Amid the ongoing market turmoil, the major cryptocurrencies have registered a significant correction in their values. However, Whales have taken advantage of this situation by increasing their holdings and stacking more tokens at a discounted price.
Given the increased price volatility in the crypto space, is this a crucial time to invest in these cryptocurrencies to maximize your profits during the post-election bull market? In this article, we have discussed the top 3 tokens that could dominate the market this month.
Bitcoin (BTC)
With a decline of 2.08% in the past 24 hours, Bitcoin price has retested its $68,000 support level. However, the stock is up 11.33% over the past month and has a YTD return of +61.63%, indicating long-term bullish action.
The RSI indicator has failed to break the overbought range in the 1D timeframe. This has resulted in a sharp downward trend in the price chart. Furthermore, it indicates a negative outlook for the Bitcoin price in the near future.
If bullish sentiment resurfaces, the BTC coin price could retest its ATH of $73,750.07 this month. On the other hand, if bearish sentiment increases, the star crypto could retest its low of $60,000.
Also read Bitcoin (BTC) price prediction!
Ethereum (ETH)
Ethereum price has shown a neutral trend over the past seven days, with a variation of less than 2% in appreciation. This indicates weak buying and selling pressure for the altcoin leader in the cryptocurrency market.
The Moving Average Convergence Divergence (MACD) shows a constant red histogram in the 1D time frame, with the averages registering a neutral price development. Additionally, the 50-day EMA acts as a resistance, suggesting mixed price action.
If the market favors bulls, ETH coin price could retest its highest resistance level at $2,800 in the near future. Conversely, if the bears outrun the bulls, the altcoin leader could retest its crucial support level at $2,200.
Dogecoin (DOGE)
Despite a 6.36% correction in the last 24 hours and a trading volume of $1.570 billion, the DOGE coin price has risen 9.91% in the past week and 40.47% in the past month. With a YTD return of 69.62%, this indicates long-term bullish sentiment.
The SMA indicator has registered a bearish convergence on the DOGE price chart. Furthermore, the RSI has shown a significant decline in the 1D time frame. This indicates a negative outlook for the memecoin leader in the near future.
Suppose the bulls gain strength again, Dogecoin price will retest its highest resistance level at $0.18225. On the contrary, if the bears dominate the market, this meme coin will dive towards the $0.127 support level this month.
Also read Dogecoin (DOGE) price prediction!
