The cryptocurrency market seems to have benefitted from the banking crisis that gripped the U.S. Bitcoin briefly crossed the $28k mark before climbing down again. BTC faces resistance at $28,228, while support has formed at $26,811.
Regardless, Bitcoin going up is good news for the cryptocurrency market as it usually leads to other tokens rallying. And that certainly might be the case if BTC can push past its current resistance levels.
Top three cryptocurrencies that could rally with Bitcoin
Ethereum (ETH): Ethereum is the second largest cryptocurrency project by market cap and usually follows BTC in price directions. While BTC gained 24.9% in the seven-day chart, ETH has gained 11.1%. ETH is facing resistance at $1820.25, with support at $1743.12.
Furthermore, according to the data on CryptoWatch, Ethereum (ETH) and Bitcoin (BTC) correlation over the last seven days is at 0.88, which is relatively high. The 24-hour correlation, on the other hand, stands at 0.86.
Ethereum also has the Shanghai upgrade coming soon, which could also have an impact on its price.
Litecoin (LTC): LTC has gained 7.7% in the last seven days and has fallen 2.2% in 24 hours. Nonetheless, LTC has a high probability of rallying if BTC pushes past $28k. Litecoin (LTC) faces resistance at $88.02, with support at $80.80.
Furthermore, Litecoin’s (LTC) correlation to Bitcoin (BTC) over the last seven days is at 0.84. The 24-hour correlation stands at 0.81.
Cardano (ADA): Cardano (ADA) is another popular cryptocurrency project that could rally along with Bitcoin (BTC). ADA is facing resistance at $0.3501, with support at $0.3337.
According to CryptoWatch, ADA’s correlation to BTC stands at 0.82 in the last seven days, and at 0.78 for the last 24 hours. Both numbers indicate high chances of a rally, given Bitcoin is able to push through.