The U.S. Securities and Exchange Commission (SEC) has called Bitcoin ETF filings “inadequate.” However, most cryptocurrencies are still green on the daily and weekly charts. Therefore, the announcement did not have a huge impact on the crypto market. Crypto analyst Vahid Karaahmetovic assesses the impact of the developments on the 5 leading altcoins.
First look at leading altcoin Ethereum (ETH)
Ethereum was changing hands at $1,959 at press time, after falling 0.1% on the day. The leading altcoin has gained over 4% in the past week. However, his monthly earnings remained at only 3%. Ethereum secured a bullish breakout after clearing the descending trendline that facilitated resistance near $1,800 – $1,850. Moreover, ETH/USD cleared the 100-day moving average (DMA) near $1,860, a zone currently acting as support. On the upside, the next levels of resistance are $2,000 and $2,150. However, the latter acts as key resistance in the near term.
Next is Ripple (XRP)
At the time of writing, the price of XRP was at $0.49, up about 0.5% on the 1-day chart. The altcoin is up 1.6% in the past week. However, unlike other major altcoins, it has lost about 7% on a monthly basis. XRP continued to trade mostly sideways, hovering around the 100-day moving average. After three unsuccessful attempts to break the $0.55 resistance, the token is currently attempting to break above $0.50 and enter the fourth round at this crucial technical level. However, the bulls will need to clear the 200-week moving average before attempting $0.55 and $0.60, where the 100-WMA is located.
What awaits Binance Coin (BNB)?
BNB, the fourth largest cryptocurrency by market capitalization, was trading at $245.66, down 1.1% on the day at the time of writing. The altcoin has gained around 2.8% in the past week. However, it has lost almost 20% in value over the past month. The SEC’s accusation of multiple misconduct on Binance and its founder was effective in this. Binance Coin is trying to recover after losing over 21% in June. However, the situation does not look promising as the price action has dropped below the ascending trendline. This is currently acting as resistance near $260. On the downside, the $220 level provides support.
The fourth altcoin, meme coin Dogecoin (DOGE)
The world’s largest meme coin has followed the recent rise of BTC. Thus, it rose over 1.2% to $0.07 in the last 24 hours. DOGE gained more than 4.5% last week. However, cryptocoin.comAs you follow, it has dropped by about 6% in the last 30 days. Dogecoin is also mostly trading sideways as the bulls try to regain control. The confluence of resistance is located above the $0.07 mark, which consists of the 100- and 200-day moving averages and the falling trendline connecting the former high waves. On the downside, the horizontal support near $0.055 continues to provide support.
Latest altcoin project Cardano (ADA)
According to press time, the price of ADA remained at $0.30. Thus, it rose 1.13% on the day. Cardano continues to stay in the red on the monthly chart, while it is up around 4.5% on the weekly chart. The altcoin has dropped almost 22% in the last 30 days, possibly as it was removed from multiple trading platforms after the SEC added it to its list of unregistered securities. Cardano is also stuck at the resistance point. ADA price action is likely waiting for Bitcoin to push higher. Thus, it can clear the resistance around $0.3. A break of this important level will open the door for a test of the confluence of the resistance near $0.35. On the downside, the zone around $0.25 provides support if the bulls fail to provide a breakout.
Overall, Bitcoin and major altcoins have been on an uptrend with positive investor sentiment fueled by the potential launch of spot Bitcoin ETFs. Despite regulatory challenges, most cryptocurrencies still perform well. BTC remains the main driver of crypto markets. However, investors should also take a look at the altcoin market ahead of the upcoming alt-season.
Opinions and comments in the article belong to the analyst and are definitely not investment advice.
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