Market

Is Altcoin Season on Hold?

Published

4 months ago

July 10, 2024

Coin2049 Newsletter

Altcoin dominance has fallen by 2% over the past week. This indicates that crypto assets other than Bitcoin (BTC) have underperformed compared to the leading cryptocurrency.

Meanwhile, Bitcoin’s dominance has seen a modest increase of 1% during the same period. This suggests that the coin has witnessed more trading activity than altcoins in the seven-day period under review.

Brett (BRETT) Leads as the Altcoin With the Most Losses

Referred to as Pepe’s (PEPE) best friend on Base Chain, Brett (BRETT) is the altcoin with the most losses in the past seven days. Exchanging hands at $0.12 at press time, the altcoin’s value has plunged by 23% in the last week.

Impacted by the general decline in activity in the altcoin market, BRETT’s demand by market participants has dwindled in the past few weeks. Measured by its Relative Strength Index (RSI), the on-chain metric shows that BRETT’s selling pressure currently exceeds all buying activity. As of this writing, the metric’s value is below the 50-neutral line at 49.52.

Brett Relative Strength Index. Source: Santiment

An asset’s RSI measures its overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a decline, while values below 30 signal that the asset is oversold and may witness a reversal.

Confirming the bearish bias toward the altcoin, its Elder-Ray Index has returned only negative values since July 3. As of this writing, the indicator’s value is -0.01.

If the current downtrend is maintained, BRETT’s price may fall to $0.10.

However, a spike in buying activity will invalidate the bearish projection above. It will push the altcoin’s price to $0.13.

Sui (SUI) Charges Toward Key Moving Average

Also mirroring the general decline in the altcoin market, Sui’s (SUI) value has dropped by 10% in the past seven days.

However, readings from its price movements on a one-day chart suggest a spike in buying activity. For example, SUI’s price trends toward its 20-day exponential moving average (EMA) appear poised to cross above it.

An asset’s 20-day EMA measures its average price over the past 20 days. When an asset’s price attempts to cross above this key moving average, it is a bullish signal. It suggests buyers are gaining control, potentially pushing the price higher.

If SUI buying activity continues to surge, its price might rally to $0.76.

However, if profit-taking activity commences, SUI will shed its recent gains to trade at $0.72.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Ethereum Price Rise Targets $3,000: Will It Cross the Mark?

Published

6 hours ago

November 8, 2024

Coin2049 Newsletter

Ethereum price started a fresh increase above the $2,720 resistance. ETH is up over 10% and now approaches the key barrier at $3,000.

Ethereum started a fresh surge above the $2,720 resistance zone.
The price is trading above $2,750 and the 100-hourly Simple Moving Average.
There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $2,950 resistance.

Ethereum Price Extends Its Increase

Ethereum price started a fresh increase above the $2,650 resistance like Bitcoin. ETH was able to climb above the $2,720 and $2,750 resistance levels to move further into a positive zone.

It even surged above the $2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upsides. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.

Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance.

An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,950 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level. The first major support sits near the $2,820 zone and the trend line.

A clear move below the $2,820 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 support level in the near term. The next key support sits at $2,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,820

Major Resistance Level – $2,950

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Market

XRP Price Gains Fade Once Again: Will Support Hold?

Published

7 hours ago

November 8, 2024

Coin2049 Newsletter

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Market

BNB Price Set to Surge: Could It Be the Next Big Mover?

Published

8 hours ago

November 8, 2024

Coin2049 Newsletter

BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.

BNB price started a downside correction from the $612 resistance zone.
The price is now trading above $590 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $588 level to start another increase in the near term.

BNB Price Holds Support

After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.

There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level.

The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair.

If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term.

More Losses?

If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.

The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $595 and $578.

Major Resistance Levels – $605 and $612.

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