U.Today – took a big hit after reaching the $71,000 threshold, losing 14% of its value and falling below $60,000. However, there is a realistic possibility of a reversal in the near future as BTC has reached the bottom threshold of the sideways market channel.
First, BTC price action shows a significant buying zone at $58,000, the historical support level. The 200-day moving average, or the black line on the chart, and this support level indicate that a Bitcoin rebound may be on the way.
The volume profile shows more encouraging signs. Due to the recent fall, the trading volume has increased, indicating that buyers are still very interested in the product at a reduced price. Higher activity usually signals an upcoming price reversal as this is an accumulation of investors anticipating future gains. Moving averages offer an additional level of understanding.
Although these levels are often dynamic support and resistance zones, the chart shows that Bitcoin is currently trading below the 100-day and 50-day exponential moving averages. A break above this moving average in Bitcoin suggests a possible trend reversal and a move in the direction of bullish momentum.
Currently, there is no typical fuel for these assets, and it is unlikely to be seen in the near future, unless ETFs drive the market as a whole.
get ready
XRP is in the process of making another reversal attempt to break the downtrend that came after a long downtrend. We aim for a breakthrough of the 26 EMA and a significant stabilization and reversal. However, momentum is what is really needed now.
The chart shows that XRP is having difficulty maintaining its upward momentum and continues to fail to breach significant resistance levels. To suggest a possible trend reversal, XRP must cross the 26-day Exponential Moving Average (EMA). This level has become a barrier, and a successful breach could signal the beginning of a bullish phase.
The volume analysis shows that traders have different opinions. Trading volume occasionally increases but is not consistent enough to allow a long-term upward trend. Higher buying volume is necessary for XRP to sustain its reversal efforts. This will give the market the momentum it needs to break through resistance levels and keep prices higher.
XRP is currently in the neutral zone, according to the Relative Strength Index (RSI). There is potential for upward movement as this does not indicate an overbought or oversold situation.
the goal is higher
Dogecoin will test the $0.13 price threshold in the next few days, suggesting the current market composition. Most likely, we will see a test of the 200 EMA threshold and a subsequent breakout, if there is enough momentum.
The 200-day Exponential Moving Average (EMA) is represented by the $0.13 mark on the chart, which indicates that Dogecoin has found it difficult to break a significant resistance level.
A successful break above this level, which has historically been the main resistance point, can signal a bullish reversal. There is also cause for concern as volume analysis shows that trading activity has been relatively muted. Dogecoin needs a large enough buying volume to continue its upward trend.
The momentum needed to break through the 200 EMA with confidence may be hampered by a continued lack of trading volume. The relative positions of the 100-day and 50-day EMAs are also important. At the moment, Dogecoin is trading below these two moving averages, which usually indicate a downward trend.
But the DOGE will be a very bullish indicator if it can gather enough buying pressure to break through that level. Some additional information is offered by the Relative Strength Index (RSI).
The fact that Dogecoin’s RSI is currently hovering around the neutral zone indicates that there is still potential for upward movement without overbuying. A move above the 50-point RSI threshold will add confidence in the possibility of a bullish breakout.
This article was originally published on U.Today