The recent blood bath within the crypto space has squashed the bullish momentum of the majority of the cryptos within the market. Bitcoin marked its monthly lows below $26,000 at around $25,601, which flashed a massive bearish signal. However, some of the altcoins continued to display their acute strength. As a result, XRP, Stellar, and Litecoin are leading the recovery phase and could influence the other altcoins as well.
The markets, with their fresh weekly start, appear to have withstood the turbulence caused during the past weekend. This may be compared to the positive movement in the altcoins compared to that of Bitcoin. As per the data from Santiment, Litecoin, XRP, and Stellar witnessed a steep rise in their prices soon after the bears displayed some exhaustion.
The growing sentiments towards the altcoins, specifically the ones within the top 20, signal the trader’s inclination away from Bitcoin at the moment. Despite this, the probability of an Altseason continues to be lower. The main reason is speculated to be the constant short-term bounces the tokens have been undergoing for a long time. However, the current rebound may display diverse action, which could slightly lift the prices above their interim resistance.
The recent drop dragged the Litecoin price below the major support that it held since the beginning of the year
Although the price had triggered a decent rebound soon after marking the yearly, lows, the pace of the recovery does not match the required levels
Interestingly, the RSI has just displayed a bullish divergence, which may assist the price in undergoing a minor jump from the current levels
Besides, the volume continues to remain along the lower ranges, due to which the price may reach the interim resistance and continue to consolidate until it receives a bullish push
Ripple’s price continues to hover within the accumulation phase between 0.236 FIB levels and 0.382 FIB levels.
The recovery has halted the bearish trend, while the possibility of revisiting the lower support emerges as RSI has displayed a bearish divergence
Besides, the strength of the rally has waned to some extent after the minor recovery, due to which a close consolidation along the 0.23 FIB levels for an extended time could be possible
However, after validating a rebound, the XRP price is believed to mark a steep recovery, rising above the interim resistance and reclaiming lost positions.
Ever since the recent bullish push followed by Ripple’s victory over the SEC, the XLM price has been maintaining a steep descending trend
The RSI faced rejection from the resistance, which suggests the price may face a minor pullback soon
Therefore, the price, which is facing a minor pullback, is believed to test the average bands of the channel and if bulls maintain strength, one can expect a healthy rebound
Otherwise, the price may drop to reach the lower support of the channel, validating a fresh bearish wave
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