The post These Altcoins Have Been on the Rise for Over 48 Hours While Bitcoin Continues to Flounder appeared first on Coinpedia Fintech News
The Bitcoin price is undergoing a roller coaster ride, struggling to reclaim levels above $40,000. As the token dropped below the crucial levels, traders jumped in to accumulate, raising the trading volume by over 11% and causing a marginal rise in market capitalisation, which has dumped to $1.55 billion. Bitcoin’s dominance is increasing day by day, while the price continues to remain consolidated. Hence, it paves the way for other altcoins like Sui and Blur to thrive and keep the momentum elevated.
Sui (SUI) Price Analysis
Sui Price began its trading journey by printing a massive bullish candle, marking interim highs close to $2. However, the bears quickly jumped in to extract the profits, causing a steep correction that prevailed until the end of October 2023. With the market gaining strength in the last two months of the year, the SUI price also surged above the prevailing consolidation and is trying hard to set a fine upswing towards the previous highs.
As mentioned above, the price is very close to achieving a parabolic recovery to regain the lost levels at the neckline. Hence, the price is believed to maintain an ascending consolidation and eventually reach the previous high of $1.44. The RSI continues to remain in bullish favour, which suggests the growing dominance of the bulls. Therefore, with the growing volume and increasing buying pressure, the SUI price is expected to maintain an elevated trend and hit $1.5 anytime from now.
Blur (BLUR) Price Analysis
The Blur price initiated a rise from the bearish consolidation, but it does not appear to be carrying the required momentum. The ascending consolidation signifies that the bulls are accumulating strength as the price maintains higher highs and lows. With this, the possibility of sustaining an ascending trend could prevail for a long time.
Observing the above chart indicates the rally has changed its trajectory after remaining stuck within a descending range. Regardless of this, the traders can be hopeful of the impending trend as the DMI failed to flash a bearish signal. The +Di & -Di were about to establish a bearish crossover, but the levels flipped, keeping the bullish hopes alive. Besides, the ADX is also trying to stabilise a strong upward trajectory, which may push the BLUR price toward $0.8 soon.
