The global cryptocurrency market cap increased 3% in the last 24 hours. The industry is currently worth $2.18 million as it keeps picking up momentum. The table displaying the top 100 coins by market cap seems like greenery as almost every coin in it has had a significant increase in the last 24 hours.
Data from Cryptocurrencies to Watch coins shows that alts are the biggest gainers in the past 24 hours, as coins like Shiba Inu, gaining more than 90% and DOGE, HNT, and KLAY gaining more than 10%.
Meanwhile, market fundamentals are becoming increasingly bullish as the fear and greed index is displaying greed. The reading was neutral yesterday but has changed since the beginning of the day. Bitcoin hit $50,000 for the first time in 30 days as Ether took a step closer to $3,500. Will BTC and other cryptos continue to thrive? Let’s see what the charts say.
BTC hitting $50.000 was inevitable as a recent analysis pointed to the event taking place soon. The analysis stated that the clamor for $50k seems to be reduced as the coin edged closer to hitting the target.
A buildup to $50k was seen at $49k. The bulls are still holding this level in hopes of further price breakouts. We may see the expected breakout as we see the most valued coin edging closer to testing then first pivot resistance at $51,000.
The buyers are not relenting in their bid for more price improvements as we see BTC steady above $49k. We also note that the relative strength index (RSI) is still on the rise as it is currently at 61.7 compared to 58 from the last trading session.
Taking into consideration RSI and Pivot Point Standard, it is safe to conclude that we may see the largest coin by market cap above $51,000 soon
Ether is yet to test $3,500 as expected by many. The largest alt took a step closer to the goal by hitting an intraday high of $3,475. More good news from ETH as it continues trading above the 50-day MA for the fourth day.
The second-largest coin is trading above its PP at $3,200 and has not dipped below the mark after its ascension. RSI is a little steady as there is currently almost an equal amount of pressure from both factions of traders.
A previous analysis stated that the largest alt may not be as bullish this month as traders anticipated. This prediction seems to be in play as the stability of RSI is hinting that ETH may not exceed $3,700 this week.
The Binance coin after making a return to $400 has continued to enjoy gradual upswings. BNB is enjoying its most buyer-friendly day since the week’s beginning. The coin currently has an intraday high of $445 and a low of $422.
Buying pressure has been the deciding factor in the coin’s action. We noticed that BNB saw an increase in its trading as seen in the slight upward direction of RSI. Having attained the highest in almost 30 days, the BNB/USD pair will look to gain traction to test the first pivot resistance at $516.
The now third coin by market cap has to flip the $450 resistance to gain ensure a retest at the first pivot resistance. Unfortunately, there is no strong resistance before $500 that may serve as key support when flipped.
As Cardano relinquishes its spot in the top 10, RSI revealed that the coin has not been receiving a lot of attention from investors as its current performance is not up to par with its contemporaries. The coin has been gaining and losing 1 or 2% for the past four days.
The ADA/USD pair is trading below its pivot point, suggesting that the coin is knee dipped in bearish dominance. At the rate at which the coin is moving, the week may end with Cardano still battling bearish dominance.
Commenting on the previous state of XRP, a previous analysis stated that the XRP/USD pair will have to break the $1.1 resistance to trade above the 50-day MA. With the pivot point at $1.07, the sixth coin by market cap is still struggling to surge past the bearish zone.
A prediction was made that If the sixth largest coin holds the $1 support longer, we could expect it to trade above its PP before the end of the week. True to this prediction, we saw XRP surge as high as $1.08 – breaking the pivot point barrier.
The pair seem to have more price improvements in the coming days. As market conditions continue to foster buyer-friendly sentiment we may see XRP hit $1.1 before the end of the week.
After experiencing a more than 25% increase last week, Solana seems to be going through a cool downn as it has lost more than 5% this week. regardless of the current losing streak, SOL is still trading above its pivot point.
RSI suggests that the responsible factor for the SOL latest streak is the increase in selling pressure. We noticed that Solana has been hit by sellers’ congestion that seems to be increasing every day.
We may see the SOL/USD pair as low as $140 at the end of the next seven days. By halting the sellers’ congestion the pair is facing and rallying the market, we may see Solana as high as $180.
Dogecoin price hike recently is similar in comparison to the previous that took it as high as $0.7. This is evident in the sudden rise in the relative strength index as shown in the chart below. Today, DOGE gained more than 6% – hitting an intraday high of $0.26 and a low of $0.23.
The increase in dogecoin price in the last 12 hours ensured that the coin surged past its PP. Based on the trajectory of the RSI, DOGE may be overbought in the next 48 hours. The DOGE/USD pair will respond with a price hike that may send the coin over $3. The buyers are looking to take profit at $1. One of the biggest threats to this aim is the second pivot resistance at $3.2.
Crypto Derivatives are seeing a decrease in participants as they are barely up to 60,000 traders. Nonetheless, $137 million was liquidated as the bulls continue to lead the market.
© 2015-2023 Coinposters. All rights reserved!