Bitcoin price is retracing to a stable support area which suggests a potential rally might be on its way. This development has also pushed Ethereum, Ripple and other altcoins down before the recovery bounce appears.
Dogecoin price shows a chance for reversal while one of the meme coin’s biggest proponents – Elon Musk – is likely to be stuck in a lawsuit.
Tezos (XTZ) price held some good cards over the weekend as a bullish triangle was underway with the monthly pivot at $1.66 and a technical moving average just above set for the taking. The bullish setup is vanishing as sentiment got a turn on Monday morning, with ASIA PAC in deep negative numbers as China has locked down a few big-city blocks in Shanghai, adding to more supply chain issues. Add that to the energy crunch in Europe and speculation on higher inflation in the US and you see the tone setting for a bear market where cryptocurrencies are the least favourite segment investors want to be in.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.