Bitcoin is Consolidating; Will Altcoins Trigger a Bullish Trend?

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The Bitcoin price again began to consolidate along the same levels around $28,000, while the market participants remained misty about the incoming price action. The second largest altcoin, Ethereum, has sustained strongly above $1800 with a slight pullback of only 0.76% compared to the previous trading day, displaying the mounting strength among the other altcoins. 

These Are the Major Altcoins That Are Displaying

Ripple (XRP) 

Ripple price has been the talk of the town for quite a long time as it underwent a sudden price movement. The last week of Q1 2023, carried the possibility of producing the final ruling in the Ripple vs SEC lawsuit which filled massive bullish momentum within the XRP price. However, as time elapsed with no such event occurring, the XRPArmy appeared to be slightly unhappy. 

The XRP price was moving along the lower trend line for a long time. However, the recent upswing elevated the price beyond the interim resistance at $0.53 but failed to hold at these levels. Although the bearish influence has intensified, the price continues to trade close to $0.5, manifesting itself as being self-assured to revive a steep bullish trend in the days ahead. With a breakout, the price may initially reach $0.6 and later head toward the next target.

Cardano (ADA)

Cardano’s price has undergone a v-shaped recovery to reach the interim resistance at $0.385 from the lows around $0.308. However, the fresh consolidation has compelled the price to remain stuck at the gained levels while the buying pressure has waned to a large extent. However, the interim pullback that appears to be very short-lived could attract more liquidity, which may lift the price very soon. 

The ADA price is trading within an ascending triangle and just faced rejection from the resistance. The trend currently has shifted in favor of bears, and a significant drop may be expected. However, the bulls who are passive currently are believed to resume rising soon, which may lift prices enough to hit the resistance. The trend may continue until it reaches the apex of the consolidation, after which a breakout may be expected. 

Litecoin (LTC) 

Litecoin’s price is maintaining its strength and continuing to trade within an ascending, rising channel. The price presently aims to clinch the much-needed 3-digit resistance at $100, which may further trigger a notable upswing if bulls break down the bears at these levels.

Presently, the momentum appears to be bullish despite the fact that the price has dropped from the average levels of the channel. Besides the ADX, which determines the strength of the rally, the chart is trying to undergo a bullish divergence, which may trigger a notable upswing ahead. With a breakout, the price may further hit $100 initially and maintain a fine upswing to reach $118 major resistance.