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Can altcoins retain their strong positions against Bitcoin (BTC)?

Can altcoins retain their strong positions against Bitcoin (BTC)?
Denys SerhiichukDenys SerhiichukU.Today

Bulls have restored their lost positions as most of the top 10 coins are again in the green zone.

Chart

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has increased by 3.32% over the past seven days.

BTCUSD

BTC/USD chart by TradingView

Despite today's price rise, Bitcoin (BTC) could not keep the rise after setting the new peak at around $68,500. In addition, the buying trading volume has declined, which means that buyers are not as powerful as before.

In this case, one may expect the decline to the nearest support at $60,000.

Bitcoin is trading at $64,479 at press time.

XRP/USD

The rate of XRP has gone up slightly over the past week. The growth has constituted 0.71%.

XRPUSD

XRP/USD chart by TradingView

XRP keeps trading in a wide channel with no bearish or bullish signals. Bulls made a false breakout of the resistance at $1.29, having confirmed buyers' weakness.

If bulls cannot seize the initiative, the drop may continue to the area of the most liquidity around $1.10152.

XRP is trading at $1.1894 at press time.

ADA/USD

Despite gaining 2% over the past seven days, the rate of Cardano (ADA) has decreased by 0.24% since yesterday.

Chart

ADA/USD chart by TradingView

Cardano (ADA) is trading similarly to XRP as neither bulls nor bears are dominating at the moment. In this case, the more likely price action is continued sideways trading in the range between the support at $1.832 and the zone of the most liquidity around $2.10. Such a scenario is relevant until the end of the upcoming week.

ADA is trading at $2.042 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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