Tether Reveals USDT Stablecoin Is Now Supported by Polkadot

September 23, 2022 Bitcoin.com

Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins

September 18, 2022 Coin Telegraph

Bitcoin

The Federal Reserve is set to raise interest rates this week. Here’s why traders expect a 0.75% hike to trigger a crypto market rally.

The S&P 500 and the Nasdaq Composite index suffered their worst weekly performance since June as investors remain concerned that the Federal Reserve will have to continue with its aggressive monetary policy to curb inflation and that could lead to a recession in the United States.

Bitcoin (BTC) remains closely correlated to the S&P 500 and is on track to fall more than 9% this week. If this correlation continues, it could bring more pain to the cryptocurrency markets because Goldman Sachs strategist Sharon Bell cautioned that aggressive rate hikes could trigger a 26% fall in the S&P 500.

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

The majority expect the Fed to hike rates by 75 basis points in the next meeting on Sept. 20 to Sept. 21 but the FedWatch Tool shows an 18% probability of a 100 basis point rate hike. This uncertainty could keep traders on the edge, resulting in heightened short-term volatility.

If the Fed’s rate hike is in line with market expectations, select cryptocurrencies could attract buyers. Let’s study the charts of five cryptocurrencies that are positive in the near term.

BTC/USDT

Bitcoin recovered from $19,320 on Sept. 16 and rallied above $20,000 on Sept. 17 but the bulls are struggling to sustain the higher levels. This suggests that bears are active at higher levels.

The 20-day exponential moving average ($20,432) has turned down gradually and the relative strength index (RSI) is in the negative zone, suggesting that the sentiment remains negative and traders are selling near overhead resistance levels.

If the price continues lower and breaks below $19,320, the BTC/USDT pair could decline to $18,510. Buyers are expected to defend this level with vigor.

On the upside, the 50-day simple moving average ($21,605) is the key level to keep an eye on. If bulls push the price above it, the pair could rally to $25,211. A break and close above this resistance could indicate the start of a new uptrend.

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

The 4-hour chart shows that the sellers are trying to stall the recovery at the 20-EMA. This indicates that the bears are in no mood to surrender their advantage. If the weakness persists and the price breaks below $19,320, the pair could slide to $18,510.

Conversely, if the price turns up from the current level and breaks above the 20-EMA, the recovery could extend to the 50-SMA. This level may again act as a resistance but if this obstacle is cleared, the next stop could be the 61.8% Fibonacci retracement level of $21,470.

XRP/USDT

Ripple (XRP) has been stuck inside a range between $0.30 and $0.39 for many days. The price has reached the resistance of the range and if bulls clear this hurdle, it could signal the start of a new uptrend.

In a range, traders usually buy near the support and sell close to the resistance. If the price turns down sharply from the current level and breaks below the moving averages, it will indicate that the XRP/USDT pair may extend its consolidation for a few more days.

Although the moving averages are criss-crossing each other, the RSI has jumped into positive territory, indicating that bulls have a slight edge. If buyers drive and sustain the price above $0.39, the pair could rally to $0.48.

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

The pair rallied sharply from $0.32 to $0.39, indicating strong buying by the bulls. The 20-EMA has turned up and the RSI is in the positive zone, suggesting that the path of least resistance is to the upside.

If the price continues higher and breaks above $0.39, the bullish momentum could pick up and the pair could rally to $0.41. This level may act as a resistance but if buyers flip the $0.39 level into support, the up-move could resume.

LINK/USDT

Chainlink (LINK) has been stuck inside a large range between $5.50 and $9.50 for the past several weeks, indicating that buyers are attempting to form a bottom. The bulls pushed the price above the moving averages and the RSI jumped into positive territory, indicating that the positive momentum could be improving.

There is a minor resistance at $8.30 and if bulls push the price above it, the LINK/USDT pair could rally to the stiff resistance at $9.50. This level is likely to attract aggressive selling by the bears but if bulls pierce through the barrier, it could indicate the start of a new uptrend.

The moving averages are the important support to watch for on the downside because if they give way, the selling pressure may pick up. That could start a decline to $7 and thereafter to $6.20.

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

Buyers are attempting to defend the moving averages on the 4-hour chart. That could start a recovery toward the overhead resistance at $8.20. If the price rises above this overhead resistance, the pair could rally to $9.

If bulls fail to push the price above $8.20, the bears may fancy their chances and try to sink the pair below the moving averages. That may tilt the advantage in favor of the bears. The pair could first decline to $7.50 and then to $7.

EOS/USDT

The bears pulled EOS below the 50-day SMA ($1.44) on Sept. 15 but they could not break the support at $1.34. This suggests that bulls are buying on dips and are attempting to form a low near $1.34.

A minor negative is that bulls are facing strong resistance at the 20-day EMA ($1.50). This indicates that the bears have not given up and are attempting to wrest control. This tussle between the bulls and the bears is likely to resolve with a strong breakout.

If the price breaks above the 20-day EMA, the bullish momentum could pick up and the EOS/USDT pair could rally to $1.86. Alternatively, if the price turns down and breaks below $1.34, the pair could decline to $1.24. A break below this support could sink the pair to $1.

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

The recovery faltered near $1.50, indicating that bears continue to sell on rallies. The bears will try to further cement their edge by pulling the price below the strong support of $1.34, but that may not be that easy.

Buyers have defended the $1.34 level on three occasions and will again try to do so. If the price rebounds off $1.34, the bulls may again attempt a rally above the overhead resistance of $1.50. If they manage to do that, a rally to $1.70 and later to $1.86 is possible.

XTZ/USDT

Tezos (XTZ) broke below the 20-day EMA ($1.57) on Sept. 13 but the bears could not pull the price to the support line of the symmetrical triangle. This indicates that buyers are accumulating on dips and not waiting for a deeper correction to make an entry. This increases the likelihood of a recovery in the near term.

If the price breaks above the 20-day EMA, the XTZ/USDT pair could rise to the 50-day SMA ($1.66). This level has acted as a strong resistance on two previous occasions, hence it is an important level to keep an eye on. If bulls overcome this barrier, the pair could attempt a rally to the resistance line of the triangle.

A break above the triangle will signal a potential trend change. The pair could then rise to $2 and later to $2.36.

Meanwhile, the bears are likely to have other plans. They will try to stall the recovery at the moving averages. If the price turns down from the current level and slips below the $1.50 to $1.40 support zone, the June low at $1.20 may be revisited.

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

The 4-hour chart shows that the bulls defended the support at $1.50 and pushed the price above the downtrend line but they could not sustain the higher levels. If bears sink the price below $1.50, the pair could decline to $1.40.

On the other hand, if the price rebounds off the $1.50 support once again, it will suggest that lower levels continue to attract buyers. The bulls will then try to push the price above the moving averages and challenge the resistance at $1.62. If this level gives way, the up-move could reach $1.70.

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.

Near Protocol Supports Tether USDT, Stablecoin Is Now Hosted on 14 Blockchain Networks

September 12, 2022 Bitcoin.com

Analyst Michaël van de Poppe Says Significant Opportunity Has Arrived for Bitcoin, Ethereum and Crypto Markets

September 8, 2022 The Daily Hodl

Top Crypto Strategist Predicts September Rallies for Cardano, XRP and Three Additional Altcoins

September 5, 2022 The Daily Hodl

A range-break from Bitcoin could trigger buying in ADA, ATOM, FIL and EOS this week

September 4, 2022 Coin Telegraph

Bitcoin

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.

BTC/USDT

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.

ADA/USDT

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.

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

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.

ATOM/USDT

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.

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

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.

FIL/USDT

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.

FIL/USDT 4-hour chart. Source: TradingView

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/USDT

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.

Crypto Analyst Says Polygon (MATIC) and One More Large-Cap Altcoin Are the Ones To Watch Right Now

August 24, 2022 The Daily Hodl

Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows

August 22, 2022 Coin Telegraph

Celsius

The total crypto market capitalization dropped to the $1 trillion support, and weak stablecoin demand and a largely absent funding rate reflect traders’ negative sentiment.

After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls' dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant.

Total crypto market cap, USD billion. Source: TradingView

The worsening conditions are not exclusive to crypto markets. The price of WTI oil ceded 3.6% on Aug. 22, down 28% from the $122 peak seen on June 8. The United StatesTreasuries 5-year yield, which bottomed on Aug. 1 at 2.61%, reverted the trend and is now trading at 3.16%. These are all signs that investors are feeling less confident about the central bank's policies of requesting more money to hold those debt instruments.

Recently, Goldman Sachs chief U.S. equity strategist David Kostin stated that the risk-reward for the S&P 500 is skewed to the downside after a 17% rally since mid-June. According to a client note written by Kostin, inflation surprises to the upside would require the U.S. Federal Reserve to tighten the economy more aggressively, negatively impacting valuations.

Meanwhile, extended lockdowns supposedly aimed at containing the spread of COVID-19 in China and property debt problems caused the PBOC led the central bank to reduce its five-year loan prime rate to 4.30% from 4.45% on Aug. 21. Curiously, the movement happened a week after the Chinese central bank lowered the interest rates in a surprise move.

Crypto investor sentiment is at the edge of ‘neutral-to-bearish’

The risk-off attitude brought by surging inflation led investors to expect additional interest rate hikes, which will, in turn, diminish investors' appetite for growth stocks, commodities and cryptocurrencies. As a result, traders will likely seek shelter in the U.S. dollar and inflation-protected bonds during periods of uncertainty.

Crypto Fear & Greed Index. Source: Alternative.me

The Fear and Greed Index hit 27/100 on Aug. 21, the lowest reading in 30 days for this data-driven sentiment gauge. The move confirmed investors' sentiment was shifting away from a neutral 44/100 reading on Aug. 16 and it reflects the fact that traders are relatively fearful of the crypto market’s short-term price action.

Below are the winners and losers from the past seven days as the total crypto capitalization declined 12.6% to $1.04 trillion. While Bitcoin (BTC) presented a 12% decline, a handful of mid-capitalization altcoins dropped 23% or more in the period.

Weekly winners and losers among the top-80 coins. Source: Nomics

EOS jumped 34.4% after it’s community turned bullish on the “Mandel” hardfork scheduled for September. The update is expected to completely terminate the relationship with Block.one.

Chiliz (CHZ) gained 2.6% after Socios.com invested $100 million for a 25% stake in the Barcelona Football Club's new digital and entertainment arm.

Celsius (CEL) dropped 43.8% after a bankruptcy filing report on Aug. 14 displayed a $2.85 billion funds mismatch.

Most tokens performed negatively, but retail demand in China slightly improved

The OKX Tether (USDT) premium is a good gauge of China-based retail crypto trader demand. It measures the difference between China-based peer-to-peer (P2P) trades and the United States dollar.

Excessive buying demand tends to pressure the indicator above fair value at 100%, and during bearish markets, Tether's market offer is flooded and causes a 4% or higher discount.

Tether (USDT) peer-to-peer vs. USD/CNY. Source: OKX

On Aug. 21, the Tether price in Asia-based peer-to-peer markets reached its highest level in two months, currently at a 0.5% discount. However, the index remains under the neutral-to-bearish range, signaling low demand from retail buying.

Traders must also analyze futures markets to exclude externalities specific to the Tether instrument. Perpetual contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

Accumulated perpetual futures funding rate on Aug. 22. Source: Coinglass

Perpetual contracts reflected a neutral sentiment after Bitcoin and Ether held a relatively flat funding rate. The current fees resulted from a balanced situation between leveraged longs and shorts.

As for the remaining altcoins, even the 0.40% weekly negative funding rate for Ether Classic (ETC) was not enough to discourage short sellers.

A 20% drop to retest yearly lows is likely in the making

According to derivatives and trading indicators, investors are moderately worried about a steeper global market correction. The absence of buyers is evident in Tether's slight discount when priced in Chinese Yuan and the near-zero funding rates seen in futures markets.

These neutral-to-bearish market indicators are worrisome, given that total crypto capitalization is currently testing the critical $1 trillion support. If the U.S. Federal Reserve effectively continues to tighten the economy to suppress inflation, the odds of crypto retesting yearly lows at $800 billion are high.

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.

Biggest Movers: EOS Higher Despite Crypto Sell-off, FLOW Extends Declines

August 22, 2022 Bitcoin.com

Here’s 5 cryptocurrencies with bullish setups that are on the verge of a breakout

August 21, 2022 Coin Telegraph

Binance Coin

Bitcoin, BNB, EOS, QNT and CHZ are flashing bullish technical analysis setups which could lure buyers if the wider market enters a relief rally this week.

The S&P 500 ended its four-week-long recovery last week after minutes from the Federal Reserve’s July meeting hinted that the central bank’s rate hikes will continue until inflation is under control. Members of the Fed said there was no evidence that inflation pressures appear be easing.

Another dampener was the statement by St. Louis Fed president James Bullard who said that he would support a 75 basis point rate hike in September’s Fed policy meeting. This reduced hopes that the era of aggressive rate hikes may be over.

Weakening sentiment pulled the S&P 500 lower by 1.29% for the week. Continuing its close correlation with the S&P 500, Bitcoin (BTC) also witnessed a sharp decline on Aug. 19 and is likely to end the week with steep losses.

Will bulls use the dips to accumulate at lower levels? If they do, let’s study the charts of the top-5 cryptocurrencies that may attract buyers because of their bullish setups.

BTC/USDT

Bitcoin slipped below the 20-day exponential moving average ($22,864) on Aug. 17 and then below the 50-day simple moving average ($22,318) on Aug. 19. The bulls are attempting to arrest the decline at the support line of the ascending channel.

The 20-day EMA has started to turn down and the relative strength index (RSI) is in negative territory, indicating advantage to bears. If the price reverses direction from the moving averages, it will suggest that bears are selling on rallies.

That could increase the possibility of a break below the support line of the channel. If that happens, the crucial support zone of $18,626 to $17,622 may come under attack.

To avoid this situation, the bulls will have to push and sustain the price above the moving averages. If they do that, the BNB/USDT pair could rise toward the resistance line of the channel.

The buyers are aggressively defending the support line of the channel but the downsloping moving averages and the RSI in the negative territory suggest that higher levels are likely to attract selling by the bears.

If the price turns down from the current level or the 20-EMA, the likelihood of a break below the channel increases. If that happens, the bearish momentum could pick up and the pair could drop toward $18,626.

The first sign of strength will be a break above the 20-EMA. Such a move will indicate that the selling pressure may be reducing. That could improve the prospects of a rally to the 50-SMA.

BNB/USDT

Binance Coin (BNB) turned down from the overhead resistance at $338 but the bulls successfully defended the strong support at $275. This indicates a positive sentiment as the bulls are viewing the dips as a buying opportunity.

The recovery may face resistance at the 20-day EMA ($301). If the price turns down from this level, the bears will again try to sink the BNB/USDT pair below $275. If that happens, it will suggest that the pair may oscillate in a large range between $183 and $338 for some time.

On the contrary, if bulls push the price above the 20-day EMA, the pair could rise to $338. A break and close above this level could complete a bullish head and shoulders pattern. That could start a rally to $413 and then to the pattern target at $493.

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

The 20-EMA on the 4-hour chart has started to turn up and the RSI is near the midpoint, indicating that the selling pressure may be reducing. If the price sustains above the 20-EMA, the pair could rise to the 50-SMA. A break and close above this resistance could increase the possibility of a rally to $338.

Conversely, if the price turns down and breaks below the 20-EMA, the pair could again drop to the critical support at $275. If this level cracks, the pair will complete a bearish heads and shoulders pattern and drop toward $240.

EOS/USDT

EOS has formed the bullish inverse head and shoulders setup. The buyers pushed the price above the overhead resistance at $1.46 on Aug. 17 but the long wick on the day’s candlestick shows strong selling at higher levels.

The bears pulled the price back below the breakout level of $1.46 on Aug. 19 but the positive sign is that the buyers did not allow the EOS/USDT pair to sustain below the 20-day EMA ($1.32). This indicates that lower levels are attracting buyers.

If bulls sustain the price above $1.46, the positive momentum could pick up and the pair may rally to $1.83. If this resistance is also scaled, the rally could extend to the pattern target of $2.11.

This positive view could invalidate if the price turns down and breaks below $1.24. The pair could then decline to the 50-day SMA ($1.17).

The rally above $1.46 on Aug. 17 pushed the RSI on the 4-hour chart to deeply overbought levels. This may have tempted short-term buyers to book profits, which pulled the price to the strong support at $1.24. The bulls purchased the dip to this level and have again propelled the pair above the overhead hurdle at $1.46.

The pair could now rally to $1.56 and then to the important resistance at $1.83. Alternatively, if the price turns down from the current level and breaks below the moving averages, it will suggest that the pair could remain range-bound for a few days.

QNT/USDT

The series of higher highs and higher lows suggest that Quant (QNT) is in a short-term uptrend. The bulls purchased the drop to the 50-day SMA ($100) and are attempting to resume the up-move.

If the price sustains above the 20-day EMA ($111), it will suggest that the correction may be over. The QNT/USDT pair could first rise to $124 and then retest the important resistance at $133. If bulls clear this hurdle, the pair could rally to the overhead resistance zone between $154 and $162.

Contrary to this assumption, if the price fails to sustain above the 20-day EMA, it will indicate that traders may be closing their positions on rallies. The bears will have to sink the price below $98 to gain the upper hand and signal the start of a deeper correction to $79.

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

The pair has been correcting inside a falling wedge pattern. The buyers pushed the price above the resistance line of the pattern but could not sustain the breakout. This suggests that bears are active at higher levels.

If the price sustains below the 50-SMA, the pair could slide to the 20-EMA. This is an important level to watch out for. If the price rebounds off this level, it will suggest that the short-term trend has turned in favor of the buyers.

A break and close above $118 could indicate that the corrective phase may be over. Conversely, if the price slips below the 20-EMA, the pair may drop to $100.

CHZ/USDT

Chiliz (CHZ) soared to $0.23 on Aug. 18 which pushed the RSI deep into the overbought territory. This may have tempted short-term traders to book profits and that pulled the price back below the breakout level of $0.20.

A minor positive is that the bulls are attempting to defend the 20-day EMA ($0.17) and push the price back above $0.20. If they succeed, it will suggest that the sentiment remains positive and traders are buying on dips. That increases the likelihood of a retest of $0.23. If bulls clear this hurdle, the CHZ/USDT pair could pick up momentum and rally to $0.26.

Contrary to this assumption, if the price fails to rise above $0.20, it will suggest that bears are selling on rallies. The bears will be back in the driver’s seat if they sink the pair below the 20-day EMA. The pair could then decline to the 50-day SMA ($0.13).

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

The bulls are trying to defend the uptrend line but the recovery is facing strong resistance at the moving averages. The moving averages completed a bearish crossover on the 4-hour chart and the RSI is in the negative territory, indicating a minor advantage to sellers.

If the price turns down and breaks below the uptrend line, the selling could intensify and the pair may drop to $0.16 and then to $0.14. Such a move will indicate that the bears remain in control.

Instead, if the price breaks above the moving averages, the bulls will try to push the pair to $0.21 and later challenge the resistance at $0.23.

EOS

BTC/USDT

XRP/USDT

LINK/USDT

EOS/USDT

XTZ/USDT

BTC/USDT

ADA/USDT

ATOM/USDT

FIL/USDT

EOS/USDT

Crypto investor sentiment is at the edge of ‘neutral-to-bearish’

Most tokens performed negatively, but retail demand in China slightly improved

A 20% drop to retest yearly lows is likely in the making

BTC/USDT

BNB/USDT

EOS/USDT

QNT/USDT

CHZ/USDT

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