Price analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The United Kingdom is in focus following the British pound’s fall to a new all-time low against the United States dollar. The sell-off was triggered by the aggressive tax cuts announced by Prime Minister Liz Truss’s government. The 10-year gilt yields have soared by 131 basis points in September, on track for its biggest monthly increase since 1957, according to Reuters.
The currency crisis and the soaring U.S dollar index (DXY) may not be good news for U.S. equities and the cryptocurrency markets. A ray of hope for Bitcoin (BTC) investors is that the pace of decline has slowed down in the past few days and the June low has not yet been re-tested.
That could be because Bitcoin’s long-term investors do not seem to be panicking. Data from on-chain analytics firm Glassnode shows that Bitcoin’s Coin Days Destroyed (CDD) metric, which gives more weightage to coins dormant for a long time, hit a new low. This indicates that coins held for the long-term “are the most dormant they have ever been.”
Could Bitcoin and altcoins continue their short-term outperformance? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls continue to defend the $18,626 to $17,622 support zone with all their might. This is a positive sign as it shows that buyers are accumulating on dips to the support zone.
The price rebounded off the support zone on Sept. 26 and the bulls will attempt to push the BTC/USDT pair above the 20-day exponential moving average (EMA) ($19,653). A close above this overhead resistance will be the first indication of strength. The pair could then rise to the 50-day simple moving average (SMA) ($20,960).
The bears are likely to pose a strong challenge in the zone between the 50-day SMA and $22,799. Buyers
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