Bitcoin's Upcoming ATH Pushes Altcoin Dominance

The altcoin market gained a strong surge in dominance following Bitcoin's recent rally above the $100K level.

Bitcoin’s price has soared to new highs above $105,000 this week as trade tensions eased and the US and China discussed possible trade deals.

With Bitcoin now pushing for a new all-time high (ATH) this month, some altcoins are also showing strong potential for huge gains. In this article, we’ll look at which altcoins could possibly jump by 10x after Bitcoin hits a new ATH.

Bitcoin’s Upcoming ATH Pushes Altcoin Dominance

The altcoin market has seen a strong surge in dominance following Bitcoin’s recent rally above the $100K level. Last week, the Fed announced no rate cut, aligning with market expectations.

The Federal Reserve has been saying that it’s open to cutting interest rates since inflation isn’t a big concern and the ""donut hole"" period began last month.

"We’re prepared to cut rates if the outlook for the economy changes materially and to keep rolling over the securities in our portfolio."

- Federal Reserve Chair Jerome Powell

— Benzinga (@Benzinga) July 12, 2023

However, the good news is that inflation is slowing down, and the US economy remains steady. This more relaxed position from the Fed is expected to further boost the market.

Bitcoin has gained about 21% over the past 30 days and is now only 5.5% below its all-time high. As Bitcoin approaches its all-time high, it’s setting the stage for several altcoins to potentially surge by 10x this month.

Pi Price Analysis

Pi coin has been on a strong bullish rally for over the last few days as it recorded over 112% gain in the last 7 days. Buyers are now facing a bearish decline after getting rejected above $1.667. As of writing, Pi price trades at $1.1, surging over 3% in the last 24 hours.

Relative Strength Index (RSI)

The recent sharp drop has pushed the RSI below the neutral region at level 45, which could mean a short-term pullback or sideways movement. For the upward trend to continue, bulls need to defend the $1 level. However, a drop below this level might consolidate the Pi coin price within the initial breakout zone at $0.8-$0.6.

On the other hand, if buyers manage to keep the price above the 20-day Exponential Moving Average (EMA20) trend line, the PI/USDT pair might gain momentum and rise to $1.66 again. Sellers will probably try to stop the rally there, but if the bulls break through, the price could climb to $2.

Price Action Analysis

Bears are actively dominating the price chart, aiming for a rally below $1. However, buyers are defending strongly as the Pi coin price faces accumulation around the recent dip.

If the sellers succeed in pushing the price lower, it could lead to a steeper decline, potentially reaching the 50-day Simple Moving Average (SMA) at $0.8.

On the other hand, if buyers manage to keep the price above the 20-day EMA, the next resistance level is at $1.66. A breakout above this level could propel the Pi coin price to the 1.272 Fib level at around $2.

Pepe Price Analysis

Pepe price has been surging exponentially following Bitcoin’s $100K rally. Pepe saw a strong rally from the 50-day SMA near $0.000012 but it is struggling to surpass $0.000015. Currently, Pepe price trades at $0.0000138, surging over 4.4% in the last 24 hours.

Relative Strength Index (RSI) Level

The RSI level is still hovering below the neutral region, which suggests that sellers are still in a slightly stronger position.

If the price drops to $0.000013 and finds support there, it would signal that the sellers are getting tired and could lead to a rally toward the 0.382 Fib level at $0.0000154 and possibly the 0.5 Fib at $0.000017.

On the other hand, if sellers manage to keep the price below the 20-day EMA, it might lead to a steeper decline and a retest of the $0.0000125 zone. A breakdown below this level could continue the sell-off towards the 50-day SMA.

dogwifhat (WIF) Price Analysis

WIF price is facing a bearish correction after failing to break above $1.32. As of writing, WIF trades at $1.1