A Bitcoin Breakdown Could Be Devastating for These Two Major Altcoins
[NEWS BLOG]: A Bitcoin Breakdown Could Be Devastating for These Two Major Altcoins
Throughout the course of the crypto market’s firm 2020 uptrend, Bitcoin’s steady climb has allowed most major altcoins to post decent gains, although none have come close to competing with those seen by Chainlink and Tezos.
These two cryptocurrencies have been able to set fresh all-time highs over the past couple of weeks, and although their uptrends have slowed down as of late, they still remain overwhelmingly bullish.
One analyst, however, is noting that these two cryptocurrencies could be subjected to brutal losses if Bitcoin sees a breakdown from its current price levels.
"Bitcoin Stabilizes as These Two Altcoins Begin Facing Some Downside"
Bitcoin has once again found itself caught within a bout of sideways trading around $9,100, with its recent break above the heavy resistance at $8,900 not being enough to catalyze another significant uptrend.
This consolidation phase has led the altcoin market to see some mixed price action, with Ethereum and XRP both climbing today, while some smaller altcoins like Chainlink and Tezos have both shed roughly 3% over the past 24-hours.
While looking at these two altcoins in particular, their market structures are still highly bullish despite them seeing some slight downside over the past few days.
Tezos is currently trading at $3.11, which marks a notable decline from its recently established all-time highs of $3.80, but a massive climb from its 2020 lows of $1.25.
This intense rally has only been matched by that seen by Chainlink over the past couple of months, which rallied from lows of $1.70 in January to fresh all-time highs of $4.80 just a few days ago. In the time since it has declined slightly from these highs to its current price of $4.60.
OTHER RELATED NEWS
Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally
Since NewsBTC’s last market update,
Bitcoin has continued to rip higher, recently hitting $6,750. With this, the cryptocurrency is up nearly 9% from the daily lows around $6,200, and up over 16% from the weekend lows at $5,800.
Although not on the same magnitude, many have likened Bitcoin’s recent price action to the 25% surge seen on April Fool’s and April 2nd last year, which was a move that kickstarted a rally from the $4,000s to $14,000 by mid-June.
Analysts believe that the cryptocurrency could continue higher.
Could Bitcoin Continue Even Higher?
Prominent cryptocurrency trader Flood, who called Bitcoin’s weekend move under - read more.
Ripple (XRP) Price Down 2%, Bears Sight $0.2000 Or Even Lower
- Ripple price is sliding and it is under pressure below the $0.2200 resistance against the US dollar.
- The price is now trading below $0.2150 and it could decline further below $0.2100.
- There is a crucial bearish trend line forming with resistance near $0.2180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- There are high chances of a drop towards the $0.2020 and $0.2000 support levels.
Ripple price is declining steadily below key supports against the US Dollar and bitcoin. XRP price could continue to move down and the bears might target $0.2000.
Ripple Price Analysis- read more.
140.4 Mln XRP Moved in South Korea as XRP Holds at $0.16
XRP seems to be feeling well so far as it manages to maintain the $0.16 level and the third position on the top ten coins’ scale. Investors and holders in South Korea and Japan believe so too and are transferring gargantuan amounts of it both for selling and storing.
140.4 mln XRP moved in Korea and Japan
The Twitter bot which tracks XRP transactions, XRPL Monitor, has spotted several wires on XRP ledger that have moved a jaw-dropping 140.4 mln XRP over the last twenty-four hours. That took around a dozen transactions, totalling $24,247,080.
The majority of those XRP transfers were - read more.