DOGE, MKR, OP and XDC gather strength as Bitcoin price remains range-bound
Bitcoin’s price consolidation is giving altcoin traders confidence that DOGE, MKR, OP and XDC could break out. Bitcoin (BTC) has been stuck in a narrow range for the past several days. A minor positive is that the range has formed near the recent local high. This suggests that the bulls are not rushing to the exit as they anticipate another leg higher. Bitcoin’s consolidation has pulled its market dominance to 48% from over 50% on June 30. This shows that market participants have been gradually shifting their focus to select altcoins, which are starting to move up. Crypto market data daily view. Source: Coin360 However, an altcoin recovery is likely to remain in place only till Bitcoin shows strength. If Bitcoin turns down sharply, the possibility of a sell-off in altcoins remains high. While select altcoins provide trading opportunities, cryptocurrency traders should be careful and keep a close watch on Bitcoin’s price action. What are the important support and resistance levels ...