BTC attained a new milestone a few days ago, sparking discussions of a return to its ATH. However, the speculations hit a brick wall as the asset lost momentum.
The apex coin is currently grappling with notable selling pressure. It has yet to register any significant increase in the last 24 hours. BTC may continue this trend as trading volume remains low.
Nonetheless, the cryptocurrency market is experiencing a similar trend, with trading volume plummeting by over 30%. The drop did not adversely affect most cryptocurrencies as the global cryptocurrency market cap remained stable.
News of a massive movement of a huge amount of BTC sparked a short-term selling frenzy. Most assets saw slight retracements following the announcement and are yet to recover.
The fear and greed index suggests growing positive sentiment among traders. It increased from 50 to 52 in the last 24 hours.
Nonetheless, some memecoins are unaffected by the ongoing bearish trend. Bonk continues its upticks, gaining over 2%. It peaked at $0.0000188 a few hours ago but faced notable selling congestion, resulting in its decline.
The weekend was less exciting than many predicted. However, the market experienced massive increases a few days ago. Will it repeat?
BTC/USD
Bitcoin kicked off the week with red candles on the 1-day chart. It overturned its previous trajectory, surging to a high of $110,557 on Thursday.
However, it lost momentum, retracing to $107k on Friday. The apex coin is grappling with notable selling pressure at the time of writing, which is hindering its ability to surge. It prints a doji to this effect and shows no signs of an impending leap.
Nonetheless, the asset broke out of its bollinger band last Thursday. Its move out of the metric may signify the end of the uptrends. The latest retracement may mark the beginning of a dip toward the other side of the indicator. BTC may retest the middle band around $106k.
Previous price movements point to a huge likelihood of this unfolding. The apex coin rebounds from $ 107,000 and retests a resistance level. The same trend may unfold in the coming days.
On the other hand, fundamentals may cause further increases, sending BTC as high as $112k.
ETH/USD
The 1-day chart indicates that the largest altcoin is experiencing a gradual price increase. It is on the verge of registering its second consecutive day of gains.
Nonetheless, it surged by almost 3% on Tuesday, reclaiming $2,600. It continued upward a few hours ago, peaking above its three-week high. However, ETH grapples with slight selling pressure at the time of writing.
Data from CoinMarketCap reveals that the asset is seeing an 11% increase in trading volume. The trend may indicate more buying pressure. The relative strength index is slightly up in response to this trend.
Reading from the moving average convergence divergence support speculations of further upside. The previous price suggests that the altcoin may retest the $2,800 level.
However, like BTC, the bollinger bands are blaring warnings. The asset faced notable selling pressure at the upper band. If previous trends persist, ETH is likely to retrace to $2,500.
XRP/USD
XRP is experiencing one of its biggest surges this week. It peaked at $2.40 for the first time in almost two months. Currently up by over 3%, it continues the previous day’s uptick that saw it gain nearly 2%.
The latest surge received notable reactions from traders. Some expressed fear over the next price action as the altcoin broke above its bollinger bands. It trades above the upper band at the time, suggesting an impending reversal.
XRP may retrace to $2.30 as it loses momentum. The wick sticking out of the candle indicates growing profit-taking. However, sustaining the uptick will see the cryptocurrency break above $2.45.
BNB/USD
Binance coin resumes its trend of low volatility. It has traded sideways over the last two days and may end Wednesday with no significant change. Nonetheless, it prints a green and edges closer to breaking its fourteen-day high.
However, trading actions over the last seven days indicate notable selling congestion around $665. BNB grapples with notable demand concentration around the same mark at the time of writing. MACD prints green signals, which may suggest that the asset will decisively flip the mark.
It is worth noting that the altcoin is seeing notable buying pressure. The gradual increase in the relative strength index supports speculations of further increases.
SOL/USD
Solana continues to trade above bollinger’s middle band at the time of writing. Trading actions on Wednesday see the altcoin edge closer to the upper band. It continues its previous day’s uptick that saw it gain almost 2%.
SOL trades at $155 at the time of writing. A rising RSI suggests the presence of strong bulls, which may cause the asset to maintain its upward trajectory. It will look to retest bollinger’s upper band at $160.
However, the wick sticking out may indicate slight corrections that may worsen as the bulls lose their grip on the market. SOL may retrace below $150.
DOGE/USD
Dogecoin is experiencing an 18% increase in trading volume as bullish sentiment spreads across the market. It trades $0.173, over 2% higher than its opening price.
Nonetheless, the memecoin continues its uptrend after a slight increase. Comment on CoinMarketCap points to a growing hunger for a sureg to $0.20. However, the asset may experience notable selling pressure at bollinger’s upper band.
DOGE is fast approaching the mark but risks rejection at $0.175. It failed to break the mark on Monday, resulting in a notable decline. The largest may retrace to $0.165 as it previously did.
Nonetheless, rising RSI indicates growing buying pressure that may alter this prediction.
ADA/USD
Cardano started Wednesday at $0.58 and surged to a high of $0.61. It marked its first surge above $0.60 since June 18. Nonetheless, the asset is up by over 5%.
The altcoin broke above its bollinger bands. It trades above the upper band at the time, suggesting an impending reversal. Failure to sustain the momentum will see the asset plummet to the middle band at $0.57.
Conversely, the altcoin may continue upward, edging closer to its thirty-day high at $0.65.
