Alt Season is not over yet. Let discuss why?
Altcoins showed strength against during a massive bitcoin sell-off which happened yesterday. Top 10 Major Altcoins witnessed an average 10% drop as compared to Bitcoin value dropped around 52%, when bitcoin price reached below 4000$.
Ripple is showing positive growth in the past 24 hours, recorded a 9.67% price growth. Litecoin, EOS and Bitcoin cash are also showing bullish reversal signals on daily timeframe.
Now let’s look at Bitcoin dominance to find out how altcoins can perform against bitcoin in the next few weeks
- Bitcoin dominance broke down from previous support at 64.73%.
- Bitcoin dominance can drop below 62% as long index stays below 64.73%.
- MACD is showing sign of bearish reversal.
- Bitcoin dominance can break down below 58% once it breached 62% level.
Ripple can lead the upcoming altcoin rally
- XRPBTC is currently trading at 0.00002818 BTC, price recorded 9.67% growth in past 24 hours.
- XRP broke out above 50 and 100MA on daily timeframe. 200MA is acting as next resistance.
- XRP bounced from a major support at 0.00002429 BTC.
- If XRPBTC manages to close daily candle above 0.000028 BTC, than there is very likely chances for xrp to make new yearly high.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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