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Crypto News

Altcoins TON, XLM, XMR, and MKR Show Promise as Bitcoin Hovers Near $26,500 Threshold

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

altcoins

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While Bitcoin’s price remains stagnant, altcoins like TON, XLM, XMR, and MKR are signaling bullish tendencies. Over the past week, Bitcoin has remained steady, hinting at a third successive Doji candlestick formation on its weekly chart. This lackluster performance was paralleled by the U.S. stock markets’ weak showing, with both the S&P 500 and Nasdaq ending the week in the red.

The ripple effects of Bitcoin’s lukewarm performance have been felt by several altcoins, many of which are now testing multi-week troughs. This paints a picture of a crypto market firmly in the clutches of bearish sentiment. However, these unfavorable conditions also present long-term investors with potential opportunities to diversify their portfolios.

An intriguing insight from a recent Amberdata survey highlighted that nearly a quarter of asset management entities are now appointing senior figures to oversee digital transformations. Moreover, another 13% are gearing up to integrate digital assets into their strategies, indicating genuine enthusiasm and commitment at the executive level.

But can Bitcoin trigger a resurgence, revitalizing altcoin buying interest? Observations suggest that Bitcoin, which has been wavering around the $26,000 mark, is at an equilibrium between bullish and bearish forces. For those making significant investments, experts advise observing for a breakout above $26,500 or a drop below $24,800.

TON, recently settling back to its 20-day EMA ($1.69), offers a window of opportunity in its upward trajectory. A rebound from this level could denote positive trader sentiment, forecasting growth.

Meanwhile, Stellar has showcased admirable resilience with a strong uptrend in recent days. It seems the bulls are pushing to establish the 20-day EMA as a primary support level, gearing towards higher resistance benchmarks.

Monero, respecting its trendline support, is indicative of a persistent buying interest at lower thresholds. Key figures to observe are the 20-day EMA ($143) and the subsequent 50-day SMA ($151).

Lastly, Maker seems to be in a state of balance, hovering amidst its moving averages. However, a silver lining emerges as it stays above its downtrend line. To kickstart a bullish phase, it would need to solidify its position above the 50-day SMA ($1,157).