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3 digital currencies and 3 purchasing opportunities

This week saw the highs return to Digital Currency Market, which received the first batch of U.S. inflation data raising hopes that the Federal Reserve could cut rates twice this year. The second push came from the SEC's sudden change in tone towards applications to create Ethereum ETFs and sent signals that they could be approved.

These two factors have caused the prices of many digital currencies to rise, but it appears that we have started to enter a short-term correction. After consent The SEC is on a major regulatory milestone, before finalizing the Ethereum Spot ETFs.

What sparked a wave of profit-taking Ethereum (ETH) price. Based on the famous business rule “buy the rumor and sell the news”.

Furthermore, Bitcoin price reached the resistance level of $71,100 and failed to penetrate it to bounce towards the $67,000 level.

As the prices of these two major currencies fall, it is natural that the prices of most digital currencies will follow. Many of these pullbacks are corrective moves that can result in good trading opportunities.

At the beginning of the week, the BeInCrypto site published an article in Arabic on purchasing opportunities on 3 digital currencies. As the market grew, he achieved his goals. Its prices have now returned to the same prior technical support levels, which could present another buying opportunity, but this time with more caution.

Reminder: It is important to note here that a large part of the market rise is due to the movement of funds. ETFsEthereum, which no one expected. So, the market is full of unknown variables, sometimes in your favor, sometimes against you, so keep that in mind.

Binance BNB Coin

Binance BNB coin daily price chart
Binance BNB coin daily price chart

In the previous analysis I mentioned that Binance BNB Coin Price It moves in a sideways range of the symmetrical triangle continuation technical pattern.

It managed to break it and reach the resistance level of $622.

BNB Price It has now bounced towards the $570 support level at the 23.6% Fibonacci retracement level as well as the ascending trendline. This represents a good buying zone, but not a very strong one.

If broken, the next support and buying zone will be the 38.2% Fibonacci retracement at $530.

MKR Coin Maker

MKR Daily Price Chart
MKR Daily Price Chart

Maker MKR coin prices It has been moving in an upward trend line for several months. But it has lost its upward momentum since the beginning of last April. Since then, the price has lost around 50% of its gains.

In the previous analysis we mentioned that Maker MKR coin prices It is touching a strong support level, consisting of the ascending trendline and the 50% Fibonacci retracement priced from $2,700 to $2,750. These are good buying areas this week.

The price actually reached the $3,170 level and has now returned to test the previous support level, especially the ascending trendline.

Chainlink coin daily price chart Source: tradingview
Chainlink Coin Price Daily Chart Source: commercial view

Movement trajectory LINK coin price Unlike previous cryptocurrencies, it is not strongly linked to general market developments. The rise we previously expected did not occur.

On the daily chart, it is trading within bounded horizontal price channels between $13 and $17, which represent the Fibonacci retracements from 61.8 to 38.2, respectively.

The price has moved from the strong support level of $13 and is currently testing the resistance level of $17.

In the previous analysis, we said that if it managed to cross it, it would constitute a signal for a continuation of the rise towards the $21 level.

But LINK PRICE It bounced off the $17.27 level, so we now have a resistance zone between $17 and $17.28. That it must penetrate by closing the daily candle above it to continue the rise

If it fails, we will wait until it returns to the $13 support level to buy.

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