Bitcoin Slightly Down, Ethereum Continues to Weaken… XRP and Solana Rise
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In the midst of a mixed cryptocurrency market, BTC is showing a slight decline and stabilizing around 143 million won. Meanwhile, ETH continues to show weakness, while XRP and SOL are maintaining a clear upward trend.
BTC is currently trading at 143.35 million won, down 0.19% from the previous day. The price is hovering around major moving averages, with short-term technical indicators showing neutrality. On-chain indicators suggest that large investors' holdings remain stable, and exchange inflows and outflows are balanced. Experts diagnose that BTC may move without significant fluctuations, using the 140 million won level as support.
ETH is currently trading at 3.39 million won, down 0.94% from the previous day. After breaking below a key support level recently, it continues to show weakness, with the RSI indicator approaching oversold territory at around 40. Short-term moving averages are declining below long-term moving averages, and exchange outflows exceed inflows, indicating some investors' bottom-fishing activities.
XRP is trading at 3,052 won, up 3.41% from the previous day. Positive prospects in the ongoing SEC lawsuit are stimulating investor sentiment. Investors are also paying attention to Ripple's future business direction.
SOL is trading at 206,607 won, recording a relatively strong upward trend. This is due to the steady expansion of the Solana ecosystem and increased usage in DeFi and Non-Fungible Token sectors.
The current cryptocurrency market is influenced by various factors such as global inflation concerns, central bank monetary policies, and regulatory changes in different countries. Increased institutional investor participation is contributing to market stabilization, and as blockchain applications in real life increase, investors are focusing on individual projects' technological capabilities and usability.
Market experts say, "Cryptocurrencies are entering a stage where technological development and real-use cases are more important than short-term price movements," and "If BTC's price is supported around 140 million won, it could be a positive signal for market sentiment."
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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