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Altcoins are becoming increasingly bullish in the wake of Bitcoin (BTC)




The entire crypto market continues to show its bullish side. Most of the top 100 altcoins show a significant price increase on a weekly basis. A sustained strength of the crypto reserve currency Bitcoin (BTC) could lead to further upward momentum in the coming trading weeks.

Confidence that the correction could bottom out also increased further in the past trading week. Many altcoins are showing increasingly bullish tendencies. Bitcoin is also tending further north at the beginning of the week and at the time of this writing may generate a new high of 45,901 USD. The positive development in the overall market, just a few days before the announcement of the current inflation data in the USA, also suggests that the crypto market is likely to have shaken off its weakness of the last trading months for the time being.


Best price development among the top 10 altcoins:

Uniswap (UNI):

Uniswap is also strong at the beginning of the week and shows a price increase of 28 percentage points in a weekly comparison. The first target price of USD 28.94 – targeted in the analysis of August 6 – has already been worked off. The UNI rate is thus stabilizing above the MA200 (green) and is focusing on the next target price at USD 30.09.

Bullish variant (uniswap)

The DeFi sector continued to advance this week. Uniswap is benefiting from the increasing interest in decentralized financial solutions and should already start the next resistance at USD 30.09 in the coming trading days. If this resist is also overcome without any significant correction, the UNI rate will target the 61 Fibonacci retracement at USD 32.70. If the bulls manage to break the lower edge of the red resistance area upwards, a march through to the upper edge of the red resistance area at USD 34.95 should be planned. There is strong horizontal resistance from March 2021.

A stabilization above USD 35.00 activates the next target at USD 36.61. If the picture on the overall market continues to brighten in the coming months, Uniswap should rise to the blue resistance zone between USD 41.12 and the all-time high at USD 44.87. If the UNI rate also overcomes the current all-time high at the end of the day, a subsequent rise to the 138 Fibonacci extension at USD 57.10 is likely. The maximum price target is initially 64.56 USD. The 161 Fibonacci extension of the superordinate trend movement can be found at this price mark.

Bearish variant (uniswap)

If Uniswap rebounds significantly south at USD 30.09, but no later than the 61 Fibonacci retracement at USD 32.70, and then falls back below the support at USD 25.16, the area moves around USD 23.10 back into view. In addition to the breakout level of the last week of trading, the EMA20 (red) can also be found here. Just below, at USD 21.65, there is also the EMA50 (orange), which should also have a holding effect. If these sliding support lines break through downwards, a directional decision is made at the orange support zone. The EMA200 (blue), the supertrend in the daily chart and the 23rd Fibonacci retracement can be found in this support cluster. A relapse below this range by USD 20.51 is currently very unlikely. Only if the overall market were to weaken again would a relapse to this multiple support be conceivable. If this zone breaks, the first target price is USD 19.33.

If this price level is subsequently undercut again, the probability of a retest of the green support zone between USD 17.34 and USD 15.88 increases. In the short term, this area is conceivable as the maximum correction target. However, if there is no clear resistance from the bulls, the chance of a retest of the low at USD 14.00 increases. If Uniswap even corrects to the lower edge of the light blue support zone and breaks the low of May 23 at USD 13.02, a sale to USD 11.27 or even USD 9.11 cannot be ruled out. The maximum bearish price target for the coming months is USD 7.54. Only when the market as a whole collapses is it even conceivable that this support brand will be launched.

Indicators (Uniswap)

The RSI as well as the MACD indicator show a buy signal at the beginning of the week. The RSI in the weekly chart also generated a fresh long signal on Monday, August 9th, which should give Uniswap a further boost.

Worst price development among the top 10 altcoins:

Binance Coin (BNB):

The Binance Coin BNB can only partially follow its competition from the top 10. Although BNB also rises by six percentage points to the north on a weekly basis, the price increase is less than that of the other top 10 crypto currencies. After all, the BNB rate was able to stabilize above the resistance at USD 348 for the time being and should begin to jump towards USD 374 shortly.




Bullish variant (BNB)

Despite less momentum than that of its top 10 altcoin counterparties, the BNB price is also bullish and can assert itself above the red support zone. If BNB manages to overcome the previous week’s high of USD 360, the next target price of USD 374 comes into focus. If the BNB exchange rate can continue to increase in value, a breakthrough to USD 390 (38 Fibonacci extension) or even USD 407 is likely. If BNB does not rebound decisively towards the south, the trend high of June 3 at USD 430 will be the next target. Should the BNB rate subsequently also overcome these resistance levels, an increase to the 50s Fibonacci retracement at USD 451 is conceivable.

If the bulls can also overcome the Fibonacci 50 retracement at USD 451 per day’s closing price, the next target area between USD 480 and USD 501 will be activated. This is where the 61 Fibonacci retracement of the overarching trend movement can be found. Only when the USD 501 is recaptured in the long term should a walk-through up to USD 579 be planned. Here is the 78th Fibonacci retracement of the current movement. If the overall market continues to develop positively in the coming months, the BNB rate should target the medium-term price target in the area of ​​the orange resistance zone between USD 608 and USD 624. The all-time high of USD 692 would then also be within reach. A break from the high on May 10th activates long-term price targets above USD 800.

Bearish variant (BNB)

The bears seem to have lost the fight for now. Only when the BNB exchange rate dynamically corrects back towards USD 330, the seller’s side can raise their first hopes again. In the area of ​​USD 330, however, the EMA20 (red), EMA50 (orange) and MA200 (green) are currently running, which is why a ricochet to the north should be planned. A relapse below this multiple support would be the first bearish indicator. The BNB rate could initially give way to USD 315. In the blue support zone, there are two further strong supports with EMA200 (blue) and the supertrend. If, contrary to expectations, BNB falls back to USD 291 and breaks the lower edge of the blue support zone, a correction widening to USD 264 is likely. The last lows at USD 253 could also be restarted.

If the low of July 20 is also dynamically undershot, the probability of a correction widening to the last low at USD 224 increases. A relapse to the May 23 low at USD 211 is also conceivable. Should Bitcoin again slide below USD 30,000 in the direction of its low at USD 28,830, BNB could correct to the support area at USD 186. A renewed overall market weakness would open up space up to USD 165 in the medium term. For now, there is little chance of a correction towards the green support zone between USD 148 and USD 124. The bullish scenario is to be preferred and price setbacks to significant supports represent buying opportunities.

Indicators (BNB)

Both the RSI and the MACD show a buy signal on a daily basis. Even on a weekly basis, the RSI indicator is on the verge of generating a fresh long signal, which is likely to have a price-supporting effect in the medium term.

Top 10 stability

Bitcoins (BTC) positive price development of 14 percentage points in value also helps all other top 10 Altcoins to price gains. The list of outperformers is headed by Uniswap (UNI) with a price premium of 28 percent, followed by Dogecoin (Doge) with a price increase of 25 percent. Ethereum (ETH) is also still bullish, with a price increase of 22 percent. Ripple (XRP), Cardano (ADA) and the top 10 newcomer Solana (SOL) also tend to be higher and increase in value by around 13 percentage points. Only the Binance Coin (BNB) was relatively weak in the past trading week and only gained six percentage points. The ranking of the top 10 altcoins shows a ranking change this week. The high-speed blockchain Solana can move up to 10th place in the top 10 altcoins for the first time and displaces Chainlink (LINK) from the top 10 again after just one week.

Winner and Loser of the Week

The overall market continues its recovery. Bitcoin’s clear impetus towards USD 45,000 also pulls the majority of the top 100 altcoins up with it. Almost 90 percent of the 100 largest cryptocurrencies show a price increase on a weekly basis. The winners list is led by Ravencoin (RV) with 61 percent price gain followed by Internet Computer (ICP) with 60 percent price gain. Elrond (EGLD) with 50 percent price plus, as well as Qtum (QTUM) with 48 percent are also growing strongly in the price. Among the weekly losers, Quant (QNT) with a 9 percent price discount and SafeMoon (SAFEMOON) with 8 percent are the biggest losers. Amp (AMP) with a 7 percentage point drop in value and Telcoin (TEL) are also weak among the top 100 altcoins six percent price loss. The development of the top 100 altcoins will be determined in the short term by whether Bitcoin can continue its bullish tendencies in the coming trading weeks.

Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.

The chart images were created using TradingView created.

USD / EUR exchange rate at the time of going to press: 0.84 euros.



Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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