Crypto analyst Tony M says that Ethereum Classic is giving a taste of the bearish momentum that has potentially led to a bearish break in the market. According to analyst Akash Girimath, the price of the leading altcoin Ethereum is pointing to a pullback. Analyst Filip L predicts the Lido Dao price will fall by 25% as the Fed’s preferred measure of inflation rises. He also says that Cronos could disappear as the bulls hold onto the Goldilocks outlook towards $0.10.
ETC shows room for retracement
Ethereum Classic price is taking the winds of the down storm as the bears produce a 3% drop on the day. At the time of writing, ETC is one hour away from producing a candlestick close to $22.15 below the 21-day simple moving average. If the bears manage to produce the daily candlestick below the barrier, altcoin price will likely retest the $20.00 zone for the fourth time this winter.
ETC price is currently trading at $21.90. Still, the overall uptrend, which has increased by 46% since Jan 1, has not produced a lower low, calling for an early end to the winter rally. Therefore, traders should continue to play the market for small short-term scalps while effectively managing risk. A conservative bearish target in light of techniques shows the potential to retest the $20 region, making room for a 9% drop from ETC’s current market cap.
The invalidation of the bearish thesis could come from a break above $22.50. If the breach occurs, traders can expect the winter uptrend to continue as the bulls have unlabeled liquidity levels around $26 from the fall 2022 sale.
Leading altcoin Ethereum price directionless
Ethereum price has been struggling to surpass the $1,677 resistance level since Jan. However, it failed every time. Although the altcoin broke through this hurdle on a lower time frame, it failed to stay above it for long. Now, ETH price is firmly trading below $1,677, but continued bearish pressure this week could send the altcoin to tag around the 70.5% retracement level of $1,545. If the sellers do not take a break, ETH could drop below its February 13 low of $1,434.
Such a move could worsen the situation and push the altcoin price back to eliminate the inefficiency at $1,422. While this inefficiency may ease selling pressure, a stable support base is missing until $1,347.
Regardless of the recent pullback, if Ethereum price definitively returns the $1,700 barrier on a daily timeframe, it will invalidate the bearish thesis. Such a move will further entice the sidelined buyers, potentially triggering a rally to $1,800 followed by a retest of the psychological $2,000 level.
Altcoin price falls under the weight of sticky inflation
Lido Dao price is falling along with stocks and other cryptocurrencies as the US Dollar gains strength. Movement, cryptocoin.comAs you follow, it came after PCE figures on Friday signaling higher prices and wages in the United States. That means the Federal Reserve will likely raise interest rates by 50 basis points in March.
LDO and other altcoins do not thrive under tight financial conditions. LDO could see a wild drop as the Fed is poised to increase monetary policy more than expected. Expect stocks and LDO to drop further with $2.20 as the best candidate to slow the decline in the coming days. $2 will then be the base supporting the Lido Dao price action.
The PCE deflator is just one economic data point and other data items in the coming weeks could instead confirm that inflation is still slowing. If this spike in inflation is short-lived, a minor reversal is possible in LDO with a retracement above $3. Depending on the Fed meeting in March, a break above $3.37 could occur if the central bank slowly turns into a dovish stance.
CRO will have some trouble in the coming weeks
The altcoin is a perfect example of things to come as its price action is still in the middle of the range between $0.10 on the upside and $0.07 on the downside. With head and tail winds forcing a turn, it’s very difficult to get a longer-term view. Traders will need to listen to the language of the central bank and the emerging economic data in the meantime to assess when it would be the right time to prepare for this boom trade.
The CRO is still expected to adhere to the stated limits and opt for a slightly higher leg when the rally starts again. Expect to see some downside pressure towards $0.07, where the bulls will re-enter for a higher rise. A break above $0.10 will continue towards $0.13 to try and claim the floor at the monthly R3 resistance level.
On a break below $0.07, a wide area opens with some risk of significant losses. Initial support nearby is around $0.06 on monthly S1 with 20% loss. Depending on the forces behind this decline, the 2023 low could also be at risk around $0.05.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.