- Bitcoin and top altcoins are in a tight range as traders wait for a big price shift.
- Ethereum and Litecoin are forming key patterns that could lead to a breakout soon.
- Solana, Cardano, and Chainlink are holding at important levels that may trigger a breakout.
Bitcoin has been consolidating since February, and the cryptocurrency economy has mirrored its movement. As of press time, the token is trading at $97,025 and is confined within a falling triangle, signaling a possible breakthrough. The Bollinger Bands indicate declining volatility, while the MACD suggests a bearish momentum. Key support lies at $94,315, while resistance at $100,111 is the critical breakout level. A decisive move in either direction could shape the market’s trajectory in the coming weeks.
Bitcoin’s Sideways Trend Sets Market Tone
Bitcoin’s prolonged consolidation has set the tone for the entire market, with altcoins following suit. Historically, BTC’s price action heavily influences altcoin trends, and the current stagnation is no exception. The market awaits a catalyst to determine the next directional move.
Ethereum, trading at $2,733.9, has also formed a symmetrical triangle, a pattern often preceding breakouts. After surging 43.44% in November and 18.63% in December, ETH experienced a 15.69% pullback, bringing it to a neutral stance.
The RSI at 43.63 suggests moderate selling pressure, while the MACD at -112.7 remains in negative territory, signaling subdued momentum. A breakout above $4,090 could ignite a rally, while a drop below $2,062.9 may trigger further declines.
On the flipside, Litecoin is displaying an ascending triangle, which is often seen as a bullish continuation pattern. Trading at $129.80, LTC faces resistance at $135.20. The RSI at 57.45 indicates moderate buying pressure, while the MACD above the Signal line suggests bullish momentum. A successful breakout above $140 could fuel an upward push, but failure to hold support may lead to a decline.
Related: Altcoin Season Coming Soon: Get Ready for Big Moves
Altcoins Consolidate, Awaiting Breakouts
Solana, Cardano, and Chainlink are also consolidating positions for potential breakouts. Each asset is experiencing resistance at key levels, with technical indicators suggesting increasing volatility.
Solana is priced at $171.60 and is reflecting a 1.60% daily gain. However, it remains under pressure, facing resistance at $193.81 and support at $167.89. The Bollinger Bands is showing some reduced volatility, while the MACD remains in falling territory. If the token breaks past $193.81, it could surge toward $200, but failure may lead to a drop toward $160-$167.
ADA is trading at $0.7841 and has increased by 1.34%, of which it is actually forming a symmetrical triangle, which is a classic breakout pattern. The MACD shows slight rising momentum, and a move above $0.80-$0.86 could push ADA toward $1.00. A breakdown, however, could see prices revisit $0.6677.
Chainlink priced at $18.07, is consolidating within a descending wedge. The RSI at 38.94 suggests the coin is nearing oversold territory, while the MACD signals continued weakness. A breakout above $22-$25 could indicate a bullish shift, while a decline below $17 may lead to further downside.
