This week commenced with a notable decline in the cryptocurrency market, driven by increased selling pressure. Bitcoin (BTC) notably experienced a drop below $40,000 for the first time in the current year, following a more than 5 percent decrease in the last 24 hours. This reduction, consistent over the past three weeks, reflects the ‘sell-the-news’ effect post the U.S. sanctioning of 11 Bitcoin exchange-traded funds.
Increased selling is further triggered by short-term holders and miners, alongside Grayscale Investments. Noteworthy market entities such as FTX and Alameda Research have sold Bitcoins amounting to roughly $1.1 billion for creditor and client debt settlement.
Bloomberg analysts link Bitcoin’s recent difficulties to robust financial conditions including rising interest rates, a solid U.S. dollar, and substantial selling pressure. This situation is compounded by traders closing GBTC arbitrage positions and the FTX bankruptcy estate’s asset liquidation.
Despite the downturn, some analysts see this as the concluding decline, suggesting a potential investment opportunity before an anticipated market recovery. This analysis will cover the current market, focusing on Bitcoin (BTC), Ethereum (ETH), Cartesi (CTSI), Manta, and Algorand (ALGO) to find out the best crypto to buy now.Â
Bitcoin (BTC) Price Analysis
Bitcoin has shown significant volatility recently as it faces increasing selling pressure near higher levels. Buyers failed to hold BTC price in a buying region, resulting in a steep decline. As of writing, Bitcoin price trades at $39,026, declining over 4.6% from yesterday’s rate.
The price has fallen below the key level of $40,000, suggesting that the market is resisting higher prices. The next focus for the bulls is to prevent further decline at $38,400.
Should the price make a recovery from the current levels, the bulls might attempt to drive it above the crucial resistance level of $40,000. Achieving this could lead the BTC price towards $43,000-$44,000, and potentially even higher to $46K.
Conversely, if the price breaks below $38K, it may trigger increased selling, potentially causing the price to drop to $$35K.
Ethereum (ETH) Price Analysis
Bulls attempted to push Ethereum’s value past the $2,400 resistance mark, but a prominent upper shadow on the day’s candlestick indicated resistance at higher prices. As a result, Ethereum’s price sharply declined, falling beneath its moving averages. As of writing, ETH price trades at $2,222, declining over 6.7% from yesterday’s rate.
Ethereum’s price is dropping heavily and is currently testing buyers’ patience at $2,200. A break below this level might strengthen bearish dominance and ETH price might test the support region at $2,000-$2,100.
However, a slight positive note was the buyers’ intervention at the $2,200 level, striving to maintain the price over it.
Recent price movements suggest that the ETH price might continue fluctuating between $2,100 and $2,400 for some time. If bulls manage to drive the price above $2,400, it could trigger a more substantial upward move towards $2,700.
Cartesi (CTSI) Price Analysis
CTSI price is facing resistance in surging above $0.3 as it briefly fell toward the 20-day Exponential Moving Average (EMA) of $0.24, yet the bears were unable to maintain its price below the 61.8% Fibonacci retracement level. Currently, CTSI price trades at $0.24, declining over 14% from yesterday’s rate.
Cartesi price is facing increased volatility and this might lead to a recovery rally toward $0.3. Should buyers successfully keep the price over $0.3, the CTSI/USDT pair has the potential to climb towards $0.36 and possibly extend its gains to $0.55. The $0.55 mark may provoke significant resistance from sellers, but if the bulls can break through this level, the pair might skyrocket further.
The critical level to monitor on the downside is the 20-day EMA on the 4-hour price chart, as a decline below this point could pull the price down to the support of $0.2, indicating a further potential drop.
Manta Price Analysis
Manta price has declined much from its peak of $3.3 due to holders taking profits near that level. However, buyers continue to defend the $2 mark, suggesting rising buying demand. Currently, Manta price trades at $2.3, declining over 6% from yesterday’s rate.
Manta price continues to face rejections in surging above $2.5 and selling pressure recently intensified, leading to bears pulling the price of MANTA below its 20-day Exponential Moving Average (EMA) at $2.4. Should the price remain under the 20-day EMA, there’s a possibility for the price to drop towards $2.
Conversely, if the price stabilizes and stays above the 20-day EMA, it would suggest robust demand at lower price levels. This could potentially trigger a rebound, aiming for the resistance zone between $2.5-$3.3, where a significant resistance from bears is anticipated.
Algorand (ALGO) Price Analysis
Algorand has been showing a bearish channel pattern, and the price has reached the bottom at $0.15. However, buyers defended that level and triggered a rebound later. Currently, ALGO price trades at $0.153, declining over 7% from yesterday’s rate.
The price has been consolidating around $0.15-$0.16, suggesting a balance between supply and demand. As the RSI now hovers around the oversold region, there might be an upward correction in ALGO price in the coming hours. If the price manages to climb back above EMA20, the bulls might initiate a recovery attempt towards the $0.2.
On the other hand, if the price consistently stays below EMA20, it would confirm a bearish pattern. In such a scenario, the Algorand could sharply decline to $0.13 and may further drop to a critical support level at $0.1.
