Price Analysis 9/19: BTC, ETH, XRP, BNB, SOL

ETH saw a more than 31% drop in trading volume over the last 24 hours, and prices are reflecting the deficit. It prints a red candle at the time of writing as selling pressure intensifies.

ETH is one of the many top 100 coins experiencing a drop in volume. The sheer number of assets experiencing this trend cumulated in the global cryptocurrency market, posting a 30% decline in buying and selling.  Nonetheless, the latest trend had little to no impact on the global cryptocurrency market cap. 

However, amid the unfolding trend, the fear and greed index suggests that investors are slightly more bullish on Friday than on the previous day. The metric moved one point higher, hitting 52 and remaining neutral.

The euphoria surrounding the rate cut is gradually fading, with many crypto assets grappling with weak spot volume and increasing selling pressure. 

In the backdrop of the event, some cryptocurrencies are creeping closer to new highs. IMX registered one of its biggest increases on Thursday, surging from $0.75 to $0.88. It experienced another short squeeze a few hours ago, reaching a peak of $0.97, its highest value since January. However, it retraced and currently trades close to its opening price.

The general sentiment across the market is slightly bearish. Let’s examine some of the top 10 assets that are performing well.

BTC/USD

A close look at the 1-day chart shows little volatility since the second half of the previous week. Bitcoin experienced a notable increase a few days ago, but has seen a sluggish upward movement over the last four days.

The apex coin attained its highest value since mid-August on Thursday, peaking at $117,968. However, it prints a doji at the time of writing as it grapples with a 36% drop in trading volume. It is worth noting that while highlighting the growing bearish trend on BTC, a previous analysis cited the increase in exchange reserves as one.

Its low trading volume may also indicate that its upward momentum is stalling, and indicators are reacting to this trend.

The moving average convergence divergence is slowing down. A closer look at the histogram reveals declining bars over the last five days, a precursor to a bearish convergence. Nonetheless, the bollinger band is slightly overheated as the apex coin trades close to the upper band. 

Away from the indicators, the apex coin held on to the $114k support for most of the week. It continues to hold due to notable demand concentration. Conversely, previous price movements point to a significant sell wall at $118k.

ETH/USD

Ethereum has been mostly bearish since Saturday. It registered a four-day downtrend but saw slight increases on Wednesday. It opened the session at $4,502 and peaked at $4,619.

However, it failed to register any significant price change on Thursday and currently prints a red candle. A closer look at the chart suggests that the altcoin is consolidating after its upward run last week. 

Nonetheless, it is worth noting that ETH started this trend after breaking above the bollinger bands. It dropped to the middle band but rebounded. The current price trajectory suggests that it may retest the mark in the coming hours.

However, the latest trend reveals growing indecisiveness from investors while indicators print sell signals. Another metric worth noting is the MACD. The proximity between the 12 and 26 EMA indicates an impending bearish divergence.

XRP/USD

XRP’s price movements slightly mirror that of ETH. The altcoin has been predominantly bearish since Sunday, seeing a two-day decline that resulted in a 4% decline. However, it recovered and saw a two-day hike, cumulatively reeling in gains of almost 3%.

XPP resumed its downtrend after registering a new 1-week high. Nonetheless, the coin failed to break above $3.14 due to notable selling pressure. It is unsurprising, as previous price movements highlighted the mark a sell wall. The decline is ongoing, and prices are threatening to go below $3. 

The 1-day chart shows several sell signals at the time of writing. One such comes from MACD. A closer look at the metric reveals an ongoing bearish convergence, as the gap between the 12- and 26-day EMAs becomes narrower. 

Nonetheless, like ETH, the altcoin started its first wave of selling pressure after it went above the bollinger band. However, it maintained trading above the middle band, holding onto its 1-day support at $2.93.

BNB/USD

The 1-day chart reveals that BNB has been on an uptrend since Tuesday. It kicked off the session at $920 and surged, peaking at $959 for the first time. However, it resumed its uptrend the next day, gaining over 3% and reaching a peak of $995.

The icing on the cake happened on Thursday when it broke above $1k for the first time. However, it cooled down afterward, but is back on the uptrend. It approached its ATH but is seeing slight selling pressure.

Indicators have since flipped bearish since the milestone. For example, the relative strength index is at 74, indicating that the altcoin is overbought—additionally, the asset trades above the bollinger bands at the time of writing.

A closer look at the chart reveals that BNB is forming a new short-term support at $980. It is crucial to maintain this level, as a slip will send the coin to $910. 

SOL/USD

Solana’s three-day uptrend may have ended as it sees significant losses at the time of writing. It opened the session at $247 but retraced and now trades at $243. 

Nonetheless, SOL reached a new milestone during the period of notable increases. The altcoin surged from $231 to $253, its highest value since January. Additionally, it gained over 5%.

The 1-day chart shows several sell signals at the time of writing. One such comes from MACD. A closer look at the metric reveals an ongoing bearish convergence, as the gap between the 12- and 26-day EMAs becomes narrower. 

Nonetheless, it is worth noting that SOL tested bollinger upper band on Thursday but failed to break it. However, the decline started after this failed attempt. However, the chart shows notable demand concentration around $230, and the altcoin may rebound at this level.

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