Bitcoin’s rebound above $50,000 could boost sentiment and attract buying in select altcoins such as MATIC, NEAR, ATOM, and HNT.
) broke out and closed above the resistance line of the descending channel on Dec. 25, indicating that the downtrend may be over.The 20-day EMA has started to turn up and the RSI has risen into the positive territory, indicating that bulls have the upper hand. If buyers sustain the price above the channel, the ATOM/USDT pair could rise to $33.60 and thereafter to $38.
This suggests that the sentiment has turned positive and traders are buying on dips. The pair could rally to the overhead zone at $33.60 to $34.15 where the bears may mount a strong resistance. If the price rebounds off the current level, the buyers will try to push the HNT/USDT pair above the overhead zone. If they succeed, the pair could rise to $51.94.
The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.
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