Bitcoin (BTC) has been trading above $33,600 for the past two days, suggesting that the bulls are not in a hurry to sell. If the price remains stable, it could trigger FOMO (fear of missing out) among investors and lead to another round of buying. However, such rallies are usually short-lived and eventually lead to a drop in price. Therefore, it’s possible that Bitcoin could drop to $32,000 in the near future.
Bitcoin’s dominance in the market has reached 54%, its highest level in 30 months. This indicates that Bitcoin is leading the charge higher and is seen as a positive sign. Traders are showing a favorable view of the cryptocurrency space, and other altcoins may join the rally soon.
Veteran trader Peter Brandt believes that Bitcoin has reached its bottom, but he doesn’t expect new all-time highs until the third quarter of 2024. In the meantime, he predicts that Bitcoin will experience a period of volatility.
As for altcoins, let’s analyze the charts of the top 10 cryptocurrencies to see if they will join Bitcoin in its upward trend.
Bitcoin is currently facing resistance at $35,000, but the bulls are holding their ground. If the price breaks above $35,280, it will signal the start of the next leg of the uptrend and the price could soar to $40,000. However, if the price drops below $33,679, it could retest support levels at $32,400 and $31,000.
Ether (ETH) is showing strength as the bulls hold the upper hand. If the price rebounds from $1,746, it could attempt to break above the resistance at $1,855 and reach $2,000. However, a drop below $1,674 could lead to a retest of the 20-day exponential moving average (EMA).
BNB has faced resistance at $235 and support at $223. If the bulls can push the price above $235, it could climb to $250 and then $265. On the other hand, a drop below $223 could indicate a shift in favor of the bears.
XRP is experiencing a battle between the bulls and bears near the resistance at $0.56. A rebound from the 20-day EMA could lead to an attempt to break above $0.56 and a surge to $0.71. However, a drop below the 50-day simple moving average (SMA) could result in a range-bound action between $0.46 and $0.56.
Solana has been trading near the pattern target of $32.81. If the price stays above $30, it could rally to $38.79. However, a drop below $30 could lead to a retest of the 20-day EMA.
Cardano has been trading above the $0.28 level, but the bulls have not been able to start a strong relief rally. A drop below $0.28 could result in a slump to the 20-day EMA, while a rise above $0.30 could signal a move toward $0.32 and $0.38.
Dogecoin has been in a strong recovery, with the price pushing above the resistance at $0.07. However, a drop below $0.07 could lead to a slide to the 20-day EMA, while a rise above $0.07 could propel the price to $0.08.
Toncoin (TON) has found support at the moving averages, but a strong rebound has yet to occur. If the price drops further, it could consolidate between $1.89 and $2.31.
Chainlink has faced selling near the $11.50 mark. A break above this level could result in further gains, while a drop below $9.50 and the 20-day EMA could indicate weakness.
Polygon broke above the $0.