Despite Bitcoin’s price showing little momentum, several altcoins such as SHIB, UNI, OKB, and HBAR have been showing promising signs. Market analysts have observed traders focusing on these lesser-known coins while the largest cryptocurrency remains relatively stagnant.
Many investors have been anticipating a rise in Bitcoin’s volatility, but instead, we’re seeing something quite unusual. Traditionally, periods of very low price volatility for Bitcoin have been followed by substantial price swings. However, the direction these swings will take remains unpredictable. Some are seeing the recent upsurge of Bitcoin whales’ exposure as a positive sign, anticipating a continuation of the bull move till September. Others adopt a more cautious approach, not willing to make large bets as they await Bitcoin’s next significant move.
Simultaneously, the absence of substantial activity in Bitcoin is allowing alternate cryptocurrencies like SHIB, UNI, OKB, and HBAR to garner an influx of buyer attention. In particular, a recent break and close above previous resistance levels for Shiba Inu emanates signs of a new uptrend being formed, sparking anticipations for further price escalation.
This, of course, does not guarantee a certain future. There’s undisputable potential for these select altcoins, but we’re also well-aware of how quickly market scenarios can turn. For one, a price increase could lead to a rush among traders to book profits, thereby leading to a price correction. This delicate balance of analysis must always be considered when investing in these digital assets.
Another altcoin showing promising signs is Uniswap (UNI). Despite being in a correction for the past few days, the digital token seems to be regaining stability near the 20-day exponential moving average, indicating that the sentiment could still be favourable. But again, there’s this silent tussle between bulls and bears, and the end result is uncertain.
Overall, it appears that while Bitcoin maintains a steady pace, the focus temporarily shifts towards alternate coins showing promising signs. However, this climate can quickly change, and for that reason, diligent vigilance and cautious optimism must be adopted when navigating these volatile markets. It stresses the responsibility on each investor to keep their research comprehensive and their decision-making judicious.
Source: Cointelegraph
