- A long-term trendline suggested that altcoins could initiate bull rallies in the coming days.
- The indicators of SOL and XRP looked bearish, and meme coins like the charts of DOGE and SHIB were red.
The past week hasn’t been the best Bitcoin [BTC] investors, when the price of the king coin plummeted. Things for altcoin holders like though Ethereum [ETH], Ripple [XRP]And Solana [SOL] were different as their prices rose.
While that was happening, a long-term trendline on the market cap chart of altcoins marked an interesting incident, as it suggested a bull rally in the days that followed.
Altcoins profit from Bitcoin’s losses
The ETF’s approval turned out to be a disaster for Bitcoin as its price fell below $43,000. However, there was more good news for altcoins as their market cap chart reached a critical level.
Mustache, a popular crypto influencer, recently pointed out a long-term trendline. According to the tweet, altcoins will continuously rebel against BTC and could experience massive growth of more than 30 times.
Never fade an 8 YEAR trend line on ETH/BTC.
The bottom one is in imo.
From now on, Altcoins will continually revolt $BTC.
Anyone who was there in 2017 or 2021 knows what I’m talking about.From this point on, many Altcoins have gained 30x or more.
My body is so ready🫡 pic.twitter.com/eQbOLkNhvJ
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) January 13, 2024
Historically, it should be remembered that every time the altcoin market cap chart touched the trend line, altcoins started a bull rally. This happened in 2017, 2020 and 2021.
To better understand whether history would repeat itself, AMBCrypto took a closer look at the aforementioned altcoins.
Ethereum’s graph is already green
To begin the analysis, let’s start with the king of altcoins, Ethereum. According to CoinMarketCap, ETH is up more than 13% over the past seven days, which seemed commendable.
At the time of writing, ETH was trading at $2,504.65 with a market cap of over $301 billion.
To better understand whether ETH was preparing for a further uptrend, AMBCrypto checked its daily chart. Our analysis showed that ETHThe company’s price was in a high volatility zone according to the Bollinger Bands.
The MACD continued to show a bullish upper hand on the market.
The Relative Strength Index (RSI) also registered a rise, increasing the likelihood of a price rise. However, the Money Flow Index (MFI) has been bearish and recently moved south.
Source: TradingView
AMBCrypto’s analysis of Hyblock Capital also showed that if ETH manages to start a bull rally, it could face strong resistance around $2,740.
Notably, when the price of the token reached that level a few days ago, the liquidation increased significantly. On top of that, another strong resistance level was around $2,800.
So it will be interesting to see how ETHThe company’s stock price behaves as it reaches that level in the short term.
Source: Hyblock Capital
What are Solana and XRP up to?
While the king of altcoins registered double-digit growth last week, the prices of SOLana and XRP also followed a similar upward trajectory. CoinMarketCap’s data showed that while the price of SOL rose 6% last week, XRP‘s value increased by more than 3%.
At the time of writing it is SOL and XRP were trading at $95.69 and $0.5786, respectively.
However, it was surprising to see that despite the recent price increases, sentiments around both SOL and XRP remained bearish. This was evident from a look at Santiment’s data, which showed that the weighted sentiment of both tokens fell.
Source: Santiment
To see what you can expect from these tokens, AMBCrypto checked their daily charts. Starting with SOL, the Bollinger Bands revealed that the price was in a less volatile zone.
The MACD also showed a bearish edge in the market, which could pose limitations SOL‘s price will not increase further.
Source: TradingView
A similar bearish picture was also revealed when we looked at XRP’s indicators. Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) followed a sideways path, indicating that there would be some slow-moving days in the coming week.
However, the MACD did show the possibility of a bullish crossover, which could help XRP maintain its price upward trend.
Source: TradingView
Meme coins bleed
While the aforementioned altcoins posted price gains over the past week, the daily charts of the top meme coins turned red. For example, Dogecoin [DOGE]the largest meme coin, witnessed a drop of over 2.3% in the past 24 hours.
At the time of writing, it was trading at $0.08079. A similar trend was also noted Shiba Inus [SHIB] price chart.
Read Ethereums [ETH] Price prediction 2024-25
The value of the meme coin has fallen by more than 2.7% in the past 24 hours. At the time of writing, SHIB had a valuation of $0.00000965 and a market cap of over $5.6 billion.
Given all these numbers and market trends, it will be intriguing to see if history will repeat itself, resulting in an altcoin rally.