The new week has started with the bulls' dominance on the cryptocurrency market as all top 10 coins are again in the green zone.
Top coins by CoinMarketCap
BTC/USD
Over the weekend, the bears were unable to push through the trend line. On Sunday morning, they managed to pierce the downtrend line, but buyers pushed the pair back into the mid-range.
BTC/USD chart by TradingView
In the afternoon, the bullish momentum broke through the resistance of $36,000 and the pair consolidated above the level of $37,150. Late in the evening, the growth continued and the price of Bitcoin (BTC) overcame the resistance of $38,000, and in the morning it came close to the psychological level of $40,000.
It should be noted that the overnight growth is not supported by large volumes, and if the bulls cannot strengthen the onslaught this morning, it might not be possible to continue the growth above $41,000, and the Sunday breakout may turn out to be false. In this case, in the first half of the day, the pair will return to the area of average prices.
Bitcoin is trading at $40,426 at press time.
ETH/USD
On Saturday, the pair found support around $2,300 and buyers tried to overcome the resistance of $2,400. On Sunday, a rather weak bullish momentum broke through this level and restored the pair to the 4H EMA55 area.
ETH/USD chart by TradingView
The Ethereum (ETH) price tested the $2,500 mark tonight. The volume of purchases was not large and the pair rolled back a little in the morning. If the bulls increase in volume, it is likely that they may be able to test the resistance of $2,800. Without this, the bears might quickly return the pair to the POC indicator line.
Ethereum is trading at $2,532 at press time.
XRP/USD
On Saturday morning, support at $0.80 kept the pair from falling further and the XRP price recovered slightly by the end of the day. On Sunday, the recovery continued, and at the moment the pair has returned to the area of average prices.
XRP/USD chart by TradingView
If the buying volumes are as small, then the buyers will not be able to overcome the four-hour EMA55, and the bears can roll back the price to the support of $0.80. If today we see a strong bullish impulse, then the price might test the psychological level of $1.
ADA/USD
The rate of Cardano (ADA) has rocketed by 7% over the last day.
ADA/USD chart by TradingView
Cardano (ADA) is trying to fix above the support at $1.55 which means that the mid-term scenario might be bullish. If buyers can keep trading above this level and the volume increases, there is a chance to expect a retest of the resistance at $1.82.
ADA is trading at $1.55 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.