Bitcoin (BTC) Price Surges Amid Banking Crisis: Opportunity for Altcoins to Rally
The banking crisis continues to cause a butterfly effect throughout the financial markets. This new problem has triggered a rush to buy BTC and has pushed the price of BTC to a nine-month high. As the ascent of the coin cools off over the weekend, bearish sentiment is brewing.
However, this new condition and the banking crisis will provide a perfect opportunity for buyers who were sidelined to accumulate the coin and for altcoins to trigger a quick rally.
The gaming category for cryptocurrencies is seeing a significant rally due to the upcoming gamer development conference set to start on Monday, March 20, and run until Friday, March 24. Let’s look at the altcoins that are seeing a march uptick and are rife with characteristics for future success.
ImmutableX Tipped for a 70% Increase
According to the three-day forecasts, the IMX token could see a 70% rise soon, which will see the coin rise to $2. In the last ten months, the token has formed an inverse H&S pattern, obtained by measuring the distance from the head’s highest point to the lowest and then adding the outcome to the breakout point, currently at the $1.32 level.
If the pair returns to the fair value gap, it could extend from $1.24 to $1.41. On the flip side, if Immutable X fails to breach the $1.32 hurdle, it would indicate an exhaustion of buying pressure.
Magic to See 25% Rise
The Magic price is trading at $1.77 after seeing a 25% uptick in the past four days. Based on the daily RSI and the Awesome Oscillator, the price will likely rise with bullish momentum.
After spending a fortnight below it, the relative strength index has returned from the 50 level. The recent movement indicates that buyers are taking back control. If the AO indicator recovers and moves above zero in the next three weeks, buyers are fully stepping up and wait for further spikes in the price of Bitcoin.
The trend-based Fibonacci tool will see the target increase and trend higher, including 161.8% and 127.2% at $2.60 and $2.25, respectively. Analysts expect a 25% to 45% gain in the token in the upcoming week. The invalidation will occur if the price breaks below $1.35, with the move seeing a lower low and triggering a correction.
STEPN On a Bull Run
The token market is currently witnessing a price variation, with the formation of a double bottom over the weekend. The first bottom was formed by Eve, while Adam is currently delaying its formation, resulting in a V-shaped bottom.
The structure’s depth is around 52%, suggesting that the token’s price will likely rise soon. Adding this depth to the current price level of $0.589, we can calculate the next target, hovering at the $0.906 level. This movement indicates significant bullish momentum in the market, and investors can look forward to the token’s price rising in the coming days.
The bullish outlook is also supported by technical indicators such as the RSI or the Relative Strength Index and the Awesome Oscillator (AO). For example, the RSI shows a sharp bounce from the midpoint, a bullish indicator. Similarly, the AO indicator has moved above the zero level, another bullish signal for investors.