- An analysis suggested a bull rally for altcoins.
- Market indicators remained bearish for XRP and Ethereum.
The market witnessed quite some volatility in the recent past, but altcoins like Ethereum [ETH] and Ripple [XRP] held their ground last week.
In fact, a recent analysis hinted at yet another altcoin rally in the coming days.
Are altcoins expecting another rally?
Bitcoin’s [BTC] downtrend caused the entire market to shed its value in the last few weeks. However, as per the latest analysis from Rekt Capital, altcoins managed to hold their ground.
As per the tweet, despite Bitcoin’s 18% pre-halving retrace, the altcoin market cap continued to hold on to the $315 billion level as support.
AMBCrypto then planned to take a look at top altcoins like ETH and XRP to see what to expect from them.
Are people buying ETH?
AMBCrypto found that at press time, selling pressure on ETH was high. This was evident from the rise in its Supply on Exchanges.
However, it was interesting to note that despite the drops in price and high selling pressure, ETH’s supply led by top addresses rose. This meant that whales were confident in the token.
Source: Santiment
To see whether whales’ confidence would translate into reality, we then took a look at ETH’s daily chart. Despite the possibility of an altcoin rally, ETH’s metrics remained shaky.
The token’s MACD displayed a bearish advantage at press time. Additionally, its Relative Strength Index (RSI) registered a sharp downtick, further suggesting a downtrend.
Source: TradigView
What’s up with XRP?
After Ethereum, we checked XRP’s state, as it is also one of the top altcoins. As per CoinMarketCap, XRP was up by over 2% in the last seven days.
At press time, the token was trading at $0.6301 with a market cap of over $34 million.
However, despite the rise in price, the token’s Social Volume dropped. Its Weighted Sentiment also declined, meaning that bearish sentiment around it was dominant in the market.
Source: Santiment
Read Ethereum’s [ETH] Price Prediction 2024-25
We then took a look at its daily chart to see whether its metrics were also bearish, like ETH. Not surprisingly, the findings were the same. XRP’s MACD was likewise bearish, and its RSI signaled a price drop.
It will be interesting to see which direction altcoins move in the coming days, considering the bearish indicators of the top altcoins.
Source: TradingView