The bullish sentiment in the market didn’t last long as the market witnessed continued selling from the top in the event of profit booking. Overall, the market continues to be quite volatile and showcasing mixed sentiment.
Here is the crypto market update and price analysis of the top 5 crypto coins
Last week, bitcoin surged ahead, breaking its previous peak of $64,895 and making a new peak of $66,878. However, bitcoin prices retraced slightly as selling from prominent investors, and lack of participation from retail traders sent the market lower.
Looking ahead, bitcoin is likely to move higher during the week to come. The bitcoin 20 day EMA* price line went above the 50 days EMA price line on the hourly charts. The $62,000 level is proving to be resistive, and if broken, the next resistance is at $63,579.
Trade cautiously. If bitcoin prices go below the 50 day EMA price line, then the price could dip to the $60,000 level.
*EMA: Exponential Moving Average
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During the last week, Ethereum made an all-time high level of $4,366 but failed to capitalise on the gains and broke lower. Now, Ethereum is facing quite a bit of resistance at the $4,156 level and has thrice been unable to break above. The uptrend line marked in red on the chart acts as a support line in the short term, and if it breaks below, the next significant support is at the $3,900 level.
The current correlation between BTC and ETH stands at 82%. Therefore, you may want to look for the price movement in bitcoin to find trading cues in Ethereum.
The short-term trend is bullish. If there is a confirmed break above, which will be pretty positive, reaching levels above $500 would be manageable for the market. However, there is strong resistance at the $484 level and has struggled quite in the past to break above.
The uptrend line, marked in red on the chart, has been supporting the market for quite some time. In case BNB prices break below, an area around $450 will be a strong support zone.
MATIC price follows an ascending channel pattern, in which all the price action is contained between the upward sloping parallel lines. The break above the upper slope will send the prices higher to the $1.8 level.
In the Bollinger band, the price is hugging the upper band, which is enough to indicate an overbought position in the market, and the price may drop in the short term.
ADA is showing some bullish move as it broke above the highly resistive $2.14 level. And, in the next move, if it successfully breaks above the $2.16 level, it can move towards the $2.2 and $2.5 levels.
MACD, the trend-following momentum indicator is also indicating an up move in prices in the short term. In the below, the $2.10 is a strong support zone for ADA.
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