Altcoins trying to bounce back? After Grayscale’s victory over the SEC, Bitcoin exploded higher. Indeed, within a few hours, the price of the Bitcoin climbed from 8% and touched the $28,000. In the euphoria, BTC took altcoins with it. L’Ether (ETH) has, for example, climbed more than 6%THE Binance Coin (BNB) by almost 8%and the Dogecoin (DOGE) close to 10%. Since BTC is the king of cryptocurrencies, altcoins are highly influenced by its movements. However, BTC and altcoins are not out of the woods, as there is no Bitcoin ETF acceptance yet. Can altcoins keep bouncing back? Let’s look at the clues left by the graphs!
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Altcoin capitalization rebounds
After experiencing a drop bringing the price back to the level of the support at 515 billion dollars, buyers reacted after Grayscale’s victory over the SEC. The price of altcoins capitalization has rebounded at the support level.
The level at $515 billion seems very defended by buyers. Indeed, in 2023, it is the third time that the course bounces at that level. However, the price is already blocked at the institutional bias (EMA 9/EMA 18) bearish. The course will have to cross the resistance at $570 billion and close above the latest high to resume bullish momentum.
Also, if the support at $515 billion gives way, the price could reach the next support at $480 billion. Whatever happens, the course is in a tidy between the upper limit at $650 billion and the lower bound at $440 billion.
THE ROI try to bounce back. It will be necessary to get rid of the bearish trendline for buyers to recover the momentum. To show bullish momentum, the RSI will need to develop above 58.
After SEC Defeat, Bitcoin Dominance Rebounds
The SEC’s defeat against Grayscale had a positive effect on the price of the king of cryptocurrencies, but not only. Indeed, the dominance of Bitcoin took the opportunity to rebound. As explained in the introduction to this article, the altcoins also have bounced backbut in a way less important. As a reminder, the dominance of BTC makes it possible to know where capital is going.
Recently, the price broke the last low marked at 49.5%. The price has rebounded, yes, but it seems that it is testing this level. The price could be rejected at the level of the moving averages 9 and 18, and return to the level of the 47.5% support. Capital would then flow to altcoins. However, if the price recovers the level at 49.5%, the price could reach the latest high at 52.2%. A close above this level would indicate bullish continuation.
The RSI bounces back, but it continues to show momentum with descending lows and highs. THE sellers always have their hands on the momentum.
Ether price approaches resistance at $1,770
Buyers reacted to the level of support at $1,550, but the price is approaching an important resistance at $1,770. Also, the price must face the bearish institutional bias on his way.
In case of rejection, the price could go back to the support level at $1,550. On the other hand, if the buyers continue to push and the resistance breaks, the price could find the resistance at $1,930. Whatever happens, the price will have to regain momentum with bottoms and rising tops.
THE ROI displays a bearish momentum. THE sellers always have their hands on the momentum. Also, the RSI could be rejected at the level of the bearish trendline. As long as the RSI evolves below this trendline, the momentum will remain fragile.
The tight range continues on the ETH/BTC pair
If the direction of the ETH/BTC pair has been rather clear for about a year, theuncertainty is present during these last weeks. Indeed, the price of the ETH/BTC pair has been in a tight range for a few weeks.
As long as the price evolves below the bearish trendline, it will remain fragile. Also, the price will have to resume the level at 0.066 BTC as support on the buyers’ side. In the event of a drop, the price could find buyers at the support level around 0.06 BTC. The course of the pair ETH/BTC is in a tidy Since more than two years. It will be necessary to wait for a break of the upper limit or the lower limit to clearly know the next direction on this pair.
The RSI could mark a bullish divergence if the RSI closes above 60. This would indicate shortness of breath on the selling side, and the buyers could take advantage of it.
Dogecoin bounces off support at $0.06
X (formerly Twitter) has recently obtained Rhode Island license allowing to set up payments in cryptocurrencies. Elon Musk being a dogecoin loverit is not impossible that it is among the cryptocurrencies chosen by X. The seventh cryptocurrency in terms of capitalization displays a rise over 4% on one week.
The price rebounded at the level of the support at $0.06but it is already at the level of a resistance at $0.07. As long as the price moves below the bearish trendlineit will remain fragile. The price has the possibility to find a bullish momentum. For this, it will be necessary to close above the last high marked at $0.084. In the event of a drop, buyers will absolutely have to defend the support at $0.06 to avoid experiencing a violent downward wave.
THE ROI is trying to recover, but it is still evolving under the bearish trendline. Once the trendline is broken, buyers could regain control of the momentum. A close above 64 would allow the RSI to regain momentum with bottoms and rising tops.
Grayscale’s recent victory against the SEC has allowed cryptocurrencies to recover. The course of Bitcoin is back above $27,000, and it takes the altcoins with it. Bitcoin dominance rebounds, but momentum remains bearish since the breakout of the 49.5% level. There capitalization of altcoinsit rebounds at the level of the support at 515 billion dollars. For its part, theEther bounces at the support at $1,550but it is already close to the resistance at $1,770. It will be necessary to find a bullish momentum on Ethereum to be optimistic again on this asset. Despite the recent volatility in cryptocurrencies, the pair ETH/BTC stay within a very tight storage. As long as the price evolves below the bearish trendline, it will remain fragile.
THE Dogecoin bounces at the level of the ultimate support at $0.06. However, the course must face the resistance at $0.07 and at the bearish trendline. The buyers’ objective is a fence above the last peak marked at $0.084. A close like this would allow the price to regain a bullish momentum on Elon Musk’s favorite cryptocurrency.