By James Davis
The Federal Reserve’s decision to hike rates by 25 basis points on Wednesday failed to cause high volatility in the crypto market. That’s because the news did not come as a surprise to many investors. On Friday, the US Personal Consumption Expenditures Index report was released. It suggested that the Fed was finally in a position to put inflation under control. Still, the crypto market was not moved.
Even though there is uncertainty in the short term, it’s important for crypto enthusiasts to watch closely the long-term story of this nascent industry. Geoff Kendrick, the head of crypto at Standard Chartered, recently spoke with CNBC, where he predicted Bitcoin’s value to reach $100,000 by December 2024. When asked about the factor behind his prediction, Kendrick said the Bitcoin halving event in April next year will be the main driver of the rally.
In the meantime, let’s analyse Bitcoin and altcoins’ performances in the short term.
Bitcoin Price Analysis
Since dropping below $30,000 on Monday, Bitcoin hasn’t managed to touch that level the entire week. This suggests that sellers are finding upper levels attractive. According to data from CoinGecko, BTC is trading at $29,309, above the 50-day SMA (Simple Moving Average)of $29,124. In order to enhance the chances of reaching $30,000, the coin has to go above the 20-day EMA (Exponential Moving Average) of $29,712. If that happens, Bitcoin could potentially hit the $30,547 resistance level.
On the contrary, Bitcoin is expected to retest the $27,639 and $26,810 support levels if the bears tug it below the $28,800 crucial support.
Ethereum Price Analysis
ETH has failed to cross above $1,900 since falling below that price last Sunday. It’s now trading at $1,876, below the 20-day EMA of $1,879. If the token continues declining, it may find support at $1,849.87, the 50-day SMA. A rebound from this price can cause a massive rally to $1,929 and then to $1,990. However, if the ETH price falls below $1,849.87, it could plunge further to $1,764.
That said, we predict ETH to continue trading between $1,764 and $1,990 over the coming days.
XRP Price Analysis
XRP has been relatively stable since rebounding off $0.6823 in mid-week. The token, whose issuer recently won a case against the United States Securities and Exchange Commission, is currently priced at $0.7110. With intense buying pressure, XRP could retest the $0.7539 resistance level. Defeating the bears at this price could motivate the bulls to cause another rally to $0.8536.
Conversely, a price below $0.6823 will mean the end of the upward movement and may encourage the bears to sink XRP toward the $0.5689 support level.
BNB Price Analysis
BNB’s 7-day trading range has been between $238 and $243. The bulls are trying to drive the token toward the 20-day EMA of $246.20, while the bears want to sink it below the $236.50 support level. If BNB breaks out of the current range and then crosses above $246.20, it may continue rising to $259.08. On the other hand, in case $238 cracks and BNB breaks below $236.50, a decline to $229.95 becomes likely.
Cardano Price Analysis
On Wednesday, the bears failed to mount enough selling pressure to sink ADA below the $0.3012 key support level. A rebounded off that level caused the token to reach its current price of $0.3154. With Cardano’s price above the 20-day EMA of $0.3115, the bulls may attempt to fuel a rally to $0.3459. Breaking this tough barrier could help ADA reach $0.3710.
If the sellers wish to block the upward movement, they must tug Cardano below $0.3012. That way, the crypto asset may plunge to $0.2715 and subsequently to $0.2598.
Dogecoin Price Analysis
Dogecoin ends the week with an 11% gain. The memecoin has been rallying since Elon Musk announced changes in his social media platform Twitter, now called X. The billionaire hinted at crypto payment integration in the future. And with him being a super DOGE fan, many investors believe X will soon start supporting Dogecoin payments.
The memecoin is currently valued at $0.08013, just above the $0.08000 resistance level. If it continues rallying, it may retest $0.0859. We, however, expect sellers to block further price growth at this level.