The price of Bitcoin (BTC) is pretty volatile since it is struggling to sustain its value level during the pullback currently in place.
This can show that there isn’t much demand for Bitcoin since investors are wary of spending money on an asset that might cause them to suffer losses. However, this doesn’t mean that bull trends are over or that investors are abandoning the cryptocurrency market. It means the exact opposite!
Glassnode reported that the Grayscale Bitcoin Trust (GBTC) is rising in terms of premium. This shows that the institutional investors are definitely gathering in the cryptocurrency market at lower levels. And the GBTC currency is definitely not alone. The Canadian Bitcoin is also experiencing stronger capital inflow. Since there is so much influx of investors, you shouldn’t ignore the cryptocurrency market at all. You can also take the reference from the https://ethereum-trader.io to clarify your doubt as per your requirements.
Here are the 4 cryptocurrencies to watch for the coming weeks.
While the brief breakout of Bitcoin didn’t overcome the 200-day hurdle of moving at an average rate of $41,014, it does show that the bears are definitely defending Bitcoin to ensure it stays at this level. The Relative Strength Index (RSI) and the 20 days of the down slope of the moving average do suggest that the bears have control.
The USDT and BTC pair can start aiming for the $30,000-$28,000 support zone if it can break $33,000 support. If the zone starts to go away, the pair of the cryptocurrencies can experience increased panic selling. Even a huge drop to $20,000 can be expected. So, you should definitely keep a close eye on BTC.
The Polygon (MATIC) recently got to the 20-days EMA of $1.58, which shows that bulls have been buying this support on the dips. The upwards trend of the slop on the RSI and 20-day EMA shows that there isn’t too much resistance for the pair to grow.
There could be indecision between the bears and bulls, though, since the MATIC and USDT pair have transformed into a triangle pattern. If the bulls manage to increase the price of the pair above the resistance line, then the price has the potential to rise all the way to $2.70. If this occurs, it can even have the boost to go all the way to $4.20.
EOS had a trend towards recovery, but it did fizzle out at 38.2% retracement Fibonacci level at a price of $7.89. The best sign for this pair is that the bulls haven’t allowed the overall price to fall beyond the $5.60 support. This shows that the traders aren’t waiting for EOS to fall more before they buy.
If investors are able to push the crypto price above the $6.81 mark, the currencies could go up to the 200-SMA mark before going back to the $8.69. However, if the bears manage to pull the price down to the $5 support area, it will mean that price drops down to $3.37. It could be a good time to invest in it.
There are have a lot of attempts by bears to since the XMR currency before the $222 mark but didn’t manage to achieve it. This means that the bulls are definitely accumulating the Monero currency. The buyers have tried to push the price over the 20-day EMA, but you can expect the bulls to make another attempt at the hurdle.
If the bulls succeed, you can expect the pair to start at a relief trend that can reach up to the retracement Fibonacci level of $368.45. The traders might close the positions if they bought it at a higher level.
Read More: Top 4 Cryptocurrencies to Watch