of ​​the 261 Fibonacci extension at USD 339 will come into focus. If this chart mark is also broken sustainably, a breakthrough to the cross resistance at USD 367 is likely.

An important horizontal resistance is currently running here in the form of the all-time high from 2017 and the upper edge of the trend channel. The first profit-taking is therefore to be expected in this area. If the LTC price breaks out of the trend channel upwards in the medium term, an intensification of the trend is even conceivable. The first important price target would then be the 361 Fibonacci extension at USD 460. In the medium term, an increase to the 461 Fibonacci extension at USD 580 would no longer be ruled out. For this, the big brother Bitcoin would also have to develop new all-time highs.

Bearish variant (Litecoin)

On the other hand, if the LTC rate rebounds dynamically down around USD 290, Litecoin should initially correct back to USD 265. This is where the 200 Fibonacci extension can be found. If this support level is also abandoned, a relapse to the EMA20 (red) at USD 258 is likely. A correction to the red horizontal support line would also be conceivable and unproblematic for the uptrend. Only when the LTC rate drops below USD 237 does the cross support of the lower edge of the trend channel and horizontal support at USD 230 come back into focus. Here one has to plan with renewed engagement of the bull camp.

If, on the other hand, the bears manage to break this support level at the daily closing price, this would be considered bearish and a relapse towards the low of USD 208 is likely. If the correction continues, the correction should gain momentum. The 138 Fibonacci extension at USD 190 should then be started. From the current point of view, the Litecoin price should correct back into the blue support zone at most. There are several lows and the EMA200 (blue) at USD 169. In this area at the latest, strong resistance from the cops can be expected.

Indicators (Litecoin)

After a correction into the neutral zone, the RSI indicator points north again and shows a buy signal with a value of 59. The MACD indicator is also about to generate a new buy signal, which supports the bullish view of Litecoin. Since both indicators also have a buy signal in the weekly chart, investors should currently use price consolidations at the above-mentioned support for new entrants.

Top 10 stability

Everything stands and falls with the price development of Bitcoin and the second largest crypto currency Ethereum (ETH). In particular, the ether price continues to increase in value and has broken the USD 3,000 mark in the last 24 hours and marched up to USD 3,200. The prices of all other top 10 altcoins are also showing their bullish side this week and showing double-digit price increases. The weekly winner Dogecoin (DOGE) climbs significantly north again after a course correction in the previous week and gains 50 percentage points.

Apart from the two underperformers Ripple (XRP) and Litcoin (LTC), which can only gain around 15 percent each, all of the top 10 Altcoins jump north by more than 20 percent. Looking at the ranking of the 10 largest crypto currencies, there are changes in place. Doge once again overtook Cardano (ADA) and moved back to fifth. Bitcoin Cash (BCH) can also move up one place in the ranking and displaces Litecoin from ninth place.

Winner and Loser of the Week

Bitcoin’s bullish price movement also stabilized the overall market. After several bearish weeks with some sensitive price corrections, many top 100 altcoins stabilized and show more double-digit price jumps in a weekly comparison. With the exception of a very small number of cryptocurrencies, around 95 percent of the top 100 Altcoins can see an increase in price. The list is headed by the weekly winner Waves (WAVES) with a price increase of 178 percent. Fantom (FTM) can also convince with a 152 percent price increase. OKB (OKB) are also bullish with a 147 percent increase in value and Polygon (MATIC) with 120 percent price increase.

A newcomer among the top 100 altcoins, Venus (XVS), jumps significantly north and gains 102 percent in value. More than 50 percent of the top 100 Altcoins show a price increase of more than 30 percentage points on a weekly basis. Among the few weekly losers, only one cryptocurrency stands out negatively. The previous week’s winner Pirate Chain (ARRR) had to cope with profit-taking and fell 15 percentage points behind. The Celsius Network (CEL) shows a slight price discount of just under three percentage points. The mood among investors seems to be brightening up again for the time being and some significant course corrections are being used for new entrants.

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: 0.83 euros.