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Following the rise in Bitcoin‘s price, most altcoins failed to achieve the expected sustainable gains. This is a usual situation as convincing rallies in altcoins are generally not seen until BTC enters a consolidation phase. The leading cryptocurrency is still striving to determine its peak. So, how high could three popular cryptocurrencies go in a possible bullish scenario?
Ethereum (ETH) Commentary
Ethereum, the largest altcoin by market value, has surpassed $2,200 with the support of the BTC rally, yet remains distant from the ETF excitement. This is positive because the critical threshold had not been surpassed for a long time, and such delayed gains can trigger significant increases regardless of the chart.
Returning to the price chart, the rising 20-day EMA ($2,063) and RSI are supporting those expecting a rally. With the breakout from the triangle formation on the chart, the previously mentioned target of $3,400 can be focused on.
However, bears may attempt to create a new selling wall between $2,500 and $3,000. If the Ether price sees closures below $2,200, this could be the first sign of weakness, and rally expectations might collapse. Therefore, the daily closure happening in a few hours will be significant.
Ripple (XRP) Coin Comments
XRP, although it rose above the 20-day EMA ($0.62) on December 2nd, the fluctuation in BTC price brought rapid profit-taking with it. The lingering of BTC’s RSI indicator in the overbought zone has led altcoin investors to expect an intermediate correction, making them overly cautious. If BTC can close above $42,000, the $0.67 barrier could be surpassed.
For XRP Coin, closures above $0.67 could lead to new movements between $0.74 and $0.93. Conversely, closures below $0.60, as repeatedly mentioned, could lead to a drop to $0.56 and $0.46.
Solana (SOL) Commentary
The anticipated second major rally for SOL Coin could begin with closures above the $68.2 resistance. Bulls struggling to invalidate the downtrend formation could climb to $85 with closures above $68.2. On the other hand, investors should be cautious about closures below $57 for SOL Coin in case of a potential BTC drop. According to technical readings, closures below this region would target a test of $51.
