Most coins flipped at various support levels in the past 24 hours, eventually shedding any gains amassed in the previous seven days. A few hours into press time, these cryptocurrencies are trading at their lowest since the beginning of the price corrections.
Here is the crypto market outlook for today:
A few hours to the time of writing, Bitcoin suffered one of the strongest price retracements in the last seven days. The last 24 hours saw BTC drop from $58,680 to as low as $54,200.
When the price retracement happened, BTC gave everyone hope by consolidating. Unknown to most buyers, the dip extended and got as low as $53,285.
Price consolidation is happening right now and it is by traders buying the dip. The on-chain analysis also revealed that BTC is currently experiencing a strong buy. With BTC seeing more entrants, it may experience a drive back to $55k or even higher before the end of 24 hours.
Polkadot experienced a slightly aggressive price retracement that saw prices trade below $34 before a price hike. As the next 24 hours unfold, traders must ensure that prices don’t test $33.
The $34 mark will be the key support for the next 24 hours. On-chain analysis reveals that a surge is underway as the coin is experiencing strong buyer pressure. DOT may surge to trading above $35.
While most cryptocurrencies are decreasing in value per unit, XRP was reaching new heights. In the last 24 hours, Ripple got to the highest in the last seven days; it got as high as $0.59.
At the time of writing, on-chain analysis is displaying a raging battle between the bears and the bulls. At this time, XRP will see a slight price improvement as the bulls are edging in this fight. The $0.6 resistance may flip if the bulls can keep up the attack.
Amidst serious bearish actions in the market, UNI looks less bothered. As with XRP, UNI also enjoyed more of a bullish market as it attained a new all-time time during the last 24 hours. It got as high as $35.4 buoyed by news of an imminent release of Uniswap’s upgraded DEX (V3)
At the time of writing, UNI is trading less than 5% lower than its current ATH. Although on-chain analysis is currently showing the bears edging in a fight for dominance, the bulls can overturn the result of a pump UNI to hit yet another ATH.
Over the next few hours, buyers will look to rally most of the top coins that suffered a price correction. This could result in prices flipping some resistance levels and mark the beginning of another consolidation phase.
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Author: Gideon Geoffrey