Bitcoin price fell below the Ichimoku Cloud over the weekend and extended its losses to sub $40,000 for the first time since early February. However, Tuesday’s price action recovered nearly all of Monday’s losses. Buyers have extended the rally from yesterday, but near-term resistance threatens to terminate that bullish momentum.
The overall crypto market capitalization dropped significantly, from $2 trillion to $1.7 trillion amidst rising geopolitical tension. Cardano holders have maintained their wallet balance above $10.12 billion ADA despite the price drop, fueling a bullish outlook.
$ADA: Every bounce is still getting sold off, waiting for a final leg down before a reversal. Would consider buying this at .50. pic.twitter.com/yfdwQpMy0l
XRP price collapsed below three crucial Ichimoku support levels on Monday: the Tenkan-Sen, Kijun-Sen, and top of the Ichimoku Cloud (Senkou Span B). The most significant of these drops was the move below the most substantial level of the Ichimoku system, Senkou Span B. Bulls kept XRP price above Senkou Span A despite the intense selling pressure and are now positioned to test those former Ichimoku support zones as resistance.
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Russia recently announced that it would launch military action in Ukraine. Several media reports have noted that explosions were heard in Kyiv, the capital of Ukraine. Bitcoin price has dropped below $35,000, in tandem with the stock markets in the United States.
Dogecoin price is currently hovering on a critical support level, a breakdown of which could lead to a steep correction, but a bounce could trigger a new uptrend. Therefore, investors need to be cautious.
Shiba Inu price is preparing for a significant uptick following the formation of a bullish chart pattern. However, SHIB must slice above multiple obstacles ahead in order to validate the optimistic technical pattern. Shiba Inu price is forming an ascending triangle pattern on the daily chart.
Ethereum price is stuck between two massive barriers that are squeezing the altcoin into consolidation. The recent retest of the support area suggests that ETH is due for a quick run-up. Ethereum price slid lower due to the recent crash and tagged the $2,160 to $2,567 demand zone.
Bitcoin price slips below the 50-day SMA as it eyes a retest of the $36,398 to $38,895 demand zone. Despite the crash, long-term investors are bullish as the supply of BTC on exchanges hits a three-year low. A breakdown of the $34,752 support level will invalidate the bullish thesis.
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