Bitcoin’s potential surge to $62.5K could ignite breakouts in altcoins like TON, AVAX, KAS, and XMR. Analysts say these altcoins show technical strength and could rally if Bitcoin breaks free. Will this be the key to unlock altcoin gains?
The Bitcoin recent price slump has dragged many altcoins (alternative cryptocurrencies) down with it. However, analysts say a few altcoins are showing signs of strength and could be poised for a breakout.
Bitcoin Stalls in Trading Range
Bitcoin briefly dipped below $60,000 last week, but buyers emerged to prevent a steeper decline. The world’s leading cryptocurrency remains stuck in a trading range between $56,552 and $73,777, indicating a tug-of-war between bullish and bearish forces.
Experts are divided on Bitcoin’s future trajectory. Former PayPal CEO Peter Thiel believes Bitcoin’s upside is limited, while popular trader BitQuant is bullish, predicting a potential rise to $95,000.
Altcoins to Watch
While Bitcoin struggles, some altcoins are defying the downtrend. Here’s a closer look at four that analysts say have potential:
- Toncoin (TON): TON has support at its 20-day moving average, and a break above $7.67 could signal a rally to $8.29 or even $10.
- Avalanche (AVAX): Buyers are attempting to push AVAX above $29 resistance. A successful breakout could lead to a climb towards $32.78.
- Kaspa (KAS): KAS recently completed a bullish cup-and-handle pattern, and a break above $0.19 could see it rise to $0.24 or $0.28.
- Monero (XMR): XMR is finding support at its 20-day moving average, and a move above $172 could trigger a rally to $180 or $190.
The Final Word
Bitcoin’s direction remains uncertain, but these altcoins offer potential breakout opportunities for investors willing to take on some risk. However, close attention to technical indicators and support/resistance levels is crucial before entering any trades.
