Market vibrancy isn’t a scarce sight these days in the cryptoverse. With coins like BTC, ETH, BNB, XRP, ADA soaring in valuation as well as swirling with controversies, it’s hard not to get caught in the crypto crossfire.
Earlier in September, we saw a range of disparate performances among the major cryptocurrencies. Bitcoin has been trading between $25,333 and $26,156. CoinGlass data suggests that Bitcoin has fallen for six consecutive years in September. Additionally, the United States Dollar Index (DXY), which has an inverse correlation with Bitcoin, has risen sharply in the past few weeks. These factors suggest a short-term pressure on Bitcoin. However, on the brighter side, Bitcoin spot exchange-traded fund applications could soon draw eyes and limit Bitcoin’s downside.
Backtracking to Ether, the coin’s growth has been less optimistic. With a sharp fall in the value, there’s certainly a panic brewing. Yet this turmoil may also open up opportunities for buyers to fill their pockets at lower prices. Ether’s candlestick chart reveals buying of dips below the key support at $1,626. BNB likewise, attempted to make a comeback but was unable to breach the $220 mark.
Meanwhile, XRP is clutching onto the $0.50 support for dear life. If it fails to maintain this position, it may extend its stay within the $0.56 to $0.41 range. In contrast, ADA seems to be in a tight fix, trading within a confined range as neither the bulls nor the bears are taking significant risks.
The same cannot be said about Dogecoin, which managed to reach the 20-day EMA on Sep. 6. This may be signalling a possible relief rally ahead. Then there’s the rather underwhelming performance of SOL, which has been experiencing strong selling at the downtrend line.
With these contradictions and confusions, the crypto market is witnessing interesting times. It’s safe to say that the market is facing a tug-of-war situation. In the current climate of uncertainty, the robustness of the underlying technology and the evolving regulatory atmosphere will shape the course of these cryptocurrencies. However, until then, investors need to navigate cautiously.
Source: Cointelegraph
