The cryptocurrency market cannot revive the bullish cycle due to the ongoing bearish influence. However, some coins keep trading in the green zone.
Top coins by CoinMarketCap
BTC/USD
Yesterday morning, the Bitcoin (BTC) price held in a tight consolidation with support at $39,600. After lunch, the pair fell out of the sideways range, and by the end of the day, the price sank to the support of $38,000.
BTC/USD chart by TradingView
There was no strong pressure from the bears, so the pair held above the four-hour EMA55. If today this moving average limits the decline, the price might recover to the level of $42,450 in the near future.
Bitcoin is trading at $38,690 at press time.
ETH/USD
Yesterday, sellers were able to overcome the support of the four-hour EMA55 and pulled the pair back to the $2,350 mark. The first attempts of buyers to return the pair to the area of average prices are visible this morning.
ETH/USD chart by TradingView
Despite a significant drawdown in price, one expects that in the near future Ethereum might recover above the resistance of $2,800 and test the psychological level of $3,000 by the end of the week.
Ethereum is trading at $2,378 at press time.
ADA/USD
The price of Cardano (ADA) has remained the same since yesterday.
ADA/USD chart by TradingView
Cardano (ADA) is neither bullish nor bearish from the mid-term scenario. The trading volume is low, which means that sideways trading is dominating at the moment.
If the altcoin slowly approaches the support level, bears might break it and get the price of ADA to the area around $1.
ADA is trading at $1.50 at press time.
BNB/USD
Unlike Cardano (ADA), Binance Coin (BNB) has shown a 1.23 percent increase.
BNB/USD chart by TradingView
Binance Coin (BNB) has successfully bounced off the support at $355, displaying the bulls' power. If buyers can fix above this level, there is a high chance to see a restest of the resistance at $397 within the next days.
BNB is trading at $355 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.