Traders could push some altcoins higher
At a time of uncertainty for the price action of the leading cryptocurrency by market capitalization, there has been speculation that MATIC, SUI, RENDER and TAO could rise if Bitcoin maintains its current growth rate.
According to Rakesh Upadhyay, “Altcoin traders could push MATIC, SUI, RENDER and TAO higher if Bitcoin manages to continue trading above USD 64,000,” to wit, “Bitcoin is up more than 9% this week, indicating that bulls are trying to push the price towards resistance in the USD 55,724 to USD 73,777 range.”
Importantly, “Bitcoin's latest rally came after U.S. Federal Reserve Chairman Jerome Powell said during his speech at the annual Jackson Hole symposium that interest rates were going lower”
In this regard, “If Bitcoin does not give up much of its recent gains, cryptocurrency sentiment is likely to improve further. This could spur buying of certain altcoins, pushing them above their respective resistance levels.”
It is important to know that, “The 20-day exponential moving average (USD 61,110) has started to rise, and the relative strength index (RSI) has jumped into the positive zone, indicating that the bulls are back. Minor resistance is at USD 65,660, but if the bulls break through this barrier, the BTC/USDT pair could rise to USD 70.00”
SOURCES CONSULTED
Cointelegraph. MATIC, SUI, RENDER and TAO could soar if Bitcoin holds $64K. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
