Category: Analysis

Recent breakdown suggests $52,000 is the next stop for bitcoin, according to the charts

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Bitcoin started 2024 with a bang, as a first-quarter rally propelled the price up to a new all-time high around $74,000 in mid-March. Over the next six weeks, bitcoin has been decidedly rangebound, rotating between support around $60,000 and resistance around $72,000. With bitcoin finally breaking below that support level at $60k this week, we see much further downside potential before the long-term uptrend resumes. If we look at the recent trading range in a little more detail, we can see how recent support around $60,000 lines up with the…

Ripple Unlocks 1 Billion XRP From Escrow

On-chain data recently showed that Ripple carried out its monthly escrow unlock for May. As expected, this has raised concerns about how it could affect the XRP price, especially since Ripple has been accused of manipulating the token’s price.  Ripple Unlocks 500 Million XRP Tokens Onchain data revealed 500 million XRP tokens were unlocked from Ripple’s escrow on May 1. The crypto firm is known to unlock 1 billion tokens monthly, although it looks to have only unlocked half this time around. The magnitude of these tokens always raises concerns,…

DOGE Price Prediction – Dogecoin Reaches Make-or-Breaks Levels

Dogecoin extended losses and traded below the $0.1350 resistance zone against the US Dollar. DOGE is now testing an important support at $0.1200. DOGE gained bearish momentum below the $0.140 and $0.1350 levels against the US dollar. The price is trading below the $0.1350 level and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance at $0.1350 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price must settle above $0.1420 to move into a positive zone and…

Ethereum Price Revisits Key Support, Can Bears Take Over?

Ethereum price started another decline and traded below $2,920. ETH could gain bearish momentum if there is a close below the $2,800 support zone. Ethereum remained in a bearish zone and traded below the $2,900 zone. The price is trading below $2,950 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $3,050 resistance. Ethereum Price Extends Losses Ethereum price…

Bitcoin losses could steepen after the cryptocurrency fell below $60,000, analysts say

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The bitcoin sell-off could get worse before it gets better, according to analysts who look only at price charts. The flagship cryptocurrency just posted its first negative month in eight and worst month since November 2022. The downtrend intensified on Wednesday when it tumbled under the $60,000 level for the first time since February, as stubborn inflation and uncertainty around Federal Reserve interest rate policy kept markets under pressure. That was a key support level for bitcoin, representing the approximate convergence of the March low and 100-day moving average, according…

DOT Price (Polkadot) Approaches Key Level: Should Traders Brace for Sharp Drop?

Polkadot (DOT) is showing bearish signs below the $8 resistance against the US Dollar. The price could extend its decline if it fails to stay above $6.00. DOT is gaining pace below the $8.80 and $8.00 levels against the US Dollar. The price is trading below the $7.20 zone and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken). The pair could continue to decline toward the $5.00…

Bitcoin Price Nosedives, Can Bulls Save The Key Support at $60K?

Bitcoin price took a hit and even spiked below $60,000. BTC could gain bearish momentum if there is a daily close below the $60,000 support zone. Bitcoin started another decline and traded below the $61,200 zone. The price is trading below $62,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower if it fails to recover above $60,400 and then $62,000 this week.…

Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $3.5K

Ethereum price struggled to recover above $3,350 and corrected gains. ETH is consolidating near $3,200 and facing many hurdles. Ethereum started another decline and tested the $3,120 zone. The price is trading below $3,220 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support at $3,170 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below the $3,170 support. Ethereum Price Faces Uphill Task Ethereum price failed to settle above the $3,250 level and…

Bitcoin Price Bounces Back To $64,500 But Is It Enough To Avoid Drop?

Bitcoin price found support at $61,800 and recovered higher. BTC jumped to $64,500 and is currently consolidating gains above $63,500. Bitcoin started another increase after it found support near the $61,800 zone. The price is trading above $63,500 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $63,200 support zone to continue higher in the near term. Bitcoin Price Holds…

Bitcoin showing similarities to small caps as it struggles to break $70,000, says Wolfe Research

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Bitcoin has been struggling to break out of its narrow range and reach new highs, and there’s doesn’t appear to be much hope for the cryptocurrency’s price in the near term, according to Wolfe Research. “Bitcoin continues to demonstrate its inability to successfully get through that stubborn $70k resistance level,” Wolfe’s Rob Ginsberg said in a note Wednesday. “It’s the same area where price stalled out in 2021 before going onto fall some 50% from the peak over the next three months” — before bitcoin hit another all-time high that…