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As of the second week of October, the price of Bitcoin is consolidating around the $20,000 mark. The crypto asset markets are yet to start a strong recovery while the US dollar nears its highest in several years and the US equities markets stray near their June lows. When you look at the market, larger trader sentiment is not exactly positive, and therefore no one is attempting to take a risk on their portfolio strategies.
In the past week, Bitcoin hasnâ€™t given in to selling pressures even as the US equities market took a grand hit. This signifies that the bears are exhausted and might not want to trade away their assets only at the lower levels. For a firm recovery, Bitcoin will be requiring some support from investors with higher risk appetites. Until and unless that happens, Bitcoin might not get past the $20,000 mark.
Meanwhile, traders have gotten quite interested in some altcoins like UNI, XRP, and QNT as Bitcoin consolidates around $20,000. How are these altcoins performing? Letâ€™s see for ourselves:
How is Ripple (XRP) Doing?
XRP (XRP) is trading around $0.5 as of the beginning of the second week of October. Recently on October 3, XRP bounced off of its 20-day EMA of $0.47, signifying that the lower price levels are pulling in buyers. Meanwhile, the RSI (63.8) is nearing the overbought zone for XRP/USDT, which shows that the bulls have an edge at the moment. If XRPâ€™s price goes up and breaks the $0.5 level, the XRP/USDT could next target the $0.66 level, according to analysts. If the bullish momentum keeps up, Ripple could touch $0.8 soon enough.
<source: Binance, Tradingview>
How about Uniswap (UNI)?
The price of Uniswap (UNI) has been around $6.4 as of the second week of October, 2022. UNI is trading above its 50-day SMA ($6.28) at the moment, so bulls are at work here again to head towards recovery. While the price of UNI recently took a downturn from the resistance level of $7, bulls are still trying to stop the correction around the 20-day EMA of $6.41. If the bullish sentiment succeeds, they will again try to take the UNI/USDT pair into and over the resistance zone between $7 and $7.4.
<source: Binance, Tradingview>
Quant (QNT) and Elrond (EGLD) are two more altcoins for which the bullish sentiment is currently overpowering the bears. All four altcoins are drawing quite a bit of attention away from Bitcoin at the moment.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.