How Altcoins May React to Bitcoin Sustainability Below $24000

Crypto price today Feb 28th: Last weekend, the Bitcoin price initiated a minor relief rally amid the ongoing correction phase in the market. However, the price rally backed by low volume indicated weakness in bullish commitment and pushed the coin back below the $24000 mark. As a result, the negative sentiment persists in the crypto market, which encourages further correction in altcoins.

As of 6:23 am on Tuesday, the global crypto market cap stands at $1.07 trillion, representing a slight decrease of 0.41% from the previous day. Additionally, the 24-hour trading volume for the cryptocurrency market is $45.98 Billion, reflecting a growth of 25.22% over the same period.

ImmutableX(IMX)

Source- Tradingview

Today, the ImmutableX coin price rebounded from the local support of $0.958-$0.942, with a long bullish candle of 9.5% gain. Thus, a bullish reversal came after a significant correction of the last two weeks, indicating the market participants are interested in buying dips.

Furthermore, this correction phase was part of a strong bullish reversal pattern called the Cup and handle pattern. Under the influence of this pattern, the altcoin should rise 20% from its current price of $1.05 and hit the pattern’s neckline resistance of $1.276.

SingularityNET(AGIX)

Source- Tradingview

Over the last ten days, the SingularityNET token price resonated in a fixed range spread from  $0.46-$0.48 to $0.38 levels. Today, the coin price witnessed a massive inflow and breached the overhead resistance of $0.46. This massive bullish breakout should release the trapped bullish momentum and trigger a significant uptrend.

Having said that, the following retest candle with high volume questions the credibility of the prior breakout. Thus, interested traders should wait for price sustainability above $0.48 to grab a long entry opportunity. 

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Conflux(CFX)

Source- Tradingview

After an explosive rally in February’s third week, the Conflux coin price reached a fifteen-month high of $0.33. However, with the increasing bearish in the crypto market, the CFX price reverted immediately and triggered a correction phase.

So far, the coin price is 41% down from the aforementioned week and hovers above the combined support of 0.382 Fibonacci retracement level and $0.216. Furthermore, the lower price rejection indicated the buyers are obtaining strong support from this level.

Along with the aforementioned support, the 0.5FIB at $0.178 and 0.618FIB at $0.14 are strong support that could resume the prior bull trend.

Stacks(STX)

Source- Tradingview

Over the last few days, the Stacks coin price has been rising in response to an ascending channel pattern. However, as the crypto price hints at the resumption of the correction phase, the STX price has recently turned down from a resistance trendline of this pattern.

By the press time, the coin price trades at the $0.88 mark, with an intraday loss of 2.5%. However, the price trend is likely to complete the ongoing bear cycle within this pattern and would plunge 16% to revisit the lower support.

Anyhow, a price breakout from either trendline will influence the near future price of Stacks coin.