Most coins flipped at various support levels in the past 24 hours, eventually shedding any gains amassed in the previous seven days. A few hours into press time, these cryptocurrencies are trading at their lowest since the beginning of the price corrections.
Here is the crypto market outlook for today:
BTC
A few hours to the time of writing, Bitcoin suffered one of the strongest price retracements in the last seven days. The last 24 hours saw BTC drop from $58,680 to as low as $54,200.
When the price retracement happened, BTC gave everyone hope by consolidating. Unknown to most buyers, the dip extended and got as low as $53,285.
Price consolidation is happening right now and it is by traders buying the dip. The on-chain analysis also revealed that BTC is currently experiencing a strong buy. With BTC seeing more entrants, it may experience a drive back to $55k or even higher before the end of 24 hours.
DOT
Polkadot experienced a slightly aggressive price retracement that saw prices trade below $34 before a price hike. As the next 24 hours unfold, traders must ensure that prices don’t test $33.
The $34 mark will be the key support for the next 24 hours. On-chain analysis reveals that a surge is underway as the coin is experiencing strong buyer pressure. DOT may surge to trading above $35.
XRP
While most cryptocurrencies are decreasing in value per unit, XRP was reaching new heights. In the last 24 hours, Ripple got to the highest in the last seven days; it got as high as $0.59.
At the time of writing, on-chain analysis is displaying a raging battle between the bears and the bulls. At this time, XRP will see a slight price improvement as the bulls are edging in this fight. The $0.6 resistance may flip if the bulls can keep up the attack.
UNI
Amidst serious bearish actions in the market, UNI looks less bothered. As with XRP, UNI also enjoyed more of a bullish market as it attained a new all-time time during the last 24 hours. It got as high as $35.4 buoyed by news of an imminent release of Uniswap’s upgraded DEX (V3)
At the time of writing, UNI is trading less than 5% lower than its current ATH. Although on-chain analysis is currently showing the bears edging in a fight for dominance, the bulls can overturn the result of a pump UNI to hit yet another ATH.
Over the next few hours, buyers will look to rally most of the top coins that suffered a price correction. This could result in prices flipping some resistance levels and mark the beginning of another consolidation phase.
