Bitcoin, Ethereum and Dogecoin Crash Further as End of 2022 Approaches: Analyst Says Apex Crypto in 'Final Pre-Tip Support'
Major coins were trading lower on Tuesday evening, with the global cryptocurrency market capitalization falling 0.8% to $807.1 billion as of 7:15 p.m. EST.
See also: How to buy Altcoins with an IRA in 2022
Why it matters: Bitcoin and Ethereum were trading in the red even though other risky assets, such as stocks, were largely devoid of major movement. At the time of writing, US stock futures were slightly in the green.
The S&P 500 fell on Tuesday as bond yields rose and investors took stock of what to expect in the year ahead.
The yield on the benchmark 10-year Treasuries rose 10.4 basis points to 3.851% after hitting a five-week high of 3.862%, Reuters reported.< /p>
Among the events of the day, Fidelity Investments filed three brand investments with the United States Patent and Trademark Office for a variety of Web3 products and services, including an NFT market and a cryptocurrency trading platform.
On Bitcoin, Michaël van de Poppe said that Bitcoin is "in final support before rolling". The trader said, “If this is lost, I think we will have $16.1000 and/or $15.7000. Also must break $16.8,000 again."
Santiment noted that Litecoin's LTC/USD price ratio against Bitcoin remains "significant" since large addresses began appearing at historic rates in May. Since June 12, the LTC/BTC price ratio is up 130%, according to the market intelligence platform. On Tuesday, the number of addresses holding 1,000 SLDs or more rose to 4,232, the highest since 2020.
Among other altcoins, chartist Ali Martinez pointed to TD Sequential - an indicator that shows an asset's price trend change - and said the metric presented a "signal sell" on the four XRP-hourly chart amid the formation of a bearish divergence against the RSI.
“The bearish formation anticipated a one to four candlestick correction for [XRP],” Martinez said.
Read more: Bitcoin, Ethereum, Dogecoin may surprise during lull in markets Holidays, But Analysts Warn Crypto Investors Of A Bumpy Ride In 2023
Photo via Shutterstock
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Major coins were trading lower on Tuesday evening, with the global cryptocurrency market capitalization falling 0.8% to $807.1 billion as of 7:15 p.m. EST.
See also: How to buy Altcoins with an IRA in 2022
Why it matters: Bitcoin and Ethereum were trading in the red even though other risky assets, such as stocks, were largely devoid of major movement. At the time of writing, US stock futures were slightly in the green.
The S&P 500 fell on Tuesday as bond yields rose and investors took stock of what to expect in the year ahead.
The yield on the benchmark 10-year Treasuries rose 10.4 basis points to 3.851% after hitting a five-week high of 3.862%, Reuters reported.< /p>
Among the events of the day, Fidelity Investments filed three brand investments with the United States Patent and Trademark Office for a variety of Web3 products and services, including an NFT market and a cryptocurrency trading platform.
On Bitcoin, Michaël van de Poppe said that Bitcoin is "in final support before rolling". The trader said, “If this is lost, I think we will have $16.1000 and/or $15.7000. Also must break $16.8,000 again."
Santiment noted that Litecoin's LTC/USD price ratio against Bitcoin remains "significant" since large addresses began appearing at historic rates in May. Since June 12, the LTC/BTC price ratio is up 130%, according to the market intelligence platform. On Tuesday, the number of addresses holding 1,000 SLDs or more rose to 4,232, the highest since 2020.
Among other altcoins, chartist Ali Martinez pointed to TD Sequential - an indicator that shows an asset's price trend change - and said the metric presented a "signal sell" on the four XRP-hourly chart amid the formation of a bearish divergence against the RSI.
“The bearish formation anticipated a one to four candlestick correction for [XRP],” Martinez said.
Read more: Bitcoin, Ethereum, Dogecoin may surprise during lull in markets Holidays, But Analysts Warn Crypto Investors Of A Bumpy Ride In 2023
Photo via Shutterstock
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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