Several altcoins seem to be well-positioned for a bullish breakout once Bitcoin went on to flip the resistance zone from $32,000 to $35,000 for support. The wider cryptocurrency market along with Bitcoin has been trying to take a massive breather after the rally that took place on the 31st of March. At the same time, most of the alternate cryptocurrencies remain severely oversold- with most between 70% and 90% below their all-time highs.
What seems to have been made clear is that fear seems to be permeating everywhere, while blood is in the water. Most of the risk-on markets have been suffering worldwide, but this also seems to be those kinds of conditions that create the opportunities where professional money accumulates and then adds to positions.
Altcoins To Look Out For
One of the altcoins that have a significantly bullish update is Cardano. The much anticipated hard fork of Vasil, which would definitely increase the performance as well as add more Plutus enhancements, has been planned for June.
From the perspective of any price action, ADA has been positioned in a pretty strong price range that would likely support any further upside that the broader market did experience previously. Within the system of Ichimoku Kinko Hyo, ADA has maintained a significant gap between the bodies of the last three weekly candlesticks and the Tenkan-Sen.
One of the other altcoins that could have an impact would be Polygon. Now, looking at the weekly chart of MATIC, one would definitely notice that it looked pretty similar to ADA. ADA and MATIC had both sold off from their price of $3 and both seemed to be stuck in the mid price range of $0.50- but the similarities did end there.
Now, while it does seem that the last major bull run was hit in November of 2021, some altcoins did not really hit new all-time highs like XLM.