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With Bitcoin registering negative returns in the week, almost the entire crypto market has tumbled down with losses. While bearish signals are rampant in the market currently, a few buying opportunities could emerge, provided a few conditions are met.
Currently, Bitcoin is trading at approximately $27200. This is an important point, and support at this mark could be significant from the trading views of other altcoins. With returns of negative 9% over the previous week, Bitcoin has seen frequent sell-offs in the last few days, with most traders likely booking profits. A buying opportunity could present itself when Bitcoin trades near $25000.
The current 20-day exponential moving average (EMA) for Bitcoin/USD is at $28701, which has started going down, indicating bears might have overtaken the movement of BTC. For now, traders are eyeing the $25000 mark, below which Bitcoin may suffer losses till $20000. But, if bulls support BTC at its current levels and help sustain its 20-day average, BTC may rally to $31000.
BNB is trading at $329, faring with over 5% negative returns in the previous week. If its 20-day average is maintained, a buying opportunity will emerge for BNB, which can take the altcoin toward $400. All eyes are on the range between $338 and $346, a consolidation of which could help strengthen bull support for BNB.
Cardano (ADA) has registered over 14% negative returns in the last week. Bitcoin holding support over $27000 and initiating bullish actions could trigger a buying opportunity for ADA at current prices. ADAâ€™s 20-day average of $0.40 has witnessed a downward action, which indicates heavy selling pressures. This is where buyers could jump in, propel ADA towards a stable 20-day average and initiate a rally.
Monero (XMR) is trading just above $156, gaining back some losses. If buyers sustained this opportunity and provided Bitcoin remains stable, XMR could consolidate above $157. This could lead to another rally in the altcoins towards $185 and beyond. Increased bearish actions at the immediate juncture may turn the trajectory of XMR, though.
Toncoin (TON), trading at $2.28, could provide a buying opportunity for traders at present levels to boost its trading level to $2.64 and beyond. Presently, bulls are providing support to maintain TONâ€™s support, below which further sell-offs may resume.
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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.