The crypto market saw an overall pullback, but some of the top coins managed to hold on in the green. The price analysis below covers 1 to 2 SPX, DXY, BTC/USD, ETH/USD, BNB/USD, XRP/USD, DOGE/USD and ADA/USD.
The S&P 500 Index (SPX) is a market-value weighted index of 500 large publicly traded companies in the United States. The US Dollar Index (DXY) is a trade-weighted index measuring the value of the U.S. dollar relative to six foreign currencies (Euro, British Pound, Swiss Franc, Japanese Yen, Canadian Dollar and Australian Dollar). The two are used as leading indicators for gauging how the health of both the U.S economy and its currency are faring on any given day.
Price Analysis 2022
BTC/USD is trading at $3,533.75 and continues to move sideways. The coin is still in a bearish trend, but the price has not yet reached its lowest point in this bearish period. The current level of support on the BTC/USD pair is $3,500, while resistance is at $4,000.
If you are going to sell BTC now and make money on its fall, then you must be ready for losses up to 30% because it will be impossible for you to get back your investment if it falls below this mark ($3,500). If you want to benefit from such an opportunity and earn more than 30%, then it is better not to do anything until November 2023 when the next halving event occurs – from which the Bitcoin price will again rise sharply (about 70%).
ETH/USD is trading at $141.90 USD. ETH/USD is trading at a price of $141.9 USD, up 3.36% for the last 24 hours.
ETH/USD is trading at $141.9 USD
Binance is a cryptocurrency exchange that offers a variety of trading pairs and unique features. One of the most popular pairs on Binance is BNB/USD, which is a stablecoin tied to the US dollar.
Binance’s native token, Binance Coin (BNB), can be used to pay for transaction fees, withdrawal fees, listing fees and all other services provided by Binance. As such, the price of BNB correlates with how much it costs to use the platform with this token. The more expensive these services become due to high usage or limited resources at hand (e.g., high demand), then so should the price of BNB increase because there will be less available tokens floating around as people prefer using them instead of paying higher fees in fiat currency instead!
