The recent downturn in the cryptocurrency space has halted the upward momentum for most of the cryptocurrencies in the market. Bitcoin hit its lowest point of the month, dipping below $26,000 at approximately $25,601, sending a strong bearish signal. Nevertheless, a select few altcoins have managed to showcase their resilience. Among them, XRP, Stellar, and Litecoin have emerged as leaders in the recovery phase, potentially influencing other altcoins positively.
As the new week begins, the markets seem to have weathered the turbulence experienced over the past weekend. A noteworthy observation is the more favorable performance of altcoins in comparison to Bitcoin. According to data from Santiment, Litecoin, XRP, and Stellar all witnessed substantial price surges shortly after the bears displayed signs of exhaustion.
Growing market sentiment towards altcoins, particularly those within the top 20, indicates a temporary shift in traders’ focus away from Bitcoin. However, the possibility of a pronounced Altseason remains uncertain. This hesitance is attributed to the frequent short-term rebounds these tokens have undergone over an extended period. Despite this, the ongoing rebound could exhibit diverse patterns, potentially lifting prices slightly above interim resistance levels.
Following the recent drop, the price of Litecoin slipped below a key support level that had been held since the start of the year. Although the price triggered a notable rebound after hitting yearly lows, the pace of recovery has yet to match the desired levels.
Interestingly, the Relative Strength Index (RSI) has recently shown a bullish divergence, which might aid in a minor price uptick from current levels. Additionally, trading volume remains within lower ranges, possibly causing the price to reach interim resistance and sustain consolidation until a bullish push occurs.
- Ripple’s price is currently hovering within an accumulation phase, residing between the 0.236 and 0.382 Fibonacci levels. The recovery phase has interrupted the bearish trend, yet a potential return to the lower support level looms as the RSI indicates a bearish divergence.
- Moreover, the strength of the price rally has diminished somewhat following a minor recovery. This suggests the possibility of an extended consolidation near the 0.23 Fibonacci level.
- Nonetheless, once a rebound is confirmed, it is anticipated that XRP’s price will embark on a significant recovery, surmounting interim resistance and regaining previously lost positions.
Stellar (XLM) Price
- Since Ripple’s successful legal battle against the SEC, Stellar’s price has adhered to a steep descending trend subsequent to a recent bullish surge.
- The RSI encountered resistance, implying an impending minor price retracement. Consequently, the ongoing pullback may lead the price to test the channel’s average bands. Should bullish momentum persist, a healthy rebound can be expected.
- Conversely, failing to maintain this strength might cause the price to decline and reach the lower support of the channel, potentially triggering a new bearish wave.
Litecoin’s (LTC) Situation
- A recent decline pushed the price of Litecoin below a crucial support level that had been maintained since the start of the year.
- Despite the price experiencing a respectable rebound shortly after reaching its lowest point of the year, the pace of recovery has fallen short of the anticipated levels.
- Of note, the Relative Strength Index (RSI) has just signaled a bullish divergence. This occurrence might provide assistance to the price in achieving a minor upward movement from its present position.
- Moreover, trading volume remains confined to the lower end of the spectrum, which could lead the price to approach interim resistance and persist in a consolidation phase until it encounters a bullish impetus.