blockchainreporter.net
Despite the absence of significant excitement following the introduction of spot Bitcoin exchange-traded funds (ETFs), investors continue to eagerly invest in certain ETFs. Eric Balchunas, a senior ETF analyst at Bloomberg, notes that BlackRock’s iShares Bitcoin Trust ETF has surged into the top 5 ETFs in terms of inflows since the beginning of the year.
In the crypto market’s last 24-hour cycle, a significant rebound has been observed, resulting in over $125 million in total liquidations. The
has notably undermined the confidence of sellers after a period of trading within a bearish zone, as it recently surpassed the $46,500 mark.
This shift has injected a wave of bullishness into the market. Our analysis will dive into the current performance of trending cryptocurrencies and examine their trading patterns.
Bitcoin (BTC) Price Analysis
Bitcoin’s price movements were confined to a narrow range around $43,800. However, the recent breakout above the resistance channel pushed the price toward $47K.
Currently, buyers seem to have the upper hand as the price has consistently stayed above the 20-day exponential moving average ($45,949). To maintain the current momentum, buyers need to breach the resistance at $48,000, potentially sending the BTC/USDT pair toward the key $50,000 mark.
However, should the price decline and fall beneath the 20-day EMA, it would suggest that sellers are gaining control. This could lead to a downturn towards $44,000, and possibly further down to $42K. At this juncture, a strong buying interest from buyers is anticipated, potentially stabilizing the price.
Jupiter (JUP) Price Analysis
The bulls have successfully defended JUP from bearish pressures, maintaining its position above $0.48 in recent days. However, bears aim for a short-term price correction in Jupiter price.
With the 20-day Exponential Moving Average (EMA) showing little deviation from $0.51 and the Relative Strength Index (RSI) below the midpoint, it suggests that bears still have an advantage. Should the buyers send the price beyond the current declining resistance line, the JUP/USDT pair might ascend to $0.55, and potentially reach $0.6 thereafter.
Conversely, a downturn below $0.48 would signal a shift in favor of the bears, potentially leading the pair to drop towards the crucial $0.45 support level. A breach of this threshold could result in a stronger bearish descending triangle pattern.
Solana (SOL) Price Analysis
The bulls have been successful in initiating a recovery from the 20-day Exponential Moving Average (EMA) of $104 in
, which suggests a higher interest in buying at lower levels.
The first level of support lies at 20-day EMA. Should this support be breached, the SOL/USDT pair could experience a decline towards the robust support level at $98. A sharp recovery from $98 could retest the current resistance pattern. As the SOL price now hovers below the resistance line, surpassing this resistance level might indicate that the pair could enter a phase of buying, breaking the $116 mark in no time.
For the bears to regain control, they must plunge and hold the price below $98, resulting in a consolidation around $80-$90.
Monero (XMR) Price Analysis
The bulls are trying to keep XMR above the $117 support level, as the quick recovery from the $100 low indicates that bullish pressure persists.
Should the XMR/USDT pair drop below $117, it might trigger a further decline towards the robust support at $100. This particular support has successfully halted declines on previous instances, suggesting that bulls might once again attempt to halt the downturn at this level.
For a sign that bears might be weakening, buyers need to drive and sustain the price above the 20-day Exponential Moving Average (EMA). Such a move could pave the way for an attempt to reach the buying region of $128, a critical threshold to monitor. Surpassing this line could be interpreted as the beginning of an uptrend, potentially leading to a rally up to $135.
Pyth Network (PYTH) Price Analysis
PYTH price is currently on an upward trajectory, although a reversal from $0.55 suggests that the higher levels are being staunchly defended by bears.
Typically, following a breakout from a consolidation range, prices tend to pull back to retest the breakout point. Therefore, the PYTH/USDT pair might see a decline to $0.5, a pivotal level worth monitoring.
Should the price recover from $0.5, it would signal that the bulls have successfully transformed this level into a support base, boosting the chances for the uptrend to resume. Following this, the pair could target a climb towards $0.6.
Conversely, this bullish scenario would be negated if the price were to fall and breach the 20-day Exponential Moving Average (EMA) at $0.49 in the near term.