Bitcoin’s price consolidation near recent local highs is giving altcoin traders confidence in DOGE, MKR, OP, and XDC.
Bitcoin’s market dominance has dropped to 48%, indicating a shift in focus towards select altcoins.
Altcoin recovery is dependent on Bitcoin’s strength, as a sharp downturn could lead to a sell-off.
Bitcoin’s key support and resistance levels should be closely monitored.
DOGE is facing resistance at $0.08, but bulls remain strong and are buying the dips.
MKR has cleared the overhead resistance at $1,200, but a retest of this level may occur before a new uptrend.
OP is showing signs of starting a new uptrend, with the 20-day EMA turning up and positive RSI.
XDC has experienced a strong uptrend, but a correction to the 38.2% Fibonacci retracement level may occur before a potential up-move.
Summary:
– Bitcoin’s price consolidation near recent local highs is boosting confidence in select altcoins.
– Altcoin recovery is contingent on Bitcoin’s strength, as a sharp downturn could lead to a sell-off.
– DOGE is facing resistance at $0.08, but bulls remain strong and are buying the dips.
– MKR has cleared the overhead resistance at $1,200, but a retest may occur before a new uptrend.
– OP is showing signs of starting a new uptrend, with the 20-day EMA turning up and positive RSI.
– XDC has experienced a strong uptrend, but a correction may occur before a potential up-move.