bitcoinlfg

Tag: zone

  • BTC could retest key $28,800 zone

    BTC could retest key $28,800 zone

    • Bitcoin price has dropped below $30,000 to currently trade near $29,480.
    • Crypto analyst Rekt Capital says BTC price could retest $28,800 and establish it as a major support area.
    • BTC price bounced above $31,000 last week, having struggled to break past the anticipated buffer zone.

    Bitcoin is trading around $29,479, about 3% down in the past 24 hours and now just 4% up in the past seven days. After trading to highs above $3,100 and then retreating to current levels, the market might have to brace for a retest of $28,800.

    That’s today’s Bitcoin price prediction as shared by crypto analyst Rekt Capital.  

    Bitcoin price at key area, with possible dip to $28,800

    Following a retracement to lows of $15,500 in the aftermath of the FTX debacle market rout, Bitcoin price saw a decent flip in 2023. An upswing off the post-death cross retracement of the bear market saw BTC recover more than 80%.

    According to Rekt Capital, the rally to $30,000 area had BTC trending at an area that has previously acted as a stubborn resistance as well as support zone on the monthly chart. Bulls managed to breach the supply wall last week, but the $28,800 was equally resolute and despite a decent weekly close above the zone, a fresh dip to the level is likely.

    Such a retest might be what buyers need to solidify it as a demand reload area. Rekt says a successful retest of the level could reenergize bulls for another upward move.

    Share this article
    Categories
    Tags



    Source link

  • Crypto bleeding has most altcoins in buying zone: Santiment

    Crypto bleeding has most altcoins in buying zone: Santiment

    • The MVRV metric suggests most altcoins are underbought and present a buying opportunity.
    • A new leg down could however push some of the tokens into a danger zone.
    • Crypto prices have decline alongside weaknesses stocks.

    The total cryptocurrency market cap is down 1.7% at the time of writing as the broader crypto market battles yet another bout of heavy losses.

    Bitcoin price fell below $21,700 again while Ethereum traded to lows of $1,530 on Thursday, with the leading crypto assets continuing the weakness we highlighted on 8 March. 

    Santiment data signals “time to buy altcoins”

    According to analysts at market intelligence firm Santiment, the “heavy bleeding” witnessed across the crypto market this week has many altcoins flashing buy signals. Many of the altcoins suggest an underbought outlook as traders realize losses, the firm noted in a tweet posted early Thursday.

    One indicator pointing to current price levels as opportune buying zones is the Market Value Realized Value (MVRV) ratio. While prices could still fall, Santiment suggests most altcoins are trending in an opportunity zone where prices are likely to rebound higher.

    Notably though, the market could still see a new leg down, pushing some of the coins into the danger zone.

    “If you have been awaiting the time to buy altcoins when there is blood in the streets, our MVRV model indicates that this time has arrived. Prices can of course still fall further, but this is the most crypto assets have been in opportunity zones since early January” Santiment tweeted.

    As CoinJournal reported earlier this week, the downside followed more negative news around crypto bank Silvergate and this week’s economic commentary from Fed Chair Jerome Powell.

    In particular, the Fed’s hawkish outlook has the market anxious and that was visible as stocks also fell on Wednesday.

    Share this article
    Categories
    Tags



    Source link

  • Shiba Inu (SHIB/USD) nears a demand zone

    Shiba Inu (SHIB/USD) nears a demand zone

    • Shiba Inu recovered 1.21% on Monday after a bearish move

    • The developers teased a “countdown,” as some fans speculate the Shibarium update

    • SHIB could touch the June lows next

    Shiba Inu (SHIB/USD) gained 1.21% on Monday to trade at $0.0000087. The token is slightly recovering from a bottom price of $0.0000080 over the weekend. This is an important zone for SHIB, or rather, the cryptocurrency could touch a demand zone that was crucial to bulls in the past.

    A historical price movement of SHIB shows that $0.0000072 is a potential demand zone for SHIB. At the height of a bear market earlier this year, SHIB settled at this zone in June before embarking on a strong recovery. The gains took SHIB to a high of $0.0000179 in August before another bear cycle followed. Amid the intraday gains, this is the next level to watch for SHIB.

    Meanwhile, the Shiba Inu community is guessing about the Shibarium beta test. This was after a weekend tweet teased users with a “special countdown.” The countdown was still running down at 7 hours and 48 minutes as of press time. It is unclear what this countdown is all about, but users started to speculate on the Shibarium update. Others quashed it as a distraction to unimportant partnerships and hire.

    As the “countdown” unfolds, Shiba Inu fans will keep their hands crossed that something important will pop up. Probably, this could coincide with reports that SHIB is alongside BTC and ETH, the most watched cryptocurrencies on Binance. But technical indicators show a potential further slump.

    SHIB recovers slightly from an oversold level near the June lows

    SHIB/USD Chart by TradingView

    On the daily chart, SHIB is on a slight upside after touching a level slightly above the June lows of $0.0000072. The trend is still bearish, and a potential decline to June’s bottom could be on the card. The RSI reading is still below the midpoint, signalling a bear control.

    When will SHIB become bullish?

    The $0.0000072 could attract buyers again if bulls fail to capitalise on the current SHIB price recovery. This is the level to watch for bullish reversal signals.

    Where to buy SHIB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SHIB with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy SHIB with Bitstamp today

    Share this article
    Categories
    Tags

    Source link