As Bitcoin Stagnates, Traders Eye Four Promising Altcoins – Bitcoin’s recent trading pattern, stuck in a narrow range, has left many crypto enthusiasts searching for volatility elsewhere. Even as the S&P 500 experienced a downturn over the last week, Bitcoin remained stable, reflecting the cryptocurrency market’s resilience and traders’ refusal to panic-sell.
A revealing piece of data from Glassnode suggests a transition in Bitcoin ownership. According to the analytics firm, short-term holders (STHs) – those who’ve held onto their coins for 155 days or less – possess the smallest share of Bitcoin’s supply seen in over a decade.
While Bitcoin’s trajectory remains uncertain, causing some hesitancy amongst traders, not all altcoins are following suit. In fact, several are hinting at potential rebounds in the near future. Let’s delve into the four altcoins that have caught the market’s attention.
- Bitcoin (BTC): Bitcoin’s price remains stable, hovering above the 20-day exponential moving average (EMA). With both the relative strength index (RSI) and the 20-day EMA showing little movement, the market seems balanced between bullish and bearish sentiments.
- Chainlink (LINK): Chainlink’s recent surge beyond its downtrend on September 22 is a hopeful sign of a changing trend. A bullish crossover of the moving averages and a positive RSI suggest a favorable market for buyers. The focus now shifts to whether Chainlink can maintain its momentum and extend its upward trajectory.
- Maker (MKR): After facing resistance at $1,370 on September 21, Maker has shown signs of a possible bullish trend. If it manages to stay above the 20-day EMA, it could signal a shift in momentum and pave the way for a potential rally.
- Arbitrum (ARB): Despite its ongoing downtrend, Arbitrum has shown promise, with bulls resisting significant losses. A rising RSI indicates that momentum might be shifting in favor of the bulls. A sustained recovery could be on the cards if buyers can drive the price above the 20-day EMA.
- Theta Network (THETA): After breaking through the 20-day EMA on September 23, Theta Network suggests a potential bullish comeback. However, the next crucial test lies at the $0.70 level. If the bulls can breach this, we might witness a rally towards $0.76.
While these altcoins show promise, traders should remain cautious and attentive to market signals. In a market as dynamic as cryptocurrency, fortunes can change in the blink of an eye. But for now, as Bitcoin lingers in its comfort zone, these four altcoins are offering traders a glimmer of excitement.