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However, the Securities and Exchange Commission’s decision in regard to Bitcoin spot ETFs, which is expected later next month, could make it difficult for the bulls to sustain an upward momentum if the agency fails to approve a single ETF.
Another factor that might hinder an uptrend in the crypto market is the rising US Dollar Index (DXY), which has grown for ten consecutive weeks. And considering that there is a golden cross formed on the DXY price chart, an upward move in the short term is likely.
With that said, can the bulls overcome the bears in the last week of this month? We now analyze the price charts to find out.
Earlier today, Bitcoin reached near the 50-day SMA (Simple Moving Average) of $26,839, and then the bears began booking profits, pulling the coin to $26,165 at press time. The current price means BTC is valued below the 20-day EMA (Exponential Moving Average) of $26,411. If the bears defeat the bulls at $26,000, they may tug Bitcoin toward the $24,922 support level.
Meanwhile, we are looking at an upward move to $28,137 if the bulls thrust BTC above $26,839.
ETH has been falling over the past three days until today, when it rallied briefly to $1,632. It’s now priced at $1,599.84. The declining buying pressure at higher prices suggests that the bears are still in charge. In addition, the Relative Strength Index is almost forming a bearish divergence, indicating that a downward move in the next few days is more likely. If it happens, Ethereum could reach $1,532.05 and then possibly reverse toward the 20-day EMA of $1,621.27.
BNB continues to swing between $208.52 and $219.04. That means the buyers are purchasing the dip near key support points while sellers are booking profits near major resistance levels. However, if the bulls thrust BNB past $219.04, the digital currency could grow to $237.77. On the other hand, BNB’s value may plummet to $193.74 if the bears cause $208.52 to crack.
XRP fell below the 20-day EMA of $0.50118 earlier today, but the bears couldn’t build up on the downward momentum. The token is now changing hands for $0.50136, according to data from CoinGecko. A sign of strong recovery will be when XRP crosses above the 50-day SMA of $0.53464. If that becomes a reality, the token could rally toward the $0.59967 resistance level. On the contrary, XRP may reach $0.46348 if the bears manage to sustain its price below $0.50118.
DOGE buyers have continued to protect the 20-day EMA of $0.060544 from cracking since the start of this month. However, there hasn’t been enough buying interest to stage a massive rally. Nonetheless, if Dogecoin crosses above the $0.062184 resistance level, it will suggest an increased buying activity, which may cause the meme coin to hit the 50-day SMA of $0.065341. Conversely, a break below $0.060544 will pull DOGE to $0.056337.
TON’s price is still in the correction phase. It is down 12.9% over the last seven days to trade at $2.17 as of this writing. The 20-day EMA of $2.12, which serves as a support, is a crucial level to watch over the next few days. If it crumbles, Toncoin is likely to head toward the 50-day SMA of $1.78 after breaking below a minor support at $2.02. Conversely, a rebound from $2.12 could motivate the buyers to cause a rally towards the $2.38 resistance level.
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