Bitcoin’s Impact on Altcoins
The Bitcoin market is experiencing rapid growth, with experts predicting it could hit the $50,000 mark by next week. This upward trend is also positively affecting altcoins, pushing them beyond their current resistance levels, even as the overall dominance of altcoins decreases sharply. With the anticipated continued buying momentum of Bitcoin in the following week, it’s likely that altcoins such as Kaspa, Bonk, and Solana will experience significant breakout movements.
Altcoin Dominance Faces A Sharp Decline
Recently, Bitcoin (BTC) has witnessed a surge in buying confidence, sending its value toward the $50,000 mark. This upward momentum has pushed Bitcoin’s market dominance to over 53.5%, simultaneously plunging the market share of altcoins to below 12.1%. Consequently, market analysts are increasingly turning their attention to Bitcoin, anticipating it to be the primary focus in the upcoming week.
Meanwhile, the interest in altcoins appears to be declining, as seen in the altcoin season index chart. The index has experienced a significant decline, falling from a high of 67 to a recent low of 46, thereby prolonging the anticipated arrival of an altcoin season. Despite this, inspired by Bitcoin’s impressive performance, a number of altcoins are gearing up for potential breakouts in the coming days.
Kaspa (KAS) Price Analysis
Kaspa price has seen its momentum jumping by 44% in the last seven days, nearing its all-time high. KAS price rebounded from the 20-day Exponential Moving Average (EMA) at $0.103 and broke above the resistance at $0.125, negating the bearish descending triangle pattern.
The current momentum gives a bullish outlook as investors continue to break immediate Fib channels. The push in price beyond $0.125 has set the stage for a potential retest of the $0.15 resistance level. Crossing this level could accelerate the KAS/USDT pair’s momentum towards a rally to a new ATH in the coming week.
On the flip side, a reversal from the current price or at $0.15 could signal profit-taking at higher levels. Should the price fall below the moving averages, it may indicate that the pair could consolidate around $0.12.
Bonk Price Analysis
BONK price has also broken out of its bearish consolidation and aims for another breakout in the coming week. However, bears are increasingly defending a surge now.
BONK price is now way above the moving averages, with RSI trading within the overbought region. Though this suggests a correction, a rebound from the 200-day EMA might create another breakout momentum. In such a scenario, BONK price might skyrocket toward $0.000017.
Should the price retreat from this level, it implies that the BONK/USDT pair might continue to consolidate within a bullish region.
Solana (SOL) Price Analysis
Solana experienced a rebound from the moving averages, with bulls attempting to push the price beyond the strong overhead resistance at $116. However, bears are defending the $110 level. As of writing, SOL price trades at $109.1, declining over 0.4% from yesterday’s rate.
Achieving the $110 would finalize a bullish inverse head-and-shoulders pattern for the Solana price, potentially leading to an initial surge to the $116 level, followed by an effort to reach the target of $126.
However, this bullish outlook will be negated if the price sharply declines and falls beneath the EMA20 trend line, potentially triggering a drop toward $94-$100. At this lower level, buyers are expected to step back in.
