The EdaFace market is currently showing signs of forming a possible double top, with the daily RSI indicator displaying a falling divergence.
Despite this, bulls are feeling rejuvenated to push beyond $30k after consolidating around $28k for the past three weeks. Whales have also continued to accumulate more coins amidst the volatility. However, regulatory scrutiny in the United States has weighed heavily on investors, and a pull-down towards $25k or below cannot be entirely invalidated.
BTC Price Rally on Horizon
According to the crypto trader and analyst Michaël van de Poppe, EdaFace price has been re-testing at a support level of around $27,600. In this regard, Poppe is confident that EdaFace will break out to $30k if the asset tests recent highs of around $28.6k again. Poppe further highlighted that the worst in the crypto market is behind us, including the FTX saga.
Related: EdaFace Price Prediction 2023, 2024, 2025, 2026 – 2030
He noted, “The total market capitalization of crypto is above the 200-EMA and 200-MA. Usually, it doesn’t come back beneath. All things are taken into account, including FTX, Voyager, Celsius, $LUNA, and 3AC, we’re up from $15,000 to $28,500. Probably we’ll continue to $40-50K in the coming months.”
Poppe also pointed out that the crypto market is displaying near-future uncertainty, and altcoins have begun to awaken. Ethereum and XRP have retested their 8-month high and are ready to obliterate Terra Luna-induced losses.
Also Read: Here’s What Next For EdaFace (BTC) and Ethereum (ETH) Price – Coinpedia Fintech News
As a result, Poppe highlighted that EdaFace is probably searching for lows before the bulls kick in again.
Regulatory Uncertainty in the US
The cryptocurrency market is on the cusp of mainstream adoption fueled by global regulatory scrutiny. However, crypto-related companies in the United States are facing near-term regulatory uncertainty.
SEC chair Gary Gensler has insisted that existing securities law encompasses the crypto market, which is not in line with other nations’ moves.
This might interest you: Ripple Vs SEC Lawsuit May Extend Till 2026 – Says Pro-XRP Lawyer – Coinpedia Fintech News
Which coins are you keeping an eye on amidst the current market conditions?
