Bitcoin price shows signs of exhaustion as it reverses the bullish trend seen over the past three days. This has caused Ethereum, Ripple and other altcoins to take a backstep as well. Going forward, investors can expect this minor retracement to evolve into a foothold that bulls will use to extend the run-up.
Ripple (XRP) price is set to drop back to its 2022 lows as market sentiment starts to factor in more risk of a recession. The oil price has collapsed on slowing demand, and is on the brink of dropping below $100. Adding to the fear of recession, are several strikes and protests worldwide as high inflation now really starts to bite into households’ disposable income, and this is setting a grim tone for traders, and triggering a drop in investments into cryptocurrencies.
ApeCoin price produced three distinctive swing lows that represented a bottom. This setup was followed by a run-up that pushed APE to rally extensively. However, the lack of momentum has caused the altcoin to retrace and recuperate – in a likely prelude before another leg-up.