Altcoins Rebound as Bitcoin Gains Strength

Published on: Apr 24, 2024|4 min read

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London: 24 April 2024 (TraderMade): The crypto market is buzzing with excitement as Bitcoin's bullish weekend has paved the way for a potential market-wide rebound.

While Bitcoin remains the king of the crypto world, altcoins like TerraClassic (LUNA) and Terra (LUNA) are showing promising signs of a bullish breakout, potentially rising by 20%.

On the other hand, Ethereum is also holding strong, eyeing a 5% rally if it manages to clear the $3,280 resistance zone.

Key Takeaways

Bitcoin's weekend surge sets the stage for a potential market-wide rebound.
TerraClassic (LUNA) and Terra (LUNA) show significant bullish upswings as Bitcoin consolidates.
LUNA sees a notable influx of bullish momentum.
A breakout could push LUNA towards $0.00012, with the potential to reach $0.00015.
Terra (LUNA) displays bullish behavior post-retracement, expecting a rise to $0.87.
Holding above $3,120 with a key trend line at $3,170.
Ethereum could rally by 5% upon clearing the $3,280 resistance, aiming for $3,350, $3,500, and $3,750.

Bitcoin and Altcoins: The Rebound Story

Bitcoin's recent bullish momentum over the weekend has established a robust base for the entire crypto market, providing a much-needed catalyst for a potential bullish rebound.

While Bitcoin is showing signs of consolidation after failing to sustain above $67,000, altcoins are gaining strength and showing potential for significant upswings.

TerraClassic (LUNA) Price Analysis

TerraClassic (LUNA) has been trading within a falling wedge pattern for some time, and the recent rebound from the bottom has injected notable bullish momentum into its price.

Currently, the price is approaching the upper resistance level, but the buying pressure has decreased, which could slow down the rally's pace.

Key Highlights

Bullish Momentum: The recent rebound has brought a significant influx of bullish momentum to the TerraClassic price.
RSI Analysis: The RSI is slowly moving toward the average range, indicating that the token may maintain an ascending consolidation for some time.
Price Targets: A breakout could lead the LUNA price towards $0.00012, and there's a high possibility of ranging to $0.00015. On the downside, a rejection may result in a sideways accumulation between $0.00011 and $0.000098.

Terra (LUNA) is displaying extremely bullish behavior, as the price has successfully retraced after a recent pullback. The price has formed a double-top pattern, suggesting a potential bearish pullback, but it has managed to secure itself within crucial resistance levels.

The MACD has also displayed a bullish crossover, indicating a bullish continuation.

Key Highlights

Double Top Formation: The price has formed a double-top pattern, suggesting a potential bearish pullback.
Bullish MACD Crossover: The MACD has displayed a bullish crossover, indicating a potential bullish continuation.
Price Targets: A price rise to $0.87 may be expected if the bulls display strength in the next few days.

Ethereum: Holding Strong and Eyeing a 5% Rally

Ethereum's price is holding gains above the $3,120 resistance zone and is trading above the $3,165 and the 100-hourly SMA (Simple Moving Average). A vital bullish trend line is forming on the hourly chart of ETH/USD, with support at $3,170. Ethereum could rally by 5% if it manages to clear the $3,280 resistance zone.

Key Highlights

Bullish Trend Line: A key bullish trend line is forming with support at $3,170 on the hourly chart of ETH/USD.
Price Targets: The next key resistance sits at $3,350, and a move above this level could send the price toward the $3,500 and even the $3,750 resistance levels.

Technical Indicators for Ethereum

Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is now above the 50 level.
Major Support Level: $3,120
Major Resistance Level: $3,280

Conclusion

The crypto market has signs of a potential bullish rebound, with Bitcoin providing a strong base for altcoins to gain strength.

TerraClassic (LUNA) and Terra (LUNA) are displaying promising signs of a bullish breakout, potentially rising by 20%. Meanwhile, Ethereum remains strong and is eyeing a 5% rally if it manages to clear the $3,280 resistance zone.

As always, traders and investors must be cautious and research well before making any decisions in the volatile crypto market.