Bitcoin’s dominance (BTC.D) has climbed to its highest level since June 2022. 6 altcoins such as Fantom, Cardano and Avalanche are laying the groundwork for a bull market with BTC recovering.
Phantom gears up for uptrend reversal against Bitcoin
The phantom price has given its investors double-digit gains since Tuesday. The altcoin is trading at $0.45, up about 11% since March 28. Meanwhile, it tested the 0.0001602 resistance against Bitcoin.
Once past this resistance, FTM bulls need to push the altcoin to its bullish target of 0.00002800, which is a 75.5% increase from the current price level. The 38.2%, 50% and 61.8% Fibonacci Retracement levels are standing in the way of FTM reaching its 0.00002800 target as seen in the price chart below.
YouTube channel Crypto Banter analyst Sheldon has included Fantom on the list of altcoins with rally potential. The expert believes that a move past 0.00001602 could confirm the bullish thesis and send the FTM price towards the bullish targets in the price chart above.
The onc-hain metric for FTM that supports the bullish thesis is the declining supply of the altcoin on exchanges. The decrease in FTM reserves on exchanges means that selling pressure has eased and there is room for a rally in the altcoin. This is generally considered a bullish sign for the asset.
As can be seen from the Santiment chart above, the supply has been steadily decreasing since the beginning of March 2023.
Cardano may be gearing up for a potential altcoin rally
In his latest YouTube video, Sheldon explained why Cardano’s price rally has just begun. After gaining nearly 9% overnight for its traders, ADA remains bullish in the short term.
The current rally in Cardano has two main drivers: Ethereum token unlocking and the uncertainty surrounding the Shanghai hard fork, and updates that further disrupt the blockchain of the smart contract network in the Cardano ecosystem. As ADA breaks past previous highs of $0.41, it could accelerate for a major rally to $0.65 in the near term, as seen in the Cardano/USDT price gap below.
Cardano reversed its multi-month downtrend in mid-February 2023 and bounced from the support zone at $0.30 to $0.35 in a quick move last week. He argues that the bullish thesis for the altcoin is confirmed when ADA price crosses key resistance zones between $0.42 and $0.44.
The altcoin struggled with the resistance zone between $0.42 and $0.44 in October and November 2022. This poses a critical hurdle for the altcoin to cross on a breakout path.
Altcoin analyst identified two critical levels on ADA chart
Sheldon has set a target of $0.65 for the altcoin, which is Cardano’s June 2022 high. This is a level that the ADA price hasn’t tested in nearly nine months. With the increasing interest and demand for the altcoin, the $0.65 level could come into play for ADA bulls if the bullish thesis is confirmed.
The backlog of ADA holding 10,000 to 10,000,000 coins in three different segments by its whales is a bullish signal for Cardano on an on-chain basis.
As seen in Santiment’s whale accumulation chart, there has been a consistent increase in the volume of ADA held by major wallet investors on the Cardano network since March 7.
AVAX exits a multi-month downtrend, what to expect?
Avalanche, one of the most trusted smart contract platforms and rival to Cardano and Ethereum, has recently emerged from a few months of downtrend. AVAX price has been bearish for the past 14-16 months and has started to recover from the decline alongside other assets in its ecosystem.
The AVAX/USDT chart below shows key resistance zones that AVAX bulls must contend with before reaching the bullish target area between $30 and $37.50. The target zone marks a 112% rise from the current price level in the chart below.
Avalanche’s bullish thesis will be confirmed when the bulls cross the Avalanche two key resistance zones. He supports the ascension thesis in TVL on the AVAX network. TVL increased from $736.7 million to $837.88 million from March 12 to March 28.
The cryptocurrency of the smart contract network is on the rise as the rising TVL of the AVAX network denotes the value of assets locked in the ecosystem by users. Therefore, rising TVL in the last two weeks means bullish for AVAX.
Top 3 Altcoins currently booming
cryptocoin.com We have conveyed the recent outstanding performance of XRP. XRP is currently trading at $0.5367 holding its weekly gains above 20%. A positive SEC litigation result is expected to put upward pressure on the price.
Stellar (XLM)
Stellar is known as Ripple’s younger brother. Unlike Ripple, Stellar is not backed by a centralized company. In terms of network features, it has the same functionalities as Ripple, but it is a decentralized project. Whatever happens to XRP prices, XLM usually follows.
Algorand (ALGO)
Algorand was among the top performers among the top 50 cryptocurrencies by market cap. It rose more than 15% on one note yesterday, touching $0.23. Algorand previously had a much higher valuation. If the crypto market continues to rise, ALGO should continue to make significant price increases.
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