It has often been seen that inexperienced traders usually end up chasing prices that are higher during the end of any bull phase, as they are afraid of missing out on any rally. However, institutional investors look towards waiting it out before they enter.
The bear market of Bitcoin in 2022, to their credit, did end the hype that was seen in 2021, which also paved the way for certain altcoins to climb up. The CEO of 3iQ, Fred Pye, the first Bitcoin fund issuer in Canada, mentioned in an interview that as the FOMO in Bitcoin had finally been extinguished, the institutional investors and managers of the portfolio had started to look at it as a serious venue.
Although the analysts were bullish for the long term, the short-term picture does look pretty uncertain as the price has been stuck inside a range for the last few days. Analysts have been expecting a trending move to start either the next week or the week after that.
Altcoins Moving Up As Bitcoin Comes Down
One of the altcoins that could start a climb to the top is XRP. The cryptocurrency suffered a few losses in not trying to start a recovery. The buyers have already been sustaining the price above the 20-day EMA since 16th May, but they haven’t been able to truly overcome the obstacle at the 50-day SMA. Litecoin is another such alt cryptocurrency that has been trading in a tight range between the 50-day SMA and the overhead resistance of $96 over the last few days. This shows a lot of indecision between the bulls and the bears.
Other altcoins have also seen quite impressive growth. Render Token is currently in an uptrend. The buyers managed to kick the price above the overhead resistance of $2.60 on the 21st of May, but the long wick on the candlestick does show selling at a far higher level.