The latest market analysis reveals a mixed bag of fortunes across a variety of popular cryptocurrencies.
The S&P 500 Index (SPX) made significant leaps last week with a surge of 2.50%, its best week since June. Yet in the crypto corner, Bitcoin (BTC) exhibited a more subdued performance, ending the week with a marginal loss of 0.5% at $25,830, despite attempting a relief rally.
One of Bitcoin’s stumbling blocks was a delay by the Securities and Exchange Commission in deciding on spot Bitcoin exchange-traded fund applications. However, despite this minor setback, Bitcoin holders retained their investments. Data from Glassnode shows currently mined supply dormant for three years or more hit a new high of 40.538%. Analysis suggests the most crucial levels to watch for Bitcoin are $24,800 (support) and $31,000 (resistance).
Contrastingly, the Ethereum (ETH) story sings a different tune. The ETH/USD daily chart shows a struggle to start a rebound, indicating a lack of demand. ETH ended last week at an approximate price of $1,628, its future movement largely dependent on the $1,600 threshold. A drop below this might push the currency to an intraday low of $1,550.
Depicting a further bear trend was Binance Coin (BNB), trading below the breakdown level of $220 for several days at $215. If the price sinks below the psychological level of $200, a new phase of empty-handed bulls and a possible downtrend to $183 is likely.
On the flip side, one of the market’s volatile players, the XRP (XRP), gave a show of defiance as bulls attempted a strong rebound off the crucial $0.50 level. If successful, the XRP/USDT pair might shoot up to $0.56, opening gateways to a new up-move towards $0.65.
Lastly, Cardano (ADA) and Dogecoin (DOGE) displayed peculiar performances. Cardano consolidated between $0.24 and $0.28, showing indecisiveness in the market. Dogecoin clung to the crucial $0.06 support, with a possible decline to $0.055 if this base collapses.
Overall, it’s an intense tug-of-war scene between the bulls and the bears. Evidently, opinion continues to remain divided on crypto assets, their stability, and future, but for most enthusiasts, their charm remains undiminished.
Source: Cointelegraph
