Bitcoin (BTC) Market Cap Extends Its Bullish Breakout as Altcoins Like Sui, Stacks (STX) and Fartcoin

The cryptocurrency market gains strength on Monday, led by select altcoins like Sui, Stacks (STX) and Fartcoin, following another round of instability in United States (US) markets

The cryptocurrency market is displaying strength on Monday, particularly among select altcoins like Sui (SUI), Stacks (STX) and Fartcoin (FART). This positivity follows another round of instability in United States (US) markets as President Trump's administration unveiled plans to shake up the Federal Reserve (Fed), possibly firing Fed Chair Jerome Powell.

The US dollar (USD) is also tumbling, with the US Dollar Index (DXY) – which measures the Greenback's value against six major currencies – hitting a three-year low. Markets are interpreting the White House's direct attack on Powell as threatening the central bank's independence, FXStreet reported earlier today.

As the implied instability rattles currency markets, Bitcoin (BTC) is strengthening its bullish outlook, breaking above $87,500 during the Asian session on Monday. Major altcoins, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), are also posting significant gains.

Altcoin season breakout, or fakeout?

An altcoin season occurs when alternative cryptocurrencies experience a breakout, outperforming Bitcoin by gaining a greater market share and momentum. Increased investor interest, market trends, or project developments can drive the widespread gains.

Since the launch of Exchange Traded Funds (ETFs) in January 2024, Bitcoin has outperformed altcoins, with its market share remaining above 60%. According to CoinGecko, Bitcoin's dominance currently stands at 60.37%, leaving 39.63% for altcoins.

According to the chart by CoinGecko

Historically, altcoin seasons have culminated in Bitcoin losing market share as retail investors decreased their exposure to BTC in favor of other tokens, like Sui, Stacks and Fartcoin. However, the launch of Bitcoin ETFs has shifted the dynamics, leading to institutional and retail investors preferring to hold BTC while reducing exposure to altcoins.

As crypto prices recover in the second half of April and the months to come, the focus will be on how altcoins respond, whether they could outpace Bitcoin, and whether they reward holders who continue to grapple with unrealized losses.

Can Sui's price sustain a bullish breakout?

The price of Sui is up more than 7% on the day and trades at $2.26 at the time of writing. Since lows of $1.72 hit on April 7, the Layer 1 token has pushed to escape the extended downtrend from its all-time high of $5.36, reached on January 4.

The path of least resistance is gradually shifting upwards as SUI sits above the descending trendline. Key signals backing the uptrend include a bullish outlook from the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicator's upward direction.

The MACD is showing a buy signal on the daily chart as it moves closer to the center line. The green histograms also indicate the potential for more gains ahead. The RSI indicator is positioned above the midline and is heading up, which reinforces positive sentiment among investors.

The chart highlights a crucial level for traders to observe. As the price of Sui rises, it may encounter resistance at the 50, 100, and 200-day Exponential Moving Averages (EMA) at $2.41 and $2.74, respectively. The 100-day EMA crossing below the 200-day EMA is another bearish signal to consider before going all in on SUI. In a scenario where the coin drops below the descending trendline, key areas of support are $1.80 (green in the chart) and $1.50, a level tested in September.

Stacks price validates inverse head and shoulders

The price of Stacks is recovering strength, trading at $0.70 at the time of writing on Monday. The breakout occurs amid a generally bullish outlook across the crypto market, but most importantly, the validation of an inverse head and shoulders pattern. This pattern signals a potential bullish reversal after a downtrend, characterized by three troughs: a lower "head" flanked by two higher "shoulders."

The chart shows the crucial level for traders to consider.

Traders would set buy orders slightly above the neckline resistance at $0.65, while the stop losses would go marginally below the same level. With increased volume, Stacks is expected to rise 27% to $0.83, a distance equal to the pattern's height extrapolated above the breakout point. With STX remaining above the 50, 100 and 200 EMAs on the 4-hour chart, bulls could likely tag $0.83 in the coming days.

However, the RSI indicator is positioned in the overbought region, which indicates the possibility of bearish momentum clawing back the accrued gains.

Fartcoin price relentlessly battles to reclaim