Cryptocurrency investors have once again found themselves on a rollercoaster ride with the fluctuating market growth of Bitcoin (BTC) and several altcoins. Bitcoin, which continues to hold its dominance in the cryptocurrency space, seems to flatline around $26,000, perplexing investors with successive Doji candlestick patterns indicating uncertainty about the next directional move. However, financial optimists are pinning their hopes on the fact that the U.S. Securities and Exchange Commission (SEC) may eventually approve one or more pending applications for a BTC exchange-traded fund, acting as a possible catalyst for an upward surge in BTC prices.
However, while Bitcoin is giving mixed signals, altcoins like TON, LINK, MKR, and XTZ are showing signs of bullish momentum. The bullish possibilities are largely based on the expectation that these alternative coins could take off if they break up from their respective overhead resistance levels. Toncoin (TON), an altcoin on the rise, for instance, has seen its market players purchasing the dips with the aim of rallying the coin above the overhead resistance level.
Chainlink (LINK), trading within a range between $5.50 and $9.50 for the past several months, saw bullish signs as investors bought the dip and attempted to start a recovery. Maker (MKR) also took support around $1,000 but faced strong resistance from bears around the downtrend line, while Tezos (XTZ) continues to see a struggle between bulls and bears at the strong support level of $0.70.
Despite the soaring interest in certain altcoins, the downside of investing in them doesn’t go unnoticed. It’s worth noting that the bears are still trying to halt the upward trajectory of these altcoins or limiting the scope of their gains, which could offset the potential profits for some investors. However, the crux of the matter remains that the cryptocurrency market is often quite unpredictable, and the investor’s best weapon for navigating such turbulent spaces is vigilance and careful analysis. Holding out for the star performer among altcoins may yield short-term gains, but the longer-term picture remains much more nebulous.
Source: Cointelegraph
