Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP, Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Toncoin (TON), Chainlink (LINK), Polygon (MATIC)
Bitcoin (BTC) experienced a brief surge above $35,000, giving hope to aggressive bulls who were anticipating an upward move. However, the price quickly reversed and dropped below $35,000, suggesting that the breakout may not have been genuine.
During an uptrend, it is normal to see mild corrections. These corrections are actually healthy because they shake out weak investors. When the market is trending upwards, dips are seen as opportunities to buy. However, it is advisable to wait for the price to stabilize before making any purchasing decisions. Strong support levels can indicate where buyers might step in to prevent further declines.
According to MicroStrategy founder Michael Saylor, the current price level is an ideal entry point for those with a long-term time horizon. Saylor suggests holding the asset for 12 to 48 months.
Bitcoin Price Analysis
Bitcoin attempted to rally above $35,280 but was met with selling pressure at $35,985. The bears are now attempting to keep the price below $35,000. If they succeed, BTC/USDT could drop to $33,390, an important support level. A break below $33,390 may push the price down to the 20-day exponential moving average at $32,611. On the other hand, if the 20-day EMA holds, it would indicate a positive trend and the bulls might make another attempt to push the price to $40,000. However, if the price closes below the 20-day EMA, it could be a sign of weakening bulls, and the price might drop to $31,000.
Ethereum Price Analysis
Ethereum (ETH) briefly broke above $1,865 but faced strong selling pressure from bears, causing the price to retreat. The bears will try to push the price down to the strong support level at $1,746. If the price breaks below this level, it could signal a shift in control to the bears. However, the bulls will likely attempt to buy the dips and make another push towards $1,865. If successful, ETH/USDT could rally to the key psychological level of $2,000.
Binance Coin Price Analysis
Binance Coin (BNB) bounced off the breakout level of $223, indicating strong support at this level. However, the coin has been experiencing resistance near $235. This suggests that BNB/USDT is trading in a range between $223 and $235. The rising 20-day EMA and positive RSI indicate that the path of least resistance is to the upside. If the bulls can break above $235, the price may reach $250 and eventually $265. Conversely, a sustained drop below $223 could shift the trend in favor of the bears.
XRP Price Analysis
XRP faces resistance near $0.61, but the bulls have not lost ground to the bears. The buyers will attempt to push the price towards the overhead resistance at $0.67. If successful, the rally could extend to $0.75 and $0.85. The upward sloping 20-day EMA and overbought RSI indicate that the bulls are currently in control. However, if the bears manage to push the price below $0.56, it could result in a drop to the 50-day SMA at $0.52.
Solana Price Analysis
Solana (SOL) reached near its target objective at $48 but encountered significant selling pressure. The bears are attempting to sink the price below the breakout level at $38.79. If successful, the price could drop to the 20-day EMA at $32.41, indicating an end to the uptrend in the short term. However, if the bulls defend the $38.79 support level, the price may retest the overhead resistance at $48.
Cardano Price Analysis
Cardano (ADA) bounced back from the 20-day EMA at $0.28, indicating that the bulls view the dips as buying opportunities. The price turned down from $0.33, but the bulls are holding their ground. This suggests that they expect the upward move to continue, with a target of $0.38. However, if the price drops below $0.30, it could indicate a rejection of higher levels, and ADA/USDT might slump to the 20-day EMA.
Dogecoin Price Analysis
Dogecoin (DOGE) bounced off the 20-day EMA at $0.06 but struggled to sustain higher levels. The bulls are fiercely defending the $0.06 support level and are attempting to push the price above $0.07. If successful, the price could rally to $0.08, although this level is likely to face strong selling pressure. However, a drop below the 20-day EMA could signal a comeback for the bears, with a potential drop to $0.06.
Toncoin Price Analysis
Toncoin (TON) faced resistance at $2.31, indicating strong selling pressure. The moving averages and positive RSI suggest a slight advantage for the bulls. A rebound off the moving averages would increase the likelihood of a rally above $2.31, potentially pushing the price to $2.59. However, a drop below the moving averages would suggest a consolidation phase between $1.89 and $2.31.
Chainlink Price Analysis
Chainlink (LINK) continues to face resistance near $11.50, showing that the bears are still actively selling on rallies. The failure to sustain higher levels led to profit-taking and a drop towards the 20-day EMA at $10.11. A rebound off the 20-day EMA could indicate strong demand at lower levels. If the bulls manage to rise above $11.50, the price could surge to $13.50 and subsequently $15. However, a slide below the 20-day EMA could result in a retest of $9.50.
Polygon Price Analysis
Polygon (MATIC) has been moving gradually upwards but lacks momentum. This suggests a hesitation among bulls to continue buying at higher levels. The rising moving averages and overbought RSI indicate that the bulls currently have the upper hand. A clear break above the resistance at $0.70 could trigger a rally to $0.74 and then $0.80. On the other hand, the bears are currently posing a strong challenge near the overhead resistance at $0.70. A drop below the 20-day EMA at $0.61 could weaken the bullish momentum, resulting in a consolidation between $0.50 and $0.70.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Investing in cryptocurrencies can be highly volatile and unpredictable. It’s important to stay informed about the latest market trends and conduct thorough research before making any investment decisions. If you’re interested in staying up to date with the latest news and developments in the crypto world, be sure to visit Uber Crypto News.