What’s Next For BTC, ETH, BNB, SOL, And XRP As Crypto Market Stumbles!
The post What’s Next For BTC, ETH, BNB, SOL, And XRP As Crypto Market Stumbles! appeared on BitcoinEthereumNews.com.
With a bearish start to the month and the price of Bitcoin dropping below the $55,000 mark, the cryptocurrency market has continued to display a mixed price action this week. Following this, top altcoins have recorded a similar price action by recording a constant pump-and-dump-like situation. With the current market situation, is this the right time to stack more tokens for the upcoming crypto bull run? Let’s take a look at the market sentiments, price analysis, and potential price targets of the top 5 cryptocurrencies by market capitalization. Bitcoin (BTC): The Bitcoin price continues to hold its value above the $60,000 mark with a jump of approximately 1% within the past 24 hours and a trading volume of $24.307 Billion. Despite losing 2.37% within the past week, it has surged 43.16% this year alone, indicating a long-term bullish sentiment. TradingView: BTC/USDT The Moving Average Convergence Divergence (MACD) has recorded a constant rise in the histogram with its averages showing a potential bullish convergence in the 1D time frame. This highlights an increase in the buying-over-selling pressure. If the market holds the BTC price above its support level of $60,178, the bulls will prepare to test its resistance level of $66,726 this month. Conversely, if the bears regain momentum, the price of Bitcoin will retest its low of $55,000. Ethereum (ETH): Following in the footsteps, the Ethereum price has recorded a similar price action by holding its value above its important support level of $2,500. Notably, the altcoin leader a constantly displayed a negative price action over the past month, indicating a rising disinterest in investors. TradingView: ETH/USDT The RSI indicator has displayed increased bullish action by recording a sharp uptrend below its oversold range. On the other hand, the EMA 50/200-day shows a potential Death Cross, suggesting a mixed sentiment…
Filed under: News - @ August 11, 2024 3:08 am