NewsletterCrypto Price Today Oct 22th: Apecoin Jumps 10% While AVAX, XRP Gain 5%
Crypto price today Oct 22th: The crypto market continues to struggle in uncertainty but is more inclined towards a bearish sentiment as another interest hike of 75 bps is expected in November. As of now, the global crypto market cap is trading at $923.7 Billion, with a gain of 1.2% over the last 24hrs, where as the total volume stands at $41.95 Billion, projecting a 22.76% loss.
Market leaders:
The most famous cryptocurrency, Bitcoin, currently exchanges hands at $19223, with a 0.36% intraday gain, while the smart contract giant Ethereum(ETH) trades at $1314 with a 1.13% Jump.
Altcoins Shows Sustainability At Their Respective Support
Apecoin(APE):
On October 21st, the Apecoin rebounded from the $4.2 support with a morning star candle pattern. Moreover, this support also acts as a neckline barrier for a descending triangle pattern, and a reversal from it triggers a new bull cycle within this pattern.
Thus, a breakout from the immediate resistance of $4.6 will bolster this bullish thesis and push the price 20% higher to hit the $5.3 mark.
However, this bearish pattern will eventually encourage a bearish breakdown from the $4.2 support and prolong the ongoing downfall to $3.175 support.
Avalanche(AVAX)
Since the $18 support level fallout, the Avalanche coin price tends to lower within a bearish channel. As of now, the AVAX price currently consolidates between $16.2-$14.2 barriers, with a morning star candle formation teasing a bullish turnaround. The present daily candle shows a power struggle at the overhead resistance trendline, resisting the start of another bear cycle.
The altcoin currently trades at the $15.74 mark with an intraday rise of 0.25%. Thus, if the buying pressure persists, the altcoin will give a bullish breakout of the bearish pattern to reach the $18 mark.
Ripple(XRP)
The XRP price resists the bearish trend below the $0.45 support level despite the recent downfall of 18% from the overhead resistance of $0.53. Moreover, the morning star pattern found at the crucial demand level of $0.45 with a spike in the intraday trading volume increases the uptrend possibility.
The coin price currently exchanges hands at the $0.466 mark and shows a 6% from 0.5 Fibonacci retracement level. With sustained buying, this potential bullish reversal could push the prices back to the $0.054 mark.
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