• Tue. Apr 23rd, 2024

As Bitcoin Struggles To Maintain $28,000 Threshold Other Cryptocurrencies Surge

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Mar 28, 2023

There has been a recent shift from traditional banking to cryptocurrencies as customers withdrew approximately deposits worth $100 billion following the banking crisis.

With Bitcoin ranging around $28,000, crypto traders are tempted to invest in alternative crypto tokens like XRP, LTC, AVAX, and XMR.

Recent Shift Toward Crypto Industry

The shift from conventional banking to cryptocurrencies seems to have started, with Bitcoin showing strength and investors holding onto their investments.

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Crypto analysts suggest that traders should be selective in the short term and study the charts of Bitcoin and other like tokens.

An assessment of the crypto tokens is necessary in order to determine which ones may experience an up-move.

Bitcoin Continues To Hover Around $28,000

Bitcoin has been consolidating approximately at $28,000 for a couple of days, which is a positive sign. It is suggestive that traders are maintaining their investment in anticipation of an up-move.

The positive direction of the 20-period EMA at $25,936, and the RSI being in the positive zone indicate that buyers have an upper hand. This increases the likelihood of a breakthrough above the level of $28,900.

In the event the break above $28,900 happens, the BTC/USDT pair could possibly surge towards the resistance zone ranging from $30,000 to $32,000.

It’s expected that pessimists will attempt to guard this zone fiercely, as a breakthrough beyond it could result in a significant surge toward $40,000.

If the key support level of $25,250 is breached, the BTC/USDT pair may experience a decline to the 200-period SMA. The simple moving average or the SMA is currently at the $20,179 level.

According to the financial chart BTC/USDT pair has been moving sideways within the range of $26,500 to $28,900.

The 20-EMA doesn’t show any significant direction while the RSI is slightly above the midpoint. This suggests that there is an equilibrium between buyers and sellers in the market.

When the price breaks above $28,900, it will indicate that buyers are in control, and the uptrend is likely to continue.

However, if the price falls under $26,500, the BTC/USDT pair may drop to $25,250 and then further down to $24,000.

Price Examination of XRP

Last week XRP surged above the resistance level of $0.43. Despite the sellers’ attempt to push the price under the moving averages in order to trap the aggressive buyers, they stood firm.

Currently, buyers are endeavoring to drive the price towards the resistance level at $0.51 for the XRP/USDT pair.

If they are successful in surpassing this hurdle, the pair may aim for a $0.56 rally. However, this level may attract strong selling pressure from the sellers.

But, if the buyers continue to dominate, they may take the pair towards $0.80. It is also possible that the price may decrease from the $0.51 level.

In the event buyers are able to turn the $0.43 level into a support level, it would indicate a positive shift in sentiment. This would increase the possibility of a successful break at a level above $0.51.

If the price declines, it is important to keep an eye on the significant support level at $0.40. In case this level fails to hold, the next support zone is expected to be at $0.36.

Litecoin’s Recent Price Trends

Unlike other major cryptocurrencies which are facing difficulties in initiating a recovery, Litecoin is displaying indications of being robust.

The 20-day EMA of $86 is beginning to trend upwards and the RSI is also positive, suggesting a favorable position for buyers.

The LTC/USDT pair is expected to initially climb to $98, followed by a potential retest of the robust overhead resistance level of $106.

It’s crucial to monitor this level as a breakdown at this point could lead to an acceleration towards $115 and subsequently to $130.

Analyzing Monero and Avalanche’s Market Performance

Monero was trading around the moving averages for a few days. However, it has now broken out of that range and is attempting to move higher.

Buyers have gained control in the XMR/USDT pair as indicated by the RSI in positive territory and the 20-day EMA at $153.

Although there is minor resistance at the level of $170, if buyers can overcome it, the pair may gain momentum. After gaining momentum it could possibly surge to $187 followed by $210.

The lower level of Avalanche’s price is attracting buyers and they have held on to the position.

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