The broader digital currency ecosystem is experiencing a mixed price reaction as some altcoins have charted a different path from Bitcoin which is currently trading at a loss. At press time, Bitcoin is changing hands at $38,055.09, down 4.26% in the past 24 hours according to CoinMarketCap. A brewing volatility war that was ignited over the weekend appears to currently be in the favor of the market bears as BTC price has retraced significantly in two days.
From a weekly high of $42,541.68, a swift drop below three crucial support regions, including the $42,000, $40,000, and $38,000 has been recorded, tapering off the expectations of a likely sustainable bull run.
The awakening may come as the RSI per the BTC-USD 4h chart shows overselling, and the bulls may wade in any unannounced.
Altcoins Rebelling Against Bitcoin’s Downtrend
As the bears are overpowering the upsurge in Bitcoin price, a number of altcoins are trending with an antagonistic correlation. Cardano (ADA), Voyager Token (VGX), and Terra (LUNA) is championing a new uptrend per their high rates of growth.
The Cardano resilience is driven more by the expectations of a new crop of smart contracts being hosted on the coin. This fundamental has been held onto by the bulls and has informed a broad stir that has kept the bulls in control for the past couple of months. Though a retrace may be seen to a $1.30 price level, a rebound is imminent as more bullish sentiments are rekindled.
Voyager Token (VGX) is also seeing a renewed price growth, surging 21.48% to $3.0. The moves in the altcoin may see a sustenance should buyers keep up the pace to keep price above the $3.5 resistance point.
Terra (LUNA) is all in to register its dominance as a formidable stablecoin powered global payment system. The uptrend in the token by virtue of its utility is a function of both the embrace of the Terra platform and the confidence investors put in the LUNA governance token.
The short-term moving average of LUNA on the LUNA/USDT 4h chart is bullish, an indication that the bulls are not slowing down their accumulation. At a current price of $14.21, a push towards its all-time high price of $22.33 may appear unchallenging should this current growth trend be sustained.
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