S&P 500 Posts Modest Rise as Bitcoin Slips; Investors Eye Promising Cryptocurrencies
Summary:
The S&P 500 Index recorded a slight 0.45% increase, marking its second straight week of gains. Despite slow growth in the US stock markets, gold experienced a remarkable rise of more than 5% this week. However, Bitcoin is set to end the week down by over 3%. Anticipating a bullish market, investors are now focusing on cryptocurrencies that show signs of steady growth, such as Solana (SOL) and Lido DAO (LDO). Meanwhile, both Internet Computer (ICP) and VeChain (VET) display certain promising signs despite operating within a restrictive trading pattern.
The S&P 500 Index saw a marginal increase of 0.45%, marking its second consecutive weekly gain. Despite US stock markets showing sluggish growth, gold made a significant stride with more than a 5% increase this week, boasting a 3.11% rise on Oct. 13, its best single-day performance since the start of December last year. Nonetheless, Bitcoin (BTC) investors didn't experience similar fortunes, as the cryptocurrency is projected to close the week more than 3% lower. Wary of Bitcoin's declining value and looming regulatory restrictions, investors have been hesitant to venture into other cryptocurrencies, causing Bitcoin's market dominance to hover around the 50% mark in recent days. Over the next few days, market spectators are expected to keep a keen eye on Bitcoin. If the cryptocurrency manages to maintain its price above $25,000 for an extended period, the likelihood of an upwards move increases. An optimistic shift in Bitcoin's value may encourage select altcoin purchases as investors anticipate a bullish market. Certain cryptocurrencies are showing indications of establishing a base. If they break out upwards, a fresh upward trajectory may be initiated. This analysis will delve into the charts of the top five cryptocurrencies that might excel in the short term. Bitcoin's trading tendencies have been wavering between the moving averages, suggesting a lack of consensus among buyers and sellers on the next significant shift. Following a period of compact consolidation, an expansion in range is typically observed. Here, if investors elevate the price above the 20-day exponential moving average ($27,110), we might witness a rise in the BTC/USDT pair to $28,143. However, sellers are expected to strongly rebuttal at this point. Conversely, if the price retracts and falls below the 50-day simple moving average ($26,671), it indicates that sellers dominate. The pair could potentially plummet first to $25,990 and then to the crucial support level of $24,800. It is hoped this level will draw vigorous buying from investors. If investors cannot push beyond the 20-EMA, sellers may try to lower the price. If the price falls below $26,500 it could trigger a slump in the currency pair to $26,000 and then $24,800. Solana (SOL) is currently witnessing a fierce contest between buyers and sellers near the 20-day EMA ($21.77), suggesting that buyers are trying to convert this level into a support platform. Moreover, Lido DAO (LDO) has been operating near the moving averages for a few days, signifying that sellers might be losing control. If the price manages to exceed $1.73, the LDO/USDT pair could escalate to the downward trend line. On the other hand, Internet Computer (ICP) has remained in a restricted zone between $2.86 and $3.35 over the past few days. Finally, VeChain (VET) has been operating within a descending triangle of late. While this pattern is generally viewed as a negative sign, the sustained proximity of the price to the downward trend line over recent days suggests a favourable scenario. Please note, this article does not contain any form of investment advice or recommendation. Investing and trading carry risks, and readers should perform their own research before making any decisions.
Published At
10/15/2023 6:30:48 PM
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