The uncertainty over the crypto market continues to hover as the prices of major tokens remain within a restricted range. The start of the week was neither bullish nor bearish, displaying the traders being unsure of the next price action. Meanwhile, the market capitalisation is maintaining a declining trend with the resistance lowering every day. This suggests the markets are undergoing a contraction, which usually happens when the traders and bulls lower trading activity expecting a major change in the near future.
Bitcoin has been facing extreme pressure on either side for the past few days, while the bulls are trying to offer a strong base. Meanwhile, the volume has dropped heavily from levels around $50 billion to close to $30 billion, hinting towards a pause in the trading activity. However, the BTC price is trying hard to rebound from the ascending trend line, which flashes the possibility of either a bullish or bearish breakout. Besides, the whale transactions have intensified, which suggests massive price action is on the horizon.
After failing to defend the crucial support, the ETH price is struggling to validate a strong rebound to reclaim the lost levels. Meanwhile, the ETH short positions have surged and reached new highs since November, which flashes major bullish signals for the crypto. The price is currently moving in a bullish range in the short term and if the tokens manage to break above the pattern, a 10% upswing could be imminent.
Solana is displaying some strength as the price has been trading under the bullish influence as it reclaims the crucial resistance at $200. The token has been experiencing acute pressure from either side, which is hindering the progress of the rally. However, the token gains traction as the SEC considers Grayscale ETF, which hints at new investment opportunities and a potential bullish breakout.
After the pullback from $3, the XRP price is struggling hard to reclaim the lost levels. Due to the drop in volume, the prices are unable to revive a strong upswing, which has kept the levels restricted around the $2.4 range. Meanwhile, the total open interest of XRP contracts on the entire network is down by more than 55% from the recent highs. This suggests a drop in the trader’s confidence as no new contracts have been opened.
Binance Coin is displaying significant strength but also possesses some bearish probability. The token underwent a ‘U-shaped’ recovery, but the bears have again begun to exert pressure since the early trading hours. With this, the token may offer a good entry point below $600 as the markets are primed to recover and revive in the second half of the week.
Interestingly, Litecoin price remains the top gainer for the day, with over 6% increase in the past 24 hours. Apart from these, Ai-tokens like FET, INJ, TAO, etc. and a few more have been displaying some strength, suggesting the resurgence of AI-tokens in the crypto markets.
The crypto market remains uncertain, with Bitcoin struggling at $97K and Ethereum at $2,700. Low trading volume signals a potential breakout soon.
Crypto prices are stagnant due to reduced trading activity, declining market cap, and cautious traders awaiting a major move, causing uncertainty.
Bitcoin is holding near $97K with low volume. Whale activity hints at an upcoming big move, but direction remains uncertain for now.
Ethereum is stabilizing around $2,700. If it breaks key resistance, a 10% upswing is possible, fueled by rising short positions.
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