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Bitcoin\u2019s<\/a> price attempted recovery above the $30,000 resistance level, but after facing rejection ahead of the $31,000 mark, its price oscillated close to $28,983 at the time of writing. BTC\u2019s price jumped by almost 7% in a day, cutting its weekly losses to less than 18%, in tandem altcoins saw a short-term price push.<\/p>\n The world\u2019s largest cryptocurrency by market cap was still down by over 50% from its all-time high made in November 2021 at around $69,000. After BTC\u2019s recent short-term uptrend, most of the major altcoins faced the uphill task of recovering above their key support\/resistance levels.<\/p>\n<\/div>\n<\/div>\n Certain altcoins that performed well over the last week in tandem with BTC\u2019s recovery above the $27,000 mark were binance coin (BNB)<\/a>, Tron (TRX)<\/a>, Decentraland (MANA)<\/a>, and Maker (MKR)<\/a>.<\/p>\n In addition to that, two ethereum (ETH)<\/a>-based altcoins called Chain\u2019s XCN and FLEX Coin\u2019s FLEX token charted notable weekly gains despite the widespread crypto meltdown.<\/p>\n The native token of the blockchain technology company chain, XCN, rose by more than 30% in price over the last seven days from a low of $0.071 to a high of $0.091.<\/p>\n On the other hand, Hong Kong-based futures exchange platform\u2019s native token FLEX jumped by over 33% in the last week from a low of $3.72 to a high of $4.95.<\/p>\n Furthermore, many altcoins like DOT<\/a>, AVAX<\/a>, SHIB<\/a>, MATIC<\/a>, FTT<\/a>, FTM<\/a>, and APE<\/a> were briefly in the green zone. Apecoin\u2019s APE token rallied by 46%, breaking above the $9.00 level, while FTM, MANA, and GALA<\/a> saw close to 50% gains over the last week.<\/p>\n<\/div>\n<\/div>\n Binance Coin\u2019s BNB saw a bounce from the $200 support zone, rising to as high as $300 on May 13. However, the fifth-ranked coin by mark cap faced considerable resistance at the $315 mark and after making a high of $313 on May 13, it made its way back to the $250 level.<\/p>\n If bulls fail to ride the sell-side pressure, the price might correct lower, but dips could be limited below the $250 level. At the time of writing, BTC\u2019s price pullback to the $28,900 mark brought BNB\u2019s price down to the $279.36 level.<\/p>\n BNB\u2019s price was down by 9.35% in the last 24-hours and almost 25.62% over the previous week.<\/p>\n Apart from BNB, Tron\u2019s TRX token maintained its price above the key $0.067 mark despite the market-wide sell-off. TRX\u2019s price made it close to the $0.084 mark but faced resistance at the higher level, which led to a pullback towards the $0.067 mark.<\/p>\n While TRX\u2019s price maintained its rangebound movement between the $0.067 and $0.084 mark, its price didn\u2019t fall below the key support zone at the $0.065 mark which was noteworthy.<\/p>\n Defi token MKR was another coin that performed well amid high sell pressure in the larger market. On the other hand, Decentraland\u2019s MANA gained up to 50% as the market saw a short-term recovery.<\/p>\n Maker Protocol\u2019s MKR token recovered from the last week\u2019s losses as the price pushed above the $1500 mark. At press time, MKR traded at $1,456.29, noting 1.71% daily and 9.55% weekly gains.<\/p>\n On a weekly chart, MKR\u2019s price made a higher high for the last four days.<\/p>\n At the time of writing, data from CoinMarketCap highlighted that MANA was the top gainer in the top 100 assets by market cap.<\/p>\n The 33rd ranked coin by market cap traded at $1.14, noting 4.19% daily gains. Over the last two days, MANA\u2019s price recovery above the $1.13 mark has instilled positive momentum for the coin.<\/p>\n If bulls push MANA above the $1.15 mark, further gains could be expected in the near term for the alt.<\/p>\n Most of the top altcoins have a high BTC correlation during bear markets. The top coin\u2019s price movement and volatility provide ample opportunities for alts to rally.<\/p>\n Crypto analyst Rekt Capital notes that BTC would need a monthly close above the $35,000 mark for a bullish higher timeframe close and to keep losses at bay. While a monthly close above the $35,000 mark may seem unachievable, if volatility and buying pressure takes on the same could pan out in favor of the bulls.<\/p>\n BTC\u2019s monthly close above the key resistance at $35,000 could aid positive momentum to altcoin trajectories. In the last week, BTC\u2019s price has made some decent progress recovering above the range low of around $28,600, but a push from bulls above the $30,000 mark would be needed for altcoins to move upwards.<\/p>\n #BTC<\/a> has made some progress in recovering the Range Low (green), specifically ~$28600<\/p>\n For $BTC<\/a> to develop some semblance of bullish momentum, it needs to keep ~$28600 as support for price to challenge ~$32000 (orange)<\/p>\n Weekly Close below green would be bearish#Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/l2scY3znxQ<\/a> pic.twitter.com\/MsqkwvIbkQ<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) May 12, 2022<\/a><\/p>\n<\/blockquote>\n Analyst Rekt Capital also highlighted that for \u2018BTC to develop some semblance of bullish momentum, it needs to keep $28600 as support for price to challenge $32000.\u2019 However, a BTC weekly close below the $28600 mark would be bearish.<\/p>\n<\/div>\n<\/div>\nAltcoins short-term price surge<\/h2>\n
BNB, TRX, MANA, and MKR see short-term price gains<\/h2>\n
So, what do altcoins need to recover?<\/h2>\n
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