Bitcoin has remained relatively stable in recent days, reflecting an intense standoff between buyers and sellers. The critical question for cryptocurrency traders is whether downward pressure will increase, causing a temporary slowdown, or whether buyers will finally get the upper hand.
Dimming expectations of an imminent interest rate cut by the Federal Reserve have led investors to take profits from the S&P 500 Index, possibly indicating near-term risk aversion. This change could increase the likelihood of a pullback in
and some other cryptocurrencies. However, any slowdown is unlikely to alter the overall bullish picture. With the next Bitcoin halving event scheduled for April, an event historically associated with positive market movements, investors are prepared to treat any price drop as an opportunity to buy.
What key support levels could potentially stop the major cryptocurrencies from slowing down? By examining the charts of the top 5 digital currencies, we can identify these critical points.
Ethereum (ETH) Price Analysis
experienced a reversal of the important psychological barrier of $3,000, suggesting that short-term traders were taking profits. However, the bulls successfully defended a decline below the EMA20 trend line. At the time of writing, ETH price is trading at $2,936, a decline of more than 0.45% from yesterday's rate.
During a strong uptrend, it is common for pullbacks to last between one and three days. A key support level to watch is $2,717. An aggressive bounce from this level would suggest that traders are eagerly buying any small dips, improving the likelihood of Ether breaching the $3,000 mark again. Following such a breakout, ETH/USDT must remain above $3,200.
On the other hand, if the price trades below the 20-day EMA at $2,942, it would indicate the beginning of a more substantial correction towards $2,700. A drop below that level will send the price below $2,400.
Fetch.ai (FET) Price Analysis
After a brief pullback, FET recovered from the EMA20 trend line on the 4-hour price chart and broke above the $1.2 resistance, suggesting a continuation of the uptrend. However, the bears are causing minor selling pressure.
The upward trajectory of the moving averages, along with the RSI around the overbought territory at the 64 level, indicates strong bullish control. If buyers keep the price above $1.2, the FET/USDT pair could gain momentum and target the $1.5 mark.
On the downside, the first support level lies at the 20-day EMA ($1), followed by support near $0.8. For a trend change to be indicated, the bears would have to take the price below that level.
Battery (STX) Price Analysis
The stacks rally stalled at $2.9 and the price started to decline, showing a lack of buying interest at higher levels. Currently, the bears are strengthening their selling pressure and aim to send the price below the immediate support line. At the time of writing, batteries The price is trading at $2.5, a drop of more than 3.4% from yesterday's rate.
The price fell below the $2.9 resistance, indicating a loss of bullish momentum. While the EMA20 EMA could provide some support, STX price fell below it. If the $2.4 support level is broken, the STX/USDT pair could enter a downward trajectory towards the critical $2 mark.
A break above the $3 mark would indicate a resurgence of strength, which could lead to a push towards a new all-time high.
Starknet (STRK) Price Analysis
STRK price managed to rise above $2.2, but buyers struggled to overcome the resistance, indicating that minor bullish moves are being met with selling pressure.
Sellers strive to keep the price below the middle lines. If they achieve this, STRK/USDT could fall to the solid support level of $1.6, a threshold where buyers are expected to mount a strong defense.
If the price finds support at $1.6 and recovers, it could rise as high as $2, potentially oscillating within this boundary for a while. A successful rise above $2.2 would imply that the correction period could be concluding, setting the stage for the pair to seek a rise to $3.
Render Price Analysis (RNDR)
The render price saw a rejection at the $8 mark, indicating that short-term traders were taking profits. The price is expected to soon fall below the 20-day EMA at $7.
For the uptrend to remain active, buyers must aggressively protect the 20-day EMA. Doing so successfully could send the RNDR/USDT pair back to $8 and potentially further to the 23.6% Fibonacci level. Overcoming and achieving a close above this threshold would mark the beginning of the next bullish phase.
Conversely, a drop below the 20-day EMA would suggest a loss of bullish momentum. This could lead the pair to enter a period of consolidation, fluctuating within a wide range of $4.9 to $6.5.
