Bitcoin (BTC) price surged above $107,000, making users optimistic, but will ETH breakout lift LTC & QNT above $100?

Bitcoin price surged above $107,000 for the second time in the past few days, which has raised confidence, making users optimistic.

The cryptocurrency market has seen a slight shift in investor attention, which is evident in the small pullback of Bitcoin dominance and the stalled recovery of the popular altcoins.

At press time, BTC price trades at $106,916 and shows no signs of slowing down. The stellar recovery from the 2022 lows has brought the token to new highs, which has kept the traders in great spirits. A small pullback from the ATHs could be seen as the investors booked some profits.

Interestingly, the Bitcoin dominance also encountered a small setback from the 2023 highs, which indicates that some investors are shifting their attention away from the star crypto and exploring other investment opportunities within the crypto market.

Among the other tokens, the price of Ethereum is struggling to rise above the $2500 mark, while Litecoin and Quant are still accumulating at the lower boundary of the $100 pivot.

Will ETH Price Breakout Help LTC, QNT Price Rise Above $100?

Litecoin price had broken out of a prolonged consolidation in the first few weeks of 2024, but the momentum fizzled out quickly as the token approached the 1Q23 highs. Although the bulls are attempting to validate a V-shaped recovery, the bears have successfully dragged the levels below $100 and kept the price contained.

In the short-term chart pattern could appear bullish, but in the broader timeframe, LTC price appears to be setting up for a major pullback.

Litecoin price has been trading inside a rising parallel channel for over a year, after triggering a rebound from the 2022 bear market. The token has been attempting to pierce above the middle band of the channel for over a couple of weeks, but the bearish start for the week flashes bearish signals. The 50/200-day MA is failing to form a Golden cross while the DMI is heading towards a bearish crossover. Hence, Litecoin price is expected to drop back to trade closer to $75 if the token fails to trigger a rebound.

Quant price has maintained a horizontal consolidation after surging more than 60%. The consolidation has been highlighting the weakness of the bulls, which may foreshadow an extended pullback. QNT price is at a decisive phase, and hence, a breakout could propel the price to continue to higher highs. While the volume is seen to be remaining in a lower range, it would be interesting to see whether the price will rise to $111 or drop to $80.

As evident from the chart, Quant price is about to witness a surge in volatility as the Bollinger bands are about to contract. On the other hand, the Chaikin Money Flow is approaching the zero level, suggesting a slowdown in the institutional money flow. This implies that the token is likely to accumulate for some time, after which a major price action could follow, depending on the volume.

Considering the current price action, it seems quite difficult for Litecoin and Quant prices to break above $100. However, with an increase in the buying volume, the market trends could change, which could remove the barriers to rise above the 3-digit figure.