- If Bitcoin reclaims the $30,000 mark this month, altcoins like Solana (SOL), Cosmos (ATOM), and a handful of others are poised to rally.
- These assets are currently attempting to reclaim previous ATHs, as bulls attempt to regain control.
The cryptocurrency market is setting up for altcoins to mark a significant upswing in their collective price value. However, this will only be possible once the apex cryptocurrency Bitcoin, sets the stage for what could be the most profitable run in the second quarter of the year.
At press time, the majority of altcoins in the crypto market are in the red zone. However, altcoins such as Solana (SOL), Cosmos (ATOM), Internet Computer (ICP), and Hedera (HBAR) are some of the few assets that are showing bullish signs. These assets have the potential to break current price levels and test new price levels if Bitcoin hits $30,000.
Meanwhile, prominent figures like Bob Michele, the Asset Management chief investment officer at JP Morgan, told Bloomberg that the chaos at the First Republic Bank could affect other sectors outside the bank. Whether or not Bitcoin will react positively or negatively can only be left to time.
Nonetheless, Bitcoin and other assets are showing positive signs at this time. As for Bitcoin, the 20-day exponential moving average is making an upward correction. Additionally, the relative strength index (RSI)
a momentum indicator that indicates overbought or oversold situations have entered the positive zone.
Bitcoin and altcoins make continuous attempts to push against the bears
Bitcoin crossed the $30,000 price point and sustained momentum above that price point in 2022. The asset would surge even further, above the $47,000 price point before its swift decline. This year, Bitcoin surprised critics when it broke above $30,000 in April for the first time in 10 months.
The asset peaked at $30,438, thanks to the 23 percent gains accumulated from March. However, Bitcoin only stayed above $30,000 for a short period of time. With increased selling pressure recorded in the preceding weeks, Bitcoin dipped and is now trading at a press time price of $28,175.
While Bitcoin has lost more than 5 percent within the last 24 hours, the asset has managed to sustain some of its weekly gains. As such, Bitcoin reclaiming $30,000, and sending altcoins through the roof, as a result, is still very possible.
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On the other hand, altcoins like Solana (SOL) and Cosmos (ATOM) are poised for a rally, although these assets are currently in the red zone, with losses going up to 7.77 percent and 7.24 percent respectively.
Towards the last weeks of April, SOL bulls succeeded in pushing prices upwards, as selling pressure weakened. The RSI indicator is now in the positive zone, signaling that buyers are currently in control of prices. Sol is now trading at $21.87.
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