The tranquillity of the Bitcoin price has the potential to open up fruitful setups in TON, XMR, MNT and QNT. It’s interesting to note that the CEO of CryptoQuant, Ki Young Ju, recently reported the decrease in Bitcoin’s velocity to a 3-year low as either a positive sign with whales holding on to their positions, or a negative one due to the lack of transfers to new investors.
Meanwhile, the level-headedness continues to puzzle investors about the next possible move. Yet, there is light at the end of the tunnel. Analysts from JPMorgan suggest that Bitcoin’s downtrend could be approaching its end. Their belief is based on the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange which they interpret as an end to the long liquidation.
Aside from Bitcoin’s next steps, we observe certain altcoins displaying strength. However, these cryptos could potentially take a nosedive if Bitcoin’s range resolves negatively. But, if Bitcoin progresses upward or stays within a range, opportunities for short-term trading may arise.
Speaking of altcoin scenarios, Toncoin appears to be forming an inverse head and shoulders pattern, indicating potential upturns. On the other hand, bears may try to defend the $1.53 level and pull the price below the moving averages.
Analysing Monero’s price reveals that bulls are ardently guarding the uptrend line, indicative of their strength. Even so, rigorous resistance at the 20-day EMA is expected. A strong downturn from the 20-day EMA would suggest that bears keep selling on the rallies. This situation could lead to retest of the uptrend line, breaking of which might see the pair collapse to lower levels.
Another altcoin, Mantle, has been on a sharp downtrend since its climax at $0.60 on 20th July. The downward trajectory pushed the RSI into the oversold territory, hinting at a possible relief rally.
Lastly, Quant rebounded successfully off the firm support at $95 on 17th August. However, the future of this coin relies heavily on if the price holds above the moving averages and manages to breach the downtrend line. If the upward momentum fails, the pair may slide towards the support at $95.
In conclusion, the future of these coins rests on various factors, majorly influenced by Bitcoin’s behaviour. While Bitcoin’s stability could mean lucrative setups for some altcoins, it is vital for investors to conduct their research, given the risk inherent in every investment and trading move.
Source: Cointelegraph
