Bulls and Bears Grapple across Cryptocurrency Market: A Detailed Analysis of Bitcoin and Altcoins
Summary:
Bitcoin (BTC) is attempting to maintain above the $38,000 resistance level amid excitement in the marketplace stemming from US Securities and Exchange Commission's delay on ETF applications. Other financial analysts suggest further bullish behavior across various cryptocurrencies, with some caution towards possible corrections in the near future. Investor trends, current market performance and future predictions for cryptocurrencies, including Ethereum (ETH), BNB (BNB), Ripple (XRP), Dogecoin (DOGE), Chainlink (LINK) and Avalanche (AVAX) are also examined. The article ends with a reminder that investment and trading involve risk and advises readers to conduct their own research.
Bitcoin (BTC) is striving to maintain its footing at a resistance level of $38,000 for the second day in a row, in hopes of advancing its upward trend. The anticipation among market pundits may have risen following the US Securities and Exchange Commission's (SEC) decision to postpone the determination on Franklin Templeton and Hashdex exchange-traded funds applications. Bloomberg's ETF analyst, James Seyffart, hypothesized in a X (formerly Twitter) post that the SEC could be preparing all applicants for potential approval by January 10, 2024.
Analysts largely agree that the ETF listing will mark a pivotal moment for Bitcoin, however Joshua Lim, head of derivatives at Genesis Trading, warned in a X post that investors from traditional finance may have already made a move based on this rumour and might withdraw their investments when retail investors show interest.
Daily trends in the cryptocurrency market suggest that early 2024 macroeconomic conditions could restrict any downside. Bill Ackman, CEO and founder of Pershing Square Capital Management, predicted in a Bloomberg interview that the US Federal Reserve might lower rates earlier than many expect, possibly in the first quarter of 2024 rather than mid-year as widely predicted.
This leaves us with the question, could Bitcoin and altcoins experience a minor correction before returning to their upward trend?
In a recent chart analysis, Bitcoin again exceeded the $37,980 resistance on November 28th, but bulls were unable to secure a close at this level, indicating strong opposition from bears. If bulls manage to keep the price above the 20-day exponential moving average ($36,820), chances of an uptick to $40,000 increase.
However, if the bears can swiftly decrease the price further than the 20-day EMA and the ascending trend line, this could lead to a decline to the hardcore support at $34,800. A vigorous rebound at this level might keep the Bitcoin inside the vast range of $34,800 to $38,000 for a while.
In the world of Ethereum (ETH), support was found on both November 27th and 28th at the 20-day EMA ($2006), signifying that the bulls are viewing this as a chance to buy.
For BNB (BNB), bears attempted to pull the price below the $223 support on November 27th, but bulls held their ground, indicating strong demand at the lower levels.
While Ripple (XRP) has balanced between the moving averages for the past few days, signifying a tug-of-war between bulls and bears.
For Dogecoin (DOGE), the 20-day EMA ($0.08) acted as a frequent support, suggesting that traders are showing interest at the lower levels.
On the other hand, for Chainlink (LINK), the bulls are actively defending the 20-day EMA ($14.07) support level.
Lastly, for Avalanche (AVAX), the currency has bounced back from its 20-day EMA ($19.35) on November 28th, indicating that the market sentiment continues to be positive and traders are buying in during dips.
This article does not provide investment advice or recommendations. Each and every investment and trading move comprises risk, so readers should conduct thorough research before making any decisions.
Published At
11/29/2023 6:48:30 PM
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