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Two altcoins that will grow thanks to bitcoin

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Two altcoins that will grow thanks to bitcoin

Two altcoins that will grow thanks to bitcoin
CONTENT

  • Bitcoin dominance has been on the rise since mid-February.

  • Now the dominance level is inside the bearish pattern.

  • XRP and BNB May Rise Against Bitcoin.

International consortium of news organizations developing transparency standards.

Bitcoin’s dominance level reached an important resistance zone, after which it declined. The indicator is inside a bearish pattern, which heralds a bearish breakout.

Well-known trader @KingThies has noticed a decrease in the number of publications about altcoins, many of which are trading near historical lows. Referring to his experience, he predicts the rise of altcoins against bitcoin in the future..

Tweet engagement and alt prices are both at lows.

Two altcoins that will grow thanks to bitcoin

My logic is that it usually suggests an incoming surge for ALT / BTC pairs

OR that my content sucks and need to get back to higher value insight

Lets say its the first option but ill deliver like its the second

– Parabolic Thies ♔ (@KingThies) March 26, 2020

Below we will analyze the dynamics of the level of dominance of bitcoin for the potential growth of altcoins and try to determine which tokens can benefit from the fall in the level of dominance of the main cryptocurrency..

Bitcoin dominance

Bitcoin’s dominance has been on the rise since mid-February from a low of 61.98%. However, the indicator reached the important resistance level of 67.5% and was unable to break it on the first try, as a result of which a bearish engulfing candlestick pattern formed on the charts.

In addition, the dominance level is within the rising wedge pattern, which is considered a bearish pattern..

Thus, it is quite possible that the indicator will break this pattern down, which will potentially lead to an increase in altcoins..

XRP

One of the most positive altcoin charts shows XRP.

XRP has been trading in a long-term range of 2400-3350 Satoshi since August 2019. March 25 Token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More sharply broke the lower border of the range and formed a bullish engulfing candlestick pattern the next day, confirming the support level status.

In September last year, similar dynamics led to an increase of 60%. If the scenario repeats itself, Ripple could reach a maximum of 2900 or even 3400 satoshi. The daily RSI will play in favor of this scenario if it fixes above the 50 mark.

Two altcoins that will grow thanks to bitcoin

Binance Coin

Another coin with favorable prospects is BNB. Altcoin reached strong support in the 195,000 satoshi area, which has repeatedly served as a springboard for a rebound since last September.

The token has been signaling bullish divergence since April, which ultimately led to the formation of a bullish engulfing pattern on the March 26 candlestick charts.

If the price continues to rise, the next resistance is expected around 205,000 and 235,000 satoshi.

So, the dominance level of Bitcoin reached an important resistance level and could not break it. Against this background, altcoins may rise in price against the main digital currency. The main contenders for the rise are BNB and XRP.

 

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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