Has the time arrived for the market to start mid-term growth?
|Bulls could not hold the initiative for long, and most of the coins have returned to the red zone. Polkadot (DOT) is the only exception to the rule, going up by 1.35%.
Top coins by CoinMarketCap
BTC/USD
Yesterday the bulls tried to break through the resistance of $38,900. In the evening, one of the weak bullish impulses was able to pierce this level and mark the daily high at $39,285.
BTC/USD chart by TradingView
Buyers failed to stay in the high zone, and the price returned to the area of $37,600. Today, a break to the resistance of $40,000 is possible.
One believes that a retest of the psychological mark can cause a flurry of sales that might push the price of Bitcoin (BTC) below the two-hour moving average EMA55.
Bitcoin is trading at $37,670 at press time.
DOGE/USD
DOGE has followed the decline of Bitcoin (BTC), facing a slight a correction of 1.13%.
DOGE/USD chart by Trading View
The current price drop has not affected the rate of DOGE too much in terms of further sharp moves. The price is in the middle of the channel, which means that neither bulls nor bears are dominating at the moment.
However, if seller' pressure continues and the rate comes back to $0.1310, there is a possibility to see a breakout of the support soon.
DOGE is trading at $0.1407 at press time.
SHIB/USD
SHIB is the main loser today as the meme coin has declined by 3.14%.
SHIB/USD chart by Trading View
From the technical point of view, SHIB is trading similarly to DOGE as there is a low chance of seeing any sharp moves soon due to the weakness of buyers and sellers. All in all, one needs to pay close attention to the support level at $0.00001704 and the resistance at $0.00002537.
SHIB is trading at $0.00002099 at press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.