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May 22, 2024
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Bitcoin & Altcoins are Consolidating at Lower Timeframes-Is it Good Time to Buy?

The post Bitcoin & Altcoins are Consolidating at Lower Timeframes-Is it Good Time to Buy? appeared first on Coinpedia Fintech News

After the recent upswing, the Bitcoin price continues to trade flat within a minor region, indicating lesser involvement of the bulls and the bears at the moment. Meanwhile, the altcoins are also following the star crypto and not displaying any significant price action.

Therefore, it may appear to be a good time to accumulate as the market appears to have had a choppy weekend, but it has to be noted that still, the markets have not validated any trend yet.

The XRP price which has been displaying massive strength in the recent past has topped the loser’s lists within the top 100 cryptos according to the market cap. Other altcoins within the top 10 like Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), and Solana (SOL) have been dialing a minor upswing of an average of 3%. 

Despite the major upswing, the BTC price has not yet broken the major resistance, due to which the upcoming trend continues to remain misty. 

Also Read : Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?

Trading View

The BTC price is currently testing one of the crucial resistance at $28,411 and a daily close beyond these levels somewhere around $24,500 or $24,600 may validate a fine upswing. However, it is still not sure, whether the bull market may resume after breaching these levels or not. 

Meanwhile, the altcoin market cap is stuck within a very minor region around $600 billion for quite a long time and has been trying constantly to surge above the levels. Woefully, it always resulted in a rejection dragging the levels back to $560 billion. At the present time, the market cap is stuck at $600 billion for a couple of days, indicating a potential breakout soon. 

Once Bitcoin’s (BTC) price closes the daily trade above the major resistance and the altcoin market cap rises above $600 billion a notable bull rally may occur which may get intensified later. 

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