Key Takeaways
- Bitcoin’s price remains in a range despite rallying to a high of $106,000. It could break above or retest key support of $109,000.
- Litecoin (LTC) demonstrates strong price action as whales would be looking to buy around $100 for a possible rally of $220.
- Solana (SOL) and ONDO look the strongest despite market uncertainty, as their prices aim for high percentage gains.
The cryptocurrency market has witnessed a few weeks of challenging market price action. Bitcoin’s price dropped from its all-time high of $109,000 to a region of $100,000, forcing other altcoins to struggle, while some special altcoins looked strong despite market uncertainty.
This article discusses more price action of Bitcoin (BTC), Ethereum (ETH), and some altcoins (SOL, XRP, LTC, SUI) that have remained strong during market uncertainty. It highlights to traders and investors that these altcoins have a high chance of recovering and rallying to new highs when the market resumes its uptrend momentum.
Crypto Market Sentiment
Source – On-chain Market Reaction From Coin360
After a hawkish FOMC and US Federal Reserve interest rate meeting, the crypto market saw some price rally as the price of Bitcoin rallied from a region of $102,000 to a high of $106,500 as altcoins saw some price gains across the market with visual representation seen above from Coin360 on-chain data.
How will Bitcoin and altcoins respond to this brief market bounce, or will the market attempt to retrace into key levels? This article discusses the price analysis of Bitcoin and altcoins (ETH, SOL, XRP, LTC, SUI) and where the market could be headed in the coming days.
Bitcoin (BTC) Four-hourly (4H) Chart Analysis
Source – BTC 4H Chart Analysis From TradingView
The price of BTC for days has struggled to form a clear uptrend or downtrend as the price trades in ranges of $100,000 to $107,000, indicating low volume to push the price to the upside as bears would be looking for an opportunity to push price lower.
With the price trading above its 50-day and 200-day EMAs on the four-hourly timeframe, buyers have more control over price. The price of BTC needs to break above $109,000 to resume its uptrend rally. If the price fails to rally higher, we could see the price drop towards $90,000, acting as strong support for the BTC price, which could fuel the price to the upside.
Ethereum (ETH) Price Analysis
Source – ETH 4H Chart Analysis From TradingView
Ethereum’s (ETH) price hasn’t performed like many crypto assets in the past few months, raising much question and controversy. This is unusual considering its price performance in the previous bull cycle, but the price has struggled to break past $4,000 convincingly.
Although it has performed below expectation compared to other crypto assets like XRP, SOL, and ADA, the price of ETH remains in a minor downtrend as the price could attempt to gain momentum to the upside by retesting its key demand zone of $2,600 where whales are hoping to buy more of ETH.
Solana (SOL) Price Analysis
Source – SOL 1D Chart Analysis From TradingView
The price of Solana (SOL) has displayed one of the best charts in the past few days, where other altcoins have struggled to find a price to clear price action as the price of SOL held its ground strong above $220 as the price could attempt to rally high towards $350.
If the price of SOL fails to rally to the upside, we could see it drop towards $180 above its 200-day EMA, which would be good for the price to build strong price action. Buying SOL around $180 is a good opportunity for a rally towards $350 or more.
ONDO Four-hourly (4H) Price Analysis
Source – ONDO 4H Chart Analysis From TradingView
After rallying to an all-time high of $2.2, the price of ONDO suffered a minor price retracement towards its key support of $1.2 on the daily timeframe. The price of ONDO has bounced off this region with strong price action. Price would look to take out the high of $2.2 with the potential to rally towards $2.5 to $3.
If the price of ONDO should retrace, $1.4 is a good support level for buying more ONDO with a target of $2.2, its previous high.
Litecoin (LTC) Price Action On Daily Timeframe
Source – LTC 4H Chart Analysis From TradingView
Litecoin’s price action looks bullish in the higher timeframe after forming support at around $100. The price suffered a minor decline from its yearly high of $145 as it looks ready for a major rally.
If the price of LTC retraces, we could see the price dropping into its demand zone of $100, where the price would attempt a rally to break above $140 and a possible rally towards $220.
