The significant uptick in Bitcoin’s value appears to be preparing for a brief correction, due to the mere $132 million inflow into spot Bitcoin exchange-traded funds observed on March 14. As Bitcoin’s value recently touched the low of $65K, the altcoin market is seeing an influx of capital flow, resulting in a rising dominance. In the coming week, we might see further increases in altcoin prices as Bitcoin’s pullback will trigger a surge in buying demand for Solana, Toncoin and BNB prices.
Although Bitcoin has experienced a slight decline in recent weeks with resistance strongly observed in the $70K-$75K range, altcoins haven’t seen much progress either. However, it’s noteworthy that altcoins have seen their dominance increase by 5.3% over a month, whereas Bitcoin’s dominance has decreased by 1% during the same period.
The Altcoin Season Index saw a decrease from its recent high of 76 to its current position at 49, indicating that Bitcoin’s new all-time high (ATH) has drawn a larger share of the cryptocurrency market’s attention, plunging interest in altcoins. Despite this shift, the altcoin market might witness a significant influx of buying interest in the upcoming week as the Bitcoin price starts to cool off and moves towards support levels.
Solana has experienced a significant uptrend recently, highlighting robust buying interest at higher levels. SOL price continued to meet buyers’ demand as it surged above Fib channels and neared the $200 mark. As of writing, SOL price trades at $186, declining over 3.6% in the last 24 hours.
The recent upward movement has resulted in the RSI surging into the overbought zone, implying that the SOL/USDT pair might have surged too quickly over a brief period. Such a rapid climb could trigger a corrective phase, potentially bringing the pair down to the 20-day EMA.
Should the price find support at the 20-day EMA, it would indicate continued positive sentiment and a tendency among traders to purchase during dips. This behavior could boost the chances of an upward surge to $205. However, this positive scenario would be invalidated if the price falls below the 20-day EMA, leading the pair to potentially drop to the breakout point at $154.
Bulls attempted to push the TON price past the critical resistance level at $4.5, but a significant wick on the day’s candlestick indicated selling pressure at higher prices.
Subsequently, the price experienced a sharp decline, dropping below multiple EMA trend lines. Should the price fall below $2.9, it would indicate the beginning of a more substantial correction, potentially heading towards $2.2.
On the other hand, a bounce from the $3 level would show that bulls are actively buying at key support zones. This could lead to the TON/USDT trading range to challenge $4.5 again.
BNB has experienced a retreat within its upward trend, suggesting that investors are securing their gains following a significant surge. Sellers are active around $640, strongly preventing a surge above that level.
However, the defense by buyers around EMA50 level is seen as a bullish indicator, implying that investors are eager to buy without waiting for a larger dip. This could pave the way for a push beyond $640, potentially leading the pair towards the resistance area between $670 and $690.
However, a drop below the $516 level will strengthen bearish dominance.
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