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market status; Is the current relative stability calm before the storm?


The digital currency market was relatively calm yesterday. During this period, the range of fluctuations of many currencies was limited to 2%.

to the Report Daily Hoodel, experts believe that the market situation is such that it is not possible to easily and decisively comment on its trend in the near future.

Others, such as Michael van de Poppe, believe that Bitcoin is preparing the ground for a new leap forward.

market status

Bitcoin

The price of Bitcoin is currently in the range of $ 47,850. In the last 24 hours, this digital currency managed to reach the $ 49,000 mark, but buyers were not successful in delivering and stabilizing the high price in this area.

Referring to the bitcoin price reaching 47,000, Van Depop wrote to his 127,000 followers on Twitter:

[بیت کوین] It reached the area I wanted ($ 47,000) and it is only natural that we would see the price reach this area. We have price stabilization in this area.

According to him, the $ 46,000 to $ 47,000 area is very important and traders should carefully monitor price changes during this period. He stated in this regard:

As long as we are above this range, the trend is likely to continue until it peaks at $ 50,000, and I think we will see transverse fluctuations. During this time, the Altcoins perform remarkably well.

He went on to write about crossing $ 50,000:

I think Bitcoin is on its way to its historic peak, going through one resistance after another.

Ethereum

Ethereum has also fluctuated relatively little over the past 24 hours. The Ethereum price has lost about 2% of its value during this period and is currently trading in the $ 3.410 range.

Analysts cite $ 3,400 as a support for the Ethereum trend, and see its unbreakability as a prerequisite for the digital currency’s continued uptrend.

Van Depop writes about this:

$ 3,400 is the area I’m looking at, and it’s very similar to the $ 46,000 to $ 47,000 bitcoin area. If this support is not broken, we can expect a change in the trend. I think it is possible to continue the trend to reach the price peak in the current range.

He cites $ 3,840 as the peak, and says Ethereum’s next price target is $ 4,000.

In the Ethereum / Bitcoin chart, traders point to price stabilization below 0.077 bitcoins ($ 3,630). Referring to support at the 0.072 bitcoin level, Van Depop writes:

This area is critical for the Ethereum. If this support is maintained, we will see new heights in the near future.

Cardano

Cardano’s price situation is very similar to Bitcoin and Ethereum. The digital currency has lost 1.59 percent of its value over the past day and is currently hovering around $ 2.35.

It should not be forgotten that the price trend of Cardano in the past few days, unlike the previous weeks, has been weak. Van Depoop also points to this situation and says that there is a possibility of a price increase. He cites the launch of smart contracts on the platform as a factor that could spark an upward trend in the digital currency.

$ 1.9 is a significant support for Cardano, and Van Deepop points to this support:

until [کاردانو] Staying above this area, there is a possibility of price increases. Cardano is now looking to create a stable situation after launching smart contracts. This situation is usually accompanied by a corrective fluctuation and then a continuation of the upward trend.

Solana price chart in 3-hour time frame
Solana price chart in 3-hour time frame

Solana can be considered the winner of the digital currency market yesterday. Solana, now just $ 1 billion away from Ripple, the market’s sixth-largest digital currency, has risen 12 percent in the past 24 hours. Meanwhile, Solana has been facing challenges in her network in recent days, and at some point, her network has become unavailable.

The market value of digital currencies is currently $ 2.2 trillion. Bitcoin dominates the market with 40.54%. Ethereum and Cardano are in second and third place with 18% and 3.5%, respectively.

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