The Crypto Total Market Capitalization closes –at 2.75% last week, which as a result caused a sell-off in the Altcoin market. The Altcoin Market Capitalization aka Others Market cap closes at -5.69% last week. In this article, I will share the price analysis of Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and Cosmos (ATOM).
Crypto Total Market capitalization (Crypto Total)
The Crypto Total Market capitalization made a low of $996 Billion and closes at $1.035 Trillion last week. The Crypto Total Market Capitalization was rejected from the 50 Weekly moving average and is currently hovering around $1.038 Trillion at the time of writing.
The Crypto Total Market Cap is holding support at 1.01 Trillion and is up 2.26% today.
Bitcoin Price Analysis (BTC/USDT)
Bitcoin closes below the 50 Monthly moving average last month. Bitcoin (BTC) closes at -1.59% yesterday and is up 1.36 Today. Bitcoin is facing a supply zone pressure near $25000.
Currently, Bitcoin (BTC) is trading at $23454. Bitcoin is holding support at $23000 for now. Price action will remain side waves in the coming days unless BTC closes a few weeks above the $$25000 price level.
Altcoin Market Capitalization (Others Cap)
The Altcoin Market capitalization tested the resistance of $130 billion and was rejected badly. The other market cap breaks the trend downside, it was holding since December last year.
Currently, the Altcoin Market Capitalization is at $118 billion. The Altcoin Market loses more than 12% IN the last 10 days. The Altcoin Market cap is retesting the trend line. The Major support is at $104 billion.
According to the data from Tradingview, a big Relative Strength Index (RSI) Divergence played out.
Others.D (Altcoin Dominance)
The Altcoin Dominance rejected from the resistance of 12.25%. Altcoin Dominance is the share of coins and tokens other than bitcoin in the crypto market, it increases when the altcoin is performing better than Bitcoin (BTC).
The Others.D is holding support at 11.33%. We will see a good rally in Alts when it will break above 12.55%.
Ethereum Price Analysis (ETH/USDT)
Ethereum (ETH) tested the $1700 resistance range more than 5 times last month. ETH is now holding support at the trend line. As long as eth is holding support at the trend line ETH will try to break the resistance level of $1700.
Ethereum is trading at $1639 at the time of writing. The Major support for ETH is $1250.
ETH/BTC is forming a big Cup & Handle pattern on a higher time frame. This pattern will play out when ETH/BTC will hold a few weeks above the 20-50 weekly moving average.
At the time of writing ETH/BTC is at 0.070 BTC. ETH/BTC is testing 50 weekly moving averages.
Polkadot Price Analysis (DOT/USDT)
Polkadot (DOT) went up 83% last month from its bottom price of $4.2. DOT tested the resistance of $7.7 and it is currently changing hands around $6.4.
Polkadot (DOT) is forming an Inverted Head & Shoulder pattern (Bullish) on a higher time frame. DOT is down 4.2% this week, traders are eyeing $5 as strong support. $7.7 will remain a strong weekly resistance for DOT.
Cosmos Price Analysis (ATOM/USDT)
Cosmos (ATOM) tried hard to hold above the 50 weekly moving average but unfortunately closes last week below it. ATOM rejected from the weekly resistance of $15. Traders are looking at $11 as a strong support area.
According to the data from Tradingview, ATOM is down 3% this week, ATOM is trading at $12.5 at the time of writing. Traders are concerned as ATOM/BTC pair closes below the 50 weekly moving average last week.
Image From: Tradingview and iStock.
*Disclaimer: All views expressed in this article is for educational purposes only and should not be constituted as financial advice.
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