DigiByte (11.89%) and Orchid (30%) defy the trend as Bitcoin drops to $10,653. Ethereum, Ripple, ChainLink, and Polkadot all in red too.
The week has started with most altcoins struggling for meaningful moves, and action looking more likely to depend on how Bitcoin holds above $10,800.
Although the pioneer crypto-asset managed to crack $11,000 and posted a weekly candle at $10,925, it has been a challenging few hours already for bulls. BTC/USD is down 2.95% as of writing to see bears pushing prices to the lower limits of $10,600.
If bulls fail to hold the area, a retest of $10,500 and weekly lows around $10,300 could pull altcoins even lower.
Altcoin market outlook
While several altcoins in the top 100 are shadowing the flagship BTC/USD pair, losing by more than 3% over the past 24 hours, many more are getting bashed.
There are not many coins in green as of writing, with sell-offs pushing prices lower amid stagnation for the leading coin Bitcoin.
However, two altcoins stand out among the top 100: DigiByte (DGB) and Orchid (OXT).
DigiByte is the biggest gainer among the top 50 coins with its price against the US dollar 11.89% in the green over the past 24 hours to trade at $0.029.
The uptick in the price of DigiByte comes as the cryptocurrency looks to use its partnership with PAC Global to highlight its strength as a blockchain network. The DGB/USD pair recently broke above a falling wedge pattern to spring above major resistance at $0.026. With the price above both the 50 and 100 MAs, bulls are likely to aim for $0.03.
Orchid’s OXT is the biggest gainer among the top 100 as of writing. The altcoin’s price is up 30% on the day and is trading around $0.38 after bulls failed to puncture resistance around $0.50.
The RSI has begun to shift from overbought into the neutral zone, and although prices remain above the 20 MA and 50 MA, a sharp drop as witnessed in the past hour could see it rely on support around $0.28.
Ethereum and XRP struggling
Ethereum, Ripple, Bitcoin Cash, ChainLink, and Polkadot are all down between 4.2% and 11.9% as of writing.ETH/USD is down more than 6% at $354 while XRP/USD is trending lower at $0.23 after dropping by more than 4% in the past 24 hours.
On the other end of the spectrum are coins like Flexacoin, Sushiswap, Aave, and Synthetix Network. These altcoins are posting some of the biggest losses, with their respective prices against the US dollar down more than 16% in the past 24 hours.