Following on from the market crash brought about by Iran’s bombardment of Israeli territory, altcoins have begun to recover, with some altcoins almost back to their pre-crash levels.
$BTC recovery transfers to the altcoins
The Bitcoin BTC/USD price dipped more than 5% on Tuesday following the news that Iran had launched a missile strike on Israel. This escalation in the Middle Eastern conflict caught markets unawares, and there was a general melt-down of prices across the board.
Nevertheless, Bitcoin was able to find a bottom, and bounce on Tuesday from a price of $60,200. Wednesday has seen a continuation of this bounce. This recovery has transferred to the altcoins, certain among which have almost regained their pre-crash prices.
Total3 perfect retest of top of bull flag
Source: TradingView
Total3 tracks the combined market capitalization for all the cryptocurrencies, excepting $BTC and $ETH. This chart shows a perfect retest of the top of its bull flag. The market cap is rising again, but will now have to contend with newly-formed resistance at the $615 billion level. Thus, as whilst there isn’t a further escalation of the Middle Eastern conflict, all is still fairly normal for the altcoins.
Bitcoin dominance can continue to decline
Source: TradingView
Bitcoin Dominance is still showing a decline from its top of 58.6%. BTC.D is now keeping below 57.7%, and a further fall might be expected to take place from here, although further escalations in current world conflicts may force Bitcoin dominance up once more.
$SUI already fully recovered
Source: TradingView
Sui (SUI/USD) is one of the leading altcoins right now - outperforming $BTC and the vast majority of cryptocurrencies. Looking at the short time frame chart for $SUI, it can be seen that it’s almost as though Tuesday’s conflict escalation never happened. A very fast 13% reversal, from top to bottom on Tuesday, was bought up extremely quickly, and on Wednesday the price is right back up at the local high of $1.91, and still holding above the 0.786 Fibonacci. The all-time high awaits above at $2.18.
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.
