The new week has begun with a slight correction of the market as most of the coins are in the red zone. Bitcoin (BTC) and Ethereum (ETH) are the only exceptions to the rule.
Top coins by CoinMarketCap
BTC/USD
Over the past weekend, the Bitcoin (BTC) price consolidated in a sideways range with support around $54,000. At the end of last week, there were several attempts by bulls to break above the resistance of the $55,288 level, but all of them ended with a pullback to the support area of $54,000.
BTC/USD chart by TradingView
Late Sunday night, there was a sharp rise in volatility on the Bitstamp exchange. In a short period of time, the BTC price broke out to a monthly high around the $56,500 mark, and then a rather large transaction took place at a price of $51,000. Such a low price is not a market price and is not recorded anywhere on other exchanges.
As of this morning, the Bitcoin (BTC) price has again recovered above the 78.6% Fibonacci level, but the purchase volumes are very low. If the bulls manage to unleash the rush demand, then the retest of the resistance of $58,000 remains, as before, relevant.
Bitcoin is trading at $57,258 at press time.
BNB/USD
Binance Coin (BNB) could not follow the price action of Bitcoin (BTC) as the rate of the native exchange coin has declined by 0.67%.
BNB/USD chart by TradingView
On the daily chart, Binance Coin (BNB) is trying to fix above the vital mark of $400. The slight growth is not supported by a high trading volume, which means that buyers are not ready for a breakout.
If today's daily candle fixes around the current price, there is a chance to see a continued rise to the zone of $500.
BNB is trading at $417.90 at press time.
ADA/USD
The rate of Cardano (ADA) has gone down by almost 2% over the last 24 hours.
ADA/USD chart by TradingView
Cardano (ADA) remains trading in a narrow range with no vivid bullish or bearish signals. One may expect sellers' dominance if the price fixes below the $1.99 mark. However, if buyers seize the initiative, the rise may lead the price to the resistance around $3.10.
ADA is trading at $2.21 at press time.
DOGE/USD
DOGE is the biggest loser today as its rate has fallen by 4.44% since yesterday.
DOGE/USD chart by Trading View
DOGE is trading similarly to Cardano (ADA) as it is also located in a sideways trend. In this case, the more likely scenario is the test of the liquidity zone around $0.2445, followed by a slight drop to $0.22.
DOGE is trading at $0.2351 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.