The news of Tesla accepting bitcoin payment for its product that made waves in the last 24 hours. It was perceived that the surge in the prices of various cryptocurrencies would continue but the euphoria was short-lived. Most crypto assets are in the dip to the dismay of the bulls.
Here’s the crypto market outlook for today.
The last 24 hours were filled with equality. The bulls and bears both had their fair share of dominance. The Elon Musk effect was able to work its magic and pushed bitcoin’s price to $57,239.
After the surge came the most dreaded moment for the buyers; price retracement. The correction extended to a few minutes to press time. With the situation before the time of writing, the leading cryptocurrency sank as low as $51,849.
The next 24 hours will define what will happen throughout the week. Although there is a little pump going on in the market, prices may get as high as $53,000 but the opposition will use the current dip to test $50,000.
Almost the same as bitcoin, $DOT also suffered a decrease in value per unit. The dip saw Polkadot hit seven days low of $28.5. The interesting thing about what DOT experienced was that it was quick to recover.
The buyers will be to keep DOT price pumping, as a result, more buyers will enter the market. If this happens, prices will return to trading above $29. The left-wing traders will seize every opportunity to bring DOT to its last support.
Ripple survived the dip before with barely a scratch. This time is a little different as the bears had their dominance in the coin. The last 24 hours is described in one word as bittersweet.
A few hours to the time of writing, the crypto asset is on the rise as the price increased from the last 24 hours low of $0.46. The price hike needs more sustenance as it is showing a little sign of reduced velocity.
The right-wing traders are hopeful that the current market surge will continue after the price retracement UNI suffered during the last 24 hours. The retrace saw prices dip as low as $25.8 to record its lowest in the last seven days.
To the dismay of the bears, UNI is increasing in worth as it is trading between $26 and $27. The bears are waiting to spot an opening in the $26 support and use it to send price crashing to test the $25 support.
The bulls will hope that the next 24 hours will favour them. The bears will do the same. It will be an interesting 24 hours watch.
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Author: Gideon Geoffrey