Altcoins gain traction against Bitcoin: Stellar and Tron lead the action
|- Bitcoin dominance falters as altcoins gain confidence that their season is nigh.
- Stellar and Tron bulls have mad incredible progress from January but they are certain they are not quite there.
Bitcoin dominance in the market is facing rocks and losing ground fast compared to last year, when it hit levels above 70. Altcoins led by Ethereum, Ripple, Tron and Stellar hint that their season is about to begin.
Interestingly, in spite of Bitcoin’s dominance sliding to 61.8%, its price continues to achieve milestone after milestone in 2020. From last December low slightly under $6,500, Bitcoin has approached $10,500. Besides, technical analysis has shown that the top is not even in sight and, therefore, more upside action is expected in the coming weeks.
Read more: Bitcoin Price Analysis: What drives BTC/USD rally towards $11,000?
Stellar price update
Stellar price is up a whopping 11% in the last 24 hours. The gains come after a slight consolidation above $0.06. However, the break past the 21SMA (currently working as key support) led to the impressive movement above $0.08. Stellar is dancing at $0.0873 while the bulls push to advance above the psychological $0.1 level. All indicators are aligning in support of the existing bullish action from the RSI return into the overbought territory to the MACD’s bullish divergence.
XLM/USD daily chart
Tron price update
Tron has been on the rise since the consolidation that took place in December last year above $0.0125. The break past the long term descending trendline placed the crypto in the current trajectory. The many barriers, including the 50 SMA and the 100 SMA have since been turned into strong support areas.
TRX is teetering at $0.02513 amid increased buying activity. The bulls have made good progress from the beginning of the year but they are certain that they are not quite there. For now, technical levels are positive for more upside action starting with the RSI at 82 and the MACD at +0.002281.
TRX/USD daily chart
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