By James Davis
Even though Bitcoin has slid below $26,000, it remains above the $25,200 crucial support. This suggests that investors and traders have come to terms with the news regarding the Securities and Exchange Commission’s (SEC) lawsuits against crypto exchanges Coinbase and Binance.
Meanwhile, Cathie Wood, the CEO of investment company ARK Invest says the recent SEC’s enforcement actions have motivated her to buy the dip in stocks of crypto companies. On Wednesday, Wood purchased Coinbase shares worth over $20 million. The following day, she bought $19.7 million worth of Block Inc. stock.
With that said, will the optimism shown by crypto players encourage the bulls to stage a significant recovery? Let’s find that out by analyzing the price charts of Bitcoin and other top ten cryptocurrencies.
Bitcoin Price Analysis
After successfully defending Bitcoin from sliding below the $26,127 support level on Thursday, the bulls gave in to selling pressure the following day, causing the coin to reach $25,667 as of this writing. But as mentioned earlier, BTC is still above $25,200, a vital support level. Therefore, the buyers can still drive the Crypto asset’s price toward the 20-day EMA (Exponential Moving Average) of $26,921.
Achieving this will signal reduced selling pressure, and Bitcoin may rally to the 50-day SMA (Simple Moving Average) of $27,524, where the sellers are expected to block any further price increase.
On the contrary, the bears may pull BTC’s price to $25,200, and if it happens, it would mean they have strengthened their position enough to fuel a drop to the $20,700 support level.
Ethereum Price Analysis
Ethereum traded above the resistance line for the better part of the week but has since dropped inside the falling wedge pattern. The token is valued at $1,743 after declining by nearly 6% in the last 24 hours. With the current price below the $1,779 support level, a drop to $1,725 is likely.
To get Ethereum to retest the $1,927 resistance level, the bulls have to thrust its price above the 20-day EMA of $1,856. Succeeding in this could mean a further rally to $2,060 and subsequently to $2,250.
BNB Price Analysis
BNB is down 10.23% over the past 24 hours, according to data from CoinGecko. It’s trading at $235, below the $264 support level. The RSI (Relative Strength Index) is in the oversold region, suggesting that selling pressure is slowing down. This may cause a rally to $264, where the sellers are expected to cut it short. If they don’t, BNB may retest the second resistance at $285.
Conversely, a continued decline from $235 may open possibilities of the price hitting the $218 support level.
XRP Price Analysis
XRP’s 24-hour loss of 7.23% means the token is now trading below the 20-day EMA of $0.503. With the bears in control, it is predicted that XRP may retest the $0.472 support level. If it breaks below this price, a drop to $0.426 could be a possibility.
On the positive side, if the bulls thrust XRP above $0.503, the token may rally toward the $0.563 resistance level.
Cardano Price Analysis
ADA recorded an 8% surge on Thursday but lost all the gains on Saturday after plummeting 17%. However, the RSI has reached the oversold region, signaling a rally could be on the horizon. Increased buying pressure may lead to Cardano retesting the $0.327 resistance level. Thrusting above this price prompts another rally to $0.352.
On the negative side, the token could hit the $0.230 support level if the bears continue selling.
Solana Price Analysis
SOL is trading below $15 for the first since January. The token has lost 21.37% over the last 24 hours. Solana is one of the many cryptocurrencies delisted by trading platform Robinhood after the SEC labeled them as securities earlier this week.
With its current price ($14.67) below the $15.24 crucial support level, SOL may plummet to find another support at $11.50. On the contrary, if the crypto asset goes above the 20-day EMA of $18.75, a rally to $22.10 becomes likely.
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