Originally published on: September 29, 2024
Bitcoin recently hit a major milestone by closing above $65,000, signaling potential for a rally in select altcoins like XRP, TAO, RUNE, and SEI. Despite consolidating after the breakout, bullish sentiment remains strong as buyers hold their positions in anticipation of further gains.
In the US, Bitcoin exchange-traded funds saw significant inflows of $1.1 billion last week, the highest level since mid-July, reflecting growing optimism in the market. The Crypto Fear & Greed Index also climbed to 63 on Sept. 29, indicating increasing investor confidence.
Chart data shows that retail traders are entering the crypto space, evident from the surge in downloads of Coinbase’s app on the Apple AppStore. This positive sentiment could lead to a continued uptrend in Bitcoin and other top cryptocurrencies.
Bitcoin (BTC) Technical Analysis
Bitcoin continues to trade above $65,000, with the 20-day EMA sloping up and the RSI in positive territory, suggesting bullish momentum. A break above $66,500 could propel BTC to $70,000, while a pullback might find support at the 50-day SMA.
XRP (XRP) Technical Analysis
XRP has formed an ascending triangle pattern, with a potential breakout above $0.64 signaling a move towards $0.74 and possibly $0.90. However, a sharp downturn below $0.64 could lead to a retest of the 20-day EMA.
TAO (TAO) Technical Analysis
TAO rallied above $530 but faces resistance at $600. A breakout above this level could result in a rally to $640 and $720, whereas a dip below $530 might lead to a correction towards $489.
RUNE (RUNE) Technical Analysis
THORChain surged above $5, setting the stage for a move towards $6 and $7. A pullback to $5 could provide a buying opportunity, while a drop below the 20-day EMA may signal a deeper correction.
SEI (SEI) Technical Analysis
SEI broke above $0.43 and could target $0.60 and $0.70 if it maintains support at this level. A failure to hold above $0.43 might lead to a retracement towards the 20-day EMA.
In summary, Bitcoin’s recent strength could lead to a broader rally in XRP, TAO, RUNE, SEI, and other cryptocurrencies. Traders should conduct their own research and exercise caution when making investment decisions in the volatile crypto market.
