Bitcoin price has sustained its bullish dominance of the crypto market for the past few weeks. However, this trend has not been mirrored by altcoins. While Bitcoin skyrockets, altcoins’ capital inflow remains stagnant, halting their rise.
Bitcoin Price Faces Consolidation Near $100,000
Bitcoin is currently at $96,327.38 and has risen by 40.41% within the last month as it heads closer to reaching $100,000.
This rally came when Bitcoin price went above its earlier highest price record of $69000. It was backed by strong buying sentiment as well as volumes.
– Advertisement –
Earlier, consolidation was observed at the $98,000-$99,000 level, which may slow down BTC price growth in the short term.
The psychological level of $100,000 has instilled FOMO among traders. It caused the temporary halt of the upward trajectory of Bitcoin price.
Such consolidation prevents liquidity at this level and can help to infuse capital into altcoins. Nonetheless, if the Bitcoin price continues to rise it may soar to $100,000. And this will cut short the altcoin season.
– Advertisement –
XLM/USDT: Stellar Rises Over 120%
Stellar (XLM) has risen by 121.38% within the last week and is currently at a trading price of $0.4348. After trading below the $0.28 level for two years, XLM traded above it backed by bullish indicators like the Ichimoku Cloud.
However, high volume claims and the RSI above 91 indicate the buying pressure but at the same time, warn of overbought conditions.
XLM/BTC major support levels are currently located at $0.28 and $0.20. The resistance is at $0.50 and $0.70, which should be viewed as further targets for this upward trend.
Further positive developments in the Stellar ecosystem such as partnerships can complement this movement even further. Nevertheless, a short-term correction is still possible before XLM tries to continue its movement towards $0.50.
ALGO/USDT: Algorand Breaks Key Resistance
Algorand (ALGO) has increased by 18.56% in the latest trading session, and it is now at $0.3066 after crossing the crucial $0.25 mark.
The rally has a strong upward trend, which is supported by such metrics as the Golden Cross, indicating a long-term bullish trend. Nonetheless, at 84.72 the RSI indicates a possibility of a short-term consolidation or profit-taking.
The ALGO has support at $0.25 and $0.21 while the resistance is at $0.32 and $0.40 forming important trade levels.
Higher trading volumes, coupled with sustained buying volumes, mean ALGO’s price could continue to trend upwards. However, traders should always consider corrections if momentum slows around the resistance level.
VET/USDT: VeChain Rallies 30%
VeChain (VET) has surged 30.40%, trading at $0.04641, as the altcoin breaks above its critical $0.035 resistance level.
The bullish view extends to the long-term based on the formation of a Golden Cross and strong volume, as supported by the 50-day moving average of $0.0263.
However, the relative strength index at 79.27 shows that the stock is overbought, and there is a possibility of price consolidation before another bull run occurs.
The nearest level of support for VET is located at $0.035. The first two levels of resistance are at $0.048 and $0.055.
If the trend persists, there is potential for VET to push more upwards depending on the market sentiment and the ecosystem’s advancements.
However, traders ought to look for a pullback, which may retest dynamic supports before a continuation pattern.
Is Altseason Finally Here?
The stability of Bitcoin price near the $100,000 mark enables altcoins such as XLM, ALGO, and VET to stand out. Altcoins tend to rise when Bitcoin stabilizes or consolidates, something that could be happening at the moment.
However, this rally may be brief, as Bitcoin appears poised to resume its push beyond $100,000, potentially drawing liquidity back from altcoins.
With altcoins already breaking key resistance levels, their performance will depend on Bitcoin’s stability and the continued growth of their ecosystems.
Whether this signals the start of a prolonged altseason remains uncertain, but the recent moves by XLM, ALGO, and VET suggest that traders are paying attention.
