The previous week proved to be bullish for the market due to a significant uptick in derivatives activity and options trading. Bitcoin’s price reached a new high for 2023, surpassing the $38,000 mark, which in turn sent leading altcoins into a revived zone of buyer interest. Consequently, altcoins such as Blur, Uniswap, and Bonk recorded considerable price gains. This upswing questions whether these altcoins can maintain their momentum in the upcoming week.
Legal Actions Positively Made The Market Greed
This week in crypto, the SEC sued Kraken for operating as an unregistered exchange and the DOJ reached a settlement with Binance, where CEO ChangPeng Zhao stepped down and the exchange paid over $4 billion in fines. These regulatory actions positively impacted prices, reflecting investor approval.
As a result, the market is currently displaying a sentiment of greed, as an increasing number of buyers are accumulating assets at current levels. The Fear and Greed Index stands at 73, indicating strong buyer interest. However, there’s growing concern about a potential trend reversal, as investors might start selling their holdings, potentially leading to a correction in the upcoming week.
Blur Price Analysis
Blur experienced a surge, reaching over $0.68 recently, but struggled to surpass the 23.6% Fib channel from that high, hinting at a shift in control towards bears. The 20-day EMA’s balanced trend and the RSI’s decline below the overbought region slightly favor the bears. A break and close below the key $0.54 support level could signal a negative short-term trend and open the way for a decline towards $0.46.
To avoid this downward movement, bulls need to drive and maintain Blur’s price above $0.68. In such a scenario, the price might continue to surge and reach $0.83.
Uniswap Price Analysis
Uniswap saw significant increases, breaking through various resistance levels, but it’s now encountering some selling pressure near the $6.8 high. As a result, the price is preparing for a decline below the EMA20 trend line.
However, bulls have been maintaining their position above the trend line, indicating strong buying sentiment. They might soon try to overcome the $6.8 resistance, aiming for $7.8. However, this might come with a correction next week.
Bonk Price Analysis
Bonk has recently been sustaining itself around the 20-day Exponential Moving Average (EMA), with a value of $0.0000043, over the last couple of days. However, the price is heading toward a breakout momentum next week.
If the Bonk price breaks above the channel’s downward trend line, it might surpass its launch price and touch a high of $0.0000065. However, this bullish analysis might face a correction if the price witnesses a rejection at $0.0000045. In such a case, we might see BONK price retesting the channel’s support line.