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Altcoins poised to rally as next impulse wave targets $550 Billion

Altcoins poised to rally as next impulse wave targets $550 Billion

Analysts predict a major upside swing for major altcoins as BTC dominance decreases

Altcoins could be marching towards a bull run as Bitcoin (BTC) looks to stabilise above $30,000. The bullish outlook for altcoins is likely given most of the top 20 alts remain grounded, even after Bitcoin’s recent dumps.

Ethereum (ETH) has, for instance, bounced above $1,000 and could target a new all-time high (ATH) well above the previous ATH of $1,432. Ripple (XRP) on the other hand continues to hold near $0.30 after struggling through a period of intense sell-off pressure. Elsewhere, major alts like Stellar (XLM), Cardano (ADA) and Litecoin (LTC) are all looking strong.

Among the DeFi tokens, Synthetix (SYN), Aave (AAVE), Maker (MKR) and Compound (COMP) have surged double-digits in the past 24 hours on strong upward volumes.

As altcoins prepare for a major bull run, BTC dominance is shrinking after hitting resistance. The weekly RSI as well as MACD suggest a bearish divergence. If Bitcoin price goes sideways, pumping the alts might push the altcoin market cap to highs of $550 billion.

According to crypto analyst Michael van de Poppe, the bounce will happen if the market cap holds the main support level near $200 billion.

The altcoin market capitalisation is looking super bright here. Currently, we should be resting on the $200 billion areas for support. As long as that holds, the next altcoin run will bring the market towards $440 and $550 billion.”

A weekly chart of the altcoin market cap. Source: Michael van de Poppe

The main resistance is at the 161.8% Fibonacci retracement level of the previous move from $120 billion low to $362 billion high. That hurdle is around $319 billion, a pivotal level if alts have to maintain the upside action.

An impulse wave from these positions could see the altcoin index jump to the 261.8% Fib level around $439 billion.

Apart from the coins we highlighted above, another one to watch is ICON (ICX). According to the analyst: “Icon is still looking great here as it’s been making higher highs and higher lows. The critical support at $0.30/0.35 held and therefore continuation is likely to be expected. New impulse wave targets are $1—1.20 and $1.60—1.80, probably during the upcoming alt season“.

ICX/USD daily price chart. Source: TradingView

At the time of writing, ICX/USD was changing hands at $0.59, about 2.4% lower in the past 24 hours.

Source

Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback Ahead?

Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback Ahead?

Stellar Lumens’ native token XLM was among the biggest gainers in the cryptocurrency market in the previous 24 hours, rising by roughly 49 percent in the US dollar-pegged markets.

The XLM/USD exchange rate reached an intraday high of $0.313 after dropping to as low as $0.20 in the previous session. Traders flocked into the Stellar token owing to a general recovery across the crypto assets that saw top coins, including Bitcoin, Ethereum, and XRP, emerging from their respective session lows.

Fundamentals

Stellar primarily benefited from its accessible upside fundamentals. The open-source blockchain project lately emerged as a viable alternative to its top rival Ripple Labs. Ripple, a San Francisco-based payment firm, landed in a legal controversy with the US Securities and Exchange Commission (SEC) over the alleged illegal sale of its native token XRP.

Meanwhile, traders assessed Stellar entering a high-profile partnership with the Ukrainian government to digitize their national currency.

“We look forward to working with the Ministry and other stakeholders to digitize the hryvnia, to bring Stellar-based tools and services to the people and businesses of Ukraine, and to introduce new partnership opportunities in Ukraine to businesses in the Stellar ecosystem,” Denelle Dixon, CEO and executive director of the Stellar Development Foundation, said in an accompanying press release.

The prospects of greater Stellar integration into a country’s digital finance ecosystem partially allowed XLM to absorb the sell-off pressure during the weekend and Monday session. That may have helped the token log an attractive recovery rally on Tuesday.

XLM Technical Outlook

The XLM/USD exchange rate on a four-hour chart showed the pair in a short-term corrective downtrend following its 274 percent rally from the December 23 low of $0.11.

In doing so, it appeared to have formed a Bullish Flag, a small continuation pattern that appears when an asset consolidates before resuming its move to the upside. The price typically breaks out by as much as the length of the previous rally, otherwise known as “Flagpole.”

Stellar Lumens, XLMUSD, XLMBTC, Bitcoin, XRPStellar Lumens, XLMUSD, XLMBTC, Bitcoin, XRP
Stellar logs the best recovery rally in the last 24 hours among top-cap coins. Source: XLMUSD on TradingView.com
Stellar logs the best recovery rally in the last 24 hours among top-cap coins. Source: XLMUSD on TradingView.com

That puts XLM/USD’s breakout target near $0.535.

Source