Bitcoin’s Price Recovery Fuels Potential Rallies for Altcoins TON, AVAX, NEAR, and OKB
Bitcoin is attempting to stabilize above $84,899, with analysts suggesting it needs to close above $85,000 to avoid further declines. Market volatility persists due to tariff issues, with some predicting a short-term downturn followed by a recovery. Various altcoins like Toncoin, Avalanche, Near Protocol, and OKB showcase potential for upward movement, contingent upon key price performances and market sentiment.
Bitcoin bulls are striving to maintain a price above the critical 200-day simple moving average, currently at $84,899. According to Ryan Lee, chief analyst at Bitget Research, Bitcoin must close above $85,000 this week to demonstrate market strength and avoid a dip to $76,000. A closing price above $87,000 would indicate a more pronounced bullish trend.
The financial markets, both traditional and cryptocurrency, continue to face volatility due to ongoing tariff disputes. Nansen research analyst Nicolai Sondergaard noted that market pressures may persist until April 2. In his analysis on Cointelegraph’s Chainreaction daily X show, he indicated that dropping tariffs could become a significant catalyst for market movement.
Despite some analysts maintaining a bullish long-term perspective, short-term declines are anticipated by others. Market analyst Timothy Peterson projected that the current bear market may span 90 days. He foresees a decrease within the next 30 days, followed by a potential rally of 20-40% post-April 15.
In terms of Bitcoin’s price behavior, the cryptocurrency is struggling but shows signs of resilience, as bulls hold ground against bears. A breakthrough above the 20-day exponential moving average of $85,246 could result in a rise towards $90,469. Conversely, a decline below $81,000 would indicate a loss of momentum, potentially pushing the price down to $76,606 or lower.
Toncoin has recently retreated from the $4 mark on March 20, yet remains above its moving averages. The potential for a bullish crossover exists, and if the price surpasses $4, a surge to $5 could follow. However, should the price fall below the 20-day EMA ($3.39), it may drop to $2.81.
Avalanche has demonstrated a weakening bearish momentum, as indicated by a positive divergence in the RSI. Currently resting at the 20-day EMA of $19.76, if the price breaches this level, it could move towards the $25.12 to $27.23 zone. Conversely, a decline below the $15.27 support may intensify downtrends.
Near Protocol is also showing signs of potential recovery after a period of downtrend. A break above the 50-day SMA at $3.05 could facilitate a rally towards $3.65, although sellers are likely to resist at that level. If the price dips below $2.48, a bearish trend will likely ensue, targeting the $2.14 support.
OKB is trading within a descending channel and experienced a positive momentum shift following a breakout at the 20-day EMA of $48.39. Should it break resistance around $54, a rally is expected; failing that and breaking below the 50-day SMA indicates continued bearish influence. Solid support remains at $48, with critical consequences if it declines below this level.
This analysis emphasizes the fluctuating conditions of several cryptocurrencies, highlighting the importance of monitoring key price levels for strategic investment decisions.
The performance of Bitcoin and its potential to influence several altcoins underscores the complexities of the current cryptocurrency market. Key resistance and support levels are critical for Bitcoin, Toncoin, Avalanche, Near Protocol, and OKB in navigating the prevailing bearish conditions. While there remains optimism for recovery, caution is warranted as market dynamics continue to evolve in response to external influences such as tariff disputes.
Original Source: cointelegraph.com
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