BTC Still Maintaining Dominance
Generally, investors will most of the time require BTC to surrender dominance in order to realize significant gains in the altcoin market. However, many projects sometimes pump significantly regardless of BTC dominance. In this particular scenario, strength or weakness is not the deciding factor but rather the underlying fundamentals of the particular project in question.
In a similar way that news events override technicals, a project forming partnerships or achieving some other success will rally regardless of where the BTC dominance may lie.
This exception to the rule is however reliant upon BTC in one particular aspect though. Bitcoin needs to be trending up, sideways, or at least modestly down. Unfortunately, severe dumps for BTC still have a rather significant impact on the altcoin market as a whole. So, in a scenario where BTC experiences a severe correction, a potential setup can be negated.
This understanding needs to be constantly factored into trading strategies. Trading is very much a case of action and reaction. You need to know what to do in different scenarios because the story can change due to these dynamics, as well as others.
Coiling Up
This altcoin is slowly building up towards what appears to be a very strong potential rally. Looking at the charts, a breakout is literally at the door. The volume is also increasing, which is the perfect ingredient to any rally. Moves are generally confirmed by a significant rise in volume. As the price action approaches the breakout level with increased volume, the outlook looks promising.
In my latest article, I propose a possible rally of hundreds of percent for this altcoin, provided certain criteria are met.
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
