On Tuesday, the US Bureau of Statistics announced that the Consumer Price Index (CPI) had increased by 4% last month. Many crypto experts thought that the news would cause cryptocurrencies to rally, but it was never the case. The following day, the Federal Reserve failed to raise interest rates for the first since January 2022. The development caused cryptocurrencies to plummet significantly.
Meanwhile, Michael Saylor, the founder of the largest institutional holder of Bitcoin, MicroStrategy, says the ongoing crypto crackdown by the US Securities and Exchange Commission (SEC) may prove bullish for BTC. He claims that the coin’s dominance could soon reach 80%. It, however, remains to be seen whether Saylor’s prediction will come to pass.
In the meantime, let’s analyze the price charts of some of the leading crypto assets to discover the key support and resistance levels.
Bitcoin Price Analysis
The CPI news pushed Bitcoin slightly above the 20-day EMA (Exponential Moving Average) of $26,456 on Tuesday but began sliding the following day to hit $25,035 as of this writing. The coin is now below the $25,150 crucial support. Although the bears currently have an advantage, the Relative Strength Index shows declining selling pressure. If the bulls continue buying the dip, Bitcoin may go above $25,150 and then rally toward the 20-day EMA, where a selloff is expected. On the contrary, Bitcoin risks reaching $20,200 if bears hold on to their advantage.
Ethereum Price Analysis
The bulls kept ETH above the $1,700 critical support level since the start of this month but gave in to selling pressure on Wednesday, causing the token to slide to $1,641 at press time. The bears’ focus is to drive ETH toward the $1,620 and $1,570 support levels. A rally is only likely if the bulls thrust Ethereum above $1,700. Doing so allows them to take its price to the 20-day EMA of $1,796.
BNB Price Analysis
BNB showed signs of recovery on Tuesday and Wednesday after growing by almost 9%. However, the token plunged 5% today, settling at $233 as of this writing. With BNB far below the 20-day EMA ($269), the bears may sink the crypto asset further to $221. On the contrary, the Binance coin could reach $283 if the bulls take its price above $269. However, this can only happen when market sentiment about the token turns positive. Currently, BNB’s issuer, Binance, is facing charges brought against by the US Securities and Exchange Commission for alleged violation of securities laws.
XRP Price Analysis
After several days of trading above the 20-day EMA ($0.504), XRP fell to $0.476 on Thursday. The decline is likely due to the release of Bill Hinman’s document earlier this week. Many crypto users hoped these files would help XRP’s issuer, Ripple, win against the Securities and Exchange Commission in an ongoing legal battle, but law experts now claim there is little chance of that happening, arguing that Hinman’s analysis on which tokens should be regarded as securities did not represent that of the agency.
That said, continued selling pressure could cause XRP to sink to $0.463.
Cardano Price Analysis
ADA is down 20% over the last seven days. During this period, several trading platforms, including Robinhood, delisted the token after it was deemed a security by the Securities and Exchange Commission. Cardano is now trading at $0.257. If the bears keep selling, the token might reach $0.246. Contrary to this assumption, if the bulls thrust the price above the 20-day EMA of $0.306, ADA may first retest the $0.034 resistance level and then rally to the 50-day Simple Moving Average of $0.364.
Dogecoin Price Analysis
Despite the ongoing market-wide selloff, Dogecoin is still trading above the $0.603 key support level. However, the bulls have yet to stage a rally. If they do, Dogecoin may rise to retest resistance at the 20-day EMA of $0.069. Breaking above this level could lead to a rally to $0.076. Conversely, if Dogecoin goes below $0.603, it may hit another support at $0.051.
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