Top four altcoins in 2022
Cryptocurrency markets have been relatively stable heading into the year-end holiday season.
According to estimates by Forbes, the crypto winter has led to a loss of over $116 billion in personal equity for seventeen investors and founders in the crypto space. The impact has been so significant that ten investors have been removed from the list of crypto billionaires. Is the bear market likely to continue or are there signs that it may be improving? By examining the charts of Bitcoin and two altcoins, we can try to determine the answer.
Bitcoin has been trading in a short range near its 20-day exponential moving average ($16,929) for the past few days, indicating a balance of power between bulls and bears. This period of relative calm is unlikely to last, and the BTC/USDT pair may soon see a significant price move in either direction. If the price breaks over the moving averages, it could rally to $18,388 and potentially even $20,000. On the other hand, if the price breaks below $16,256, it could signal that bears are in control, and the price could fall to the key support level at $15,476. In the short term, the price is likely to remain range-bound, with potential resistance at $17,061 and support at $16,256.
Ether has been trading near its 20-day exponential moving average ($1,228), which may act as a resistance level. The 20-day EMA is flattening the relative strength index (RSI) near the midpoint, indicating a balance between buyers and sellers. If the price breaks over the moving averages, it could rally to $1,352 and potentially even the downtrend line, though this level may act as resistance. If the price fails to break over the moving averages, it may drop to the strong support at $1,150, potentially leading to a head and shoulders pattern and a potential drop to $1,075 and then $948.
Toncoin has been consolidating in an uptrend, though the bears have managed to resist the upward price move at $2.90. However, the bulls have not given up much ground, suggesting that they may be buying on dips. The rising 20-day exponential moving average ($2.25) and the positive relative strength index (RSI) indicate that bulls are in control. If the price breaks above $2.50, the TON/USDT pair could rise to $2.65 and potentially retest $2.90. If the bears manage to push the price below the 20-day EMA, it could fall to the 50-day simple moving average ($1.91).
Cryptocurrency markets have been relatively stable heading into the year-end holiday season, indicating that both bulls and bears are hesitant to make significant bets due to uncertainty about the direction of the market. This indecisive phase will not last for long, as periods of low volatility often precede increased volatility.
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This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
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