Bitcoin ($BTC) is still ploughing a furrow towards $100,000, perhaps by the end of the year, but the number one cryptocurrency isn’t having it all its own way. Bitcoin Dominance (BTC.D) has slackened off slightly after reaching a 60.58% high recently. Some of the top-ranked altcoins are taking advantage. Render ($RENDER), Near Protocol ($NEAR), and Dog Wif Hat ($WIF) are leading the surge.
With the market jumping onto the Bitcoin train, the price of the king of the cryptocurrencies recently reached $82,500. However, Bitcoin Dominance has fallen slightly, and some of the top altcoins by market capitalization have taken advantage of the opportunity to go on their own price surges.
More than two years of Bitcoin dominance
Source: TradingView
Bitcoin Dominance (BTC.D) has generally continued to rise, except for small retracements, since September 2022. Such a long, unbroken period of increasing dominance for the number one cryptocurrency has meant that the vast majority of the altcoins have not been able to outperform.
That said, the ascending channel in the chart above should break down at some point, and perhaps the resistance at 60% could hold. Dominance is rising back currently but this could be to retest the 60% resistance before heading back to the bottom of the channel. A breakdown and confirmation there, could then spark an altseason.
$RENDER breaks through descending trendline
Source: TradingView
$RENDER has finally broken out of a long-term downtrend. Good base-support was found at $4.44, and now a breakthrough of the descending trendline means that $RENDER bulls can now look to officially reverse this trend to the upside. A higher local high at $6.81 would be the key price level for reversing the trend.
Further targets, should this reversal take place, are at $7.41, $9.86, and $11.60 (0.386, 0.618, 0.786 Fibonacci levels).
$NEAR bulls need to push price beyond $9
Source: TradingView
$NEAR is up around 13% on the day so far, and has succeeded in breaking through the descending trendline. It must be recognised that $NEAR is 73% off of its all-time high, and this is a lot of ground to make up, given that the bull market is more than half-way through.
That said, a rally has begun, and potential Fibonacci targets are in the chart above. If $NEAR bulls can get the price to around $9 and take out the previous local high, then who knows what can happen in the last few months of the bull market.
$WIF makes 44% gain over the last week
Source: TradingView
Dog Wif Hat ($WIF) is one of the leading memecoins, and perhaps more serious-minded and risk-aversive traders and investors might avoid it. However, no matter which way one looks at it, some of the top memecoins are generally doing much better than the vast majority of the altcoins.
$WIF is definitely one of the leading cryptos over the last week, and a 44.7% gain over this period isn’t beaten by many in the top 50-ranked cryptos by market capitalization.
In the weekly chart above, it can be seen that $WIF has broken out of its wedge, has retested, and is currently consolidating above the 5.0 Fibonacci level. The next Fib levels are at $3.41 (0.618) and $4 (0.786). The all-time high is at $4.85.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
