Lucrative Setups in TON, XMR, MNT and QNT due to Bitcoin Price Stability
2 min read
Bitcoin’s velocity has hit a three-year low, leaving experts divided on its implications. While some see it as a negative sign, others believe it could be a positive development. JPMorgan analysts, for example, suggest that the downtrend in Bitcoin may finally be coming to an end. They point to the declining open interest in Bitcoin futures contracts as evidence of this potential shift in direction.
However, the performance of select altcoins is still heavily tied to Bitcoin’s next move. These alternative cryptocurrencies are showing signs of strength, but their success may ultimately depend on the fate of Bitcoin itself.
Bitcoin’s price analysis further supports the view that the bears are currently in control. However, the bulls are expected to fiercely defend the $24,800 level, indicating a potential battle between the two sides.
In the altcoin market, Toncoin is forming an inverse head and shoulders pattern. If it manages to break above $1.53, it could potentially signal an uptrend for the cryptocurrency.
Meanwhile, Monero has experienced a sharp rebound off the uptrend line. This suggests that bulls are actively defending the level, and there is a possibility of a rally towards the 20-day EMA at $148.
Mantle, on the other hand, has been in a strong downtrend. However, there are indications of a relief rally, with resistance expected at the 20-day EMA at $0.45.
Lastly, Quant has rebounded from a significant support level at $95. Demand for the cryptocurrency remains strong at higher levels, and there is a possibility of a rally towards $120 if it can break the downtrend line.
As the crypto market continues to fluctuate, these developments highlight the importance of monitoring Bitcoin’s performance and its impact on altcoins. Investors and traders will be closely watching for any signs of a shift in momentum that could potentially shape the future of these cryptocurrencies.
“Devoted food specialist. General alcohol fanatic. Amateur explorer. Infuriatingly humble social media scholar. Analyst.”
