Although the total crypto market capitalization has improved from a recent low of around $314 billion on September 6, the market is still trying to uphold the $350 billion mark. In the first half of September, we witnessed a spectacular bull run from DeFi tokens and a fall in dominance from Bitcoin (BTC) from 68% in May to 56% in September. The shift traders’ attention was focused on DeFi tokens in the first half of September but their volatility has increased and DeFi assets have seen severe correction, meaning that the focus could be back on Bitcoin. However, Bitcoin cannot seem to rise and hold above the $11,000 mark, which leads to negative consequences for DeFi-token traders and the dependence of altcoins.
As the price action has been coin specific for most of the time, many major cryptocurrencies are failing to follow a general trend. The result is that both long and short sides have opened up opportunities. If you’re interested in investing in cryptocurrencies for the first time, make sure to learn crypto before you dive into these unstable waters.
Take a look at the three cryptocurrencies that should be on your watch list this month.
The BTC/USD pair is desperately trying to rebound as by sinking the price below the uptrend line and the $10,625 mark will show weakness, while sustaining below the same mark will expand the possibility of a retest at $9,835. But, a rebound off the $10,625 mark for this pair could mean that it’s time for the correction to end.
The $12,000 mark will likely be crossed even though there’s some resistance. That could happen if the price closes above the downtrend line, meaning that the increase to the $12,460 rally is quite possible. The current resistance is at $11,147.60 and the buyers are making another significant attempt to push the price above that mark. However, if the bears sink BTC/USD below the uptrend line, we can expect a drop to $10,625. If the drop happens, selling is likely to be picked up.
There hasn’t been a lot of change for NEO as it’s facing resistance at $25.23, meaning that this resistance is fiercely defended by the bears. The dips could be easily seen as a buying opportunity as it’s an uptrend.
The first immediate support is at $23, and below that number, it’s at the 10-day SMA (simple moving average) of $22.26. The pair’s rebounding of any support indicates a positive sign as the bulls are not waiting for a deeper fall. The next target on the upside trend is at $29 as there is a possibility the trend will resume.
The pair is likely to stay between $23 and $25.50 in the next few days as the bulls are not allowing the price to stay below the $23 mark. However, that could mean that the buyers are piling up with every minor dip. The balance between supply and demand is needed as the moving averages flat out.
The September 5 low of $74.1012 has slowly been on the recovery path as the price has been pushed back above the SMA by the bulls, meaning that there’s a chance that the correction might be over. However, the $97.4615 resistance could indicate a stern fight from the bears.
The recovery from the $74.1012 mark has been gradual and the bears could not capitalize on it with intensified sales even though the XMR/USD pair was broken below the 30-EMA (exponential moving average) by the bears. That means that the bulls have been piling up on dips as the price is again below the 30-EMA. Driving up the price is possible but it’s not likely it will last long.