3 Altcoin That Holding Up Well While Bitcoin Is Nearing Its Yearly Lows.
This week, Bitcoin (BTC) has dropped marginally, and it could close at its lowest level since 2020.
Despite a new multi-year weekly close being a negative sign, sellers will have to maintain the lower levels to avoid a bear trap.
Both bulls and bears are likely to battle it out for supremacy over the next few days, resulting in heightened volatility.
It is better to focus on individual cryptos that are showing strength, as not all coins bottom at the same time. Here are five coins that hold well when Bitcoin is dropped and nearly reaches its yearly lows.
Over the past few days, the Bitcoin bulls have successfully defended the $18,626 to $17,622 support zone; however, they continue to face strong selling at the 20-day exponential moving average ($19,720).
The bears may force the pair to drop to $17,622 in case the price turns down and sustains below $18,626, at which point we may once again see a fierce battle between bulls and bears. It’s possible for the pair to rise to $20,400 if bulls push the price above the 50-SMA.
The price of Cosmos (ATOM) has been trading above the breakout level of $13.46 for the past several days, indicating that traders continue to buy on dips and sentiment remains positive.
The 20-day EMA ($14.22) has flattened out and the RSI is near the midpoint, suggesting supply and demand are balanced. It may then be possible for the ATOM/USDT pair to rise to $17.20 if the price breaks above $15.26.
In the event that buyers push the price above this level, the pair could pick up momentum and rise to $20.34 and later to $25.
On Sept. 23, the range-bound action between $0.27 and $0.38 resolved to the upside, indicating a new upward movement. In that case, Algorand (ALGO) could still be in the early stages of its uptrend.
If bulls turn $0,38 into support, it could increase the likelihood of a new uptrend starting. The ALGO/USDT pair could rally to $0.45 and then to $0.50.
After recovering sharply from the June lows, Chiliz (CHZ) cleared $0.26 overhead resistance on Sept. 22, indicating a shift to the upside.
Over the past three days, the bears have attempted to sink the price below the breakout level of $0.26.
As a result, bulls are viewing dips as buying opportunities, the rising moving averages and the positive RSI indicate that buyers are in control.
A break above $0.28 would give the CHZ/USDT pair a chance to rally to the next stiff resistance at $0.33.