How Altcoins May React To Bitcoin Sustaining Below $24,000

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Crypto Price Today Feb 28 – Last weekend, the Bitcoin price kicked off a minor relief rally amid the ongoing correction phase in the market. However, the price rally supported by low volume indicated weakness in the upside commitment and pushed the coin below the $24,000 mark. As a result, negative sentiment persists in the crypto market, encouraging further correction in altcoins.

As of 6:23 a.m. Tuesday, the global crypto market capitalization sits at $1.07 trillion, which is a slight decrease of 0.41% from the previous day. Furthermore, the 24-hour trading volume for the cryptocurrency market is $45.98 billion, reflecting a growth of 25.22% over the same period.


TradeSee ChartSource- Tradingview

Today, the ImmutableX coin price recovered from the local support of $0.958-$0.942, with a long bullish 9.5% gain candle. Therefore, a bullish reversal has occurred after a significant correction of the past two weeks, indicating that market participants are interested in buying dips.

Also, this correction phase was part of a strong bullish reversal pattern called the cup and handle pattern. Under the influence of this pattern, the altcoin should rise 20% from its current price of $1.05 and reach the pattern’s neckline resistance of $1,276.


TradeSee ChartSource- Tradingview

Over the past ten days, the SingularityNET token price resonated in a fixed range of $0.46-$0.48 to $0.38. Today, the price of the coin witnessed a massive entry and broke above the overhead resistance of $0.46. This massive breakout should release trapped bullish momentum and trigger a significant uptrend.

Having said that, the next high volume test candlestick questions the credibility of the previous breakout. Therefore, interested traders should wait for the price to sustain above $0.48 to take advantage of a long entry opportunity.

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Conflux (CFX)

TradeSee ChartSource- Tradingview

After an explosive rally in the third week of February, the Conflux coin price reached a fifteen-month high of $0.33. However, with the growing downtrend in the crypto market, the CFX price immediately reversed, triggering a correction phase.

So far, the coin’s price is 41% lower than the aforementioned week and remains above the combined support of the 0.382 and $0.216 Fibonacci retracement level. Additionally, the lower price rejection indicated that buyers are getting strong support from this level.

Along with the aforementioned support, the 0.5FIB at $0.178 and the 0.618FIB at $0.14 are strong support that could resume the previous uptrend.

Batteries (STX)

TradeSee ChartSource- Tradingview

Over the past few days, the price of the Stacks coin has been rising in response to a rising channel pattern. However, as the price of cryptocurrencies points to the resumption of the correction phase, the price of STX has recently turned down from a resistance trend line of this pattern.

At press time, the price of the coin is trading at the $0.88 mark, with an intraday loss of 2.5%. However, the price trend is likely to complete the ongoing bear cycle within this pattern and it would drop 16% to revisit lower support.

Anyway, a price breakout of any of the trend lines will influence the near future price of the Stacks coin.

I have been working in Journalism for 5 years. I follow Blockchain and Cryptocurrency since last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech me at brian (at)

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication has no responsibility for your personal financial loss.

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