Bitcoin has remained relatively stable in recent days, reflecting an intense standoff between buyers and sellers. The critical question for crypto traders is whether the downward pressure will surge, leading to a temporary downturn, or if the buyers will ultimately gain the upper hand.
The declining expectation for an imminent interest rate cut by the Federal Reserve has prompted investors to take profits from the S&P 500 Index, possibly indicating a short-term aversion to risk. This shift could enhance the likelihood of a retreat in
Bitcoin$100,876.00
Which key support levels could potentially halt the downturn in leading cryptocurrencies? By examining the charts of the top 5 digital currencies, we can identify these critical points.
Ethereum (ETH) Price Analysis
Ethereum$3,916.75
During a robust upward trend, it’s common for pullbacks to last anywhere from one to three days. A key level of support to watch is at $2,717. An aggressive rebound from this level would suggest that traders are eagerly buying up any small dips, improving the likelihood of Ether surpassing the $3,000 mark again. Following such a breakout, the ETH/USDT needs to hold above $3.2K.
On the other hand, if the price trades below the 20-day Exponential Moving Average (EMA) at $2,942, it would indicate the beginning of a more substantial correction toward $2,700. A drop below that level will send the price below $2,400.
Fetch.ai (FET) Price Analysis
Following a brief pullback, FET rebounded from the EMA20 trend line on the 4-hour price chart and climbed past the $1.2 resistance, suggesting a continuation of the upward trend. However, bears are triggering a minor selling pressure.
The upward trajectory of the moving averages, along with the RSI being around the overbought territory at level 64, signals strong bullish control. Should the buyers keep the price over $1.2, the FET/USDT pair might gain momentum and aim for the $1.5 mark.
On the downside, the first level of support is found at the 20-day EMA ($1), followed by the support near $0.8. For a trend reversal to be signaled, bears would need to pull the price below that level.
Stacks (STX) Price Analysis
Stacks’ rally stalled at $2.9, and the price began to decline, showing a lack of buying interest at higher levels. Currently, bears are strengthening their selling pressure and are aiming to send the price below the immediate support line. As of writing, Stacks price trades at $2.5, declining over 3.4% from yesterday’s rate.Â
The price fell below the resistance of $2.9, indicating a loss of bullish momentum. While the EMA20 EMA could provide some support, STX price broke below it. Should the support level at $2.4 be breached, the STX/USDT pair might enter a downward trajectory towards the critical $2 mark.
A breakout above the $3 mark would signal a resurgence in strength, potentially leading to a push towards new all-time high.
Starknet (STRK) Price Analysis
STRK price managed to rise above $2.2, yet the buyers struggled to overcome the resistance, indicating that minor upward movements are being met with selling pressure.
The sellers are making efforts to hold the price beneath the average lines. Should they achieve this, the STRK/USDT might fall to the solid support level at $1.6, a threshold where buyers are anticipated to mount a strong defense.
Should the price find support at $1.6 and bounce back, it could make its way up to $2, potentially oscillating within this boundary for a duration. A successful surge above $2.2 would imply that the correction period could be concluding, setting the stage for the pair to pursue a rise to $3.
Render (RNDR) Price Analysis
Render price experienced a rejection at the $8 mark, indicating that short-term traders were taking profits. It’s anticipated that the price might soon drop below the 20-day Exponential Moving Average (EMA) at $7.
For the upward trend to remain active, buyers must aggressively protect the 20-day EMA. Successfully doing so could send the RNDR/USDT pair back to $8 and potentially further to 23.6% Fib level. Surpassing and securing a close above this threshold would mark the beginning of the next upward phase.
Conversely, a drop below the 20-day EMA would suggest a loss of bullish momentum. This could lead to the pair entering a period of consolidation, fluctuating within a broad range of $4.9 to $6.5.
