According to an hourly chart, BTC/USD pair has been facing a high vitality in the last 24hrs. BTC/USD pair has thereby slightly dipped by 0.89% since it opened trading yesterday at $11914.02 and is now at $11807.04. The moving averages have intertwined that signaled a lack of dominance from either buyer or sellers.
The sideways momentum defined resistance level at $11987.41 and support level at $11555.19. The RSI indicator is currently heading south, which signals a drop in BTC price, thus increase in buyouts. That brought the market capitalization of BTC to $211,104,996,530.
However, the major reasons behind the volatility state of BTC price could perhaps be due to that lack of new retail investors in the market. Meaning only the investor that has already invested in the crypto are the only ones driving the price of BTC upwards.
The 7 day MA is currently above the 21 day MA that indicates a bullish momentum is to be expected. If the bulls manage to push the price above the resistance level $111987.41, then investors should go long. New targets should be set at $12000.0
ETH/USD pair is down by 4.2%, having begun the sell-off trading at $226.68 and is currently trading at $217.16. The 21 day MA (A) was seen gravitating above the 7 day MA (B) that indicated a bearish sign. This showed that the market performance of the pair’s price was generally a downtrend that placed the critical support level at $217.16 and resistance level at $227.0.
The downward performance was also reflected by the RSI indicator X that was below level 30 that signaled an oversold market condition. Generally, the fact that the RSI indicator traded below level 50 throughout the intraday indicated an increase in sells-offs. This also confirmed a decrease in investor’s sentiments.
The RSI indicator is now trading flat, which signals a lack of momentum in the market.
Almost all the indicators point at a further downtrend. The 21 day MA at the press time trading above the 7 day MA which showed that the bears had overcome the bulls. New targets should be set at $216.00.
Over the last 24hrs, LTC/USD was seen below the critical support level $90.00 that signaled an intense bearish pressure. LTC/USD pair is down by 1.64% since it moved from $90.28 to currently trading at $88.80. The market has, however, been on a sideways trend was reflected by the intertwined moving averages, which defined the resistance level at $90.48 and support level at $87.95.
The RSI indicator was also seen during the last few hours hovering between level 60 and 40 that signaled indecision in the market momentum. The RSI indicator is now heading north indicating reluctance of investors to sell-off their LTC holdings in anticipation for better prices.
A bull run is likely to be seen as indicated by the RSI indicator that is currently heading north. Nevertheless, if the price breaks the support level, then a downtrend should be expected with the new targets set at $70.00.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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