September 23, 2021
Cryptocurrencies: Daily Update
After a tumultuous start to the week for the cryptocurrency market, it appears that a recovery from recent lows may be imminent. With a 2.4% increase today, the overall cryptocurrency market cap has regained the $2 trillion mark.
Bitcoin (BTC) continues to hold roughly 42% dominance of the cryptocurrency market, with the next largest project being Ethereum (ETH) at 18.5%. These two instruments are used across the industry as the benchmarks for the market and we watch them in order to determine the health of the entire market and measure the progress of the space.
BTC tumbled below $45,000 support on Monday after spending over a month in a trading range up to $50,000. Bollinger bands on RealMotion and price showed oversold conditions on Tuesday and BTC is now undergoing mean reversion, as expected.
Expect increased volatility in smaller-cap altcoins than BTC or ETH for the immediate future, but there is still a high likelihood of altcoins ebbing and flowing based on BTC’s ability to regain the $45,000 level.
If the $45,000 is beaten, expect to hit resistance at the 10 & 200 Day Moving Averages (DMA) which are currently converging at $45,800. If the short and long-term moving averages are in fact overcome, expect strong resistance at the 50-DMA currently at $46,800.
Coins to Watch: Dogecoin (DOGE), Solana (SOL), Polkadot (DOT)
Today’s Winners: Tezos (XTZ) +13.38%, Axie Infinity (AXS) +10.68%
Today’s Losers: Braintrust (BTRST) -8.15%