In the recovery of Bitcoin (BTC), bullish scenarios may emerge for some altcoins.
Bitcoin (BTC), which has been in a downward trend for a long time, is dragging altcoins along with it. Altcoins are experiencing sharp declines, especially on September 11. FTX’s preparations to sell its $3.4 billion assets deepened the decline in altcoins.
Cointelegraph stated that the positive atmosphere on the BTC side could pave the way for the rise of some altcoins. TON, XLM, XMR and MKR may stimulate buyers’ appetite.
If Bitcoin (BTC) decline ends, buying may increase in some altcoins
Bitcoin (BTC) has had a negative impact on the cryptocurrency market. However, TON, XLM, XMR and MKR have the potential to start the bullish momentum.
In a news article covered by Cointelegraph, it was stated that the possible recovery on the BTC side may reflect the appetite for some altcoins.
The current bear market has led to testing lows. The bear claw has led altcoins in particular to strong declines. Despite all these processes, it is a striking fact that the buying appetite of long-term investors has increased.
According to a report by Amberdata, 24 percent of companies engage senior executives to improve their digital strategies. The appetite of corporates and the bottom prices that are starting to form in crypto prices show that there may be a buying appetite in the near future.
So, if BTC recovers, what can happen on the TON, XLM, XMR and MKR side?
Bitcoin (BTC) price analysis
Bitcoin (BTC) has been hovering around the $26,000 level in recent weeks. BTC, which made the $ 26,000 region a resistance and could not overcome this region, showed a downward trend again the other day. This situation, which also dragged altcoins, revealed the conflict between bulls and bears.
The falling moving average indicates that the bears are in an advantageous position. However, the positive divergence in the relative strength index reveals that the bulls are still more resilient. These indicators indicate that the bulls and bears have not yet gained an advantage.
If the bulls manage to establish a BTC price above $26,000, the $28,143 resistance will move quite close. On the other hand, the decline to $24,800, which occurred due to the efforts of the bears, may lead to the emergence of $20,000 in a short time.
Exceeding $26,000 indicates that the recovery process may begin and thus appetite may increase. If appetite increases, some altcoins are likely to see upward bursts.
Toncoin (TON) price analysis
Toncoin (TON) has pulled back into the 20-day exponential moving average (EMA) zone. This situation, which corresponds to the level of $ 1.69, shows that entries can be made.
On the TON side, the 20-day EMA seems likely to act as support and increase buyers’ appetite. TON may rise to $1.89. After this rise, its next stop may be $2.07. However, if the price decline on the TON side continues, this will indicate that the bulls are not yet close to the popular cryptocurrency. A pullback from the bulls and a continuation of the decline could accelerate a possible decline to $1.53.
The four-hour chart on the TON side shows that the bears are trying to sink the price below $1.72. This area works as the closest support. However, it seems that the bulls held their ground and held the price. Although the atmosphere of indecision continues, the falling 20-day EMA and the RSI in the negative zone increase the risk of a downward break. If the support in the $1.72 region is broken, the TON parity may drop to $1.66. Later, the price could touch the strong support at $1.53.
Stellar (XLM) price analysis
XLM/USDT broke above the 20-day EMA ($0.12) on September 4. The bulls thwarted the bears’ efforts to push the price lower again on September 5 and 6. This indicates that the bulls are trying to turn the 20-day EMA into support.
The price reached the 50-day SMA ($0.13), which acted as a roadblock. The positive tone for buyers is that they haven’t given up yet. It seems that the bulls are not in a hurry to exit this pair yet. If the price rises above the 50-day SMA, the pair could rise to $0.15 and then to $0.17.
If the XLM price remains above the overhead resistance, the pair could rise to $0.15. If the bears want to prevent the price from rising, they may have to quickly establish persistence below the 20-day EMA.
Monero (XMR) price analysis
Monero (XMR) has been stuck at uptrend line support in recent days. This shows that purchases on the XMR side are still at a weak level. The price has reached the 20-day EMA ($143).
If XMR bulls push the price above the 20-day EMA, forward recovery could occur. XMR/USDT could then reach the 50-day SMA ($151), where the bears could mount a strong defense again. If the bear resistance at this point is broken, the pair could test $160.
Maker (MKR) price analysis
Maker (MKR) is moving between moving averages. The tight price movement reveals the conflict between bulls and bears. Indecision is at the forefront for MKR. However, as a small positive that highlights the bulls, it is noteworthy that the price is trading on a downtrend.
To ensure positive weather conditions on the MKR side, buyers need to ignite a spark towards $1,227. At this point, buyers should push the price above the 50-day SMA ($1,157) and persistence in this zone should be achieved.
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