Top Tokens Could Attract Huge Liquidity by Facing a 10% Plunge in the Coming Week
The post Top Tokens Could Attract Huge Liquidity by Facing a 10% Plunge in the Coming Week appeared first on Coinpedia Fintech News
With the weekly close on the horizon, many cryptos have been exhibiting tremendous volatility. While the Bitcoin price slumped below $70,000, many of them also faced a significant bearish action, which slashed many of the tokens below their respective support. Despite this, the possibility of a strong rebound remains pretty high, which may fade with the beginning of the fresh weekly trade.
Below are the tokens that could face a 6% to 8% plunge and attract fresh liquidity to the platform.
Bitcoin (BTC)
- The BTC price rally has reached the lower support of the rising parallel channel and the technicals have flashed a buy signal
- The MACD displays a drop in the selling pressure within the positive range, which suggests the platform may soon receive enough buying volume
- Moreover, the stochastic RSI has reached the lower threshold and looking for an opportunity for a bullish reversal
- Therefore, the BTC price is expected to, however, continue to support lower levels throughout the weekend, followed by a bullish reversal towards the average bands of the channel close to the ATH.
Ethereum (ETH)
- After the latest pullback, the Ethereum price has landed in the interim support zone between $3663 and $3716
- Similar to Bitcoin, the MACD is close to undergoing a bullish reversal but the levels remain within the negative range, which could be a matter of concern
- Alongside, the StochRSI is unable to rise above the lower threshold as the levels are close to triggering a bearish crossover
- Therefore, the ETH price is expected to follow the BTC price rally and attract liquidity after undergoing a minor pullback below $3600
Currently, the top two tokens have been deprived of buying volume, which could have elevated the prices finely. Hence, if the Bitcoin & Ethereum prices head towards their key support levels of $68,800 and $3,500, then a huge liquidity influx may revivie a fresh bullish trend.
