Altcoins spend a (too) quiet summer – August has just begun, but it seems to be resembling July in terms of volatility. For the time being, altcoins remain timid, with very few altcoins taking advantage of the summer’s low volumes to start rising again. Trading volumes are at record lows, and the Bitcoin price is stalling at the $30,000 resistance level. Ethereum, meanwhile, is hovering around $1,850, with buyers unable to break back above $2,000 for the time being. Shiba Inu is up 18% in one week, making it the altcoin of the week. Let’s take a look at the altcoin chart!
Back to $500 billion for altcoin capitalization?
As explained in the introduction, the volatility of altcoins is extremely low currently, despite the fact that they have a relatively low capitalization compared with Bitcoin. The price continues to evolve within a range located between the lower bound at $440 billionand the upper limit of $660 billion. The price hovers around support at $570 billionbut buyers are not reacting for the moment:
In fact, the price is evolving at the level of the institutional bias (EMA 9/EMA 18) bearisha rejection could intervene if buyers continue to hide. In the event of rejection, the price could fall towards the next support at $500 billion. On the other hand, if operators defend the support, the price could return to the level of the resistance at $570 billion. The share price is probably in a accumulation rangebut we’ll need to confirm this by breaking above the range.
The RSI is fragile as long as it remains below the bearish trendlineand that it will not display a upward momentum with ascending lows and highs (green arrow).
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Bitcoin dominance rebounds, still no signal for altcoins
Slowly but surely, the Bitcoin’s dominance is rebounding in the bullish institutional bias. In the coming weeks, the share price could return to the level of its last peak at 52,2 % :
It’s always possible that the price will mark a double top at the last peak. If this is not the case, the price could stall at the resistance at 53% dominance. Technically, if the price closes above the last peak at 52,2 %the upward trend will be relaunched. For altcoins, we’ll have to wait for a change in the dominance trend. Indeed, if a bearish momentum on the dominance of Bitcoin, this would indicate that the capital is flowing into altcoins. For the time being king of cryptocurrencies attracting capital.
The RSI has broken the bullish trendline a few weeks ago, the seems to be running out of steam. We’ll have to wait and see whether the momentum indicator starts to mark descending lows and highs, or whether it manages to regain upward momentum.
Ethereum back to $1,750?
Ethereum’s price is stuck within a range between support at $1,750and the 2,000 resistance. For several months now, buyers and sellers have been neutralizing each other in this range, and we have to wait for a new high. clear signal to understand ETH’s next price direction:
If buyers push and the price closes above the last peak at $2,027the price would choose the upward direction. The break of the resistance at $2,000 could bring the price back to the level of the next resistance at $2,400. On the other hand, if the price slips below support at $1,750and closed below the last marked low at $1,625sellers would once again have the upper hand. As a result, a new wave of decline could set in.
RSI continues to move below the bearish trendline. For buyers to regain momentum, the RSI will have to rise above the bearish trendlineand develops above 65.
ETH/BTC remains fragile below the bearish trendline
As long as the king of cryptocurrencies attracts capital, it will be difficult for Ethereum to outperform it. This can also be seen on the ETH/BTC pair, which is evolving as follows near the bottom of the range. In fact, the price has been in a range for several years. The range lies between support at 0.06 BTCand the resistance to 0.08 BTC :
As long as the price remains below resistance and under the bearish trendlineEthereum will remain fragile against Bitcoin. A return to the bottom of the range is possible in the coming days or weeks. On the other hand, if the price manages to break the resistance and the bearish trendlinethe bullish volatility could set in. The price could then return to the top of the range. In this case, the altcoins could benefit.
RSI is back in contact with the bearish trendline. A close above the last high at 61 would make it possible to bullish divergence. A divergence of this kind would show a sellers running out of steam.
Shiba Inu is the altcoin of the week, up 18%.
Despite the passage of a intense bear market on the altcoin side, SHIB remains 14 th in the capitalization ranking on Coinmarketcap. While most alts are asleep, SHIB is posting a 18% rise in one week :
The SHIB price has found buyers in the support at $0.0000000667. However, the price has recently stalled at the resistance at $0.00001030. If the price rejectit could return to the level of bullish institutional bias and the support at $0.00000837. Despite the recent rise, SHIB’s momentum remains fragile. We’ll need to build momentum with rising highs and lows over the coming months. The RSI is in the process of bouncing backbut he’s getting closer to the overbought zone. Momentum remains fragile. As with the price, we’ll need to build up a dynamic with rising troughs and peaks.
Altcoins are off to a very slow start in August, with altcoin capitalization continuing to move at support at $570 billion. If buyers don’t show up soon, capitalization could fall to $500 billion. Bitcoin’s dominance is rebounding. Altcoins will have to wait before attracting capital again. For its part, Ethereum could return to the $1,750 support level if buyers don’t react. Buyers are aiming to break through resistance at $2,000 to get back to $2,400. For the moment, Ethereum is fragile against Bitcoin. This situation will remain true as long as the price of the pair remains stuck below the bearish trendline and below resistance.
For its part, Shiba Inu is in fine form, posting an 18% rise in one week. However, the price remains fragile, and is already stuck at resistance at $0.00001030. If the rejection is confirmed, the price could well return to support at $0.00000837.
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