The crypto markets appear to have to withstand significant bearish action in recent times as Bitcoin prices continue to trade beyond $20,000. On the other hand, Ethereum prices also continue to sustain above $1300 due to the fact that the DeFi and NFT spaces are also manifesting acute strength. Amidst the coiling market sentiments, popular altcoins like Cardano, EOS & Tron are expected to drop hard in the coming days.
As per the data from Santiment, an on-chain analytical platform, ADA, EOS & TRX are the popular 3 assets that may foresee a reduction in the number of traders’ participation. Mainly due to the extensive consolidation within a reduced and narrow range.
Cardano’s price has been trading below $0.6 for more than 4 months now, while EOS price failed to sustain above the gained levels and quickly dropped below the neckline of the double top pattern. While TRX’s price dropped by nearly 17% to 18% in the past 2 months, that may have distanced investors from these altcoins.
On the other hand, altcoins like LINK, MATIC & AAVE are at the foothills of a massive explosion as they are flashing a short-time top signal. However, the upswing continues to depend on the stability of Bitcoin prices and hence requires the prices to sustain above $20,000 until the day’s close.
While BTC prices have sliced through the crucial trend line and are rising towards the north, they are failing to hold above the gained levels. The bears are believed to drag the price lower, below $20,000, which may further drop the bullish momentum mounted within the altcoins. Hence, the upcoming couple of days could be pretty important and may determine the next course of action.