- Bitcoin’s Potential Recovery: Bitcoin broke out of a descending triangle pattern but faces resistance at the vital $27,400 Fibonacci pivot point, making it crucial for a bullish trend.
- Ethereum’s Stagnation: Ethereum’s price ranging between $1670 and $1700, is challenging due to a downward trendline. Potential levels for ETH include $1700 (P) and $1816 (R1) if bullish momentum persists.
- XRP’s Legal Victory: XRP experienced a significant price surge of over 74% in July 2023 following a court ruling that classified it as not a security.
- Dogecoin’s Poor Performance: Dogecoin has had a tough year, falling by nearly 35% from its 2023 highs. It’s become the worst performer among the top 10 cryptos by market capitalization.
- Optimism Token’s Downtrend: Optimism’s native token (OP) has been on a downtrend since the start of 2023. It’s currently trading back at its initial listing price, and further bearishness is anticipated.
BTC Price Touches $27k!
- Bitcoin, the leading crypto, had a lackluster performance in August 2023. However, September has brought some positive signs, with Bitcoin recovering approximately 8.5% from its lowest point of the month.
- BTC’s price movement reveals a significant development as it breaks out of the descending triangle chart pattern, as denoted by the blue trendlines. Nevertheless, it faces resistance at the crucial Fibonacci pivot point of $27,400.
- Conversely, on the downside, the range spanning from the Fibonacci S1 support level at $25,400 to the base of the descending triangle at $25,800 appears to be solidifying as a robust support level for Bitcoin’s price in the future. This level has undergone testing twice, first in June and more recently in September, and has remained unbroken.
- Considering the aforementioned observations, there are indications that Bitcoin could yield profitable outcomes on the upside under specific conditions.
- In the event that Bitcoin successfully surpasses the resistance at $27,400, there is potential for BTC’s price to surge toward $29,500, followed by $30,700, as delineated by the Fibonacci pivot lines.
- On the flip side, the range between $25,400 and $25,800 is likely to function as a dependable support zone in the coming days, providing a safety net for Bitcoin’s price.
Read More: Bitcoin Price Prediction
ETH Barely Holds on Above $1600
- While Bitcoin has displayed signs of recovery, Ethereum’s price has remained more or less stagnant over the past few weeks.
- Ethereum is still quite far from approaching its central Fibonacci pivot level of $1700. Despite Bitcoin making some gains in the last couple of days – ETH price has not been able to catch onto to that bullish action.
- Breaking through the range between $1670 and $1700 poses a challenge for ETH’s price due to the presence of a downward trendline, indicated in blue, which exerts bearish pressure on the market.
- On a positive note, ETH could experience an upswing to $1700 (P) and then proceed to $1816 (R1), as suggested by the Fibonacci pivot point levels. If bullish momentum persists, there’s potential for ETH to surge further, possibly reaching levels between $1890 and $1900 (R2).
- However, on the flip side, the 50-day and 200-day exponential moving averages represent formidable resistance levels, especially considering their bearish crossover at the beginning of September 2023. These levels mark significant milestones for ETH’s potential upward movement by the end of September.
- Looking at the downside, ETH’s price currently finds support at the $1580 (S1) Fibonacci level, coinciding with the lower boundary of the consolidation range, as highlighted in grey.
Learn More: Ethereum Price Prediction
XRP Attempting Bullish Breakout!
- XRP price trajectory in 2023 has been nothing short of remarkable. A significant surge of more than 74% occurred on July 13, 2023, marked by a massive green candle. This surge was triggered by a momentous announcement from the US District Court for the Southern District of New York, which definitively ruled that XRP is not a security, thereby settling a contentious claim raised by the US SEC.
- The news of this legal victory provided a respite for XRP investors, resulting in a substantial price surge. However, it appears that the rally was relatively short-lived. Almost immediately after this event, XRP’s price began to recede and fell back to pre-announcement levels.
- However, more recently, things seem to be improving for XRP price once again in the past couple of days as it is now attempting to break out of the bearish descending triangle pattern on the charts.
- In terms of Ripple’s price outlook, the upside potential suggests that XRP may advance to the pivot level of $0.55 (P), followed by a potential rise to $0.65 (R1), as indicated by the Fibonacci pivot point levels. Should the bullish sentiment persist, there exists the possibility of a further rally, potentially reaching the range between $0.72 and $0.75 (R2).
- Conversely, on the downside, XRP’s current trading position hovers slightly above the $0.448 (S1) Fibonacci support level displayed on the chart.
Additional Read: Ripple Price Prediction
DOGE Becomes Poorest Performer Amongst Top 10 Cryptos by Market Cap
- 2023 has been tough for the crypto market as a whole, but has been especially hard for the top memecoin by market capitalization – Dogecoin. DOGE price has fallen nearly 35% from 2023 highs and is currently down 11% since the beginning of the year.
- This has resulted in Dogecoin becoming the poorest performer amongst the top 10 cryptos by market capitalization, according to data from CoinMarketCap. Only BNB comes close to it, which is down 10% – whereas all other tokens have given positive returns in 2023 so far.
- DOGE price has been on a consistent downtrend all through the year, as indicated by the downward wedge pattern playing out on the charts (marked by blue trendlines).
- $0.58 can act as a region of some support for Dogecoin price, but it won’t hold on for long as the bearish pressures are too strong in the Dogecoin market.
- With a consistent death cross of the 50-day and 200-day exponential moving averages since March 2023 – Dogecoin price can be expected to continue on the downside for the foreseeable future.
Read On: Dogecoin Price Prediction
Optimism Price Down 57% from 2023 Highs
- Optimism’s native crypto token, OP price – which saw a massive rally post its listing last year has been on a downtrend ever since the beginning of 2023.
- OP price is currently trading down 57% from its 2023 highs and is now also back to its old listing price, and indications suggest that bearishness may prevail in the coming months.
- OP price recently tested the Fibonacci pivot S1 point of $1.24 before making slight gains, but it is back on its way down. If the S1 level isn’t able to hold on, then we may see a breakdown below the $1.24 all the way down to $1.1.
- On the upside, OP price will need to break out from the $1.5 mark, which is the central pivot range and also a psychological resistance level.
Know More: Optimism Price Prediction
Overall Crypto Market Wrap-Up
When taking a comprehensive look at the crypto market, it becomes evident that it has largely remained confined within a certain range, specifically clinging to the $1 trillion threshold in terms of total market capitalization. Over the past 30 days, market performance has fluctuated between the $1 trillion to $1.08 trillion range. However, the current outlook carries a slightly bearish sentiment, reflecting underlying weaknesses in the market’s fundamentals. The overarching trend has indeed turned bearish, a development underscored by significant events such as all major Exponential Moving Averages (EMA) undergoing a death cross, accompanied by precarious support levels.
In light of these factors, a path to recovery necessitates a more comprehensive and widespread resurgence across the market. Such a resurgence would be pivotal in fostering substantial and sustainable bullish momentum in the near term.
Pando joins U.S. spot Bitcoin ETF race; BlackRock refines redemption.
LUNC’s meteoric rise, driven by strategic moves and whale activity.