There was a significant retracement in the crypto market across all sectors, with the crypto marketcap falling below its resistance of $1.2 billion leaving only top cryptos affected.
Market sentiments have turned back to bearish, with many crypto assets still sitting in the key support area. We will now focus our attention on five cryptos that you need to be aware of this week.
This article is not intended to be used as investment advice. You should always do your research. Never invest more money than you are able to afford.
Top Crypto Price Analysis Chart –Bitcoin (BTC).
According to the chart, BTC’s price rejected was $25,200. This is due to a bullish uptrend and a rising wedge. BTC prices broke through in a downtrend after the resistance was removed.
BTC trades at $21,100 as of the writing of this article. BTC lost support above $22,500 and was forced to test lower levels at $20,800.
BTC price could fall below the $20,800 resistance level. This is considered a potential demand area for BTC over the coming weeks.
The Daily (1D), Chart: Price Analysis of Ethereum (ETH).
The price of Ethereum in recent weeks outperformed BTC after showing a bullish trend ahead of “The Merge,” rising to a region of $2,030.
The ETH Price was rejected at $2,030. This seems to indicate that there is resistance to ETH’s trending upward. At the time of writing, there was a selling of the price to $1570.
The price for ETH traded below the 200 and 50 Exponential Moving Averages (EMA) daily times.
If the ETH prices remain bearish, it could be that the price retests $1,300 to support high-demand regions.
Top Crypto Price Analysis Chart –Binance Coin (BNB).
BNB’s price was rejected at $327 resistance and currently trades at $296.
BNB’s bullish structure has been maintained despite rejection. BNB’s price could fall to $290 and retest the support level of $250.
BNB is trading at $288, which corresponds with the 50 EMA. This price support has been very positive. BNB has to maintain above the 50 EMA in order for it to continue trending upwards.
The Daily (1D), Chart Price Analysis of Trezor (TRB).
Trezor continues to exhibit bullish trend and is well held above 50 and 200 EMA.
TRB continued to remain strong in spite of the dip across crypto assets. This is consistent with the bullish trendline.
TRB prices broke $40 resistance. Any close above the region would send them to $60. TRB should not fail to maintain the trendline support. $32 would be the best support to keep prices in check.
EOS Daily Price Analysis (1D) Chart
After breaking out from a channel, EOS formed a bullish pattern and found support at $1.4. EOS could hold this support zone and the market will bounce to the upside if it does. We might see EOS’s price retesting $1.75 as resistance.
Breaking below EOS support will result in $1.26 serving as support.
Featured Image from TradingView.com, Charts From TradingView.com