Bitcoin's Positive Momentum Could Drive Gains in XRP, TAO, RUNE, and SEI

ICARO Media Group
News
29/09/2024 22h44

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Bitcoin's current performance is on track to deliver a historic monthly outcome, setting a potentially bullish trajectory for altcoins such as XRP, TAO, RUNE, and SEI. Despite Bitcoin failing to sustain a rally above $65,000, the fact that bulls haven't lost much ground indicates strong buyer confidence and an expectation for further gains.

In the past week, U.S. spot Bitcoin exchange-traded funds saw inflows amounting to $1.1 billion, marking the highest weekly influx since mid-July. This influx indicates a shift towards positive market sentiment, further evidenced by the Crypto Fear & Greed Index reaching 63, a clear entry into greed territory.

Another telltale sign of retail traders returning to the crypto markets is the spike in downloads of Coinbase’s official app on the Apple AppStore. On September 28, the app climbed to the 385th most downloaded position, a significant improvement compared to its typical bear market standing above the 500 mark.

Currently, Bitcoin's stability above the $65,000 breakout level suggests that bulls are not in a rush to liquidate their positions. Both the 20-day exponential moving average (EMA) set at $62,650 and the relative strength index (RSI) being in the positive territory imply bullish control. Should Bitcoin rally from its current level, it might reach $70,000, although sellers are expected to mount a strong defense between $70,000 and $73,777.

XRP is forming an ascending triangle pattern, signaling a potential rally if it closes above the $0.64 resistance. Successful completion could propel the XRP/USDT pair towards $0.74, a level that has been a formidable resistance for months. Should bulls overcome this hurdle, XRP might surge to $0.90. Conversely, failure to maintain above $0.64 could see XRP descend to the 20-day EMA at $0.58.

Bittensor (TAO) also shows promise as it recently closed above the $530 resistance. Despite failing to surpass $600, the continued defense of the $530 level by bulls is a positive sign. If TAO breaks past $600, it could resume its upward trend, targeting $640 and subsequently $720.

In sum, with Bitcoin holding firm and positive market sentiments, several altcoins are poised to capitalize on this momentum, potentially leading to significant gains in the near term.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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