Bitcoin Consolidates; Will Altcoins Trigger a Bullish Trend?
Bitcoin price once again started consolidating along the same levels around $28,000, while market participants remained foggy about the incoming price action. The second largest altcoin, Ethereum, has held strong above $1,800 with a slight pullback of just 0.76% compared to the previous trading day, showing the growing strength among the other altcoins.
These are the main Altcoins shown
Ripple (XRP)
Ripple price has been the talk of the town for quite some time when it underwent a sudden price movement. The final week of Q1 2023, brought the possibility of producing the final ruling in the Ripple vs SEC lawsuit that fueled a massive bullish momentum within the XRP price. As time passed without such an event taking place, the XRPArmy seemed to be a bit unhappy.
The XRP price moved along the lower trendline for a long time. However, the recent rally lifted the price above the temporary resistance at $0.53, but failed to hold at those levels. Although the bearish influence has intensified, the price continues to trade near $0.5, manifesting itself as confident of reviving a steep bullish trend in the days ahead. With a breakout, the price may initially reach $0.6 and later move towards the next target.
Cardano (ADA)
Cardano’s price has undergone a v-shaped recovery to reach the temporary resistance at $0.385 from lows around $0.308. However, the recent consolidation has forced the price to hold on to the levels achieved while the buying pressure has largely subsided. However, the temporary pullback that appears to be very short-lived may attract more liquidity, which could lift the price very soon.
The ADA price is trading within an ascending triangle and just met rejection from the resistance. The trend has currently changed in favor of bears, and a significant drop can be expected. However, the bulls that are passive at the moment are believed to continue rising soon, which could lift prices enough to hit the resistance. The trend may continue until it reaches the top of the consolidation, after which a breakout can be expected.
Litecoin (LTC)
Litecoin’s price maintains its strength and continues to trade within a rising, rising channel. The price is currently aiming to gain the much-needed 3-digit resistance at $100, which could further trigger a notable rally if bulls break down the bears at these levels.
Currently, the momentum appears to be bullish despite the price falling from the average levels of the channel. Besides the ADX, which determines the strength of the rally, the chart is trying to undergo a bullish divergence, which could trigger a remarkable upswing ahead. With a breakout, the price could initially reach another $100 and sustain a nice rally to reach $118 major resistance.
