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Markets Outlook
Welcome to this week’s Markets Outlook newsletter, where we bring you critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies.
Bitcoin Social Sentiment Drops to Yearly Low, Signaling BTC Breakout
We begin with a brief analysis of the current market sentiment. Bitcoin social sentiment has dropped to its yearly low, signaling a potential breakout for the cryptocurrency.
Ethereum (ETH) and Altcoin Analysis
Now, let’s dive into our altcoin analysis:
1. Ethena (ENA)
The ENA/USDT pair has been correcting in an uptrend, finding support at the 20-day EMA ($1.00). The upsloping 20-day EMA and RSI just above the midpoint signal a slight advantage to the buyers.
- Bulls will try to push the price to $1.23 and later to $1.33.
- Sellers are expected to defend this zone with all their might, but if the bulls prevail, the ENA/USDT pair may rally to $1.52.
2. Virtuals Protocol (VIRTUAL)
The VIRTUAL/USDT pair is correcting in an uptrend, finding support at the 20-day EMA ($2.14). The upsloping 20-day EMA and RSI in the positive zone signal that buyers have the edge.
- If the price rises above $2.85, the VIRTUAL/USDT pair could rally to $3.32.
- A break and close above this resistance could push the pair to $4.
3. Ethena (ENA)
The ENA/USDT pair has dipped below the moving averages, but the bears are finding it difficult to pull the price to $2. This suggests that selling dries up at lower levels.
- Buyers will try to push the price above the moving averages, opening the gates for a rally to $3 and then to $3.32.
- Conversely, if the price turns down from the moving averages, it will signal that the bears are selling on rallies. That could sink the pair to the solid support at $2.
4. Virtuals Protocol (VIRTUAL)
The VIRTUAL/USDT pair has dipped below the moving averages, but the bears are finding it difficult to pull the price to $2. This suggests that selling dries up at lower levels.
- Buyers will try to push the price above the moving averages, opening the gates for a rally to $3 and then to $3.32.
- Conversely, if the price turns down from the moving averages, it will signal that the bears are selling on rallies. That could sink the pair to the solid support at $2.
Other Altcoins
We also analyzed other altcoins:
1. Binance Coin (BNB)
The BNB/USDT pair has been correcting in an uptrend, finding support at the 20-day EMA ($3.29). The upsloping 20-day EMA and RSI just above the midpoint signal a slight advantage to the buyers.
- Buyers will try to push the price above $4.90, opening the gates for a rally to $5.38 and then to $6.
2. Ethena (ENA)
The ENA/USDT pair has dipped below the moving averages, but the bears are finding it difficult to pull the price to $2. This suggests that selling dries up at lower levels.
- Buyers will try to push the price above the moving averages, opening the gates for a rally to $3 and then to $3.32.
- Conversely, if the price turns down from the moving averages, it will signal that the bears are selling on rallies. That could sink the pair to the solid support at $2.
Conclusion
In conclusion, we analyzed various altcoins and their current market trends. The key takeaways are:
- Buyers have the edge in Ethena (ENA) and Virtuals Protocol (VIRTUAL).
- Sellers are expected to defend certain zones with all their might.
- A break below a specific support level could signal a short-term trend change.
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