Monero, Solana, and Tron, are closely tied to Bitcoin, indicating that their price trends are likely to be influenced by BTC’s movements.
In the world of cryptocurrencies, many investors tend to concentrate on just a handful of the most popular assets like Bitcoin, Ethereum, Cardano, and even meme coins, to their detriment. However, there are alternative coins (altcoins) that have the potential to surpass these well-known assets and kickstart a significant price surge in the near future.
Keep an Eye on Solana and Two Promising Altcoins
Sistine Research, a research firm, identified three cryptocurrencies that could be on the brink of a new rally if they can successfully overcome their key resistance levels. These assets are Monero (XMR), Solana (SOL), and Tron (TRX).
According to the information shared in their tweet, Monero’s price in relation to Bitcoin is very close to a significant barrier that has kept the cryptocurrency trading below it since May. If Monero can break through this resistance level, which is at 0.005757 BTC, it might start an upward trend. However, if the breakout attempt fails and the level of 0.005577 BTC is invalidated, it could result in a price decline.
Some potentially bullish charts for you.
— Sistine Research (@sistineresearch) October 12, 2023
For Solana, the key breakout level is around $40, which is where a double top occurred before the FTX collapse. To reach this point, the cryptocurrency first needs to regain support at $25. If it fails to do so, the current uptrend could be invalidated, and the price might drop to $16.
As for TRX, it has been on an uptrend since November 2022, with a growth of over 81%. However, the breakout level for this altcoin is at $0.125, significantly higher than its current trading price of $0.084. Moreover, if TRX loses support from its upward trend line, the bullish outlook could be invalidated.
Bitcoin’s Role in Influencing Their Rallies
While these assets currently exhibit positive price trends, their future movements are closely tied to Bitcoin. This dependence arises from their substantial correlation with BTC. Monero has a correlation of 0.68, Tron’s correlation is about 0.72, and Solana boasts the highest correlation at 0.93.
Correlation of Bitcoin with aforementioned altcoins
So, if Bitcoin’s price makes a recovery, the potential for rallies in these altcoins becomes notably more favorable. Conversely, if Bitcoin experiences a decline in the future, the risk of a crash for XMR, SOL, and TRX would also become more pronounced.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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