Summary:
- The S&P 500 Index soared 5.85% last week, driven by expectations that the US Federal Reserve will not hike rates anymore.
- Bitcoin had a more muted performance, rising around 2%, but the positive sentiment could benefit the crypto space.
- Altcoins that have been beaten down may see a recovery if Bitcoin remains stable.
Bitcoin price analysis
- Bitcoin is trading near the $35,000 resistance level and has formed an ascending channel pattern.
- A break below the channel could lead to profit-taking and a potential drop to the 20-day exponential moving average (EMA).
- On the other hand, a bounce off the 20-day EMA could signal that the bulls are still in control and may push the price above $36,000.
Cosmos price analysis
- Cosmos’ ATOM broke above the $7.60 resistance level and completed a double-bottom pattern.
- If the price crosses $8.91, the ATOM/USDT pair could rally to $10.
- However, if bears push the price below $7.60, it may drop to the 50-day simple moving average (SMA) ($7.07).
Uniswap price analysis
- Uniswap’s UNI reached the overhead resistance of $5 but couldn’t break above it.
- If buyers push the price above $5, the UNI/USDT pair could rise to $6 and then $6.40.
- A break below the 20-day EMA ($4.36) may strengthen the bears and lead to a drop to $4.50.
Near Protocol price analysis
- Near Protocol’s NEAR has experienced a sharp upward movement.
- If the price sustains above $1.63, the NEAR/USDT pair may climb to $2.
- A drop below $1.63 could lead to the bears pushing the price below $1.43.
Axie Infinity price analysis
- Axie Infinity Shards has been in a strong recovery phase, but faces resistance near $6.
- Above $6, the AXS/USDT pair could rally to $6.55 and then $7.
- A drop below the 20-day EMA ($5.11) may result in a deeper correction to $4.65.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
