HomeNewsAltcoins Flashing Bullish Signals as Bitcoin Maintains $26,000 Support

Altcoins Flashing Bullish Signals as Bitcoin Maintains $26,000 Support

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  • Bitcoin remains resilient, signaling a bright market scenario for specific altcoins.
  • Select altcoins demonstrate promising indicators, hinting at budding buying opportunities.

In light of Bitcoin’s consistent stability over the past three weeks, the premier cryptocurrency seems primed to finish this week on a high. This development indicates a possible inclination toward the bulls, as highlighted by Cointelegraph.

Federal Open Market Committee’s Impending Influence T

he forthcoming Federal Open Market Committee meeting scheduled for September 20 could introduce market volatility.

“Though many market watchers anticipate the Federal Reserve to keep the status quo on rates, potential curveballs during Jerome Powell’s conference could introduce unforeseen market dynamics.”

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Bitcoin’s rebound from the crucial support around $24,800 has sparked a surge in buying activity for certain altcoins. For these cryptocurrencies to pursue their ascending trajectory, Bitcoin’s price must consistently remain above $26,500.

On September 14, Bitcoin transcended the 20-day exponential moving average ($26,303), signaling a decline in selling pressure. The resilience of the bulls is further underscored by Bitcoin’s defiance against several bearish attempts to push its price below the 20-day EMA.

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Maker (MKR) sailed past the 50-day SMA ($1,162) on September 15, reflecting a robust bullish stance. Currently, the MKR/USDT pairing seems poised to test the $1,370 barrier, where a rigorous tug-of-war between the bulls and bears is anticipated.

Aave Exhibits Bullish Undertones

Aave experienced a notable surge above its moving averages on September 16. Despite evident sell-offs at higher valuations, if Aave maintains its momentum above the 50-day SMA ($59), an upward push towards the $70-$76 range could be in the offing.

THORChain has showcased considerable recovery recently, indicating a budding bullish revival. The $2 mark emerges as a decisive resistance. If the bulls successfully breach this, a bullish trajectory towards $2.30 and potentially $2.80 could unfold.

Render’s Encouraging Prospects

Render (RNDR) surpassed and solidified its position above the 50-day SMA ($1.58) on September 15, hinting at diminishing selling pressure. With moving averages on the cusp of a bullish crossover and a favorable RSI, a shift in market sentiment – from selling during peaks to buying during dips – seems likely.

 

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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