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The recent bloodbath in the crypto space has dampened the bullish momentum of most cryptocurrencies in the market. Bitcoin fell below the $26,000 monthly low at around $25,601, sending a huge bearish signal. However, some altcoins continue to show their keen strength. As a result, XRP, Stellar, and Litecoin are leading the recovery phase and could affect other altcoins. The market, which has started the week fresh, seems to have withstood the turmoil caused by the last weekend. This can be compared to the positive movement of altcoins against Bitcoin. According to data from Santiment, the sharp rise in the prices of Litecoin, XRP, and Stellar came soon after the bears showed some exhaustion.
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The growing sentiment towards altcoins, especially the top 20 altcoins, indicates that traders are currently inclined to stay away from Bitcoin. Nevertheless, the probability of an alt season is still low. It is speculated that the main reason is the long-standing and continuous short-term rebound of the coin. However, the current rebound may show a different trend, which may slightly push the price above the temporary resistance level. Litecoin (LTC)
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The recent decline has taken Litecoin price below major support levels seen since the beginning of the year
Although the price sparked a nice rebound soon after hitting the yearly low, the pace of recovery was not in line with the required levels
Interestingly, the RSI has just shown a bullish divergence, which could help prices to rise slightly from current levels.
Moreover, the volume continues to remain in the lower range, so the price may hit the interim resistance and continue to consolidate until it gets a bullish push.
Ripple (XRP)
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The price of Ripple continues to hover in an accumulation phase between the 0.236 FIB level and the 0.382 FIB level.
The recovery has stalled the bearish trend and with the RSI showing a bearish divergence, the possibility of revisiting lower support levels emerges
Moreover, after a minor recovery, the rally has weakened somewhat, so a prolonged consolidation at the 0.23 FIB level is likely.
However, after validating the bounce, XRP price is seen marking a sharp recovery, rising above the temporary resistance and recovering lost positions.
Stellar (XLM)
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Since the recent bullish push following Ripple’s victory over the SEC, XLM prices have continued their steep downward trend
The RSI faces rejection at the resistance level, which suggests that the price may face a minor correction soon
Therefore, the price, which is currently facing a minor correction, will test the average band of the channel and if the bulls remain strong, a healthy rebound is expected
Otherwise, the price might decline to the lower support of the channel, validating a new bearish wave
