Cardano and Three Additional Altcoins Flashing Oversold Signals, According to Crypto Analytics Firm

February 23, 2022 The Daily Hodl

Technical Analysis: MINA Monday’s Big Gainer, CRO Lower Despite Crypto.com’s LeBron Ad

February 14, 2022 Bitcoin.com

Top 5 cryptocurrencies to watch this week: BTC, XRP, CRO, FTT, THETA

February 13, 2022 Coin Telegraph

Bitcoin

BTC’s price action is looking grim, but traders hope that a bounce off the $42,000 support will complete a bullish technical analysis pattern and trigger a rally in Bitcoin and altcoins.

Bitcoin (BTC) has given back some of its recent gains, but on-chain data resource Ecoinometrics said that whales are accumulating because they believe the price is attractive from a long-term perspective.

On the downside, analyst Willy Woo believes that $33,000 is a strong bottom for Bitcoin. Popular Twitter trader Credible Crypto citing data from PlanC said that the odds of Bitcoin declining below $30,000 are poor.

*Crypto market data daily view. Source:* *Coin360*

Fidelity Digital Assets Head of Research Chris Kuiper believes that Bitcoin's downside risk could be minimal when compared to other digital assets, but it could rally substantially if it manages to replace gold as a store of value.

Could Bitcoin and altcoins stage a recovery after the recent pullback? Let’s study the charts of the top-5 cryptocurrencies that may attract investor attention in the short term.

BTC/USDT

Bitcoin turned down from the overhead resistance at $45,456 but a minor positive is that the bulls have not allowed the price to break below the 20-day exponential moving average ($41,383).

If the price rebounds off the current level, the bulls will try to propel the BTC/USDT pair above $45,456. A close above this level will complete a bullish inverse head and shoulders pattern.

The pair could then rally to $52,088 where the bears are likely to mount a strong challenge. If bulls thrust the price above this level, the pair could start its northward march toward the pattern target at $56,904.

This positive view will be negated if the price breaks and sustains below $39,600. Such a move could open the doors for a possible drop to $36,250.

*BTC/USDT 4-hour chart. Source: TradingView*

The pair turned down from $45,456 and broke below the moving averages. The bulls are currently attempting to defend the minor support at $41,688.88 but are facing stiff resistance at the moving averages.

If the price turns down from the current level and breaks below $41,688.88, the pair could slide to $39,600. If the price rebounds off this level, then the pair could remain range-bound between $39,600 and $45,456 for a few days.

On the upside, a break and close above the moving averages will be the first indication that bulls have a slight edge. The pair could then rise to $43,920 and later to $45,456.

XRP/USDT

Ripple (XRP) broke and closed above the moving averages on Feb. 7, indicating that the downtrend could be coming to an end. The bears tried to pull the price back below the breakout level at $0.75 but the bulls thwarted their attempt.

The price rebounded off $0.75 and the bulls are trying to push the XRP/USDT pair toward the overhead resistance at $1. A break and close above this resistance could open the doors for a possible rally to $1.41.

The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in the positive zone, indicating that buyers have the upper hand. This positive view will invalidate on a break and close below $0.75. Such a move will indicate that bears continue to sell on rallies.

*XRP/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls and the bears are battling it out near the $0.82 mark. The bulls pushed the price above this level but the bears stalled the rally at $0.85 and have pulled the pair back below $0.82.

A minor positive is that bulls are buying the dips to the 50-SMA. If the price rebounds off this support, the bulls will try to drive the pair above $0.85 and challenge the resistance at $0.91. Conversely, a break and close below the 50-SMA could pull the pair to $0.75. A break and close below this support could indicate the start of a deeper correction.

CRO/USDT

Crypto.com’s native coin (CRO) broke above the 50-day SMA ($0.47) on Feb. 7, suggesting that the corrective phase could be over. The price rallied to $0.54 on Feb. 10 where the bears are mounting a strong defense.

The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that the buyers have a slight edge. If the current rebound off the moving averages sustains, it will suggest that bulls are buying on dips. The bulls will then attempt to push the price above $0.54 and resume the uptrend.

If they can pull it off, the CRO/USDT pair could rise to $0.60 and then to $0.68. Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the pair could drop to $0.39.

*CRO/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows the pair is rising inside an ascending channel pattern. The bulls tried to push the price above the channel but the bears had other plans. They pulled the price back into the channel, trapping the aggressive bulls.

The buyers are attempting to defend the 50-SMA. If the price sustains above the 20-EMA, the bulls will again try to push the pair above the resistance line of the channel. This positive view will invalidate if the price turns down and plummets below the support line of the channel.

FTT/USDT

FTX Token (FTT) has been volatile inside a broadening formation. The failure of the buyers to propel the price above the resistance line indicates that bears are selling the rallies to this level.

However, a minor positive is that bulls are buying the dips in the zone between the 20-day EMA ($43.85) and the 50-day SMA ($41.50). If the price rebounds off the current level, the buyers will make one more attempt to clear the overhead hurdle.

If they manage to do that, the FTT/USDT pair could start a new uptrend. The pair could then rally to $53.50 where the bears may again pose a strong challenge but if this resistance is crossed, the rally could extend to $65.

This bullish view will invalidate if the price turns down and plummets below the 50-day SMA. That will indicate that the pair could extend its stay inside the broadening pattern for a few more days.

*FTT/USDT 4-hour chart. Source: TradingView*

The failure of the bulls to push the price above the $48 to $50 overhead resistance zone may have attracted profit-booking from short-term traders. The pair has broken below both moving averages and could drop to the 38.2% Fibonacci retracement levels at $41.99.

If the price rises from the current level or $41.99, it will suggest that buyers are accumulating on dips. The bulls will then again try to push the price above the 50-SMA. If they succeed, the pair could challenge the overhead resistance.

On the downside, a break and close below $41.99 could signal the start of a deeper correction to the 50% retracement level at $39.95.

THETA/USDT

Theta Network (THETA) broke and closed above the downtrend line on Feb.10, indicating that the downtrend could be coming to an end. Generally, a rally above a stiff resistance tends to turn back and retest the breakout level.

If bulls succeed in flipping the breakout level into support, it suggests a change in sentiment from sell on rallies to buy on dips. The 20-day EMA ($3.49) has started to turn up and the RSI is in the positive territory, suggesting advantage to buyers.

If the price rebounds off the downtrend line, the bulls will attempt to start a new uptrend. A break and close above $4.39 could attract further buying and the THETA/USDT pair could rise toward $6.

This bullish view will invalidate if the price turns down from the current level and plummets below the downtrend line. Such a move will suggest that the break above the downtrend line could have been a bull trap.

*THETA/USDT 4-hour chart. Source: TradingView*

The pair has been rising inside an ascending channel pattern. The bulls tried to push the price above the resistance line of the channel but the bears did not relent. This may have led to profit-booking by the short-term bears, pulling the price toward the support line.

The price has bounced off the support line on three previous occasions hence, the bulls will again try to defend it. If the price rebounds off the level and rises above the downtrend line, it will signal the resumption of the uptrend.

Alternatively, a break and close below the support line of the channel could signal a deeper correction to $3.20.

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.

Over 90% of Exchange Altcoin Supply Held by Whales Despite Correction From All-Time High: Analytics Firm IntoTheBlock

December 29, 2021 The Daily Hodl

Price analysis 11/24: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, CRO

November 24, 2021 Coin Telegraph

Avalanche

Bitcoin and most major altcoins are struggling to find bullish momentum, a possible signal that prices could continue to erode.

Bitcoin (BTC) and most major altcoins continue to be pinned below their respective overhead resistances, indicating that bears are selling on rallies.

According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, “whales are depositing Bitcoin to exchanges.” Curiously, the outflows from the exchanges have also continued and due to this, the reserves are still hovering close to their lowest levels since mid-2018.

In a somewhat contradictory report, Glassnode said that long-term holders may be “reducing their spending, and thus are more likely to be adding to positions, not exiting them.”

*Daily cryptocurrency market performance. Source:* *Coin360*

While Bitcoin has been in a corrective phase in dollar terms, it has proven to be a savior of purchasing power for Turkish investors. While the lira continues to lose value in 2021, Bitcoin in lira terms has regularly been hitting new all-time highs and it crossed 700,000 lira on Nov. 23.

Let’s study the charts of the top-10 cryptocurrencies to find out whether it is time for a rebound or could the correction deepen further?

BTC/USDT

The bulls are attempting to arrest the correction near $55,000 but the bears are not willing to relent. Bitcoin’s relief rally on Nov. 23 turned down from $58,000, indicating that bears are attempting to flip this level into resistance.

The moving averages have completed a bearish crossover and the relative strength index (RSI) continues to languish in the negative territory, signaling that bears have the upper hand.

If the price slips below $55,317, the selling may intensify and the BTC/USDT pair could drop to the $52,500 to $50,000 support zone. The bulls are likely to defend this zone aggressively but the subsequent rebound may face selling at the 20-day exponential moving average ($60,084).

This negative view will invalidate if the price turns up from the current level and breaks above the downtrend line. The pair could then attempt to resume the uptrend.

ETH/USDT

Ether (ETH) rebounded from close to the neckline of the developing head and shoulders (H&S) pattern on Nov. 22. The rebound off the neckline reached the 20-day EMA ($4,337) on Nov. 23, which is acting as a strong resistance.

If the price turns down from the current level and breaks below the 50-day simple moving average ($4,169), the bears will again attempt to pull the ETH/USDT pair below the neckline. If they succeed, it will complete the bearish pattern, which has a target objective at $3,047.

Conversely, if bulls push the price above the 20-day EMA and the resistance at $4,451, it will suggest that the selling pressure may be reducing. The pair will then attempt to rally to the overhead resistance zone at $4,772.01 to $4,868. A break and close above this zone will signal the resumption of the uptrend.

BNB/USDT

Binance Coin (BNB) turned down from $605.20 on Nov. 21 and dipped back below the 20-day EMA ($584). However, the bears could not take advantage of this weakness and sink the price to the 50-day SMA ($532).

This indicates that bulls are accumulating at lower levels. The buyers tried to clear the overhead hurdle on Nov. 23 but the bears again defended this level aggressively. The price is currently hovering near the 20-day EMA.

If the price turns up from the current level and breaks above $605.20, the BNB/USDT pair could attempt to challenge the resistance at $669.20. If this level is crossed, the pair could retest the all-time high at $691.80.

On the contrary, if the price sustains below the 20-day EMA, the bears will again try to pull the pair to the 50-day SMA. A break and close below this support could signal the start of a deeper correction.

SOL/USDT

Solana (SOL) broke below the 20-day EMA ($219) on Nov. 22. The bulls pushed the price back above this level on Nov. 23 but could not sustain the higher levels. This indicates that bears are defending the 20-day EMA.

The bears will now try to pull the price to the support line of the symmetrical triangle. This is an important level for the bulls to defend because a break below it could tilt the advantage in favor of the bears. The SOL/USDT pair could then start its downward move to $153 and later to $140.

Alternatively, if the price turns up and breaks above the resistance line, it will signal that bulls have the upper hand. The pair could then rally to the all-time high at $259.90 where the bears are expected to mount a stiff resistance.

ADA/USDT

Cardano (ADA) turned down from the 20-day EMA ($1.90) on Nov. 21 and the bears have pulled the price below the critical support at $1.70 today. If bears sustain the price below $1.70, the selling momentum may pick up.

The downsloping moving averages and the RSI near the oversold zone indicate that bears are in control. The ADA/USDT pair could now drop to the strong support at $1.50 where the buyers are expected to step in.

On the upside, the bulls will have to push and sustain the price above the 20-day EMA to indicate that the selling pressure may be reducing. The trend may turn in favor of the bulls on a break and close above the downtrend line.

XRP/USDT

XRP rebounded off the psychological support at $1 on Nov. 23 but the bulls have not been able to push the price to the 20-day EMA ($1.10). The shallow bounce indicates that bears continue to sell on every minor relief rally.

The bears will once again try to sink and sustain the price below the strong support at $1. If they manage to do that, the selling could accelerate and the XRP/USDT pair could drop to the critical support at $0.85.

The downsloping 20-day EMA and the RSI in the negative zone suggest that the path of least resistance is to the downside. This negative view will invalidate if the price rises and breaks above the 50-day SMA ($1.12). That could open the doors for a possible rally to $1.24.

DOT/USDT

Polkadot (DOT) rebounded off the uptrend line on Nov. 23 but the bulls could not sustain the higher levels. The price has again turned down and dropped to the uptrend line.

The frequent retest of a support level tends to weaken it. The moving averages have completed a bearish crossover and the RSI is below 40, indicating that bears are in command.

If the price breaks and closes below $37.53, the DOT/USDT pair will complete a bearish H&S pattern. The pair could then start a deeper correction toward $26.

Conversely, if the price rebounds off the current level, the bulls will make one more attempt to overcome the barrier at $43.56. If they can pull it off, it will signal that the sellers may be losing their grip.

DOGE/USDT

Dogecoin (DOGE) bounced off the critical support at $0.21 on Nov. 23 but the long wick on the day’s candlestick suggests that bears continue to sell near the downtrend line.

The DOGE/USDT pair broke below the $0.21 support today and the bears will now attempt to pull the price to the critical support at $0.19. This is an important support for the bulls to defend because if it cracks, the pair could plummet to $0.15.

The downsloping 20-day EMA ($0.24) and the RSI below 37 indicate that bears have the upper hand. The first sign of strength will be a break and close above the downtrend line. That will indicate a possible comeback by the bulls.

AVAX/USDT

The bulls failed to push Avalanche (AVAX) above the all-time high at $147 on Nov. 22, indicating that bears are aggressively defending the overhead resistance. This may have prompted profit-booking from the short-term traders.

The AVAX/USDT pair has started a correction that could find strong support in the zone between the 38.2% Fibonacci retracement level at $112.63 and the 20-day EMA ($103).

If the price rebounds off this zone, it will suggest that sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to push the pair above the all-time high and resume the uptrend.

Alternatively, a break and close below the 20-day EMA will signal that supply exceeds demand. The pair could then drop to the 61.8% Fibonacci retracement level at $91.39.

CRO/USDT

Crypto.com Coin (CRO) has been in a strong uptrend for the past few days. The vertical rally has pushed the RSI close to 90, indicating that the rally is overheated in the short term. This could result in a minor correction or consolidation for a few days.

The up-move may witness profit-booking near the psychologically important barrier at $1. If that happens, the CRO/USDT pair could start a correction. The first major support on the downside is the 38.2% Fibonacci retracement level at $0.73.

Generally, vertical rallies are followed by sharp declines. If the price breaks below $0.73, the correction may extend to the 61.8% retracement level at $0.59. Conversely, if the price bounces off $0.73, the bulls will make one more attempt to resume 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.

Market data is provided by HitBTC exchange.

Crypto.com Coin