Amid ongoing market turmoil, top cryptocurrencies have recorded a significant correction in their values. However, whales have taken advantage of this situation by increasing their hold and stacking more tokens at a discounted price.
With the increased price volatility in the crypto space, is this a crucial time to invest in these cryptocurrencies to maximize your profits during the bull market post-election? In this article, we have covered the top 3 tokens, that can dominate the market this month.
Bitcoin (BTC)
With a drop of 2.08% in the past 24 hours, the Bitcoin price has retested its support level of $68,000. However, it has jumped 11.33% during the past month and has a YTD return of +61.63%, highlighting a long-term bullish action.
The RSI indicator has failed to breach the overbought range in the 1D time frame. This has resulted in a sharp downtrend in its price chart. Further, it indicates a negative outlook for the Bitcoin price in the coming time.
If the bullish sentiment resurfaces, the BTC coin price could retest its ATH of $73,750.07 this month. On the other hand, if a bearish sentiment intensifies, the star crypto could retest its low of $60k.
Also, read Bitcoin (BTC) Price Prediction!
Ethereum (ETH)
The Ethereum price has recorded a neutral trend over the past seven days, with a variation of less than 2% in valuation. This indicates a weak buying and selling pressure for the altcoin leader in the cryptocurrency market.
The Moving Average Convergence Divergence (MACD) shows a constant red histogram in the 1D time frame with its averages recording a neutral price trend. Moreover, the EMA 50-day acts as a resistance, suggesting a mixed-price action.
If the market favors the bulls, the ETH coin price could retest its upper resistance level of $2,800 during the upcoming time. Conversely, if the bears outrun the bulls, the altcoin leader could retest its crucial support level of $2,200.
Dogecoin (DOGE)
Despite recording a correction of 6.36% in the past 24 hours and a trading volume of $1.570 billion, the DOGE coin price has jumped 9.91% over the past week and 40.47% during the past month. With a YTD return of 69.62%, it indicates a long-term bullish sentiment.
The SMA indicator has recorded a bearish convergence in the DOGE price chart. Further, the RSI has displayed a significant drop in the 1D time frame. This suggests a negative outlook for the memecoin leader in the coming time.
Suppose, the bulls regain momentum, the Dogecoin price will retest its upper resistance level of $0.18225. On the contrary, if the bears dominate the market, this meme coin will plunge toward its support level of $0.127 this month.
Also, read Dogecoin (DOGE) Price Prediction!
Credit: Source link