cointelegraph.com
Bitcoin’s (BTC) recent downturn temporarily pulled its dominance rate down to 49.5% which is the lowest level since August 2018. This has led a growing number of traders to predict that altcoins will outperform Bitcoin in the short term.
Over the past few months, the price action from altcoins seems to be disengaging from Bitcoin. Take for example, Ether (ETH), which hit a new all-time high today even as Bitcoin price is down 20% from its all-time high.
Since then, the bears and the bulls have been battling it out at the 20-day exponential moving average ($35.89). The bulls are attempting to defend the 20-day EMA support and launch the next leg of the up-move while the bears are trying to extend the correction by breaking the support.
The marginally rising 20-day EMA and the relative strength index (RSI) above 57 indicate a minor advantage to the buyers. If the bulls can push and sustain the price above $40, the LINK/USDT pair could retest $44.33. A breakout of this resistance could start the next leg of the uptrend, which could reach $50 and then $55.72.
This bullish view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move could pull the price down to the 50-day simple moving average ($31.42) and delay the start of the next leg of the uptrend.
BAND/USDT
Band Protocol (BAND) was featured by Cointelegraph on Feb. 2 when its price was at $11.14. Since then the price h rallied to an all-time high at $23.30 on April 15, a gain of 109% in about two and half months.
The protocol announced on April 15 that its oracle data is live on Google Cloud Public Data, which can be used to build traditional, hybrid blockchain and cloud applications. Band said that the integration into Google Cloud Public Data was the first among many use-cases being explored with partners “to bridge traditional enterprises and blockchain applications.”
Band has continued to build partnerships to increase its market share. In the past month, it has announced partnerships with Krystal, Equilibrium, and Polygon. Additionally, one of the biggest financial institutions in Thailand, SCB 10X partnered with Band as a node validator.
BAND is currently trading inside a large range between $11.50 and $20.62. The bulls had pushed the price above the overhead resistance of the range on April 15 and 16 but they could not build up on the breakout.
The bulls are currently attempting to defend the 20-day EMA ($15.08). A strong bounce off this support will indicate that the sentiment remains positive and the bulls are accumulating on dips.
The buyers will likely try to push the price to $18.63 and then $20.72. A breakout of this resistance will signal the resumption of the uptrend.
However, the negative divergence on the RSI suggests the momentum may be weakening. If the bears sink the price below the 20-day EMA, the QTUM/USDT pair could slump to the 50-day SMA ($10.47) where the buyers may step in to stall the decline.
A strong rebound off the 50-day SMA could keep the pair range-bound for a few days while a break below the support will suggest the bears are back in the game.