Published on augustus 15, 2024, 12:26 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin is facing challenges with overhead moving averages, but experts believe in its long-term potential. Altseason is expected once Bitcoin surpasses $70,000 and Ether hits $4,000. Other cryptocurrencies like Ethereum, Binance Coin, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu are being closely monitored by analysts for market trends. Each coin has different levels of resistance and potential rallies ahead." } ] ```
Bitcoin is facing challenges surpassing the overhead moving averages, revealing that the bears are aiming to convert this level into resistance. Despite the struggle, many believe in the promising nature of Bitcoin, although its trend is slightly trailing behind gold by three months.
Experts suggest that Bitcoin is only in the early stages of its bull cycle and could potentially extend its upward movement until the third quarter of 2025. Additionally, traders are eagerly anticipating the commencement of altseason once Bitcoin crosses $70,000 and Ether surpasses $4,000.
Looking beyond Bitcoin’s performance, analysts are closely monitoring other cryptocurrencies such as Ethereum (ETH), Binance Coin (BNB), Solana (SOL), XRP, Dogecoin (DOGE), Toncoin (TON), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB) to gauge market trends and potential opportunities.
For instance, Ethereum has shown signs of hesitation around the $2,850 mark while Binance Coin appears to be forming a higher low at $499. Solana remains range-bound between $116 to $210 despite attempts to break above key resistance levels. XRP is displaying a neutral stance near its 20-day EMA ($0.57) with potential for a rally towards $0.74 upon breaching resistance.
Dogecoin continues to see demand at lower levels despite trading below the 20-day EMA ($0.11). Similarly, Toncoin indicates positive sentiment with a push above key moving averages signaling a potential rally ahead. Conversely, Cardano struggles with lackluster demand at higher levels while Avalanche faces selling pressure around $21.80.
As for Shiba Inu, recent movements suggest a possible upward rally if bulls manage to break above key resistances despite selling pressure around these levels.
In conclusion, it is imperative to note that this article does not serve as investment advice but rather encourages readers to conduct thorough research before making any financial decisions in the volatile cryptocurrency market.
Original article posted by Fox News
