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Can Bitcoin (BTC) remain the example for altcoins to follow?

Denys Serhiichuk U.Today

Buyers keep dominating on the market; however, not all coins from the top 10 list are in the green zone.

Top 10 coins by CoinMarketCap

BTC/USD

Buyers increased their volume yesterday morning and continued their bull run, setting the daily high around the $51,720 mark. After lunch, the volume of purchases decreased, but at the end of the day, a new bullish impulse formed. It updated the absolute price record of Bitcoin (BTC) to $52,640. At the same time, the total capitalization of the cryptocurrency market exceeded $1.5 trillion.

BTC/USD chart by TradingView

Growth stopped at night and the BTC price consolidated in a narrow sideways range with support at $52,000. It looks like the bulls are going to continue running into the $54,000 area this morning.

Bitcoin is trading at $51,776 at press time.

ETH/USD

Yesterday morning, support at $1,750 stopped the decline and reversed the Ethereum (ETH) price to recovery. Before lunchtime, buyers managed to overcome the resistance of $1,800, and at the end of the day, they restored the pair to the zone of the recent maximum.

ETH/USD chart by TradingView

Last night, the Ethereum (ETH) price set a new absolute maximum at $1.918, and in the morning, it pulled back began, which could return the pair to the average price area ($1,800).

If the two-hour EMA55 stops the decline, then before the end of this week, the ETH/USD pair will have time to test the psychological level of $2,000.

Ethereum is trading at $1,916 at press time.

ADA/USD

Cardano (ADA) is the second-most growing coin today. Its rate has gone up by 6% since yesterday.

ADA/USD chart by TradingView

On the daily chart, Cardano (ADA) is about to retest the resistance at $0.982. Thus, there are high chances for bulls to break it as buyers keep dominating based on the trading volume. In this case, the new high might be around the level of $1.10.

Cardano is trading at $0.9343 at press time.

BNB/USD

Binance Coin (BNB) keeps setting new peaks. The rate of the native exchange token has rocketed by 33% over the past 24 hours.

BNB/USD chart by TradingView

From the technical point of view, Binance Coin (BNB) might face a short-term decline as the coin is overbought according to the value of the RSI indicator. In this regard, the drop is possible to the closest level at $178.

Binance Coin is trading at $191.86 at press time.

XLM/USD

The rate of Stellar (XLM) has risen slightly since yesterday. The price change has made up 1.16%.

XLM/USD chart by TradingView

Stellar (XLM) may have finished the correction enough to keep the growth. Respectively, a rise is possible to the previous resistance level at $0.60 within the nearest days.

Stellar is trading at $0.4996 at press time.

DOGE/USD

DOGE is the only coin from the list that is trading in the red zone.

DOGE/USD chart by TradingView

Although the rate of DOGE has gone down over the last day, it shows signals of short-term growth. Such a move is supported by the low selling trading volume. If the growth occurs, DOGE may come back to $0.06 soon.

DOGE is trading at $0.051 at press time.

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Author

Denys Serhiichuk

U.Today

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

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Can Bitcoin (BTC) remain the example for altcoins to follow?