Bitcoin and other altcoins have become falling knives for the past seven weeks and show no abating signs. Even though the price fall is bearish in the short term, long-term holders and institutional investors seem to be more proactive rather unflinching when it comes to bringing both feet into the game.
Goldman Sachs and Barclays have joined forces with several institutions like German Bank Commerzbank, crypto investment manager Galaxy Digital and Dawn Capital in the funding of Elwood Technologies, founded by Billionaire British hedge fund manager Alan Howard.
With the infuse of $70 million in cash in a Series A funding round, the company is now valued at $500 million. This shows signs of no interest in anchoring down amongst the big players despite the recent fall in the crypto markets.
Let’s understand the critical support and resistance of major altcoins to understand the conditions better:
ETH/USDT
Ether’s price action seems to be stuck between $2,161 and $1,936 for more than a week now. Breaking the lowest price, we can see ETH falling down to $1,700 and or further downward move at $1,500 levels.
On the contrary, an upward move can open the doors for the $2,300 – $2,600 levels.
BNB/USDT
BNB seems to be producing a similar price action as that of ether here $315 and $250 acting as the current bounds for the range on BNB price action. Failing $250, it can fall down to $215 and $360 on the contrary if there is an upward push.
XRP/USDT
This is the 8th week of red for XRP. The weekly charts clearly show the formation of lower highs indicating of a visible downtrend for the crypto-coin.
Plus, the daily timeframe shows the formation of a channel on the xrp price action since September of last year and is projecting a possible fall down to $0.37 over a market-wide blowout.
Presently the current levels to look over XRP are $0.5124 and $0.4274 as the immediate resistance and support price lines respectively.
ADA/USDT
Next up on the downward race is Cardano, which is on a multi-week downtrend since September 1st week. Currently, it’s taking support near $0.47 levels or the midline of the trade channel running since September 7th.
Presently ADA is range between $0.47 and $0.60 with possibilities of taking support at $0.4 in time of another downward push and eventually racing towards $0.8 for a breakout above $0.6.
SOL/USDT
Solana on the other hand is printing a falling wedge pattern since October of 2021 with current support levels at $44.4 and $22 for a possible further breakdown below the former support level.
Accounting for a bullish move, Solana could aim for $78 as the only resistance in the near term if the market forces allow and breaking which it can aim for $106 as another mighty target.
