Top Coins Experience Short-Term Growth, How Long Will It Last?

Discover the recent trends in the cryptocurrency market as top coins return to the red zone. Learn about the potential duration of the recent short-term growth and its impact on popular coins like Bitcoin, Ethereum, and Binance Coin.

Posted 8 months ago in Market Analysis

Graph depicting the recent decline in the value of top coins.

After a brief period of growth, the top coins in the market have once again entered the red zone. Bitcoin (BTC) has experienced a decline of 0.31% in the last 24 hours. On the daily time frame, BTC is attempting to consolidate above the support level. As long as it remains above $24,819, there is a possibility of seeing an upward move. However, BTC has not gained enough momentum for a sustained upward trend, indicating that sideways trading between $25,500 and $26,500 is more likely until the end of the week. Currently, BTC is trading at $26,112.

Ethereum (ETH) has performed worse than Bitcoin in the past day. From a technical standpoint, ETH is also trading above its support level. Buyers are currently trying to keep the price above $1,600, with potential for further growth towards the $1,650 range. At present, ETH is priced at $1,596.

Binance Coin (BNB) has seen a 0.55% decrease in price since yesterday. Buyers have managed to maintain the price above the support level of $204.8, but the declining volume suggests limited chances of significant movements in the near future. Consequently, a consolidation phase between $205 and $210 seems more likely in the coming days. BNB is currently trading at $211.6.

Last updated 9/14/2023, 2:00:00 AM


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