Top altcoins embark on wild ride as Bitcoin dominance (BTC.D) eases back

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As a seasoned crypto investor with over five years of experience in this volatile market, I’ve learned to navigate through the ebb and flow of digital assets. The recent surge in altcoins like Render ($RENDER), Near Protocol ($NEAR), and Dog Wif Hat ($WIF) is intriguing and presents a potential opportunity for gains.

Bitcoin (BTC) continues to push forward towards its potential goal of $100,000 by year’s end, yet it’s not solely dominating the crypto market. The dominance of Bitcoin (BTC.D) has relaxed a bit after reaching a peak of 60.58% recently. Meanwhile, certain high-ranking alternative coins are seizing their opportunities. Specifically, Render ($RENDER), Near Protocol ($NEAR), and Dog Wif Hat ($WIF) are spearheading this upward trend.

Due to a surge in interest for Bitcoin, its price soared to an impressive $82,500. Yet, Bitcoin’s dominance among cryptocurrencies has dipped slightly, allowing some leading altcoins with significant market value to capitalize by experiencing their own price increases.

More than two years of Bitcoin dominance

Since last September, Bitcoin Dominance (BTC.D) has mostly trended upward with only minor dips, indicating an extended period where it has been the leading crypto performer. This prolonged growth spree for Bitcoin has made it challenging for most other altcoins to surpass its performance.

It’s possible that the upward trend in the chart will eventually falter at some point, possibly with the 60% level serving as a barrier. At present, control appears to be shifting back upwards, but this might just be a retest of the 60% resistance before moving down towards the bottom of the channel. If a breakdown and confirmation occur at the 60% resistance, it could signal the start of an altseason.

$RENDER breaks through descending trendline

After a prolonged period of decline, the value of $RENDER (rendered in USDT) has successfully breached its extended downtrend. A robust base of support was established at $4.44, and now that the descending trendline has been surpassed, the bulls supporting $RENDER can confidently aim to overturn this downward trend. To officially confirm the reversal, a new local high around $6.81 would be an essential price level to achieve.

If the reversal occurs, potential future price points could be found at $7.41, $9.86, and $11.60. These levels are based on the Fibonacci sequence (approximately 0.386, 0.618, and 0.786 of the initial price level).

$NEAR bulls need to push price beyond $9

Today, NEAR (NEAR/USDT) has climbed approximately 13%, managing to surpass its downward trendline. It’s crucial to note that NEAR is currently 73% below its record high. With the bull market being over halfway through, there’s a significant distance, or about three-quarters of its previous peak, for it to recover.

To put it simply, we’ve started a rally as shown on the chart above, and potential Fibonacci levels are in play. If the NEAR bulls manage to push the price up towards $9 and break through the previous local high, the final months of this bull market could bring even more surprises.

$WIF makes 44% gain over the last week

As a researcher, I find myself drawn to the intriguing world of memecoins, one of which is Doge with a Wi-Fi Hat (WIF/USDT). It’s a popular choice among many, yet as a more cautious investor, I might tread carefully. However, it’s undeniable that some top memecoins are consistently outperforming the majority of altcoins in the market.

Without a doubt, WIF stands as one of the top performers among cryptocurrencies over the past week. Few can boast a growth of 44.7% during this timeframe, when compared to other digital assets within the top 50 ranked by market capitalization.

On the weekly chart displayed, we observe that $WIF has surpassed its wedge, revisited, and is now in a holding pattern above the 5.0 Fibonacci point. Future Fibonacci levels can be found at approximately $3.41 (0.618) and $4 (0.786). The highest price ever recorded for this stock stands at $4.85.

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2024-11-11 17:13