Altcoins are primed – will bitcoin allow them to run?

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The market for alternative coins is ready to advance further with essential levels being maintained. However, these altcoins rely on Bitcoin‘s signal, implying that Bitcoin‘s actions in the coming days could significantly impact the entire cryptocurrency sector.

Crypto is one of the only assets going up

An uptrend for altcoins continues as they join precious metals, technology, and cryptocurrencies as the top performing asset classes in this economic climate. Investing in altcoins could prove beneficial.

Bitcoin dominance needs to be watched

In other words, Bitcoin’s volatility is notable, but altcoins can be even more unpredictable with significant price swings occurring frequently. Maintaining patience and resisting the urge to react impulsively is essential for investors in such a market.

Despite its significance, the performance of Bitcoin is crucial for alternative cryptocurrencies as well. At present, Bitcoin’s dominance is showing a downward trend in terms of hitting new highs, but it’s managing to make higher lows instead. This pattern suggests the development of a bullish ascending triangle, meaning altcoin investors must remain vigilant and keep an eye on this trend.

Altcoins market cap continues to rise

Examining the “Total 3” graph, which displays the market capitalization of all cryptocurrencies aside from Bitcoin and Ethereum, the price seems poised to rise once more towards the $775 billion resistance level. This trend could result in the creation of a bullish ascending triangle formation.

During a cryptocurrency bull market, such as the present one, not every altcoin will experience significant growth. However, some altcoins with strong fundamentals may still manage to draw sufficient liquidity and yield returns, despite bitcoin continuing to hold the majority of the market share.

Bittensor (TAO) is on the up

A rising star in the cryptocurrency world right now is Bittensor (TAO). The value of $TAO has climbed by 16.8% so far today, and is approaching the peak of a triangle formation on the chart. If it manages to break above this resistance, we could see further price increases and possibly new highs. Should the price take a dip, the yellow support lines will likely act as a cushion.

Pendle (PENDLE) in parabolic uptrend

Pendle (PENDLE), an alternative coin not dependent on bitcoin, is currently experiencing a steep upward trend. It’s intriguing to consider how high the value of $PENDLE might rise further. At present, the price has halted at the 3.618 Fibonacci extension level, which translates to approximately $5.29. The price could potentially reach the next extension level at around $8.26.

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2024-04-11 14:18