- This crypto price analysis of BTC, ETH, USDT, XRP, and LTC analyzes the market movement of these assets in the last few days.
- Bitcoin is breaking one resistance level after another.
- Altcoins continue to defend their position against strong market volatility.
The crypto industry ended the year 2020 with a graceful exit despite the Corona pandemic. This year, many cryptocurrencies in the crypto market continue to battle the wild market swings brought by the market chaos.
On the other hand, as other crypto struggle to defend their market position against the bearish market, Bitcoin price surges. However, not all altcoins are having a hard time dealing with the crypto market’s extreme volatility.
Curious enough? Join me in this CoinQuora price analysis and together, let us find out if crypto’s such as BTC, ETH, USDT, XRP and LTC signals a good buying position or not.
Bitcoin continues to dominate the crypto world by breaking one resistance level to another. Currently, BTC opens its day with a high price of $39,000, a price level favored by investors.
However, after a few hours from its opening, the price of the crypto suddenly broke out from its uptrend position. The price of BTC trades below the Arnaud Legoux Moving Averages (ALMA) indicator at a bearish price of $30,000. This price break out has a decline rate of -23.4% from its current trading price.
Regardless, BTC quickly recovered from its bearish dip and trades right now above ALMA, a bullish indicator.
Meanwhile, the relative strength index (RSI) is already at its oversold state. In other words, the traders must trade with caution since the BTC price could trigger a pullback anytime soon. In this case, it is better to also check other altcoins for other profitable opportunities.
Ethereum is one of the digital assets in the crypto world that needs no further introduction. Aside from crypto ranking platforms, ETH is also popular in the booming sector of the DeFi space. As a result, ETH market capitalization has boosted to almost $800 billion.
The graph above shows how ETH successfully defended its position against the wild market swings. Also, the graph displays the price consolidation of ETH at $788, a factor to consider in the ETH price surge.
Recently, the crypto trades above $1000, a price level favored by its token holders. If this goes on, ETH can rally its price to $1273 and break its resistance level of $1289. If it does, the ETH price can go even higher than $1300. This most likely to happen if the investors continue to side with the ETH network.
Meanwhile, the moving average convergence/divergence (MACD) is still moving above the signal indicator. Therefore, traders can still trade with confidence without worrying about any major price pullback. But, if MACD moves to a downward position, it will be a different story.
The USDT crypto remains as one of the top 5 cryptocurrencies in Coingecko. Despite the ongoing tensions in America among its leaders, USDT maintains its market position.
Today, USDT trades at $1.0014 with a growth rate of +0.5% in the past 24 hours. For this reason, traders may continue to pair their crypto with USDT without the fear of losing their altcoins value. Above all, USDT is recommended to all conservative traders who intend to keep their crypto investments with less volatility.
After its major price plummets in the past weeks, Ripple is now in a state of recovery. Today, the crypto trades at a decent price of $0.32 with a growth rate of +1.6% in the last 14 days. If this continues, XRP might have the chance to break its resistance level of $0.37. Granted that, the crypto can go beyond $0.37 and rally its price to $0.50.
Meanwhile, the MACD of the crypto has just performed a bullish crossover. This means that the bulls are now winning against the bears. Hence, investors can expect more bullish days ahead. When it comes to trading, swing and position traders might have a greater advantage in this XRP trend.
Litecoin remains to be one of the active digital assets in the crypto market. As of the time of writing, the crypto trades above the Fibonacci level of 0.236 at a price of $175.72. It has a growth rate of +119% in the past 30 days. If this goes on, the price of the crypto might break its resistance level of $181.92 and advance beyond $185.
On the other hand, the RSI of the crypto moves above level 70, an overbought stage. In other words, the crypto price is already at its extreme level and could perform a price reversal anytime soon. Therefore, traders must now decide whether they will HODL or dump, a decision based on their risk appetite.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.