A widely followed crypto analyst says it could be time for two Ethereum rivals to start shining. In the latest TechnicalRoundup newsletter, the pseudonymous analyst known as Cred takes a look at Cosmos (ATOM). Cosmos aims to be an ecosystem of blockchains designed to scale and interoperate with each other. According to Cred, layer-1 altcoins […]
The post Top Crypto Analyst Says Its Time for Harmony and Cosmos (ATOM) to Shine – Here’s Why appeared first on The Daily Hodl.
A closely followed crypto trader is eyeing an interoperability ecosystem to potentially have a breakout year. In a tweet laying out his general 2022 predictions, the pseudonymous analyst known as Altcoin Psycho highlights Cosmos (ATOM) as his pick to soar like layer-1 smart contract platforms Avalanche (AVAX) and Solana (SOL) did last year. My crypto […]
The post Analyst Says One Altcoin Project Will Explode This Year, Mirror Rise of Ethereum Competitors Solana (SOL) and Avalanche (AVAX) appeared first on The Daily Hodl.
Closely followed crypto strategist and trader Michaël van de Poppe is naming five altcoins, including smart contract platform Solana (SOL), that he thinks have the potential to make huge gains this year. In a new strategy session, Van de Poppe tells his 159,000 YouTube subscribers that layer-1 altcoins such as Solana and Avalanche (AVAX) had […]
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LUNA, FTM, ATOM, and ONE could rally if Bitcoin rises above the 50-day SMA.
Bitcoin (BTC) continues to languish below the psychological level at $50,000 in the first few days of the New Year, indicating a lack of aggressive buying by traders. Former BTCC CEO Bobby Lee said the exodus of the Chinese traders who had until Dec. 31 to exit Chinese exchanges may have kept prices lower into the year-end.
However, President Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin could rally to $100,000 this year. President Bukele also said that two more countries will accept Bitcoin as legal tender in 2022.
The increased crypto adoption by institutional investors in 2021 is another long-term positive. According to CoinShares, net inflows into crypto funds in 2021 were more than $9.3 billion. A majority of over two-thirds of the crypto inflows were into Bitcoin.
Could Bitcoin start a new up-move in January pulling select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.
Bitcoin has been trading between the 20-day exponential moving average ($48,720) and the strong support at $45,456 for the past few days. This suggests that buying dries up at higher levels.
Both moving averages are turning down and the relative strength index (RSI) is in the negative zone, indicating that bears have the upper hand. If the price turns down from the 20-day EMA, the bears will try to sink the price below $45,456. If they manage to do that, the next leg of the downtrend to $42,000 and then to $40,000 could begin.
Contrary to this assumption, if the price breaks above the 20-day EMA, the BTC/USDT pair could rise to the 50-day simple moving average ($52,332). A break and close above this level could signal the start of a new up-move that could reach the 61.8% Fibonacci retracement level at $58,686.
The 4-hour chart shows that the pair is range-bound between $45,456 and $51,936.33. The price has rebounded off $45,456 and if bulls push the pair above the 50-SMA, it will suggest accumulation at lower levels. That could drive the price toward $51,936.33.
Conversely, if the price turns down from the 50-SMA, the bears will make one more attempt to pull the pair below $45,456. If they succeed, the pair could resume the downtrend with the next target objective at $38,975.67.
Terra’s LUNA token is attempting to resume its uptrend but the bears have other plans, drawing a line near $93.81.
The upsloping moving averages and the RSI in the positive territory suggest a slight edge to the buyers. If the price once again rebounds off the 20-day EMA ($82), it will indicate that bulls continue to accumulate on dips.
The LUNA/USDT pair will then try to break above $93.81 and challenge the all-time high at $103.60. A break and close above this resistance could start the next leg of the uptrend to $135.26.
Conversely, if the price turns down and breaks below the 20-day EMA, it will signal a change in the short-term trend. The pair could then drop to $65.15.
The bounce off $81.11 is facing selling in the zone between the 50% Fibonacci retracement at $92.35 and the 61.8% retracement level at $95.01. The bears will now try to pull the price below the 20-EMA and the uptrend line.
If they do that, the pair could drop to $84 and then to $81.11. A break and close below this support could signal that bears are back in the game.
On the contrary, if the price rebounds off the current level or the uptrend line, the buyers will try to drive the pair above $95.01 and retest the overhead resistance at $103.60.
Fantom (FTM) has turned down from the overhead resistance at $2.67, which suggests that bears are defending this level with vigor.
The FTM/USDT pair could drop to the 20-day EMA which could act as a strong support. A sharp rebound off this support will suggest that buyers are accumulating on dips.
The rising 20-day EMA ($2.03) and the RSI above 68 suggest that the path of least resistance is to the upside.
A break and close above $2.67 will suggest that bulls are back in the game. The pair could then start its northward march toward $3.17 and then to $3.48. The bears will have to pull and sustain the price below $2 to invalidate the bullish sentiment.
The 4-hour chart shows a rounding bottom formation, which will complete on a break and close above the overhead resistance at $2.67. If the price rebounds off the 20-EMA, the bulls will again try to overcome the barrier at $2.67. If that happens, the up-move could begin.
Conversely, if the price breaks below the 20-EMA, it will suggest that the short-term bullish momentum could be weakening. The pair could then drop to the 50-SMA and later to the strong support at $2.
Related: Three reasons why PlanB’s stock-to-flow model is not reliable
Cosmos (ATOM) broke and closed above the overhead resistance at $34 on Jan. 1. The moving averages have completed a bullish crossover, indicating that bulls have the upper hand.
If the price sustains above $34, the bullish momentum could pick up further and the ATOM/USDT pair could rise to $38 and later to $43.28. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls are in control.
Contrary to this assumption, if the price breaks and closes below $34, it will suggest that bears are attempting to trap the aggressive bulls. The pair could then drop to the 20-day EMA ($28).
If the price rebounds off this level, the bulls will make one more attempt to clear the overhead hurdle but if the pair breaks below the moving averages, the decline could extend to $25.
Both moving averages are sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. If the price rebounds off the 20-EMA, it will signal that sentiment remains positive and traders are buying on dips.
The up-move could resume on a break and close above $37. Conversely, if bears pull the price below the 20-EMA, it may lead to profit-booking from short-term traders. That may pull the price down to the 50-SMA.
Harmony (ONE) has reached the downtrend line where the bears are likely to mount a stiff resistance. If the price turns down from the current level, the altcoin could dip to the 20-day EMA ($0.24).
If the price rebounds off the 20-day EMA, it will suggest that the sentiment remains bullish and traders are accumulating on dips. The bulls will then again attempt to push the price above the downtrend line.
If they succeed, it will suggest the start of a new up-move. The first target on the upside is $0.34 and a break above it could result in a retest at $0.38. This positive view will invalidate if the price turns down and breaks below $0.21.
The 4-hour chart shows the formation of a cup-and-handle pattern, which will complete on a break and close above $0.29. This reversal setup has a pattern target at $0.38. It is unlikely to be a straight dash to the target objective because bears are likely to mount a strong resistance at $0.34.
Conversely, if the price turns down from the current level, it could drop to the moving averages. If this support cracks, the ONE/USDT pair could decline to $0.21. A bounce off this support could keep the pair range-bound between $0.21 and $0.27 for some time.
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.
While the crypto economy shed billions in value this week, 18 different digital assets have accrued double-digit gains during the last week. At the same time, the top two leading crypto assets by market capitalization, bitcoin and ethereum, have lost between 2.8% to 6.2% in value in seven days. 18 Crypto Assets See Values Increase […]
The host of popular crypto channel Coin Bureau says he’s bullish on two large-cap altcoins, adding that two others may need to see corrections before further rallies. In a new video, the analyst known as Guy says he’s watching smart contract platform Fantom (FTM). While he’s bullish on the altcoin, its relative strength index (RSI) […]
The post Coin Bureau Bullish on Two Large-Cap Altcoins, Issues Warning on Fantom (FTM) and Near Protocol (NEAR) appeared first on The Daily Hodl.
If Bitcoin rises from the current level, it could boost the price of MATC, NEAR, ATOM, and HNT in the short term.
After staying above $50,000 on Christmas day, Bitcoin (BTC) faced selling pressure on Dec. 26. One of the reasons for the possible dip in Bitcoin’s price is the increase in inflows to the Binance exchange. Data analysis account Material Scientist said that Binance’s inflows could be due to “a new player.”
Although Bitcoin is almost certain to miss PlanB’s floor model price projection of $135,000 for December, the creator of the stock-to-flow price model remains bullish. He said that Bitcoin’s price at $51,000 remains within one standard deviation of the model, which keeps the forecast of $135,000 for this halving cycle in play.
Several asset managers have added Bitcoin to their portfolio in 2021 but UK’s ex-Chancellor Lord Hammond warned retail investors to be “extremely cautious” while investing in cryptocurrencies. He said that “it’s almost certainly not suitable for retail investors as a mainstream investment category.”
Let’s study the charts of the top-5 cryptocurrencies that may lead the recovery in the crypto sector in the next few days.
Bitcoin broke above the 20-day exponential moving average ($49,832) on Dec. 23 but the recovery hit a roadblock at the 38.2% Fibonacci retracement level at $52,314. This indicates that bears have not yet given up and continue to sell on rallies.
The BTC/USDT pair formed a Doji candlestick pattern on Dec. 24, indicating uncertainty among the bulls and the bears. This indecision resolved to the downside on Dec. 25 and the price has slipped to the 20-day EMA.
The relative strength index (RSI) is just below the midpoint and the 20-day EMA is flattish, indicating a balance between supply and demand.
If the price rebounds off the current level and breaks above $52,314, it will suggest that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. The pair could then rise to the 50% retracement level at $55,500 and later to the 61.8% retracement level at $58,686.
Conversely, if bears pull the price below the 20-day EMA, the pair could drop to the 200-day simple moving average ($47,569) and then to $45,456. A break and close below this level could open the doors for a possible drop to $42,000.
The pair is attempting to form a cup and handle formation which will complete on a breakout and close above the overhead resistance at $51,936.33. This reversal setup has a target objective at $58,313.81.
This positive view will invalidate if the price turns down from the current level and breaks below $49,600. That could pull the price down to $47,920.42. If this support also cracks, the decline could extend to $45,558.85.
Polygon (MATIC) has been in a strong uptrend. Although bears posed a stiff challenge at $2.70, the bulls did not give up much ground and have pushed the price to a new all-time high today.
If bulls sustain MATIC price above $2.70, the MATIC/USDT pair could start the next leg of the uptrend. The pair could first rise to $3.41 and if this level is crossed, the up-move may reach the psychological mark at $5.
The upsloping 20-day EMA ($2.30) and the RSI in the positive territory suggest that bulls are in control. If the price turns down and breaks below the 20-day EMA, it will suggest that the current breakout was a bull trap. The pair could then drop to $2 and later to $1.73.
After struggling to break out and sustain above $2.70 on three occasions, the bulls have finally managed to overcome the resistance. However, the bears are unlikely to give up easily and will again try to stall the up-move at the resistance line of the ascending channel.
If the price turns down from the current level and breaks below the 20-EMA, the pair could drop to $2.42. This is an important support for the bulls to defend because if it cracks, the pair could plunge toward the 200-SMA.
On the contrary, if bulls drive and sustain the price above the channel, the bullish momentum could pick up further.
NEAR Protocol’s NEAR token picked up momentum after breaking above the falling wedge pattern on Dec. 23. This carried the price above the strong resistance at $13.23, signaling the resumption of the uptrend.
The bears are unwilling to allow the bulls to have their way and are aggressively defending the $16 level. The NEAR/USDT pair formed an inside-day candlestick pattern on Dec. 25, indicating indecision among the bulls and the bears.
If the price breaks below $14, the pair could drop to $13.23 and then to the 20-day EMA ($11.11). A strong rebound off either level will suggest that the sentiment remains positive and traders are buying on dips.
If bulls drive the price above $15.93, the pair could rise to $17.95. This bullish view will be negated if bears sink and sustain the price below the 20-day EMA.
The 4-hour chart shows that the pair is consolidating between $14.20 and $15.93, which is a positive sign. The 20-EMA is sloping up and the RSI is in the positive zone, suggesting that bulls have the upper hand.
If buyers drive the price above $15.93, the pair could resume the uptrend. On the other hand, if the price breaks below the 20-EMA, the pair could drop to $13.23. This level is likely to act as strong support but if it cracks, the next stop could be $11.50.
Related: Binance Turkey fined 8M lira for non-compliance against money laundering
Cosmos (ATOM) broke out and closed above the resistance line of the descending channel on Dec. 25, indicating that the downtrend may be over.
The 20-day EMA ($25.91) has started to turn up and the RSI has risen into the positive territory, indicating that bulls have the upper hand. If buyers sustain the price above the channel, the ATOM/USDT pair could rise to $33.60 and thereafter to $38.
If the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that traders continue to sell on rallies. The pair could then drop to the 200-day SMA ($24.12).
The 4-hour chart shows that the pair picked up momentum after breaking and closing above the 200-SMA. The bears tried to stall the up-move at $30 and pull the price down but the bulls successfully defended the 20-EMA.
This suggests that the sentiment has turned positive and traders are buying on dips. The pair could rally to the overhead zone at $33.60 to $34.15 where the bears may mount a strong resistance.
If the price turns down and breaks below the 20-EMA, it will suggest that supply exceeds demand. That could open the doors for a possible decline to $26.37 and then to the 200-SMA.
Helium’s HNT token bounced off the strong support at $25 and broke above the 20-day EMA ($35.38) on Dec. 16. The bears attempted to pull the price back below the 20-day EMA but the bulls purchased the dip and extended the recovery to $43.40 on Dec. 23.
The bears are defending the overhead zone between the 50% Fibonacci retracement level at $42.14 and the 61.8% retracement level at $46.18. This has pulled the price back to the 20-day EMA, which is an important level to watch out for.
If the price rebounds off the current level, the buyers will try to push the HNT/USDT pair above the overhead zone. If they succeed, the pair could rise to $51.94.
Conversely, if bears sink the price below the 20-day EMA, the pair could drop to $29.94. A break and close below this level could sink the price to $25.
The bears are defending the overhead resistance at $42. Although the bulls pushed the price above this resistance, they could not sustain the higher levels. This could have trapped the aggressive bulls, resulting in a correction.
The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.
If bears pull the price below the 200-SMA, the correction could deepen further and the pair may slide to $30. Alternatively, a break and close above $39.50 could push the price to $42. A break and close above this level will suggest the resumption of the uptrend.
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.
Popular cryptocurrency analyst and trader Michaël van de Poppe is looking ahead to 2022 and how best to capitalize on the cryptocurrency markets. In a new discussion, Van de Poppe tells his 157,000 YouTube subscribers that he’s focusing on two key categories while seeking to maximize his gains. “When we’re looking at my portfolio, and […]
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The host of the popular crypto outlet Coin Bureau is detailing his 2022 crypto strategy and says he bought during the market-wide dip this month. In a new video to his 1.78 million YouTube subscribers, pseudonymous trader Guy says that he went in on Ethereum (ETH) competitors Polygon (MATIC) and Fantom (FTM), king crypto Bitcoin […]
The post Coin Bureau Buys Two Ethereum Challengers, Unveils 2022 Crypto Strategy and Updated Portfolio appeared first on The Daily Hodl.
