A quiet July for altcoins, now it’s time for August. July has just come to a close, and the Bitcoin price is down 4%. While BTC’s performance was negative, the very low volatility seen in July is a sign that traders are currently deserting the market. For the altcoinsthe situation is similar. Indeed, even though altcoins have a much smaller capitalization than Bitcoin, they are experiencing very low volatility, far from the standards seen in 2021 and 2022. A few altcoins have managed to perform, but most have been very quiet, following the various movements of the king of cryptocurrencies. For the time being, Ethereum’s price is stagnating below the psychological figure of $2,000. Can Ethereum finally break through the $2,000 resistance zone, and lead the way for altcoins? Let’s take a look at the altcoin situation!
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Altcoin capitalization set to rebound at $570 billion support level
Altcoin capitalization evolves within a range between the lower limit at 440 billion dollarsand the upper limit at 660 billion dollars. The price is currently trading at support at 570 billion dollars. A rebound could occur here if buyers react. In this case, the price could return to the level of the resistance at $660 billion :
To continue the momentum with ascending highs and lows, the first step would be to close above the last peak at $620 billion. After that, it will be necessary to close above the peak at 700 billion dollars to break the upward range. The price seems to be forming a accumulation rangebut the range will have to be broken for altcoin capitalization to start rising again. If the 570 billion support support, the share price could reach the next support at $500 billion.
RSI continues to show off fragile below the bearish trendline. A dynamic with rising troughs and peaks on the other side of the trendline will have to be restored for the buyers to benefit from the momentum.
Bitcoin dominance hovers around 50%.
Bitcoin dominance bottoms out at around 40 % dominance at the end of 2022. Since then, the share price has upward momentum. The share price is fluctuating around 50 % currently dominant :
The price is still upward momentumand is moving around the institutional bias (EMA 9/EMA 18) bullish. Thus, a rebound could intervene here to join the next 53% dominance resistance. However, the price is slow to rebound. If it falls below 49,5 %the share price could reach weekly support at 47.5%.. As long as the dominant trend remains upward, the capital flows to the king of cryptocurrencies.
RSI evolves under the bullish trendlinea end of dynamic is potentially forming. We’ll need to confirm this with rising highs and lows.
The Ether wedge could return to support at $1,750
The prince of cryptocurrencies is finding it hard to rise again. For several weeks now, the price has been hovering around 1,900 dollars. A return to weekly support at $1,750 seems possible in the days, or weeks, to come:
This is a support which already took effect a few weeks ago. Buyers must hold on to the last low at 1,625 dollars to avoid scoring a top around $2,000. Also, buyers will have to take up the level at 2,000 as support. In this case, the price could reach the next resistance at around $2,400.
The RSI must absolutely bounce back to get back above the bullish trendline. This would require holding the last low at 39and develop above 58 of RSI.
ETH/BTC pair to rebound soon?
The ETH/BTC pair is evolving within a range between the upper bound at 0.08 BTCand the lower bound at 0.06 BTC. As we saw in the section on Bitcoin’s dominance, the king of crypto-currencies dominates. It’s no surprise that the ETH/BTC pair has been falling for several monthsand continues to move below the bearish trendline :
As long as the price remains below the bearish trendline, the price will continue to rise. fragile. Buyers will have to break this trendline and move back above the resistance around 0.066 BTC. If this scenario unfolds, the price could return to the top of the range. Beware, a new rejection at the bearish trendline can’t be ruled out, and buyers will have to defend the support at 0.06 BTC to avoid breaking the range on the downside.
The RSI once again attempts to break the bearish trendline. The RSI shows solid. If the trendline breaks and closes above the last peak at 61a bullish divergence would then be validated. This would show that sellers are beginning to run out of steam, and that the price could eventually start rising again.
XRP is the altcoin of the week, down over 7% in one week
The XRP price rose following the announcement of its first victory over the SEC. A few weeks after this announcement, a hard return to reality for XRP, which posted a down 7% in one week. The share price stalled against the resistance at $0.88and is back at the support at $0.65 :
The support at $0.65 could be defended by buyers. If so, the price could then return to the level of the resistance at $0.88. On the other hand, if support gives way, the price could slide towards the next support at $0.53. This zone has acted as resistance several times, and should now act as support. The RSI falls sharply, but maintains the trend initiated in mid-2022. A return to the bullish trendline is possible, the RSI will have to bounce back to that level to maintain the trend.
Altcoin capitalization is hovering at the $570 billion support level, and a rebound could set in here. Buyers need to react quickly to avoid a further decline. Visit Bitcoin continues to rule the market, with Bitcoin’s dominance remaining bullish for the time being. The ETH/BTC pair is stagnating, but remains below the bearish trendline. As long as the price remains below the bearish trendline, Ethereum will remain fragile. As a result, the second-largest cryptocurrency capitalization is finding it hard to start rising again. A return to the $1,750 support level cannot be ruled out. Buyers are aiming to get back above the psychological round figure at $2,000.
The XRP price has fallen by 7% in one week, and is now back on support at $0.65. Support must be defended to avoid a return to $0.53. Despite the recent fall, momentum remains bullish on XRP for the time being.
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