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Reading: BTC, ETH, XRP & ADA Remain Range Bound amidst Downtrend in Tech
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  • bitcoinBitcoin(BTC)$27,746.00
  • ethereumEthereum(ETH)$1,766.24
  • tetherTether(USDT)$1.01
  • binancecoinBNB(BNB)$325.17
  • usd-coinUSD Coin(USDC)$1.01
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Voice of Crypto > News > BTC, ETH, XRP & ADA Remain Range Bound amidst Downtrend in Tech
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BTC, ETH, XRP & ADA Remain Range Bound amidst Downtrend in Tech

Jatin Sewani
Last updated: 2023/03/14 at 1:24 PM
Jatin Sewani Published October 1, 2022 March 14, 2023
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VOC, Voice of Crypto Bitcoin Price Analysis

GBP touched its lowest ever against the US dollar recently when it touched $1.03 — dispersing tremors across the global markets and simultaneously adding pressure to the already beefed up sharp interest rates in the United States.

Contents
Coinbase Gets UnderweightedThe Stable DuoBTC/USDTETH/USDTADA/USDTXRP/USDT

The value of the Dollar Index has been rising sharply since the May of 2022. At the same time, six out of eleven stock indexes on Wall Street have dipped by 2% over the expectation of a global economic recession.

Coinbase Gets Underweighted

While COIN’s share value has been down roughly 8% since Wells Fargo downgraded the stock in the ‘underweight’ category. For the uninitiated, an underweight rating is a means to a sign that a given stock would generate below-average returns as opposed to its relative comparable benchmark index

In the past, cryptocurrencies have been known to be synonymous with ‘Hedge Assets.’ Yet, the events comprising many crashes in various crypto assets and the ongoing bear market have broken the correlated relation of crypto with inflation.

The Stable Duo

Bitcoin and Ether have remained less volatile in the grand scheme of market events.

Bitcoin gained a good 2.7% last week to a max of $19,600. The biggest cryptocurrency has been between $18,500 and $20,300 since September 13th.

For Ether, the post-merge action has also been a little volatile, yet the crypto has risen steadily by 5% over the past week from $1270 to $1338.

Due to the lack of historical data, crypto markets are often compared through correlation figures. While the big fishes like Bitcoin and Ether are negatively correlated to USD, they are deemed to be heavily correlated with the tech-dominated NASDAQ index.

Diminishing Graph of Correlation Coefficient Between BItcoin and QQQ

Surprisingly, this week has witnessed a changing correlation trend of Bitcoin being more correlated with the Dollar and less correlated with tech.

BTC/USDT

Focusing more on technical analysis of some major coins, we have Bitcoin trading closely along the $20,000 resistance line. Furthermore, post breaking the $20,000 psychological barrier, BTC would face $22,000.

btc

Regarding the coin’s strength, Bitcoin’s RSI reading stands at 42, meaning a neutral to below neutral sentiment. This RSI reading is directly indicative of the ongoing bear market

ETH/USDT

Well, Ether is looking to be stabilizing since the last week and is range bound between $1270 and $1380.

The RSI reading on ETH is 40, which represents neutral sentiment for buying and selling activity of the coin in the market.

ADA/USDT

Presently ADA is trading at $0.4331 and seems to be taking support at a trendline cojoining July and September lows. If it breaks this support, we might see ADA look to find the nearest support at $0.4

The RSI reading on ADA is 40 as well.

XRP/USDT

Unlike others, XRP has shown major growth since September 15th, gaining roughly 50% from $0.32 to $0.48.

This unlikely growth in XRP is clearly the result of fundamental news arising of a judge ordering the SEC to hand over the Hinman documents.

Such strong growth is visibly synonymous with strong RSI readings, which are at 63, clearly indicative of strong demand in this bear market.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice.

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TAGGED: Bitcoin, XRP
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