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Top tokens could attract huge liquidity facing a 10% plunge in the next week
With the weekly close on the horizon, many cryptocurrencies have shown tremendous volatility. While the price of Bitcoin collapsed below $70,000, many of them also faced significant bearish action, which pulled many of the tokens below their respective support. Despite this, the possibility of a strong rebound remains quite high, which could fade with the start of new weekly trading.
Below are tokens that could see a 6% to 8% drop and attract new liquidity to the platform.
Bitcoin (BTC)
- THE BTC price The rally reached the lower support of the ascending parallel channel and the technical data gave a buy signal
- The MACD shows a decline in selling pressure within the positive range, which suggests that the platform may soon receive sufficient buying volume
- Furthermore, the Stochastic RSI has reached the lower threshold and is looking for an opportunity for a bullish reversal
- Therefore, BTC price is expected to continue to sustain lower levels throughout the weekend, followed by a bullish reversal towards the middle channel bands near the ATH.
Ethereum (ETH)
- After the latest pullback, the price of Ethereum arrived in the temporary support zone between $3,663 and $3,716.
- Similar to Bitcoin, the MACD is close to undergoing a bullish reversal, but levels remain within the negative range, which could be a cause for concern
- Furthermore, the StochRSI is unable to break out of the lower threshold as the levels are close to triggering a bearish crossover.
- Therefore, ETH price is expected to follow the BTC price rally and attract liquidity after undergoing a minor pullback below $3600.
Currently, the first two tokens have been deprived of purchasing volume, which could have increased prices slightly. Therefore, if Bitcoin and Ethereum prices head towards the key support levels of $68,800 and $3,500, then a huge influx of liquidity could revive a new uptrend.