What Will Be the Next Step for Altcoins
Financial Analyst
- An analysis suggested a bull rally for altcoins.
- XRP and Ethereum market indicators remained bearish.
The market has experienced some volatility in the recent past, but altcoins such as Ethereum [ETH] and Ripple [XRP] held their own last week.
In fact, a recent analysis suggested another altcoin rally in the coming days.
Are altcoins expecting another rally?
Bitcoin’s [BTC] downtrend caused the entire market to lose value over the past few weeks. However, according to the latest analysis from Rekt Capital, altcoins were able to hold their own.
According to the tweet, despite Bitcoin’s 18% decline before the halving, the altcoin market cap continued to hold on to the $315 billion mark as support.
AskFX then planned to take a look at top altcoins like ETH and XRP to see what to expect from them.
Is Ethereum a good buy?
AskFX noted that selling pressure on ETH was high at press time. This was reflected in the increase in supply on the stock exchanges.
However, it was interesting to note that despite the price drop and high selling pressure, ETH supply increased led by top addresses. This meant that whales had confidence in the token.
We then looked at the chart of ETH to see if the whales’ optimism would become a reality. Despite the potential for an altcoin rally, ETH metrics remained shaky. At press time
the MACD of the token was showing a bearish trend. Its Relative Strength Index (RSI) also saw a sharp decline, further indicating a bearish trend. Source: TradigView.
Ripple: What’s going on?
We checked XRP after Ethereum as it was also a top altcoin. According to CoinMarketCap, XRP price has increased by more than 2% in the last seven days.
At press time, XRP was trading at $0.6301 and had a market cap of over $34 million.
However, despite the price increase, the social volume of the token decreased. Weighted sentiment also decreased, meaning bearish market sentiment prevailed.
Read the Ripple [XRP] Prediction Price 2020-25
Then we looked at the daily chart to see if its metrics were bearish like ETH. As expected, the results were similar. XRP’s MACD was also bearish and its RSI suggested a price decline.
The bearish indicators of the top altcoins will make the altcoins interesting to watch in the coming days.
