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Is the rise of altcoins going to continue for a while?

Denys Serhiichuk U.Today

The market is slowly recovering after the recent drop, and some coins have already come back to the green zone.

Top coins by CoinMarketCap

BTC/USD

Despite today's rise, the price of Bitcoin (BTC) has declined by 6% over the last week.

BTC/USD chart by TradingView

After a false breakout of the $32,190 mark, the chief crypto is coming back to the resistance zone. However, the trading volume is low, which means that traders have not accumulated enough power for a continued rise. But if bulls manage to do it, there is a good chance to test the zone of the most liquidity around $37,000 next week.

Bitcoin is trading at $31,795 at press time.

BNB/USD

Binance Coin (BNB) has gained more, rising by 2.58% over the past 24 hours.

BNB/USD chart byTrading View

Binance Coin (BNB) has fixed above the crucial $300 mark. At the moment, an ongoing rise is more likely than a fall. If the buying trading volume increases, the level of $340 may be attained by the end of the next week.

BNB is trading at $306 at press time.

ADA/USD

Cardano (ADA) is also located in a zone of short-term growth, rising by 2.46%.

ADA/USD chart by TradingView

Cardano (ADA) has bounced off the support at $1.16 against the low trading volume. However, the altcoin remains trading within the falling channel, which means that bulls have not completely seized the initiative so far.

If a breakout occurs, there is a probability to see the return to the resistance around $1.40 soon.

ADA is trading at $1.19 at press time.

DOGE/USD

DOGE has gained the most today, rocketing by 9% since yesterday.

DOGE/USD chart by TradingView

DOGE made a false breakout of the resistance zone at $0.20; however, the price has not declined so far. It may mean that buyers are gathering power for another attempt to break the level. If that occurs, the rise may continue to $0.25.

DOGE is trading at $0.18 at press time.

LTC/USD

Litecoin (LTC) remains weaker than other coins from the list despite the 2% growth today.

LTC/USD chart byTrading View

Litecoin (LTC) tested the resistance at $124.80. However, LTC could not fix above the resistance. It means that bears keep controlling the situation on the market, trying to retest the support at $105 within the next several days.

Litecoin is trading at $120.72 at press time.

Read full original article on U.Today

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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Is the rise of altcoins going to continue for a while?