Bitcoin and Ether seem to have hit a stalling period on Wednesday, while a series of altcoins have gained more attention in the world of crypto.
The big story of the way was the CRO token of Crypto.com, which grew by 26% to a new ATH following an announcement that confirmed the company now owns the naming rights of the Staples Center, Los Angeles. The token had registered success in mid-2020 but didn’t make much noise ever since.
Avalanche also drew attention as its AVAX token also increased to a new ATH following the confirmation of a new partnership with accounting giant Deloitte. It seems that the network enjoyed over $600 million in incentives and development fund awards confirmed during the previous months.
Doge and Shiba Inu are far from the ruckus they created previously and even good news doesn’t seem to do much to help them. Mike McGlone, Bloomberg Intelligence analyst commented that memecoins could be ready for “purging, so as to move on with the adoption process of crypto assets in investment portfolios.”
Senior markets analyst for the foreign-exchange broker Oana, Edward Moya, declared: “Bitcoin’s long-term outlook remains bullish, but the waters over the next few months will be rough as institutional investors look to see if the Fed will be forced to raise rates sooner and trigger a broad-based selloff of risky assets.”
Matt Blom from the crypto company Eqonex predicted that $61,750 is the key price for BTC. If it goes above that, the price may head to $65,000, while if it goes below that, it could fall to $58,850 or even $56,670.
Bitcoin daily price chart (Damanick Dantes/CoinDesk, TradingView)
Bitcoin began stabilizing itself around the $60,000 support level after it fell by 15% from the ATH of about $69,000. The King of Crypto remained rather flat over the previous 24 hours but could make a return towards the $63,000 – 65,000 resistance zones.
The 50-day and 100-day moving averages are both indicating upward which shows a positive intermediate-term trend meaning that buyers may keep active on pullbacks as a result of the strong price support above $53,000. But, for now, a period of consolidation seems more likely.