If Bitcoin ($BTC) is able to break out of its bull flag, the resulting influx of capital into the cryptocurrency space as a whole could be huge, sparking the altcoin season of this bull market. That said, so far, there are few altcoins that are outperforming $BTC. However, $BNB, $SOL, and $RENDER are prominent among them.
BNB/BTC up 80% since December 2023
Source: TradingView
Binance Coin ($BNB) has been in an uptrend against $BTC since early 2021. However, after the bull market top in November 2022, the BNB/BTC price did bleed severely in favour of $BTC over the entire bear market, as was the case for all altcoins.
Nevertheless, since early 2023, the trend has been up in favour of $BNB once again, with an 80% gain so far.
As can be seen from the chart above, the $BNB price is consolidating above the first of the Fibonacci levels (0.236). Targets above are the 0.382 Fibonacci at 0.01BTC, and then the 0.618 Fibonacci at 0.014BTC, with the 0.786 Fibonacci above that at 0.016BTC.
The RSI at the bottom of the chart shows that the indicator line is maintaining above the 50.00 level, which it historically does during times of $BNB dominance over $BTC.
SOL/BTC pair heading for huge breakout
Source: TradingView
The SOL/BTC pair is heading towards the apex of a huge triangle. There is actually another 3 or 4 months left in the triangle should the SOL/BTC pair linger inside.
However, once the break comes, it is more likely to the upside in favour of $SOL, given that this is the current trend direction. Once positively broken out of the triangle, If the 0.003BTC resistance level can be broken and confirmed above, the all-time SOL/BTC high at 0.0046 could be attained during the latter stages of this bull market.
RENDER/BTC uptrend recommences
Source: TradingView
The RENDER/BTC chart shows an uptrend in favour of $RENDER since crypto emerged out of the bear market at the beginning of 2023. The 66% reversal since $RENDER topped against $BTC was probably quite painful for $RENDER bulls, but it looks as though this is about to change.
The large retrace came back to the ascending trend line and has started to creep up along it. The $RENDER price has been rejected from the first of the Fibonacci levels at 0.0001, but an ascending triangle is forming just below.
If the current trend continues, it might be expected that $RENDER breaks up and through the 0.236 Fibonacci. Targets for the RENDER/BTC pair are in the chart above, given by the Fibonacci levels.
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.
