The crypto market outlook could potentially brighten as major altcoins like BTC, ETH, BNB, ADA and SOL, among others, attract more attention. Recently, these digital currencies have been on the move to overcome respective resistance levels.
Here’s a nugget of insight for followers of Bitcoin. BTC is striving to trade way past the $27,000 mark, a positive sign. The absence of panicked selling even under unfavourable conditions such as rising US dollar index (DXY) and plunging S&P 500 index (SPX), hint towards drying up of selling opportunities at lower levels. The postponed decision by the US SEC to initiate spot Bitcoin exchange-traded fund (ETFs) also did not dampen the prices. This could possibly be due to crypto investors taking a longer view on BTC.
For fans of Ethereum, ETH observed a rise and settle above the 20-day EMA post Sept. 28, hinting at a reduction in selling pressure. This, possibly due to investors continuing to purchase, has resulted in surpassing the hurdle at the 50-day SMA on Sept. 29.
Meanwhile, BNB has been steadfastly trading within a $220 to $203 range. The indicator that the momentum is tilting in favour of the bulls is the rise of the RIA into positive territory. If the $220 resistance is overcome, BNB could potentially surge to $235.
Crypto buyouts, however, amount to nothing if we don’t ensure safety whilst trading these digitized assets. Therefore, crypto pioneers also suggest keeping a vigilant eye on the risks, conducting meticulous research before making any investment or trading moves.
For those bullish on Solana, despite trading between $27.12 and $14 for quite some time, the good news is, all trading within a range can sometimes get volatile, hinting towards a possible rally to reach up to $22.30.
The story takes a slightly sceptical tone with Polygon’s price dancing around the $0.52 mark post Sept. 28, after lifting from $0.50. If the price breaks above the moving averages, momentum can be expected towards the resistance.
While the crypto market is teetering on its edges, skirting with fluctuations, grappling with regulatory delays and possible government shutdowns, it’s also reflecting resilience. It has enchanted followers with its steadfast fervour, reminiscent of a powerful global financial revolution.
Source: Cointelegraph
