What & How Market Leaders Influence Broader Markets?

From Bitcoin to Dogecoin, there are thousands of crypto assets, with various catalysts driving their prices. Some altcoins surged with use-case

Bitcoin (BTC) price has led the broader crypto market into the red zone on December 21, as it slipped below the $54K mark with an 8% loss. The BTC price action has shown a breakdown from an ascending wedge on the daily chart a week ago and slipped two critical supports at $60,278 and $56,393.

As the market leaders with the biggest market cap drag the larger market, it creates a ripple effect. As a result, traders and investors either enjoy the gains or suffer losses in their holdings, per the market sentiment.

According to CoinMarketCap, the Bitcoin Dominance was 56.4% at press time. It landed more than 25% in the past 7 days.

However, hooking on to the optimism from channel middle dynamic trendline support, that has historically proved its worth, a few crypto assets could be worth watching that are at an accumulation level and have managed to sustain at least the past 7 days’ declines.

Those cryptocurrencies among the top 100 global cryptos are Theta Network (THETA), Mantle (MNT), and Near Protocol (NEAR).

Theta Network (THETA) Price Analysis

Theta Network (THETA) price had a promising run earlier in the first quarter of 2024, which saw a 300% upthrust to reach $3.82. In the second quarter, it followed a downtrend by profit bookers, which extended in the third quarter with a recent BTC decline.

Its price dropped to the $0.90 demand zone at the time of writing. Despite massive declines in most other cryptos, with BTC impacting, the THETA token had the lowest drop amid the BTC crash landing.

THETA Price Chart by TradingView

The THETA price in the past week dropped 35.84%. It has been at a promising accumulation level, which has been a historically proven level.

If the token shows a bullish price action, accumulation could be promising for the investors for an upthrust to the $4.5 mark. The probable interruption could be at $1.80, $2.50, and $3.50, respectively.

Mantle (MNT) Price Analysis

MNT, positioned second in the list, was affected 35.86% in the past 7 days and has been at a critical zone. This level could be deciding lows if breached.

However, the level has shown the power of bulls in the past. The MNT price could ignite for $2 if major buying activity occurs. The resistance to watch would be at $0.88 and $1.24 levels, respectively.

MNT Price Chart by TradingView

Near Protocol (NEAR) Price Analysis

The third on the list is NEAR. This crypto has aped more than 750% gains in the past from October 2023 lows near the $1 mark, where the $3 demand zone had played a key role earlier.

During the current broader market dip, the NEAR price has slipped back to the same demand zone at $3, with a 36.98% fall over the past 7 days. The price slipped after a brief rally from $4.35, but bulls failed.

Therefore, the recent situation highlights that contingent on the buyer's interest, NEAR could aim for $10 to build a new ATH from the demand zone. It may encounter resistance at $5.0 and $6.80, respectively.

The above is the detailed content of What & How Market Leaders Influence Broader Markets?. For more information, please follow other related articles on the PHP Chinese website!