The following are key points.
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The main reason for Bitcoin sales is large transactions by whales. It’s not because of BTC market structure.
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Ether, BNB and other cryptocurrencies are doing well despite the market’s sharp correction.
BitcoinBTCThe bears continued to put pressure on the bulls. CoinShares reported $1 billion in net outflows BTC’s exchange traded products in the last week.
Investor interest seems to be shifting from BTC to Ether (ETH). ETH ETPs saw $2.5 Billion in inflows month-to-date, while BTC experienced $1 Billion in outflows.
Lookonchain, a crypto analytics firm, uploaded data from Arkham to X. whale entity deposited about 22,769 BTC Purchased 472,920 $ETH in spot (2.22B) and opened up a 135,265$ETH (577M) long-position.
Michael Saylor’s Strategy was the biggest public BTC owner in the World. bought 3,081 BTC for $356.9 millionAccording to an SEC filing made on Monday, the BTC held by the company has increased to 632 457 BTC.
Could BTC buyers hold BTC’s price above critical support? Could ETH’s strength spark an altcoin rally? We’ll find out by analyzing the charts for the 10 most popular cryptocurrencies.
S&P 500 Index price prediction
The S&P 500 Index (SPX) turned up sharply from the 20-day exponential moving average (6,392) on Friday, signaling solid buying on dips.
Buyers are likely to try and strengthen their position by trying to push the price over 6,581. If they succeed, the index might rise as high as 6,696.
The relative strength index is showing signs of a divergence. This suggests that the bullish trend is waning. To accelerate the selling, the bears must pull the price down and hold it below the 20 day EMA. This index may then plummet to 6,147.
US Dollar Index price prediction
On Thursday, the US Dollar Index (DXY), which measures the value of the US dollar against other currencies and commodities, rose above its moving average. However the bulls were able to sell at higher prices due to the increased levels.
The RSI, which is located just below midpoint on the moving averages, suggests a small advantage for the bulls. The next stops could be 97.50 and 96.37 if the price drops below that level.
The price will quickly have to rise above the level of 99 to indicate strength. Index may rise to 100.50 before the bears step in. If buyers manage to break through the resistance at 100.50, they could push the rally up until the 102-level.
Bitcoin price prediction
BTC dropped Monday near the crucial support level of $110 530. A minor positive was that the bulls were able to hold the level.
The 20-day EMA is expected to be a strong resistance for any recovery attempts. The risk that the support level of $110,530 will be breached increases if the price moves down. The BTC/USDT could fall to $105, and eventually to $100,000.
In the opposite case, if price reaches above $117.500, this could signal a possible range. Bitcoin could fluctuate between $110 530 and $124,474 in price for some time.
Prediction of Ether prices
ETH soared on Sunday to a record high of $4.956, but bulls were unable to maintain the levels.
Price pulled back Monday. This suggests that short-term traders are taking profits. Watch out if the ETH/USDT could fall to $4,349 ($20-day EMA), which is a crucial level. The bulls may try to push the pair over $5,000 if the price bounces off the 20 day EMA. Ether’s price may soar as high as $5,500.
In contrast, a breach below the 20 day EMA would bring Ether’s price down to $4,060, the fundamental support.
XRP price prediction
The XRP currency (XRPThe ) pattern has formed an descending triangle, and will be completed on a breakout below $2.73.
The 20-day EMA is slightly downwards-sloping ($3,04), and the RSI, just below midpoint, do not provide a clear edge to either the bulls nor the bears. Sellers will try one last time to bring the XRP down below $2.73 if price starts falling from 20-day EMA. The pair may fall to as low as $2.33 if they succeed.
If the price of XRP breaks and closes above the trendline, then it will cancel out any bearish set-up. The XRP rate could climb up to $3.40 then $3.66.
BNB price prediction
BNBBNB() reached a record high of, signaling that bulls have taken control.
Profit taking near $900 pushed the price up to $861. This is an important level. The BNB/USDT could reach $1,000 if the price breaks through $900 and turns upwards from $861.
To weaken bullish momentum, sellers will need to maintain and pull the BNB below the 20 day EMA ($838). This could lead to a more severe correction towards the 50-day SMA (£779).
Solana price prediction
Solana (SOLThe bears are not gaining much ground on the bulls.
SOL/USDT is forming an ascending triangle, which will finish on a close over $210. The price of Solana could then start its next upmove to $240, and eventually to the target pattern of $265.
The positive opinion will soon be thrown out if price falls and breaks the upward trend line. This pair may then plunge to $155 where it is expected that buyers will step in.
Related: XRP price fails to overcome $3: Is a breakout still possible?
Dogecoin price prediction
DogecoinDOGE) turned up sharply from the $0.21 support on Friday and broke above the 20-day EMA ($0.22). The bulls were unable to maintain the high levels.
The slightly flattish RSI and 20-day EMA near midpoint indicate a balanced supply/demand. This could help keep the DOGE/USDT pairs within the range of $0.21 to $0.26 for at least a couple more days.
A break above and a close over $0.26 will signal strength. Dogecoin may rise to $0.29. Breaking and closing above $0.29 will open the door to a rally up to $0.35. To the downside, the pair could be sunk to as low as $0.19 or even $0.16 if the price falls below $0.21.
Cardano price prediction
Cardano (ADA) bounced off the 20-day EMA ($0.86) on Friday, but the bulls are struggling to maintain the higher levels.
The RSI shows a negative divergence, which indicates that the upward momentum has slowed down. The risk that the price will drop below the SMA of 50 days ($0.80), increases if the price falls below the 20 day EMA. The ADA/USDT currency pair could then fall as low at $0.70.
Cardano’s price will need to rise above $1.02 to continue its upward movement towards $1.17.
Chainlink price prediction
ChainlinkLINK) turned down from $27 on Saturday, indicating that the bears are fiercely defending the level.
The sellers will attempt to push the price down to the 20 day EMA ($23.37), a critical level that should be watched. The bulls are likely to make one last attempt at clearing the overhead barrier if the LINK/USDT price pair bounces back strongly off the 20 day EMA. Chainlink could reach $31 if the bulls succeed.
This assumption is incorrect. A break and close beneath the 20-day EMA implies that bulls are rushing for the exit. This could lead to a deeper correction of $20.84.
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Source: cointelegraph.com
