Altcoins are struggling to express themselves – The months follow each other and look alike on the side of altcoins. Indeed, altcoins remain timid. They evolve according to what the Bitcoin. As Bitcoin struggles to hold onto 27 000 dollars, Ethereum tries to stay above 1 800 dollars. Very few altcoins manage to do well, but the Litecoin climbs close to 15% in one week. Could altcoins finally regain some color as summer approaches? Let’s look at the clues left by the graphs!
Rebound to come on the capitalization of altcoins?
Capitalization des altcoins se stabilise at the level of bullish trendline. For the moment, the sellers are unable to break the trendline.
The capitalisation altcoins has recently been rejected at the level of weekly resistance at $670 billion. The capitalization of altcoins had already been rejected at this level in June and August 2022. This is an important resistance zone. It will therefore be necessary to break it to hope to find colors on the side of altcoins. A altseason could then intervene, and the capitalization of the altcoins could climb until the next resistance located at 950 billion dollars. Attention ! If sellers push, the risque is a return to the level of support at 480 billion dollars. This level had been defended by buyers in June 2022 and also at the end of the year.
The RSI could rebound at the level of the bullish trendline, and buyers could keep the momentum going. This would relaunch the bullish momentum on altcoins.
Bitcoin dominance shrinks: lower volatility
At the moment, altcoins are still on the back foot. They find it difficult to express themselves. There volatility of BTC dominance is falling. In fact, the course contracts. He struggles to mark a clear dynamic.
The course of Bitcoin dominance is changing between two terminals : 46,9 et 48,9 %. If the price closes above 48.9%, BTC would continue to rise.attract capital and altcoins would continue to suffer. On the other hand, if the course is drawing a DETOUR above resistance, altcoins could take advantage. Indeed, a close below 46.9% would mark a top, and probably re-enter the range between 47% and 40% dominance. In this case, altcoins could take advantage of the capital turnover.
The RSI may be breaking a uptrend initiated several months ago. Indeed, for the moment, the RSI does not rebound at the level of the bullish trendline. Could sellers regain control of dominance?
Could Ethereum price drop to $1,700?
For now, the weekly support located around 1 850 dollars does not allow rebound. Therefore, we can hypothesize that the price could fall a little further and find the support at 1,700 dollars.
If this scenario takes place, the price would end up at the level of the support and at the level of the trendline which already allowed a rebound in March 2023. If the buyers defend this level, the price could then return to the level of the last high at $2,150. It will be necessary to close above this top to restart the bullish momentum. Thus, a return to the level of resistance at $2,400 would seem possible. However, if the sellers retain control, the price could slide towards the weekly support located around 1 300 dollars.
RSI preserves the bullish trendline For now. Buyers have the opportunity to revive momentum. A rebound at the trendline could allow ETH to regain some color.
For several weeks, the course ofEthereum seems to be regaining strength against bitcoin. The ETH/BTC pair seems to mark a DETOUR below the intermediate support of the range located between 0.06 BTC and 0.08 BTC.
Attention ! The deviation is not yet confirmed. Also, the course will have to break the bearish trendline to find colors. For several months, the price has been rejected at this trendline. However, a fence above the last high at 0.07 BTC would allow to find a momentum with troughs and ascending peaks. Therefore, a return to the high level of the range is possible. On the other hand, a breakout of the intermediate support would cause the price to return to the level of the bottom of the range. Will buyers finally be able to break the bearish trendline?
For his part, the RSI is close to breaking the bearish trendline initiated in August 2022. A break of this trendline could lead to bullish volatility. For this, the RSI will have to develop above 53.
Technical analysis of the altcoin of the week: Litecoin (LTC)
Litecoin has no not is among the best performing altcoins during the bullrun in 2021. The price failed to make a new all-time high. Currently, Litecoin is the 11th cryptocurrency in terms of capitalization. Helped by the hype around the LTC-20, the price of Litecoin climbs by almost 15% in one week. Let’s take a look at the weekly LTC situation graphically.
For the moment, the price has marked a market low around the $48 bracket. Since then, the price has risen by 120 % before scoring a $106 break. The price could rebound to the level of the rack to 82 dollars and thus, join the next resistance at $120 A close above $106 would relaunch the bullish momentum. A double resistance awaits the price with the presence of the bearish trendline. As long as the price evolves below this trendline, the price could have difficulty expressing itself. Attention ! If the price falls and loses the support at $82, it could join the next support at 65 dollars (-30 %). The RSI keep it bullish trendline initiated in June 2022. In the event of a new rebound at the level of the trendline, the buyers would maintain the momentum.
In the end, the capitalization of altcoins could rebound at the level of the bullish trendline. If this scenario takes place, the capitalization could return to the level of weekly resistance at $670 billion. It will be necessary to break this resistance to find colors on the altcoins. There dominance du Bitcoin is in the process of Contract. A strong movement could take place. If dominance picks up again, altcoins could continue to suffer. For its part, Ethereum could fall to $1,700. A double support is at this level, and the buyers could defend this level. The course of theETH is still in weekly bullish momentum. Also, the pair ETH/BTC seems to mark a DETOUR below the intermediate rack support. Whatever happens, it will be necessary to break the bearish trendline to find colors on this pair.
The Litecoin is the altcoin of the week. It shows an increase of almost 15% in one weekcarried by the hype around the LTC-20. The price is rebounding at the level of the $82 bracket. Buyers have the option to push to bring the price back around the resistance at $120.