The recent sell-off in the cryptocurrency market may have been triggered by the Federal Reserve’s decision to not hike interest rates, but hinting that rates could remain higher for longer. This has led to a risk-off sentiment in both the equities markets and the cryptocurrency space.
Bitcoin has been trading between the moving averages, indicating indecision between the bulls and bears. Buyers are trying to keep the price above the 20-day exponential moving average, while the bears are aiming to push it below that level.
Ether turned down from the 20-day EMA, showing that the bears continue to sell on rallies. The price action will be critical in determining whether buyers can push the price higher or if it will continue to decline.
BNB turned down from $220 and broke below the 20-day EMA, suggesting that the price may consolidate between $203 and $220. The bulls will need to clear the hurdle at the 50-day SMA to signal a comeback.
XRP rose above the 20-day EMA but is struggling to sustain the recovery. The price is currently at an important support level, and a turn up from here could indicate a change in sentiment.
Cardano’s ADA has formed a descending triangle pattern, which will complete on a break below $0.24. The gradually downsloping moving averages suggest an advantage to bears, but there is a bullish divergence on the RSI.
Dogecoin turned down from the 20-day EMA, but the bears have not been able to push the price below the support at $0.06. This suggests that the bulls are buying on dips, and the price may continue to swing between $0.06 and the 20-day EMA.
Solana rose above the 20-day EMA but failed to reach the 50-day SMA, indicating that bears are active at higher levels. The 20-day EMA is currently a battleground between the bulls and bears.
Toncoin failed to rise above $2.59 and may see a drop to the 20-day EMA. Bulls will need to defend this level to maintain a positive sentiment.
Polkadot’s bears are guarding the breakdown level of $4.22, indicating that relief rallies are being sold into. The RSI is showing signs of forming a positive divergence, suggesting reduced selling pressure.
Polygon closed above the 20-day EMA but failed to build upon the momentum. The bears pulled the price back below the 20-day EMA, and the next support level is at $0.49.
In summary, the cryptocurrency market is experiencing a battle between the bulls and bears, with key support and resistance levels being tested. The price action over the next few days will be critical in determining the next directional move for these top 10 cryptocurrencies.