Cryptocurrencies Price Prediction: Bitcoin, Zilliqa & Binance Coin — Asian Wrap 10 May – FXStreet
Bitcoin price steep decline spells for a capitulation event underway. More price decline is likely to occur, but traders should consider the bullish macro thesis event until $28,799 is broken. The Bitcoin price decline has analysts deeming the cryptocurrency market a bear market.
Zilliqa price is coming off a deep pullback from the massive 500% rally in March. Last week’s weekly candlestick showed a historically bullish reversal pattern, but follow-through is necessary to confirm that pattern. Zilliqa price, like the rest of the cryptocurrency market, is facing a continued sell-off.
Binance coin price is likely to continue falling in the short term before the anticipated market bounce occurs. $250 is a probable target. Binance coin price had produced a ramping 1-2 pattern before a bearish engulfing candle displayed on the 3-day chart.
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Bitcoin price has struggled to sustain its upside momentum since it got rejected from the seller congestion at $24,000 on July 29. The pioneer cryptocurrency will likely slide to $22,000 and $20,800 as it hunts for fresh liquidity.
ETH festers with negative market sentiment amidst the upcoming network merge. Ethereum price stalls near a pivotal level. A dual scenario is at work targeting either $1,900 or $1,500. This thesis remains neutral until further evidence is displayed.
XRP price shows a sudden change in the technicals hinting at a bullish rise. Social media shows an uptick around Ripple’s CEO Brad Garlinghouse speaking at the World Economic Forum. Invalidation of the bullish trend depends on two factors.
SOL attempts to make a comeback after the network suffered an exploit through external applications. Nearly 8,000 wallets on Solana fell prey to the hack, which drained $8 million. Analysts believe Solana price could rally to $50 target by the end of August 2022.
Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis.
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August 4, 2022 at 02:27PM