The cryptocurrency market started to rise after two weeks of horizontal and bearish focus. While the price of Bitcoin (BTC) was pushing the level of $ 38,000, especially the activity in altcoins attracted attention. So what do the movements in altcoins show?
Bitcoin’s Market Domination Dropping
In fact, the market dominance data of Bitcoin will give the clearest information about altcoins. The market dominance, which rose again when Bitcoin fell hard and restored the order in the cryptocurrency market, has recently started to drop again, as can be seen from the graph.
The drop of Bitcoin’s market dominance is proof that altcoins are moving again. The market dominance of Bitcoin, which previously declined to below the 40 level, is again on the same path. The situation between altcoins is also quite different from each other and DOGE seems to be leading the current rally.
DOGE Technical Analysis
Dogecoin (DOGE), the sixth largest cryptocurrency by total market capitalization, has gained 33% in the last 24 hours and has actually reached a point very close to the level before the big drop. For DOGE, the next critical level will be $0.45. DOGE, which broke this resistance before, tested the $0.60 level.
In case of a possible decline and consolidation, DOGE investors should pay attention to the $0.33 level. Although DOGE has the risk of losing the effect of positive news after another, the pump may become even more intense during the hours when the US market wakes up.
Avalanche Analysis: Is Rise Near?
On the other hand, Avalanche (AVAX) price also experienced a sudden movement like DOGE. Although AVAX fell to $12.5 during the downturn, causing panic, it started to rise again and rose almost 70% above the old low point.
The critical points for AVAX price are between $21.6 and $25. Breaking this can lead to the formation of important targets again. We don’t think it will make a deeper bottom anytime soon. Therefore, we can think that the decline may be over.
XLM Holds In Place
In addition to AVAX and DOGE, Stellar (XLM), which many investors have been waiting for recently, is still in place. The critical resistance for XLM is seen at $0.48. On a possible decline, the support at $0.31 may remain strong.
Although XLM has increased expectations similarly with the increase in XRP price recently, it has not made the move expected from it yet.