Crypto Market Movers And Shakers: Lead Coins’ Economies Edge Downward
On Tuesday, Bitcoin saw its price edging downward when it lost momentum which started to change subsequently since the initial trading hours.
Resultantly, Bitcoin’s ‘earlier highs’ i.e. $25,126.85 short-lived, and the lead crypto coin was seen selling at $24,642.57.
However, $25,126.85 was reportedly the highest level that Bitcoin had last seen on 13th June 2022.
The cause of the decline was Bitcoin’s failure in going past its crucial resistance price barrier of $25,200. Although, Bitcoin bulls were there they were not as strong as they could take the value beyond that level.
Secondly, the momentum was lost because the relative strength index (RSI) also could not proceed ahead of the crucial ceiling point which was 66.00.
Currently, Bitcoin’s RSI is hovering above 63.00 and 2.00 points ahead of the support zone of 61.00. Although the RSI is below the crucial ceiling level, it still provides hope to investors.
If the RSI manages to make it up to a particular level, then it will manage to attract more investors. This would be a positive indication for the investors as they will flock to invest money to empower the rally.
Ethereum’s story was also no different as the second lead crypto coin was forced beneath the price range of $1,700.
A day before, Ethereum was trading at a multi-month high price of $1,714.29 but on Tuesday went as low as $1,671.98.
It has been a while since when Ethereum has been resisting going below the crucial support point which is $1,675. Ethereum was progressing ahead of this support level successfully for over a week.
Ethereum’s decline was also attributed to its failure in progressing its 14-day RSI index above the 61.00 mark. Since the index dropped to level 57.00, hence, the value dropped from $1,714.29 to $1,671.98.
As of now, the RSI index is edging downward and so far has reached a level of 57.28. In case the index points fall over or below 57.00, then Ethereum’s price could fall as low as $1,650 or lesser.
If the bulls are not able to push the RSI, then the price of ETH may continue facing a decline.
Bitcoin Cash Progression: Biggest Mover
While Bitcoin and Ethereum markets seemed bearish, however, Bitcoin Cash turned out to be the biggest mover.
On Tuesday, Bitcoin Cash saw its price moving on to a multi-month high level when the coin’s value went as high as $152.71.
It may be noted that Bitcoin Cash’s week beginning was not commendable. It started off the week at a low price of $143.19 but the momentum returned on Tuesday.
A single unit of Bitcoin Cash selling at above $150 was last seen by Bitcoin Cash precisely on the 31st of July 2022.
Since last week, Bitcoin Cash has acquired gains of more than 20%. This is particularly so because the coin successfully managed to proceed above its crucial ceiling of 68.00 in the 14-day RSI.
As of now, Bitcoin Cash’s RSI index is tracking near 70.00 and so far has reached 69.88.
Bitcoin Cash is currently looking at the target of 71.00 which, if achieved, would ensure profit earnings for Bitcoin Cash holders.
However, among Bitcoin, Ethereum, and Bitcoin Cash, Polygon not only underperformed but has also faced declines in the past three days.
On Monday, Polygon (MATIC) saw its value going down to the level of $1.50. However, on Tuesday, the coin saw a further decline which took its value further down to $1.41.
It was on the past weekend when MATIC also saw a little push in its value. However, since that day, the coin has been facing back-to-back declines on Sunday, Monday, and on Tuesday.
MATIC has to now improve its RSI index tracking, at least near 70.00 for keeping the momentum going. Otherwise, the tracking indicating 62.00 could adversely impact the bulls.