Have Altcoins Hit Bottom? Ripple (XRP), Solana (SOL), and Thorchain (RUNE) at Breakout Levels
With Bitcoin on the verge of a breakout (or rejection), the altcoins are starting to stir. The altcoin market cap could already have bottomed. Will Ripple (XRP), Solana (SOL), and Thorchain (RUNE) be among the first to reverse the downtrend?
Total2 bounce could be the start of the altcoin trend reversal
Source: TradingView
Total2 tracks the combined market cap of all the cryptocurrencies, excluding $BTC. In this chart it can be seen that the price went down to touch the 0.786 Fibonacci level, which is the deepest of these levels. A bounce has ensued, and it remains for the altcoin bulls to push the price up above the current strong resistance level in order to complete the next stage towards reversing the downtrend.
$XRP approaches breakout
With the proviso that everything is still very much dependent on what Bitcoin does, $XRP is at breakout, or yet another rejection. The very strong support at $1.96 has been holding firm, and the latest rally bounced from this level.
Now up against a descending trendline, which started from the all-time high set in mid-January, a breakout is a first step towards a trend reversal. A couple of fake-outs have already occurred so it will be critical for the $XRP bulls to make a new local high above $3. Still on the table is a rejection from here, but one that puts in a higher low.
$SOL breaking out, but into strong resistance
Source: TradingView
The 4-hour chart for $SOL shows that a breakout is taking place. That said, a strong resistance level awaits overhead. Even if the breakout is successful, there may be some choppy sideways price action before the bulls are able to punch through this resistance.
The support level at $112 is also a strong one, probably marking an absolute bottom, so it looks likely that the price will continue to rise from here.
$RUNE breaks out – up 10%
Source: TradingView
$RUNE is among the leading gainers so far on Friday. Up more than 10% on the day so far, this surge has enabled the price to break out of the descending trendline.
The price is currently at resistance, if this can be overcome, the next targets, according to the Fibonacci levels for this move, are at $1.25, $1.32, $1.40, and $1.52. A reversal of this local downtrend would take place only if the bulls can make a higher high above $1.66.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
