The market dynamics appear to have changed to a large extent as the prices of the majority of the cryptos have plunged below the crucial support as Bitcoin slumped hard to close to $60,000. During the previous pullback, many speculated a drop below the levels, but the token underwent a rebound from the levels similar to the previous day. Therefore, it is quite obvious that the market participants are no doubt bullish on Bitcoin but wish to accumulate below the lower support.
With this, the second-generation and third-generation cryptos, Ethereum & Cardano, have fallen weak and display a huge possibility of reaching the lower support zone, this summer. A popular analyst, Benjamin Cowen, believes the ongoing pullback is quite natural in the BTC price rally, but has also mentioned its reverse impact over the other top altcoins as well. For instance, the ETH price, which has slumped below $3000, holds a huge possibility of witnessing another pullback before initiating a rebound.
Considering the above chart, the analyst says that the ETH/BTC has been closely following the previous trend. According to this, the pair had a bottom just after the first rate cut after breaking the support. Therefore, a similar rally can be expected at present wherein the pair could find its bottom somewhere below 0.035 BTC.
On the other hand, the analyst shares a similar view on Cardano, as the ADA/BTC pair is closely following descending support.
Much like the ETH price rally, the ADA price is also following a previous trend as ADA/BTC is trading, sticking along the lower trend line. Therefore, the current trade setup suggests the pair could eventually bottom at 0.0000035 BTC, which may further trigger a massive bullish spell. However, the analyst believes both pairs may find their bottoms during the summer, beyond which a healthy rebound can be expected.
Read More:Ethereum & Cardano Displaying Acute Weakness Against Bitcoin, Has AltSeason 2024 Differed?
2024-04-14 03:29:20
