Originally published on: August 25, 2024
As BitcoinBTC soars above $63,000, hitting a 9% increase this week, the crypto market anticipates a potential rally toward the $55,724 to $73,777 resistance range if Bitcoin maintains its $64,000 level. According to recent data, US-based spot Bitcoin ETFs experienced a substantial influx of $252 million on August 23, indicating strong investor interest.
The recent surge in Bitcoin value came after Federal Reserve Chair Jerome Powell hinted at an imminent decline in interest rates during the Jackson Hole symposium. This news triggered a surge in Bitcoin demand in the US, potentially paving the way for positive sentiment across the crypto market.
With Bitcoin’s positive momentum, attention is turning to select altcoins that could see significant gains as well. Here’s a look at four altcoins: MATIC, SUI, RENDER, and TAO, poised to benefit from Bitcoin’s rally.
MATIC, known as Polygon, has bounced back above the crucial $0.49 level, showcasing bullish momentum. The moving averages are indicating a potential bullish crossover, with the RSI in positive territory. If the price holds above the 20-day EMA, a push towards $0.75 could be on the horizon.
SUI, on the other hand, has seen a strong rebound from the 20-day EMA, signaling optimism among buyers. Breaking above the $1.20 resistance level could pave the way for a climb towards $1.44, but a drop below the moving averages may lead to a decline to $0.71.
In the case of RENDER, the recent rally above the moving averages indicates diminishing bearish pressure. While a pullback below the 20-day EMA could pose a challenge, a rebound towards $7.26 and $8 is possible if the bulls maintain control.
Lastly, TAO faced resistance at $361 but found support near the moving averages, hinting at a potential double bottom pattern formation. A breakthrough above $361 could trigger a new uptrend towards $500, while a dip below the moving averages may lead to a retracement to $250.
As Bitcoin continues to hold its ground, these altcoins could ride the wave of bullish sentiment, potentially soaring to new heights. Stay tuned for more updates on these promising cryptocurrencies.