How long can the main altcoins rise while Bitcoin (BTC) is trading sideways?
|Bulls have continued yesterday's price rise, and all coins from the top 10 list remain in the green zone.
Top coins by CoinMarketCap
BTC/USD
Yesterday morning, sellers pushed the Bitcoin (BTC) price below the $55,288 level, to the four-hour EMA55 area. During the day, the bulls, with great difficulty, brought the pair back to the 78.6% Fibonacci level. In the afternoon, they won back the lost positions from the bears on the approach with the resistance of $58,000.
BTC/USD chart by TradingView
Tonight, low-volume buyers decided to attack the impregnable line at $58,000. In the morning, the price pierced the blue resistance and marked a new October high at $58,550. Small volumes do not allow the growth to continue, and sellers easily rolled back the price below the resistance level. Now, there is a positional struggle on this border.
If the bears gain an advantage, then today the price of Bitcoin can roll back to the area of $56,600, and then the decline may continue to the level of $55,288.
Bitcoin is trading at $57,155 at press time.
ADA/USD
Cardano (ADA) has shown better performance than Bitcoin (BTC) with a price rise of 3.51%.
ADA/USD chart by TradingView
Despite the growth, Cardano (ADA) is still located in a wide range with no vivid bearish or bullish signals.
The neutral mode is also confirmed by the low trading volume. In this case, the more likely scenario is sideways trading in the range of $2.10-$2.30.
ADA is trading at $2.189 at press time.
DOGE/USD
DOGE is also not an exception to the rule as the growth of the altcoin has constituted 3% since yesterday.
DOGE/USD chart by Trading View
DOGE is trading similarly to Cardano (ADA) as it has not come back to the bullish zone yet. Moreover, it could not fix above the zone of the most liquidity around $0.25. That is why there is a high possibility to see the test of the support at $0.1940 one more time.
DOGE is trading at $0.2348 at press time.
SHIB/USD
SHIB is the only falling coin today. It has declined more than 1% over the last day.
SHIB/USD chart by TradingView
Today's fall has not been accompanied by a high selling trading volume, which means that the slight correction might be just a short fall to gain more power for continued growth. However, bulls are not ready yet to break the recently formed resistance at 3,528 satoshis. That is why sideways trading between 2,500 and 3,000 satoshis remains the more likely price action for the next few days.
SHIB is trading at 2,748 satoshis at press time.
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