Altcoins gain traction against Bitcoin: Stellar and Tron lead the action

Bitcoin dominance falters as altcoins gain confidence that their season is nigh.
Stellar and Tron bulls have mad incredible progress from January but they are certain they are not quite there.

Bitcoin dominance in the market is facing rocks and losing ground fast compared to last year, when it hit levels above 70. Altcoins led by Ethereum, Ripple, Tron and Stellar hint that their season is about to begin.

Interestingly, in spite of Bitcoin’s dominance sliding to 61.8%, its price continues to achieve milestone after milestone in 2020. From last December low slightly under $6,500, Bitcoin has approached $10,500. Besides, technical analysis has shown that the top is not even in sight and, therefore, more upside action is expected in the coming weeks.

Stellar price update

Stellar price is up a whopping 11% in the last 24 hours. The gains come after a slight consolidation above $0.06. However, the break past the 21SMA (currently working as key support) led to the impressive movement above $0.08. Stellar is dancing at $0.0873 while the bulls push to advance above the psychological $0.1 level. All indicators are aligning in support of the existing bullish action from the RSI return into the overbought territory to the MACD’s bullish divergence.

XLM/USD daily chart

Tron price update

Tron has been on the rise since the consolidation that took place in December last year above $0.0125. The break past the long term descending trendline placed the crypto in the current trajectory. The many barriers, including the 50 SMA and the 100 SMA have since been turned into strong support areas.

TRX is teetering at $0.02513 amid increased buying activity. The bulls have made good progress from the beginning of the year but they are certain that they are not quite there. For now, technical levels are positive for more upside action starting with the RSI at 82 and the MACD at +0.002281.

TRX/USD daily chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.