Mon, August 15, 2022

Cryptos edge towards bearish territory – market wrap

crypto market

The crypto market is often volatile. However, it rallied most of the time in recent weeks. Bitcoin reached historical highs, surpassing $60,000 at one time. However, the crypto traded $54,203.0 on Wednesday. It fluctuated during the session, soaring to an early morning high $54,668.0 before tumbling to a low $54,118.0. Overall, it declined by 0.25%.


Meanwhile, Ethereum climbed up by 0.37% to $1,587.67 on Thursday. After a mixed start of the day, the crypto plummeted down to an early morning low $1,572.00 before jumping to a high $1,588.93.


On Wednesday, Ethereum declined by 5.19%, ending the day at $1,581.79. It hit a mid-day intraday high $1,740.91 before pulling back. The crypto also managed to break through the first major resistance level at $1,711 before dropping to a late intraday low $1,550.0. However, it found late support and broke back through the 23.6% FIB. The crypto ended the day at $1,581 levels.


Theta price indicates that the crypto may end in the red


Theta price has increased over the last several sessions; its parabolic runs soared from under $2 to almost $15. However, it seems the market mood became bearish, and traders are bracing for losses after scoring profits recently.


If they continue selling THETA, the current correction may prove fatal. The crypto’s price has already retraced. Consequently, a crucial support barrier at $11.34 was breached. Extended bearish pressure may cause a lot of harm to Theta. In such a scenario, the crypto will most likely continue its decline to the immediate demand barrier at $9.64.


Meanwhile, MATIC struggles to stay in the green after briefly tumbling down from the 4-hour 50 Simple Moving Average (SMA) resistance. The crypto’s rebound is not steady. If it can’t secure strong support above $0.3, Polygon may tumble down toward $0.2.


On Thursday, MATIC was trading at $0.33, trying to maintain the uptrend course. However, the Moving Average Convergence Divergence (MACD) indicator is inching downward.


On the other hand, Ripple’s XRP climbed up during Thursday’s session, adding 0.61% to $0.48223. The crypto fluctuated, dropping to an early morning low $0.47481 before surging to a high $0.48611.


Ripple’s XRP lost 12.77% on Wednesday, ending the day at $0.47929. The crypto began the session on the bullish territory, though. It skyrocketed to an early afternoon intraday high $0.56260 before pulling back.


Furthermore, Ripple’s XRP fell short of the first major resistance level at $0.5843 and plunged to a late intraday low $0.45319. The crypto also slid through the first major support level at $0.5266, as well as the second major support level at $0.5036.


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