- Bitcoin evolves on solid foundations
- XRP recharges
Despite finishing last week in the red, altcoins are showing positive momentum at the start of this week as most assets are posting slight gains. However, low volatility and trading volume are signs of weak bulls, and any negativity will most likely push the market into a correction.
One of the biggest gainers in the market today is Cosmos (ATOM), with a price increase of over 2% in the last 24 hours. However, the asset’s positivity does not come without negativity, as it broke below the important support level of the 50-day moving average. The lack of foundation under ATOM could be a worrying sign as the asset’s move into the downtrend could accelerate from here.
Unlike ATOM, Shiba Inu is fighting with a 50-day moving average resistance level and trying to break through with the weak support from the SHIB bulls. The low trading volume and lack of inflow will most likely lead to further consolidation around the current price. A breakout is still possible but will most likely have no effect on the volatility of the token.
Bitcoin evolves on solid foundations
The $18,000 support appears to be one of the highest levels Bitcoin has faced recently, as the bulls have been unable to push the price of the first cryptocurrency below the fundamental threshold for almost a month now.
The current price level of the first cryptocurrency appears to be the lower boundary of the consolidation channel that Bitcoin has been moving in for the past few months. The upper limit, depending on the performance of the first asset, is around $24,000.
However, the lack of trading volume and inflow into the asset shows that it will most likely continue to trend sideways as no major events are yet to come in the cryptocurrency or the financial market in general.
The only thing that could shake both markets is the potential default of one of the world’s largest investment banks, Credit Suisse. The story behind the potential $1.5 trillion stock market crash has been covered by U.Today.
Success in court was the main fuel for XRP’s unusual 55% rally, but as the dust settled the cryptocurrency quickly reversed, losing almost 50% of what it had. had won before. However, the bulls managed to push it back up.
For now, the price performance of XRP forms something similar to a symmetrical triangle – a common indicator for volatile assets that are going through short-term, volatile rallies. Once the asset has peaked and consolidated, the bulls and bears begin to push the asset in their own way, which then creates a spike in volatility in both directions.
It is difficult to say which direction XRP will go after reaching the end of the triangle, but the decreasing volume suggests that the cryptocurrency will most likely continue to fall further unless unusual buying activity appears in the market. , following Ripple’s success in court against the SECOND.