![]() Volume has also noticeably faded since Q1 of this year. Per StockCharts, ETH trades hands at around $1,578, below its 50 DMA (at $1,634) and its 200 DMA (at $1,799). This is where I’m getting concerned for near-term viability. Yet in the trailing six months, it declined over 17%, requiring the bulls to pick up the slack. To be fair, Ethereum remains up almost 32% since the January opener. After all, this is supposed to be Uptober, not “Downtober.” In the trailing one-week period, ETH gave up more than 5% of its market value, which is a worrying proposition. In the trailing one-month period, ETH slipped almost half a percent. Unfortunately, the cracks are beginning to show. Source: Thaninee Chuensomchit / Īs the number two among all cryptos to watch by market cap, Ethereum ( ETH-USD) likewise commands significant interest. Lingering around the $27,000 level will likely attract skepticism, which could invite a drop to the $26,600 marker, where BTC’s 50 DMA lies. Subsequently, you’d imagine that Bitcoin bulls must get the price decisively above $28,000. Basically, it continues to be low relative to levels seen during the first quarter of this year. Therefore, not much confidence seems to exist for BTC. It’s only briefly managed to swing above the 200 DMA on an intraday basis. Technically speaking, BTC’s 200-day moving average (which comes in at $28,039) imposes upside resistance. However, in the past seven days, BTC has only poked its head above parity. Yes, in the trailing one-month period, BTC gained nearly 7% of market value. Unfortunately, in recent sessions, BTC is acting more as a harbinger for the virtual currency market than it is a north star. Source: Sittipong Phokawattana / Īs the benchmark of all cryptos to watch, Bitcoin ( BTC-USD) commands the lion’s share of attention regarding the blockchain ecosystem. So, a continued hawkish approach could be the answer, posing challenges for cryptos to watch. Yes, that might sound great for decentralized assets but remember: the Fed likely won’t tolerate inflation moving higher. Nevertheless, the face-value interpretation also sticks that is, more dollars are chasing after fewer goods. That right there suggests the Federal Reserve’s aggressively hawkish monetary policy is paying off some dividends. In particular, a hotter-than-expected jobs report presents a tricky narrative.įrom one angle, the high print also accompanied wage growth moderation. Nevertheless, it’s also worth pointing out that certain fundamentals don’t necessarily bode well for cryptos. Basically, at any moment, these blockchain-derived assets can swing dramatically higher. To be fair, investors should avoid assessing the cryptocurrency market on its day-to-day gyrations. As of Monday night, this stat slipped to $1.07 trillion. At the start of the month, the total market capitalization of all virtual currencies stood at around $1.8 trillion. While the seasonal phenomenon known as Uptober started rather swimmingly for cryptos to watch last week, sentiment appears to have cooled.
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