Bitcoin is trading in a consolidation phase at the top of its range, which is boosting confidence in altcoins among traders. The 10-year Treasury yields in the United States have reached their highest level since 2007, leading some investors to believe that a cryptocurrency bull market could be triggered. Institutional investors are also showing increased interest in cryptocurrencies, with inflows of $21 million into digital asset investment products.
Bitcoin (BTC) is currently facing resistance at $28,143, but the presence of an upsloping 20-day exponential moving average and a positive relative strength index suggests that bulls have the upper hand. A close above $28,143 could complete a short-term double bottom pattern with a target objective of $31,486. However, a drop below the 20-day EMA could push the price down to $26,000.
Ether (ETH) is struggling to break above the overhead resistance at $1,746, but if it succeeds, it could complete a double bottom pattern with a target objective of $1,961. On the downside, a break below the moving averages could keep the price range-bound between $1,531 and $1,746.
BNB (BNB) failed to sustain a breakout above the $220 resistance, indicating selling pressure. The failure to maintain the price above the 20-day EMA is a negative sign, and the price could fall to the uptrend line. However, a close above $220 could signal an up-move to $235 and $250.
XRP (XRP) has broken out of a symmetrical triangle pattern and is now attempting to surpass the overhead resistance at $0.56. If successful, it could start a new uptrend with a target objective of $0.66. On the downside, a drop below the uptrend line could keep the price range-bound between $0.56 and $0.41.
Solana (SOL) has formed a potential inverse head and shoulders pattern within a large range between $14 and $27.12. A break above the neckline could lead to a rally to $27.12 and a pattern target of $32.81. However, a drop below the 20-day EMA could indicate bearish sentiment.
Cardano (ADA) is currently testing the 20-day EMA, and a rebound from this level could signal a change in sentiment from selling on rallies to buying on dips. The bulls will aim to push the price above $0.27 and start an up-move to $0.29 and $0.32. On the other hand, a drop below the 20-day EMA could send the price back to the vital support at $0.24.
Dogecoin (DOGE) is facing strong selling pressure and has reached a formidable support level at $0.06. A break below this level could lead to a drop to the next major support at $0.055. However, a bullish divergence in the RSI suggests that bears may be losing their grip.
Toncoin (TON) is currently being challenged by bears, and a drop below the 50-day SMA could indicate bearish sentiment. On the other hand, a surge above the 20-day EMA could suggest rejection of lower levels and a potential rise to $2.32.
Polkadot (DOT) is currently testing the important support at $3.91, and a break below this level could lead to a downtrend towards $3.50. However, a bounce from this support level, along with a bullish divergence in the RSI, suggests that buyers may still have some strength.
Polygon (MATIC) is showing signs of buyers attempting to take charge, with a bounce from the moving averages. If the price can break above the resistance at $0.60, it could signal a sustained recovery with a target of $0.70. However, a drop below the 20-day EMA could indicate bearish activity.
In summary, Bitcoin is consolidating at the top of its range, which is boosting confidence in altcoins. Institutional investors are showing increased interest in cryptocurrencies, and Bitcoin’s price movement will be crucial in determining the next potential move for the market.
