Top cryptocurrencies – bitcoin, ethereum, solana and dogecoin have dropped up to 4% in the last 24-hours. But Cardano stands out as ADA has gained over 9% and has increased in value by nearly 40% in the last week. The overall crypto market has also taken a dive by just over 2%.
Analysts believe at least one more upward impulse is around the corner. This will occur just before a slide again as the market is bearish. Will Clemente, a crypto analyst, says this will be an interesting week for bitcoin. He pointed out that the converging symmetrical triangle pattern reaches a conclusion over the next couple of days. The long-term trend would continue if support is not maintained.
Breaking above the resistance level could mean an end to the bear market and bring in the bulls. Either way, there will be some movement in the coming days. Rekt Capital, a crypto trader, in a graph that he shared on Twitter showed that bitcoin is near a well-established support and resistance zone. He highlighted that the $43,120 is the new resistance level. BTC continues to stick to its guns at the $38,000 – $43,100 range.
Meanwhile, the market has witnessed the increased popularity of altcoins in crypto payments. Experts have attributed this growing trend to businesses adopting altcoins for cross-border payments. This may also be because of drop in BTC’s share and crypto exchanges supporting additional cryptocurrencies and stable coins.
Besides cross-border payments, altcoins are also being used for purchasing luxury goods and items such as jewelry, cars, precious metals and boats, etc.