The altcoin sector is becoming more dominant while the price of Bitcoin remains steady near $70,000. Additionally, the recent sanctioning of a spot Ethereum ETF is enhancing the purchasing demand for altcoins, potentially leading to an increase in trading volume soon.
Bitcoin’s $70K Might Halt Altcoin Rally
Recently, the BTC price has experienced a significant rise, driven by a surge in ETF volume, consolidating around the $70K mark. Following the approval of a spot Ethereum ETF, Bitcoin’s dominance saw a minor decline, dropping 2.3% over the week.
Since May 20, the altcoin season index has shown a downward trend, moving from a peak of 43 to 35. This indicates that the market might not be poised for a rally just yet. Nonetheless, with preparations underway for SOL and XRP ETFs, the altcoin market could soon gather momentum.
Uniswap (UNI) Price Analysis
Uniswap price has been surging exponentially above its Fib channels and is currently holding momentum around the $11 mark. Both side traders are now aiming for a clear trend in the coming hours. As of writing, UNI price trades at $11.2, surging over 3.8% from yesterday’s rate.
Bears are currently defending the $12 level strongly; however, buyers aim to break above by increasing the pressure. A surge above $12 might strengthen long positions, resulting in a surge toward the $17.2 level.
Read more: Uniswap (UNI) Price Breaks Out of Consolidation; A Fresh Upswing of 25% Could Be on the Horizon!
However, a rejection from $12 would suggest that bears are trying to establish this level as a resistance level. To initiate a downward rally, bears must break below the EMA20 trend line. This might lead the price toward $8.2.
Bonk Price Analysis
The price of Bonk has recently shown significant upward movement, attempting to overcome nearby resistance levels. Despite this, bears are actively attempting to prevent further increases, creating strong resistance near the $0.000037 mark. At present, Bonk’s price stands at $0.000035, reflecting a decline of 2.8% in the last 24 hours.
The BONK/USDT trading pair appears set to surpass Fibonacci levels and reach the resistance at $0.000048. Bears view maintaining this level as vital to preserve their control, as exceeding it might mark a change in market dominance. If successful, the price could surge to a new ATH next week.
Also read: 60% Upside Potential In BONK Price If Bulls Surpass $X
Conversely, a decline below the moving averages might strengthen bearish positions. As a result, the Bonk price might head toward the immediate support level of $0.000022. If bears continue to put further pressure, we might see the Bonk price drop toward the support of $0.0000135.
Notcoin Price Analysis
Notcoin price has been experiencing fluctuations around the moving averages on the 15-min price chart, reflecting a significant struggle between buyers and sellers. Recently, bears succeeded in sending the price below the EMA trend lines. As of writing, NOT price trades at $0.0051, surging over 2.8% in the last 24 hours.
The sellers are attempting to hold the price below the moving averages and the Fib lines. Should they succeed, the NOT/USDT pair might decline to the key support level at $0.0046, which is likely to prompt aggressive purchasing from the buyers. A robust recovery from $0.0046 could prolong the sideways movement.
To indicate a shift in momentum, buyers need to overcome the descending resistance channel. Achieving this could trigger a rise to $0.0057, and potentially reach the major resistance at $0.0068.
