The S&P 500 Index had a positive week, increasing by 0.45%. While US equities were relatively slow, gold experienced a significant surge of over 5% this week, with its best one-day performance since December 1st of last year. However, Bitcoin did not have the same luck and is set to end the week down over 3%. This weakness, combined with regulatory concerns, has kept crypto investors away from altcoins, keeping Bitcoin’s market dominance around the 50% mark. Market observers are likely to focus on Bitcoin in the coming days, as a sustained price above $25,000 could lead to a bullish move and potential buying in select altcoins.
Bitcoin:
Bitcoin has been indecisive between bulls and bears, trading between moving averages. A breakout above the 20-day exponential moving average could lead to a rise towards $28,143, while a drop below the 50-day simple moving average may signal bearish control.
Solana:
Solana is experiencing a battle between bulls and bears near the 20-day EMA. If the bulls can break through resistance at $22.50, the price could rise to the neckline of an inverse head and shoulders pattern. However, a drop below the 50-day SMA could lead to a descent towards $18.58.
Lido DAO:
Lido DAO has been trading near moving averages, suggesting that bears may be losing their grip. If resistance at $1.73 is broken, the price could climb towards the downtrend line. However, a drop below moving averages would indicate bearish control and a potential retest of support at $1.38.
Internet Computer:
Internet Computer has been consolidating within a tight range between $2.86 and $3.35. A break above $3.35 could signal a trend change and lead to targets at $4 and $4.50. On the other hand, a drop below $2.86 would indicate a resumption of the downtrend.
VeChain:
VeChain has been trading within a descending triangle pattern, but the price has been holding onto the downtrend line. If buyers can push the price above this line, it could invalidate the negative setup and lead to an upward move towards $0.021. However, if bears defend the downtrend line, they may attempt to push the price towards critical support at $0.014.
Hot Take:
Despite a positive week for the S&P 500 Index and gold, Bitcoin has struggled and is set to end the week down. This has kept crypto investors away from altcoins and maintained Bitcoin’s market dominance around 50%. The focus will remain on Bitcoin in the coming days, as sustained prices above $25,000 could lead to a bullish move and potential buying in select altcoins.
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