Some certain altcoins might experience significant gains if the price of bitcoin stabilises and starts to consolidate.
The main US stock market indices kept falling this past week as worries about a worldwide recession rose due to deteriorating macroeconomic conditions. All major indexes posted its fifth weekly closing in the previous six weeks, as well as the Dow Jones Industrial Average reached closed at its weakest level since 2022.
Even though the price of Bitcoin only slightly decreased this week, it might end the day at its lowest point since 2020. Although a fresh multi-year weekly closure is unfavourable, sellers must maintain the lower concentrations or it might end up being a trap door. As bears and bulls compete for dominance over the coming days’ price movement, there will likely be an increase in volatility.
Altcoins That Can Go Bullish If Bitcoin Prices Stabilize:
Many investors lose out on speculative investments during significant drops as they attempt to time the bottom. Instead, traders should concentrate on the initiatives they enjoy and gather the cash over the period of a few weeks or months. Given that not all currencies bottom out at once, it is preferable to concentrate on certain altcoins that exhibit strength.
Even if Bitcoin is getting close to its annual lows, certain altcoins are doing well. Let’s have a look at five cryptocurrency charts that appear promising in the near future.
The $18,626 to $17,622 support range has been well held by the Btc bulls in recent times, but they are still being heavily sold near the $19,720 20-day EMA. This indicates that now the bears are still selling during little rallies.
While the relative power index (RSI) shows a positive split, suggesting that negative momentum may be waning, the downsloping exponential moving show that now the bears are in the lead.