Bitcoin’s consolidation near $50,000 shows a steady market and could attract buyers to altcoins like ADA & LUNA
The U.S. Federal Reserve Chairman stated that the central bank will start tapering its $120 billion monthly bond purchases by the end of the year, but the interest rate increases would have to wait until the job market and inflation pass the more crucial stage. The U.S. dollar index fell due to this reason and the S&P 500 index rose to a new all-time high, and Bitcoin) surged about $1,500 in under an hour.
BTC
Bitcoin bounced off the 20-day exponential moving average of $46,823, however the bulls have not been able to cause a push in the price above the overhead resistance zone at $50,000 .This indicates that the bears have not given up yet. If the price turns down from the current level and falls under the 20-day EMA, this suggests that the short-term traders are booking profits. That may pull the price down to $43,927.70 and then to $42,451.67.
ADA/USDT
ADA is currently shifting between $2.97 and $2.47. The price had dropped to the breakout level at $2.47 but the sharp rebound off it on the 27the indicates that the bulls have flipped the level into a support range. A consolidation near the all-time high is a positive sign as it shows that traders continue to buy on dips. Both moving averages are sloping up and the RSI is near the overbought territory, indicating that the path of least resistance is to the upside.
LUNA/USDT
The LUNA token is in a solid uptrend. After a few days of shifting, the price rebounded off the 20-day EMA of $26.42 meaning that the sentiment remains on a positive note.
The sluggish moving averages and the RSI in the overbought territory shows that bulls have the advantage. The first target objective on the upside is a move to $43 and if that level is crossed, the LUNA may rally to $50.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Crypto News. Every trading move involves risk and you should conduct your own research when making an investment decision.
