- If BTC continues to remain above its current level, it could be good news for altcoins.
- Bulls may be able to push up the ETH price to $1,800.
- XRP is now facing a rejection of the resistance at $0.4096.
As long as the price of Bitcoin (BTC) continues to remain above its current level, it could spell out good news for altcoins. Some people believe that the altcoins that will perform best under these circumstances will be Ethereum (ETH), Cardano (ADA), and XRP.
The price of ETH has been trading within a falling wedge pattern, but this can be considered largely bullish in the near future. Although it is expected that the altcoin will probably face rejection and reach a lower support, a giant price action could be triggered by this.
The bearish divergence and the rejection at the resistance could push the price back into the wedge, but the bulls this will attract could push up the ETH price to $1,800.
ADA is currently stuck in a descending parallel channel, but is maintaining the average levels of the channel. The price of the altcoin has also been testing the upper resistance of the channel, which means a rejection is a reality and the price of ADA could drop hard.
If this is the case, ADA will probably retest the lower support, but this could be followed by a rise in price. If the bulls are strong enough, they could even push the price up high enough to breach the upper resistance of the channel.
Even after showing strength throughout the month of January, the price of XRP is now facing a rejection of the resistance at $0.4096. An extended bearish action could bring down the price of XRP to $0.4 in the coming days, after which a rebound could see the price of the altcoin head toward $0.5.
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