The crypto space is recovering with a strong momentum since the last trading day as Bitcoin went on to hit levels above $37,500. No doubt the asset plunged but the $36,000 levels were strongly maintained.
Currently, the asset is hovering around $36,500 which can be speculated as a good try to recover, yet the bearish clouds still haunt the rally as many predict BTC price to bottom hard at $30,000 levels soon.
Therefore, while the current recovery is cited as a short term bounce for an interim relief, many other altcoins are also expected to follow and reach their respective bottom levels. However, a notable uptrend may follow these altcoins that may ignite a rally towards the ATH.
The Cardano price since the beginning of the 2021 bull run underwent 3 impulse waves that rallied to hit the highs of that wave. However, this was followed by a minor pullback and further a healthy consolidation. Currently, the ADA price is yet again testing the same bottoms at $1 and may ignite a bull rally as it did each time. With the current jump, the asset could undergo an impulse breakout that may slice through the consolidation to hit levels beyond ATH close to $4.
XRP price is consolidating hard ever since it smashed its highs in April 2021. Later no external factor impacted the price that could ignite a notable bounce. Instead it kept on depleting within a strong descending triangle and due for a strong bounce. The levels around $0.5 is considered as the strong region for a bounce that may ignite a rally towards the yearly highs at $2.2 to $2.4.
Litecoin had a pretty interesting rally from the past one year. The asset is following an impulsive wave followed by a A-B-C correction. Meaning, after an impulsive wave hitting the highs the price dropped to A levels close to $100 and further rallied high to point B close to $300 and yet again plunged to point C at around $104. And hence to repeat the wave formation, the asset is all set for another huge impulse wave that may uplift the price close to its ATH.
Polkadot is yet another project which is primed to go higher very soon. The DOT price similar to other altcoins underwent a couple of huge uptrends with a notable plunge too. As the highs got elevated, the lower support levels remained at the same levels.
Currently, the price is consolidating, yet may undergo a minor fake out and eventually drop to the same support at $10. Here’s when huge influx of liquidity may be expected that may uplift the price close to $70 very soon.