5 Altcoins That Could Turn Bullish If Bitcoin Price Stabilizes
If the price of Bitcoin stabilizes and begins to consolidate, these five altcoins could see a strong upside.
Price analysis
Major US equity indices continued to slide last week as deteriorating macroeconomic conditions heightened fears of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.
Although Bitcoin (BTC) was down only slightly this week, it is likely to close at the lowest level since 2020. Although another multi-year weekly close is a negative sign, sellers will need to hold the lower levels , otherwise it might become a bear trap. The price action for the next few days is likely to witness heightened volatility as the bulls and bears battle for supremacy.
Daily View Crypto Market Data . Source: Coin360Many investors miss buying opportunities during strong corrections because they are trying to catch the bottom. Traders should instead focus on the projects they like and accumulate the coins gradually over a few weeks or months. Not all coins peak at the same time, so it's best to focus on individual cryptocurrencies that are showing strength.
As Bitcoin approaches its yearly lows, some altcoins are holding up well. Let's look at the charts of five cryptocurrencies that look interesting in the short term.
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If the price of Bitcoin stabilizes and begins to consolidate, these five altcoins could see a strong upside.
Price analysis
Major US equity indices continued to slide last week as deteriorating macroeconomic conditions heightened fears of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.
Although Bitcoin (BTC) was down only slightly this week, it is likely to close at the lowest level since 2020. Although another multi-year weekly close is a negative sign, sellers will need to hold the lower levels , otherwise it might become a bear trap. The price action for the next few days is likely to witness heightened volatility as the bulls and bears battle for supremacy.
Daily View Crypto Market Data . Source: Coin360Many investors miss buying opportunities during strong corrections because they are trying to catch the bottom. Traders should instead focus on the projects they like and accumulate the coins gradually over a few weeks or months. Not all coins peak at the same time, so it's best to focus on individual cryptocurrencies that are showing strength.
As Bitcoin approaches its yearly lows, some altcoins are holding up well. Let's look at the charts of five cryptocurrencies that look interesting in the short term.
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