![Biggest Movers: LEO Hits 1-Week High, ATOM Rebounds From Recent Declines Biggest Movers: LEO Hits 1-Week High, ATOM Rebounds From Recent Declines](https://static.news.bitcoin.com/wp-content/uploads/2022/09/shutterstock_2199194353-768x432.jpg)
A popular crypto trader is mapping out what’s in store for a handful of altcoins including XRP and Cosmos (ATOM) as the digital asset markets witness another sell-off event. Michaël van de Poppe tells his 627,100 Twitter followers that the seventh-largest crypto asset is now hovering at a price level that’s favorable for XRP bulls. […]
The post Here’s What’s Ahead for XRP, Cosmos and Two Additional Altcoins, According to Analyst Michaël van de Poppe appeared first on The Daily Hodl.
Bitcoin, ATOM, APE, CHZ and QNT are facing resistance at higher levels, but the chart patterns suggest that the current recovery may extend for a few more days.
The United States equities markets rallied sharply last week, ending a three-week losing streak. The S&P 500 rose 3.65% last week while the Nasdaq Composite soared 4.14%. Continuing its close correlation with the U.S. equities markets, Bitcoin (BTC) also made a strong comeback and is trying to end the week with gains of more than 7%.
The sharp rally in the stock markets and cryptocurrency markets are showing signs of a bottoming formation but it may be too early to predict the start of a new bull move. The equities markets may remain on the edge before the release of the U.S. inflation data on Sept. 13 and the Federal Reserve meeting on Sept. 20-21.
Along with taking cues from the equities markets, the cryptocurrency space has its own important events to look forward to. Both the Ethereum’s Merge and Cardano’s (ADA) Vasil hard fork scheduled in the next few days could heighten volatility in several cryptocurrencies.
Although choppy markets increase the risk, they may offer short-term trading opportunities to nimble traders. Let’s study the charts of five cryptocurrencies that look interesting in the near term.
Bitcoin soared above the 20-day exponential moving average ($20,662) on Sept. 9, which was the first indication that the selling pressure could be reducing. The bears are attempting to stall the recovery at the 50-day simple moving average ($21,946) but a positive sign is that the bulls have not given up much ground.
The 20-day EMA has started to slope up gradually and the relative strength index (RSI) is in the positive territory indicating that the path of least resistance is to the upside. If bulls propel the price above the 50-day SMA, the BTC/USDT pair could rally toward the stiff overhead resistance at $25,211. The bears are expected to defend this level with vigor.
Another possibility is that the price turns down from the 50-day SMA. If that happens, the pair may drop to the 20-day EMA. This is an important level to keep an eye on because a break and close below it could open the doors for a drop to $18,626. Alternatively, if the price rebounds off the 20-day EMA, it will increase the likelihood of a break above the 50-day SMA.
The pair picked up momentum after rising above the breakdown level of $19,520. The sharp rally pushed the RSI into the overbought territory, suggesting a minor consolidation or correction. Buyers are facing a stiff challenge near $22,000 but they have not ceded ground to the bears. This suggests that every minor dip is being purchased.
If bulls propel the price above $22,000, the pair could quickly rally toward $23,500 where the bears may again attempt to stall the up-move.
Contrary to this assumption, if the price turns down and breaks below the 20-EMA, the pair could drop to $20,576. A break below this level will suggest that the pair may consolidate in a large range between $22,000 and $18,626 for some time.
Cosmos (ATOM) broke above the overhead resistance of $13.45 on Sept. 8, indicating demand at higher levels. The next stiff resistance is at $20.30 which leaves room for a rally.
However, before that, the bears will try to pull the price below the breakout level of $13.45. This is an important level to keep an eye on because a break and close below it will indicate that the recent breakout may have been a bull trap.
On the other hand, if the price turns up from the current level or rebounds off $13.45, it will suggest that bulls are in control and are buying on every dip. If bulls thrust the price above $17.20, the up-move may pick up momentum and reach $20.30.
The 4-hour chart shows that the ATOM/USDT pair surged after breaking above the overhead resistance at $13.45. That pushed the RSI deep into the overbought territory and started a correction but a positive sign is that the bulls have not given up much ground.
If the price rebounds off the current level, the possibility of a break above $17.20 increases. If that happens, the up-move may continue and the pair may rally toward $20.30.
This positive view could invalidate in the near term if the price continues lower and plummets below the 20-EMA. If that happens, the pair could decline to the 50% Fibonacci retracement level of $14.36.
ApeCoin (APE) rebounded strongly off the support at $4.17, indicating aggressive buying at lower levels. This suggests that the corrective phase could be ending, making it an interesting candidate for the short term.
Buyers pushed the price above the 20-day EMA ($5) on Sept. 9 and the APE/USDT pair formed an inside-day Doji candlestick pattern on Sept. 10. This uncertainty resolved to the upside on Sept. 11 with a strong rally to the 50-day SMA ($5.85). The bears may try to stall the recovery at this level.
If the price turns down from the current level but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then again attempt to drive the price above the 50-day SMA. If they do that, the pair could soar toward the overhead resistance at $7.80.
This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. In that case, the pair may drop to $4.17.
The 20-EMA on the 4-hour chart has started to turn up and the RSI has risen into the overbought territory. This indicates that bulls have the upper hand but a short-term pullback is possible.
If the price turns down from the current level but rebounds off $5.30, it will suggest strong demand at lower levels. The bulls will then make another attempt to push the price above $5.83 and extend the recovery to $6.44.
Alternatively, if the price turns down and breaks below the 20-EMA, the advantage may tilt in favor of the bears.
Related: Terra back from the dead? LUNA price rises 300% in September
Chiliz (CHZ) broke above the 20-day EMA ($0.20) on Sept. 9, which was the first indication that the corrective phase may be ending. Hence, this token made it to the list.
The bears tried to pull the price back below the 20-day EMA on Sept. 10 but the bulls have held their ground. Buyers are attempting to push the price toward the overhead resistance at $0.26 but the up-move may face strong headwinds near $0.23.
If the price turns down but does not fall below the 20-day EMA, it will increase the likelihood of a rally to $0.26. Contrary to this assumption, if the price turns down and breaks below $0.20, it will suggest that bears are active at higher levels. That could pull the price to the 50-day SMA ($0.18).
The 4-hour chart shows that the bears are defending the downtrend line. If the price turns down from the current level but rebounds off the moving averages, it will suggest that bulls are attempting a comeback.
Buyers will then again attempt to drive the price above the downtrend line. If they succeed, the pair may start its northward march toward $0.23 and later to $0.26.
Alternatively, if the price plummets below $0.20, it will suggest that the pair may remain inside the falling wedge pattern. That could pull the price down to $0.18.
Quant (QNT) did not break below the strong support at $87.60, indicating that the sentiment is positive and bulls are buying on dips. That is the reason for its selection.
The sharp rebound off $87.60 broke above the 20-day EMA ($100) on Sept. 8, which was the first indication that the corrective phase may be ending. The bears posed a strong challenge near the 50-day SMA ($105) but could not sink the price back below the 20-day EMA.
This indicated that the sentiment had turned positive and the bulls are buying on dips. Buyers pushed the QNT/USDT pair above the 50-day SMA on Sept. 11. If bulls sustain the higher levels, the pair could rise to $117 and then to $124. A break above this level could open the doors for a rally to $130.
This bullish view could be invalidated if the price turns down and breaks below the 20-day EMA. If that happens, the pair could drop to the strong support at $87.60.
The 4-hour chart shows that the pair rebounded sharply off the support at $87.60. The bears posed a strong challenge near $108 but a positive sign is that the bulls purchased the dip to the 20-EMA. This indicates that traders are viewing dips as a buying opportunity.
Buyers resumed the recovery by pushing the price above the overhead resistance at $108. The pair could rally to $113 and later to $117. Conversely, if the price turns down and plummets below the 20-EMA, the pair could drop to the 50-SMA.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
A widely followed crypto analyst is predicting a surge for Ethereum (ETH) against both the US dollar and Bitcoin (BTC). The pseudonymous crypto strategist known in the industry as Kaleo tells his 535,400 Twitter followers that Ethereum looks poised for a strong rally as it threatens to take out its diagonal resistance on the lower […]
The post Crypto Strategist Predicts Steep Rally for Ethereum, Names One Altcoin That Could Erupt Next Bull Market appeared first on The Daily Hodl.
A widely followed crypto analyst says the last 12 hours for Bitcoin (BTC) mark the beginning of a relief rally. Crypto trader Michaël van de Poppe tells his 626,100 Twitter followers that altcoins will follow BTC’s volatile market jump. “Altcoins will follow, but now Bitcoin takes the spotlight with a volatile move of almost $2,000 in 12 […]
The post Popular Analyst Michaël van de Poppe Dives Deep Into Current State of Bitcoin, Altcoins and Crypto appeared first on The Daily Hodl.
Ethereum (ETH)-competitor Cosmos (ATOM) is surging as the crypto markets spark a comeback led by the leading digital asset Bitcoin (BTC) and a handful of metaverse tokens. Cosmos, which is a layer-1 blockchain, rose from a seven-day low of $11.67 on September 6th to $16.54, a staggering 41.7% increase. ATOM has since stabilized and is […]
The post Major Ethereum (ETH) Competitor Makes Cosmic Leap As Metaverse Tokens ApeCoin, Flow, and Axie Infinity Rally appeared first on The Daily Hodl.
The host of popular YouTube channel Coin Bureau says that Ethereum (ETH) may help pull up the price of Cosmos (ATOM) with its highly anticipated upgrade. In a new video update, the pseudonymous analyst known as Guy tells his 2.1 million subscribers that demand for ATOM has slumped dramatically during the bear market and currently […]
The post Coin Bureau Host Says Cosmos (ATOM) Could Ignite 100% Rally With Ethereum (ETH) Providing Lift – Here’s How appeared first on The Daily Hodl.
If BTC bounces from its key underlying support, ADA, ATOM, FIL and EOS could break out.
The decline in the United States equities markets last week extended the market-wide losing streak to three consecutive weeks. The Nasdaq Composite fell for six days in a row for the first time since 2019. The markets negative reaction to a seemingly positive August jobs report suggests that traders are nervous about the Federal Reserve’s future steps and its effects on the economy.
Weakness in the U.S. equities markets pulled Bitcoin (BTC) back below $20,000 on Sept. 2 and bears sustained the price below the level during the weekend. This pulled Bitcoin’s market dominance to just under 39% on Sept. 4, its lowest level since June 2018, according to data from CoinMarketCap.
Although the sentiment remains negative and it is difficult to call a bottom, investors who believe in the long-term prospects of cryptocurrencies could take the opportunity to gradually build positions at lower levels instead of trying to catch the bottom. However, investors could avoid chasing prices higher during bear market rallies and look to buy when the price falls to strong support levels.
If Bitcoin stages a recovery, select altcoins could move higher. Let’s study the charts of top-5 cryptocurrencies that are looking strong on the charts.
Bitcoin has been trading in a tight range between $19,520 and $20,576 for the past few days which shows a balance between the buyers and sellers in the near term. Although bulls are buying on dips, they have failed to overcome the selling at higher levels.
The downsloping 20-day exponential moving average ($20,863) and the relative strength index (RSI) in the negative territory indicate advantage to sellers. If bears sink the price below $19,520, the BTC/USDT pair could drop to the strong support zone between $18,910 and $18,626.
This zone is likely to attract strong buying by the bulls as that has been the case on two previous occasions. The bears will have to sink the price below $17,622 to signal the resumption of the downtrend.
On the other hand, buyers will have to push and sustain the price above the 20-day EMA to indicate that the bears may be losing their grip. The pair could then rise to the 50-day simple moving average ($22,271).
The price rebounded off the strong support near $19,520 but the bears are attempting to stall the recovery at the moving averages. This shows that bears are selling on every minor rally. If bears sink the price below $19,520, the pair could resume the next leg of the downtrend.
Contrary to this assumption, if bulls thrust the price above the moving averages, the pair could attempt a rally to the resistance of the range at $20,576. Buyers will have to clear this hurdle to signal a potential trend change in the near term.
Cardano (ADA) is in a consolidation but it is attempting to rise above the moving averages. This indicates demand at lower levels and increases the chances of an up-move, which is the reason for its selection.
The 20-day EMA ($0.47) has flattened out and the RSI has jumped into positive territory, indicating that the selling pressure is reducing. If buyers sustain the price above the 50-day SMA ($0.50), the ADA/USDT pair could rally to the downtrend line.
This level could again act as a strong resistance but if bulls overcome this barrier, the pair could rally to $0.70.
This positive view could be negated in the short term if the price turns down from the current level and slips below the 20-day EMA. If that happens, the pair could again slide to the strong support at $0.40.
The 20-EMA on the 4-hour chart is sloping up and the RSI has risen into the overbought territory. This indicates that bulls are in command but a minor correction or consolidation is possible in the near term.
If buyers sustain the price above $0.48 or the 20-EMA, it will suggest a change in sentiment from selling on rallies to buying on dips. That could push the price to $0.54 and later to the downtrend line.
To invalidate this positive view, bears will have to pull the price below $0.48. If that happens, the pair could slide to $0.44 and then to $0.42.
Cosmos (ATOM) has not given up ground in the past few days and is trading near its overhead resistance at $13.45. This indicates that traders are not closing their positions as they anticipate the price to move higher. This is the reason for its inclusion in this list.
The ATOM/USDT pair dipped below the 50-day SMA ($11.08) on Aug. 29 but the bulls purchased at lower levels. That started a rebound which reached the overhead resistance at $13.45. The gradually rising moving averages and the RSI in the positive territory indicate the path of least resistance is to the upside.
If buyers propel the price above $13.45, the pair could pick up momentum and rally to $15.30 and then to $20. This positive view could invalidate if the price turns down sharply and plummets below the psychological support at $10.
The 20-EMA is sloping up and the bulls are buying the dips to this support. This suggests a positive sentiment in the short term. The bulls will attempt to push the price to the overhead resistance at $13.45. This is an important level to keep an eye on because a break and close above it could indicate the resumption of the up-move.
Conversely, if the price turns down from the current level or the overhead resistance and breaks below the 20-EMA, it will suggest that bears are active at higher levels. The pair may then remain range-bound between $10 and $13.45 for some time.
Related: Surge or purge? Why the Merge may not save Ethereum price from 'Septembear'
Filecoin (FIL) had been trading in a tight range between Aug. 27 and Sept. 2, which resolved to the upside on Sept. 3. An expectation that buyers may continue their purchases led to the selection of this coin.
The FIL/USDT pair turned up sharply and broke above the 20-day EMA ($6.39) on Sept. 3. This is the first indication that buyers are attempting a comeback. However, the bears are unlikely to surrender easily and they are posing a strong challenge near the 50-day SMA ($6.92).
The bears pulled the price back below the 20-day EMA on Sept. 4. If they sustain the price below this level, the pair could decline to $5.50. Conversely, if the price turns up from the current level and breaks above the 50-day SMA, it will suggest strong buying on dips. The pair could then rally to $9 and thereafter to $9.50.
The pair turned down from the overhead resistance zone between $6.80 and $6.60 but a minor positive is that the bulls have not allowed the price to slip below the 20-EMA. If the price rebounds off the current level, the possibility of a break and close above the zone increases.
If that happens, the pair will complete an inverse head and shoulders pattern. The pair could then pick up momentum and rally toward the pattern target of $7.6 and later to $8.30.
This positive view could invalidate in the near term if the price breaks and closes below the 20-EMA. The pair could then drop to the strong support at $5.50.
EOS has made it to the list because even in the mayhem, it has managed to stay above the moving averages. This indicates short-term outperformance and increases the likelihood of a rally if the sentiment in the cryptocurrency sector improves.
The EOS/USDT pair completed a rounding bottom pattern on Aug. 21 but the bulls could not sustain the higher levels. The bears pulled the price back below the breakout level on Aug. 28, indicating strong selling on rallies.
A minor positive is that the buyers aggressively purchased the drop to the 50-day SMA ($1.33). The 20-day EMA ($1.48) has flattened out and the RSI is near the midpoint, indicating a balance between buyers and sellers.
This balance could tilt in favor of the bulls if they push and sustain the price above $1.60. The pair could then rally to the overhead resistance near $2. Alternatively, a break and close below the 50-day SMA could open the doors for a possible drop to $1.15.
The bears sold the rebound near $1.60 and are attempting to pull the price back below the breakout level of $1.46. If they do that, the pair could decline to the uptrend line. This level has acted as a strong support on three previous occasions, hence the bulls will again try to defend it.
If the price rebounds off the uptrend line and breaks above $1.60, the pair could pick up momentum and rally to $1.80 and later to $2. Conversely, a break and close below the uptrend line will suggest that the short-term up-move could be over. The pair could then decline to $1.24.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.