- The analysis suggests a bull market for altcoins.
- Market indicators remained bearish for XRP and Ethereum.
While the market has seen considerable volatility recently, altcoins Ethereum [ETH] and ripple [XRP] It maintained that position last week.
In fact, recent analysis suggests further altcoin gains in the coming days.
Are altcoins expected to rise further?
Bitcoin's [BTC] The downward trend has reduced the value of the entire market over the past few weeks. However, the altcoin managed to maintain its position, according to the latest analysis from Rekt Capital.
According to the tweet, despite Bitcoin's 18% retrace before the halving, the altcoin market cap continued to hold the $315 billion level as support.
AMBCrypto then planned to take a look at top altcoins such as ETH and XRP to see what we can expect from them.
Are people buying ETH?
AMBCrypto found that there was high selling pressure on ETH at the time of writing. This was also evident from the increase in supply on the exchanges.
However, what is interesting is that despite the price decline and high selling pressure, the supply of ETH has increased, mainly at top addresses. This means that the whale had confidence in the token.
Source: Santiment
To see if the whales' confidence is reflected in reality, we took a look at the daily chart of ETH. Despite the potential for altcoins to rise, the ETH index remained volatile.
At the time of writing, the token's MACD was showing a bearish advantage. Additionally, the Relative Strength Index (RSI) recorded a sharp decline, further suggesting a downward trend.
Source: TradigView
What's going on with XRP?
After Ethereum, XRP is also one of the top altcoins, so we checked the status of XRP. According to CoinMarketCap, XRP has gained more than 2% in the past seven days.
At the time of writing, the token was trading at $0.6301, with a market capitalization of over $34 million.
However, despite the price increase, the social volume of the token has decreased. Its weighted sentiment also declined, meaning that bearish sentiment around it was dominant in the market.
Source: Santiment
read ethereum [ETH] price prediction 2024-25
Next, we looked at the daily chart to see if that indicator was bearish as well as ETH. Unsurprisingly, the results were the same. XRP's MACD was bearish as well, and the RSI suggested a price decline.
Considering the bearish indicators for top altcoins, it will be interesting to see which direction altcoins move in the coming days.
Source: TradingView
