In the heart of an unpredictable market, the leading cryptocurrencies have found themselves balancing on a knife’s edge. Let’s take a close look at the recent movements of the leading cryptocurrencies like Bitcoin, Ethereum, and others.
Bitcoin, the father of all cryptocurrencies, was barely maintaining its footing above the $30,000 mark. Expected to move inversely to the United States Dollar Index (DXY), Bitcoin surprisingly did not react much to the index dropping below 100. Interestingly, despite the price movement uncertainty, on-chain analytics suggest that “whales” or major players, remain undeterred and the unusually high level of dormant Bitcoin possibly suggest a long-term bottom.
Ethereum, on the other hand, attempted to hold itself above the 20-day Exponential Moving Average (EMA). A steady push above the psychological resistance of $2,000 could pave the way for a potential rally to the zone between $2,141 to $2,200. Yet, Ethereum’s fate remains vulnerable to fluctuations below the vital $1,853 support level.
XRP saw its price navigating between the 50% and 61.8% Fibonacci retracement levels. The price is currently headed upwards but can face a significant barrier at the $0.83 to $0.93 zone. A drop from this level could leave the XRP price range-bound for the next few days.
BNB made a descent from the 50-day Simple Moving Average (SMA), attempting to climb back into the symmetrical triangle pattern. Bulls need to push the price above this pattern to gain an advantage. Failure to do so could tilt the scales in favor of the bears and possibly continue BNB’s downtrend.
Meanwhile, Cardano(ADA)’s pullback near the breakout level of $0.30 might hint at a delay in its next uptrend. Although, moving averages nearing a bullish crossover suggest bulls may have the upper hand. Likewise, Dogecoin(DOGE) had a tumultuous battle with the overhead resistance at $0.07, but a possible rise in its price could push it to $0.08.
Deeper into the crypto forest, Polygon(MATIC) retests the breakout level, a common phenomenon and could drop to $0.72. If the price rebounds with strength from this level, this could ignite the next stage of the move upwards.
Ultimately, the shaping future of these cryptocurrencies remains at the mercy of potential external events and investor sentiments. Even minor shifts can spark significant fluctuations or trigger a long-lasting stability. Yet, the uncertain climate fails to wither the enthusiasm of crypto enthusiasts, reminding us of the resilient spirit inherent in the crypto world.
Source: Cointelegraph
