Bitcoin price may be stuck in a rut but this hasn’t stopped traders from loading up on LINK, BAND and Qtum.
Although Bitcoin is struggling to recover from its recent crash, Ethereum is pushing toward a new high and prompting several altcoins to rally.
Bitcoin’s sharp correction to $50,000 brought Binance Coin, FTX Token, OKex and Huobi Token to their lower support levels but data shows there is still a bullish case for exchange tokens.
After the initial oversold bounce, traders are struggling to sustain the momentum of the relief rally in Bitcoin and most altcoins, a signal that selling could intensify at higher levels.
The bulls are trying to stabilize Bitcoin price and if they succeed, VET, SOL, EOS and FTT could quickly bounce back to their local highs.
Bitcoin’s weakness and Dogecoin’s epic pump are signals that the market could be overheating and in need of a short-term correction.
New partnerships and protocol upgrades back the strong rallies seen in Horizen, Hedget and Zcash over the past few months.
Today’s Coinbase (COIN) listing is likely to remain a focal point that will dictate the short-term price action in Bitcoin and altcoins.
Altcoins continue to press higher while Bitcoin bulls work on holding the $60,000 level as support.
Traders appear to be waiting for a trigger to start the next leg of Bitcoin’s uptrend and if that happens, XLM, MIOTA, XMR and XTZ could join the party.