The post These Altcoins Could Skyrocket Once Bitcoin Moves Beyond $38,000 appeared first on Coinpedia Fintech News
The Bitcoin price again surged close to $38,000 and faced rejection to trade close to $37,300 at the moment. As the altcoins are closely related to Bitcoin, and hence the BTC price moves bullishly, the altcoins have also made a significant move. Consecutively, when the altcoins are growing, Bitcoin could also grow higher. Therefore, if the star crypto moves first, the altcoins are surely expected to follow, and vice versa.
Although Bitcoin is a primitive and the largest crypto in the market, some of the altcoins are closer to undergoing a fine upswing.
Compound (COMP) Price Analysis
- The compound price surged massively during the previous trading day after forming a Doji candle and reclaimed the levels it traded during the mid of August
- The price appears to be in between a parabolic recovery and, hence, an upswing after undergoing a four-day-retracement
- Therefore, the price is believed to maintain a healthy upswing, considering the parabolic curve as a strong support, eventually reaching $75 by the end of the year.
Polygon (MATIC) Price Analysis
- The MATIC price soared high and marked a new monthly high in the previous couple of days but refrained from marking the $1 milestone
- Besides, the trading volume marked its highs above $33 million for the first time since the start of the year, indicating a clear rise in the trend
- Presently, there are fewer chances of a retracement and hence the MATIC price is believed to maintain a fine rise and surpass $1 soon
Dogecoin (DOGE) Price Analysis
- Dogecoin price does not appear to be strong at the moment compared to the previous two but the bulls continue to be ahead
- A clear retrace can be witnessed below 0.5 FIB retracement but the session ended before reaching 0.618 FIB, which is a signal of strength
- There is a rise in volume trend where the bear volume bars are smaller than the bullish volume bars