Bitcoin and altcoins have experienced a decline in value following comments from the Federal Reserve suggesting that interest rate hikes could continue until 2024. This has raised concerns among traders about the future of the cryptocurrency Market.
The Federal Reserve Chairman, Jerome Powell, warned that inflation is still too high and that the central bank is open to raising interest rates further if necessary. This has reinforced the belief that interest rates will remain high for a longer period of time. However, despite the concerns raised by Powell’s comments, U.S. equity markets have shown resilience and recovered from short-term selling pressure.
According to Pantera Capital, Bitcoin’s price action is expected to follow previous halving cycles. If this happens, Bitcoin could rise to $35,000 by April 2024, when the next halving event is expected to take place. After that, Bitcoin is predicted to experience a sharp rally and reach $148,000.
In terms of individual cryptocurrencies, Bitcoin has faced resistance at the $26,833 level and has been Trading in a range between $26,833 and $24,800. This indicates that bears are selling during rallies and that the bulls are not buying aggressively. A break below $24,800 could trigger a further decline in Bitcoin’s price, potentially pushing it towards the key support level at $20,000.
Ethereum has also faced resistance at the $1,700 level and has been struggling to sustain higher levels. Downward-sloping moving averages and an oversold RSI suggest that bears are in control of Ethereum’s price. If sellers are successful in pushing the price below the $1,626 to $1,550 zone, Ethereum could start a downward move towards $1,368.
Binance Coin has encountered resistance at the $220 level, with bears attempting to turn this level into resistance. If they succeed, Binance Coin could fall to the psychological support at $200, and potentially further to $183. To avoid further decline, buyers need to push the price above the 20-day EMA ($225).
Ripple has failed to reach the overhead resistance of $0.56, indicating weakening demand at higher levels. Bears will try to push the price below the $0.50 support, potentially leading to a slide towards $0.41. On the upside, bulls need to push the price above the 20-day EMA ($0.56) to regain control.
Cardano has successfully defended the $0.24 support level but has struggled to overcome the $0.28 barrier. Bears are selling in every small rally, and a break below $0.24 could signal a resumption of the downtrend.
In terms of other cryptocurrencies, Solana has faced resistance at the $22.30 level, Dogecoin has experienced selling pressure with a potential decline to $0.055, Polkadot has been trading in a narrow range between $4.22 and $4.56, Polygon has been gradually declining towards the $0.51 support, and Toncoin has formed a reversal head and shoulders pattern that could be completed with a break above $1.53.
Overall, the cryptocurrency market is currently facing selling pressure, with bears in control of many cryptocurrencies. The future direction of the market will depend on various factors, including interest rate decisions by the Federal Reserve and market sentiment..
#Buy #Sell #Levels #DOGE #ADA #XRP #MATIC #Coins
The Federal Reserve Chairman, Jerome Powell, warned that inflation is still too high and that the central bank is open to raising interest rates further if necessary. This has reinforced the belief that interest rates will remain high for a longer period of time. However, despite the concerns raised by Powell’s comments, U.S. equity markets have shown resilience and recovered from short-term selling pressure.
According to Pantera Capital, Bitcoin’s price action is expected to follow previous halving cycles. If this happens, Bitcoin could rise to $35,000 by April 2024, when the next halving event is expected to take place. After that, Bitcoin is predicted to experience a sharp rally and reach $148,000.
In terms of individual cryptocurrencies, Bitcoin has faced resistance at the $26,833 level and has been Trading in a range between $26,833 and $24,800. This indicates that bears are selling during rallies and that the bulls are not buying aggressively. A break below $24,800 could trigger a further decline in Bitcoin’s price, potentially pushing it towards the key support level at $20,000.
Ethereum has also faced resistance at the $1,700 level and has been struggling to sustain higher levels. Downward-sloping moving averages and an oversold RSI suggest that bears are in control of Ethereum’s price. If sellers are successful in pushing the price below the $1,626 to $1,550 zone, Ethereum could start a downward move towards $1,368.
Binance Coin has encountered resistance at the $220 level, with bears attempting to turn this level into resistance. If they succeed, Binance Coin could fall to the psychological support at $200, and potentially further to $183. To avoid further decline, buyers need to push the price above the 20-day EMA ($225).
Ripple has failed to reach the overhead resistance of $0.56, indicating weakening demand at higher levels. Bears will try to push the price below the $0.50 support, potentially leading to a slide towards $0.41. On the upside, bulls need to push the price above the 20-day EMA ($0.56) to regain control.
Cardano has successfully defended the $0.24 support level but has struggled to overcome the $0.28 barrier. Bears are selling in every small rally, and a break below $0.24 could signal a resumption of the downtrend.
In terms of other cryptocurrencies, Solana has faced resistance at the $22.30 level, Dogecoin has experienced selling pressure with a potential decline to $0.055, Polkadot has been trading in a narrow range between $4.22 and $4.56, Polygon has been gradually declining towards the $0.51 support, and Toncoin has formed a reversal head and shoulders pattern that could be completed with a break above $1.53.
Overall, the cryptocurrency market is currently facing selling pressure, with bears in control of many cryptocurrencies. The future direction of the market will depend on various factors, including interest rate decisions by the Federal Reserve and market sentiment..
#Buy #Sell #Levels #DOGE #ADA #XRP #MATIC #Coins
