The cryptocurrency market has weakened a little bit during the weekend, Bitcoin is trading above $60000, but the risk of further decline is still not over. This situation also negatively influences the price of SushiSwap SUSHI/USD, Uniswap UNI/USD, and Tronix TRON/USD, and traders should be very careful when opening their positions.
The prices of these three cryptocurrencies can from the current price levels if the negative trend continues, and traders should consider that if Bitcoin falls below the $55000 support, it would add further pressure to the whole cryptocurrency market.
Historically, October has been a positive month for cryptocurrencies, and Chris Kline, chief operating officer and co-founder of Bitcoin IRA said that the crypto market sentiment remains positive, and there is no reason for panic.
The U.S. Securities and Exchange Commission (SEC) has allowed the first American bitcoin futures ETF to begin trading, and according to the CryptoCompare’s Digital Asset Management Review, institutional investors’ interest in cryptocurrencies is increasing.
ProShares Bitcoin Strategy ETF (BITO) has become the first U.S. Bitcoin futures ETF, and it performed impressively in the first two days of launch. According to JP Morgan, Bitcoin’s recent surge is due to growing inflation, not ETF approval. JP Morgan reported:
People believe Bitcoin to be a stronger hedge against inflation than gold, adding that they had also been observing money flowing out of the gold market into Bitcoin recently.
Hedge fund manager Paul Tudor Jones said that Bitcoin is “winning the race against gold,” and he would rather invest directly in Bitcoin than using an ETF.
SushiSwap continues to trade close to $10 support level
SushiSwap (SUSHI) has weakened from $16.18 to $8.5 in less than two weeks, and the current price stands at $10.7.
If the price breaks the strong support level at $8, it would be a very strong “sell” signal, and the next target could be around $6. SUSHI remains under pressure, and traders should use “stop-loss” and “take profit” orders when opening their positions because the risk is currently high.
UNI could stabilize above $30
Uniswap’s (UNI) price has advanced from $23 to $27.9 since the beginning of October 2021, and the current price stands at $26.
If the price jumps above $30 resistance, the next price target could be at $35. On the other side, if the price falls below $20 support, it would be a firm “sell” signal and trend reversal sign.
TRON is trading below $0.10 resistance
TRON has advanced from $0.08 above $0.10 since the beginning of October 2021, and the current price stands at $0.09.
If the price jumps above $0.11, it would be a signal to trade TRON, and the next price target could be at $0.12 or even above. The critical support level stands around $0.08, and if the price breaks it, that would be a strong sell signal.
Summary
The cryptocurrency market has weakened a little bit during the weekend, Bitcoin is trading above $60000, but the risk of further decline still persists. For now, there is no risk of the bear market, but if Bitcoin falls below the $55000 support, it would add further pressure to the whole cryptocurrency market.
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