Bitcoin’s recovery may trigger buying in these 4 altcoins

May 14, 2023 Coin Telegraph

ada

While most coins are reeling under pressure, Bitcoin and select altcoins such as ADA, ATOM, LDO, and ARB are showing promise.

The S&P 500 Index (SPX) closed the week with a nominal loss of 0.29% but Bitcoin (BTC) is on target to finish the week with a deeper cut of more than 5%. The weakness in Bitcoin pulled several altcoins lower, indicating weakening sentiment.

A silver lining is Bitcoin’s solid bounce on May 12. Several analysts anticipate Bitcoin to start a recovery but monitoring resource Material Indicators sounded cautious.

In a recent analysis, they said that the lack of a strong bid from the whales at lower levels could be a concerning sign. They believe that the bullish perspective will invalidate if Bitcoin sustains below the 200-week moving average.

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

Over the next few days, the progress on the debt ceiling talks between leaders from Congress and the White House is expected to take center stage. The uncertainty and risks of a potential U.S. default could keep the rally in the equities markets under check but it is difficult to predict how Bitcoin and altcoins will react to all the chaos.

Bitcoin has started a corrective phase and most altcoins have broken below their respective support levels. Only a handful of cryptocurrencies are looking positive on the charts. Let’s analyze the chart of the top five cryptocurrencies that may turn up in the near term.

Bitcoin price analysis

The long tail on Bitcoin’s May 12 candlestick shows that the bulls are aggressively buying the dips to the neckline of the inverse head and shoulders (H&S) pattern.

*BTC/USDT daily chart. Source: TradingView*

Buyers will try to push the price back into the triangle but may face stiff resistance from the bears. The downsloping 20-day exponential moving average ($27,959) and the relative strength index (RSI) below 41 indicate that bears have a slight edge.

If the price turns down from the 20-day EMA, the bears will again attempt to sink the BTC/USDT pair below $25,250. If they can pull it off, the selling may intensify and the pair could crash to $20,000.

On the upside, the bulls will have to clear the hurdle at the resistance line to regain control. The pair may then retest the overhead resistance at $31,000.

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

After facing stiff resistance at the 20-EMA, the bulls have cleared the obstacle. This indicates that the bulls are trying to seize control. The pair may first climb to the 50-simple moving average and then to $28,400.

On the contrary, if the price turns down sharply from the current level, it will suggest that the bears are trying to flip the support line of the triangle into resistance. The pair may then plunge to the crucial support at $25,250.

Cardano price analysis

Cardano’s (ADA) solid rebound off the uptrend line on May 11 suggests that lower levels continue to attract strong buying.

*ADA/USDT daily chart. Source: TradingView*

The bulls will try to resume the recovery by propelling the price to the 20-day EMA ($0.38). This level may act as a minor barrier but if bulls overcome it, the ADA/USDT pair could soar toward the neckline of the inverse H&S pattern. This level is likely to witness a tough battle between the bulls and the bears.

Another possibility is that the price turns down from the 20-day EMA and drops to the uptrend line. The repeated retest of a support level at short intervals tends to weaken it. That may open the doors for a potential fall to $0.30.

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

The bulls pushed the price above the moving averages, indicating that the bears may be losing their grip. The 20-EMA has started to turn up gradually and the RSI is in the positive zone, indicating that the bulls are on a comeback.

If buyers pierce the overhead resistance at $0.37, the pair could pick up momentum and rally to $0.40 and later to $0.42. Conversely, if the price turns down from $0.37, the pair may slide to the uptrend line.

Cosmos price analysis

Cosmos (ATOM) snapped back from the $10.20 support on May 10, indicating that the bulls are buying the dips to this level.

*ATOM/USDT daily chart. Source: TradingView*

The bears are trying to halt the relief rally at the 50-day SMA ($11.28) but the bulls have not given up much ground. This enhances the prospects of a rally above the 50-day SMA. If that happens, the ATOM/USDT pair could rally to the downtrend line.

This is an important level for the sellers to guard because a break above it will invalidate the bearish descending triangle pattern.

The critical support to watch on the downside is $10.20. If it cracks, the descending triangle will complete and the pair may then plummet to $8.50.

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

The 4-hour chart shows that the relief rally is facing selling at higher levels but the price action is forming a possible inverse H&S pattern that will complete on a break and close above $11.30. The pair may then start an up-move to $12 and subsequently to $12.50.

Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that the bears are in control. The pair may then slump toward the vital support at $10.20. A bounce off this level could keep the pair inside the boundaries of $11.30 and $10.20 for a while longer.

Lido DAO price analysis

Lido Dao (LDO) rebounded off the $1.60 support and has reached the overhead resistance at the 20-day EMA ($1.95).

*LDO/USDT daily chart. Source: TradingView*

The bears are trying to protect the 20-day EMA but the bulls have not given up. This suggests that the buyers expect the recovery to continue. If bulls drive the price above the 20-day EMA, the LDO/USDT pair could rally to the downtrend line. This level is likely to attract strong selling by the bears.

If buyers arrest the next decline above the 20-day EMA, it will suggest a change in sentiment from selling on rallies to buying on dips. The pair could then start a sustained recovery above the downtrend line.

On the downside, the bears will have to sink and sustain the price below $1.60 to indicate the resumption of the downtrend.

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

The 4-hour chart shows that the bulls are trying to propel the price above the overhead resistance at $1.98. If they succeed, the pair will complete a bullish double bottom pattern. This reversal setup has a target objective of $2.39. If this level is also crossed, the pair may reach $2.60.

Contrarily, if the price turns down from the current level or $1.98 and breaks below the moving averages, it will suggest that bears are active at higher levels. That may keep the pair stuck between $1.57 and $1.98 for some time.

Arbitrum price analysis

Arbitrum (ARB) has been finding support near the psychologically important level of $1, indicating that the bulls are aggressively buying the dips.

*ARB/USDT daily chart. Source: TradingView*

On the upside, the bears have been attempting to stall the recovery at $1.20 but a minor positive in favor of the bulls is that they have kept up the buying pressure. That increases the likelihood of a break above $1.20. If that happens, the ARB/USDT pair could rise to $1.40 and later to $1.50.

This positive view will invalidate in the near term if the price turns down sharply from $1.20. That will point to a possible consolidation between $1 and $1.20 for a few days.

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

The 20-EMA on the 4-hour chart has started to turn up and the RSI is in the positive territory indicating that the selling pressure is reducing. Buyers will try to strengthen their position by pushing the pair above $1.20. If they do that, the pair will complete a double bottom pattern, which has a target objective of $1.35.

The first sign of strength for the bears will be a break and close below the 20-EMA. That could pull the pair to $1.05. A slide below $1 will signal the resumption of the downtrend.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

5 cryptocurrencies with the best upside potential in the week ahead

May 7, 2023 Coin Telegraph

Bitcoin

Bitcoin and Ethereum's ETH are finding buyers at lower levels, which may be a bullish sign for XMR, OKB and RPL.

Bitcoin’s (BTC) volatility has shrunk further this week and it is on track to form an inside-bar pattern on the weekly chart. Although the bulls are finding it difficult to clear the overhead hurdle in the $30,000 to $31,000 zone, a positive sign is that they have not ceded ground to the bears.

It is not only cryptocurrencies, even the S&P 500 Index has been oscillating inside a range for the past few days. This indicates that markets are awaiting a trigger to start the next directional move.

While the short-term price action is uncertain, analysts are getting bullish for the long term. Trader Titan of Crypto highlighted a potential signal on the Bollinger Bands monthly chart, which projects a rally to $63,500 in about a year.

While most major cryptocurrencies gave up some ground over the past week there are still some pockets of strength. Let’s analyze the charts of five cryptocurrencies that may turn up in the short term.

Bitcoin price analysis

Bitcoin turned down sharply from the resistance line of the symmetrical triangle pattern on May 6, indicating that the bears are not willing to let the bulls through. A minor positive is that the bulls have been buying the dips to the support line of the triangle as seen from the long tail on the day’s candlestick.

The flattish 20-day exponential moving average ($28,819) and the relative strength index (RSI) near the midpoint do not signal a clear advantage either to the bulls or the bears.

If the price breaks below the triangle, it will suggest that bears are trying to seize control. The BTC/USDT pair may first fall to $26,942 and then to $25,250.

On the other hand, a break and close above the triangle will suggest that the bulls have absorbed the supply. That may start a rally to $32,400 where the bears are again expected to mount a strong defense.

Buyers nudged the price above the triangle but the long wick on the candlestick shows that the breakout turned out to be a bull trap in the near term. BTC price turned down sharply and plunged to the support line of the triangle.

The bounce off this level has reached the moving averages, which is a key short-term level to watch out for. If Bitcoin's price turns down from the current level, it will raise the chances of a break below the support line.

Contrarily, if buyers kick the price above the moving averages, the pair may rise to the resistance line. The bulls will have to drive and sustain the price above this level to start an up-move.

Ether price analysis

Ether (ETH) faced a strong rejection above the psychological resistance at $2,000 on May 7. This indicates that the bears have not given up and they continue to protect the overhead resistance levels.

*ETH/USDT daily chart. Source: TradingView*

The 20-day EMA ($1,903) has flattened out and the RSI is near the midpoint, indicating that the ETH/USDT pair may remain range-bound in the near term. The boundaries of the range could be between $2,000 and $1,785.

A consolidation just below the local high is a positive sign. It shows that the bulls are in no hurry to book profits, increasing the possibility of a break above $2,200.

On the contrary, if the price plunges below $1,785, it will suggest that bears have seized control. That could start a fall to $1,619.

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

The 4-hour chart shows that the bears could not build upon the break below the 50-simple moving average. This shows that the selling pressure reduces at lower levels. The bulls are trying to stage a recovery by sustaining the price above the 20-EMA. If they can pull it off, the pair will again try to retest the crucial resistance at $2,000.

On the contrary, if ETH price turns down from the current level and breaks below the 50-SMA, it will suggest that the bears are in command. That could sink the pair to the support line.

Monero price analysis

Monero (XMR) is trying to stay above the moving averages, indicating that the bulls are attempting a comeback.

*XMR/USDT daily chart. Source: TradingView*

The flattish 20-day EMA ($156) and the RSI just above the midpoint indicate a balance between supply and demand. If buyers thrust XMR price above the neckline of the inverse head and shoulders pattern, the advantage will tilt in their favor.

The XMR/USDT pair may then start a new up-move. There is a minor resistance at $181 but if that is crossed, the pair may reach $187.

Instead, if the price turns down from the current level or the neckline, it will suggest that the bears remain active at higher levels. The sellers will then try to yank the price below the $149-support, opening the door for a decline to $130.

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

The 4-hour chart shows that the price rebounded off the 50-SMA but the bulls could not pierce the resistance line. This shows that the bears are selling on rallies. If the price snaps back from the 20-EMA, it will suggest that the sentiment is turning positive and traders are buying on dips.

The bulls will then make another attempt to clear the overhead hurdle. If they manage to do that, the pair could first rise to $162 and then to $164.

Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that bears are in control. That will increase the likelihood of a retest of the support line.

OKB price analysis

OKB (OKB) is trading inside a large symmetrical triangle pattern. Generally, in this setup, traders buy near the support line and sell near the resistance.

*OKB/USDT daily chart. Source: TradingView*

The bears are trying to maintain OKB price below the 50-day SMA ($45.57) while the bulls are attempting to reclaim the level. If the price turns up from the current level or rebounds off the support line, it will suggest demand at lower levels.

If buyers shove the price above the 20-day EMA ($46.87), it will suggest that the OKB/USDT pair may prolong its stay inside the triangle for some more time.

Contrary to this assumption, if bears sink the price below the triangle, it will suggest that the setup has behaved as a reversal pattern. That could start a new downtrend which is likely to pull the pair to $37.

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

The 4-hour chart shows that the bulls are trying to defend the horizontal support near $44.35 but they have not been able to propel the price above the moving averages. This suggests that every minor relief rally is being sold into. If the price turns down from the current level and plummets below $44.35, the pair may slump to $41.70.

Conversely, if the price rises above the moving averages, it will signal accumulation at lower levels. The pair could first rise to $49.50 and thereafter attempt a rally to $53.

Rocket Pool price analysis

Rocket Pool (RPL) is looking strong as it is trading above the moving averages. This shows that the bulls are buying on dips.

*RPL/USDT daily chart. Source: TradingView*

The bulls will have to propel the price above the overhead resistance at $53.45 to signal that the corrective phase may be over. The RPL/USDT pair may thereafter attempt a rally to $58.

Another possibility is that RPL price rises from the 20-day EMA ($48.36) but turns down from $53.45. That will indicate a possible range-bound action between the 50-day SMA ($46.13) and $53.45 for some time.

A break and close below the 50-day SMA will be the first indication that the bears are in command. That will open the doors for a potential decline to $37.

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

The 4-hour chart shows that the bears are trying to sustain the price below the 20-EMA while the bulls are trying to push the price above it. If buyers succeed, the pair may rise to the downtrend line. This is the key short-term level to watch for. If this resistance is overcome, the pair may rally to $53.45.

Contrarily, if the price turns down from the current level and breaks below the 50-SMA, the price risks dropping to the support line. The bulls are likely to defend this level fiercely.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Anonymity in Crypto Must End, Says Top US Regulator at CFTC – Here’s Why

April 25, 2023 The Daily Hodl

The feds must rein in crypto-financed terrorism

April 11, 2023 Coin Telegraph

Coin Telegraph

Government should develop Know Your Customer procedures for social media and messaging services and take stronger measures to track cryptocurrency transactions.

While regulators and policymakers dither and try to decide if cryptocurrencies have a future in the economy, early adopters, including terrorists and violent extremists, are exploiting a law enforcement blind spot. The ease by which money laundering and terrorism financing take place with cryptocurrencies and the more dangerous privacy coins are becoming a security threat of our own making through bureaucratic inaction.

The recent indictment of a New York woman accused of sending funds to Hay’at Tahrir al-Sham — designated by the United States and United Nations as a Foreign Terrorist Organization — is newsworthy because it’s the exception, not the rule. But this does not necessarily mean that financing terrorism with cryptocurrencies is itself a rare event. Rather, the few prosecutions that have been announced reflect the limitations of law enforcement’s capabilities in the United States and around the world — a problem that can and should be solved.

The U.S. has only a small group of dedicated law enforcement personnel to track and seize cryptocurrencies used for criminal purposes. Agents responsible are also tasked with investigating all aspects of the misuse of cryptocurrencies ranging from extortion and money laundering to sanctions evasion and terrorism financing. This lack of specific focus broadens the potential for misuse of cryptocurrencies to be undetected, particularly in light of the steady migration by criminals to so-called privacy coins that encrypt wallets — like Monero — and in some cases also the transactions themselves.

In June 2020, my own Counter Extremism Project (CEP) located a notorious pro-ISIS website requesting Monero (XMR) cryptocurrency donations “because it offers more privacy and safety features than Bitcoin.” Months later, a website that supports the National Socialist Order and spreads violent neo-Nazi propaganda requested donations via Monero, and a neo-Nazi chat group on Telegram posted a guide on how to purchase Monero to the dark web. The neo-Nazi accelerationist group The Base, too, has requested cryptocurrency donations in Monero to facilitate training and unspecified equipment.

Though the U.S. has the most advanced capacity to track and seize cryptocurrencies used for criminal purposes, these and other privacy coins present technical hurdles that no country has yet fully overcome. Their encryption technology renders law enforcement largely blind to who holds privacy coins and to what end they are used, and its users know it. The availability of so-called decentralized wallets, shareware downloadable from the internet, outside of cryptocurrency exchanges also provides another layer of anonymity by removing a third party that is responsible for fulfilling customer identification obligations and due diligence procedures.

*Value of crypto received by illicit address, 2017-2022. Source: Chainalysis*

In May 2022, the Senate Committee on Homeland Security & Governmental Affairs reported that “the IRS has had to develop new partnerships with private companies to attempt to develop a tool or solution for tracing Monero transactions” and that “regulators expressed concern over the use of privacy coins, noting that there is a ‘substantial difference between more transparent cryptocurrency and more opaque transactions.’”

Congress, however, has yet to create new regulatory frameworks or fund the development of new technological tools to the technical hurdles facing law enforcement that would ensure that the terrorism financing risks emanating from such privacy-enhancing, but transparency-reducing technologies are appropriately mitigated.

In addition to blockchain analysis, officials should contemplate standards for behavior-based transaction monitoring and regulatory requirements for the tech industry to cooperate with law enforcement, given the intertwining use of cryptocurrencies, including privacy coins, with social media, messenger services and crowdfunding platforms. These service providers can and should become part of the first line of defense. Still, the tech industry is unlikely to focus on countering the misuse of its services for the financing of terrorism unless motivated by regulation and compelled by liability risks.

Behavior-based monitoring by exchanges focuses on the actions of wallet holders and recognizes patterns that do not fit the usual behavior of users. If such suspicious patterns occur, they are flagged for further inspections to determine whether risks of money laundering, terrorism financing or other financial crimes occur. Exchanges have access to real-time user information that is broader than the information available to traditional financial institutions, which largely rely on information provided by their customers. For this powerful tool to be used more effectively, appropriate regulatory standards should be developed to guide its use by exchanges while adequately protecting user data.

Stronger regulatory standards for content monitoring and Know Your Customer procedures for social media, messenger services and crowdfunding platforms are needed when these platforms are used for commercial purposes, such as through web shops or crowdfunding campaigns. These internet platforms presently operate purely on their own non-regulated standards, which presents an uneven defensive mechanism across various platforms and generally very low moderation standards.

Noncustodial wallets and exchanges, as the Financial Action Task Force (FATF) advises, should be considered high-risk technology. Therefore, their use outside of exchanges should always be considered as a strong indication of nefarious activity. If exchanges choose not to require users that hold noncustodial wallets to fully disclose their identity during a transaction involving such noncustodial wallets, it would be advisable that these exchanges do not process such transactions.

Ultimately, only through governmental cooperation with industry stakeholders, combined with effective regulatory standards for the tech and fintech industries, can substantial progress be achieved and the risk of cryptocurrencies and privacy coins being used to fund extremism and terrorism be substantially reduced.

Hans-Jakob Schindler served as a member and then as coordinator of the United Nations Security Council’s ISIL, al Qaeda and Taliban Monitoring Team from 2013–2018 before becoming senior director of the Counter Extremism Project. He holds a Ph.D. in international relations/international terrorism from the University of St. Andrews.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Biggest Movers: XMR Nears 6-Week High, as LINK Falls Near a Resistance Level

March 30, 2023 Bitcoin.com

Biggest Movers: XRP Hits Fresh 5-Month High on Tuesday, Extending Recent Win Streak

March 28, 2023 Bitcoin.com

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

March 26, 2023 Coin Telegraph

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold K

Avalanche

Bitcoin price is making another run at $28,000 and this is luring altcoin traders into XRP, LTC, XMR and AVAX positions.

The recent banking crisis in the United States seems to have shaken the belief of some customers in the legacy banking system. According to Federal Reserve data, customers pulled nearly $100 billion in deposits in the week ending March 15.

American venture capital investor and entrepreneur Tim Draper said in a March 25 report that “founders need to consider a more diversified cash management approach” due to the over-regulation of banks and micromanagement by the government. As part of a contingency plan, Draper suggested businesses keep “ at least 6 months of short-term cash in each of two banks, one local bank and one global bank, and at least two payrolls worth of cash in Bitcoin (BTC) or other cryptocurrencies.”

The move from the traditional banking system to cryptocurrencies may have already started as seen from the strong showing of Bitcoin in the past few days. Even after the recent up-move, investors do not seem to be hurrying to book profits in Bitcoin. However, the same cannot be said about most altcoins as they have witnessed a minor pullback.

In the short term, traders need to be selective of the cryptocurrencies to trade. Let’s study the charts of Bitcoin and select altcoins which may start the next leg of the up-move.

Bitcoin price analysis

Bitcoin has been hovering around the $28,000 level for the past few days. A consolidation after a strong rally is a positive sign as it shows that traders are holding on to their position, expecting a further up-move.

The upsloping 20-day exponential moving average ($25,936) and the relative strength index (RSI) in the positive area suggest the bulls remain in control. That enhances the prospects of a break above $28,900.

If that happens, the BTC/USDT pair could rally to the $30,000 to $32,000 resistance zone. The bears will try to defend this zone with all their might because if they fail in their endeavor, the pair may skyrocket to $40,000.

The vital support on the downside is $25,250. If this level fails to hold up, the pair may tumble to the 200-day simple moving average ($20,179).

The 4-hour chart shows that the pair has been trading in a range between $26,500 and $28,900 for some time. The 20-EMA is flat and the RSI is just above the midpoint, indicating a balance between supply and demand.

A break above $28,900 will signal that bulls have overpowered the bears. That will indicate the resumption of the up-move. On the contrary, if the price breaks below $26,500, the pair may tumble to $25,250 and then to $24,000.

XRP price analysis

XRP (XRP) soared above the overhead resistance of $0.43 on March 21. The bears tried to trap the aggressive bulls by pulling the price below the moving averages but the bulls held their ground.

*XRP/USDT daily chart. Source: TradingView*

Buyers are trying to push the price toward the overhead resistance at $0.51. If bulls clear this obstacle, the ETH/USDT pair could attempt a rally to $0.56. This level is likely to witness aggressive selling by the bears but if buyers bulldoze their way through, the next stop may be $0.80.

Another possibility is that the price turns down from $0.51. During the pullback, if bulls flip the $0.43 level into support, it will suggest that the sentiment has turned positive. That will increase the likelihood of a break above $0.51.

The crucial support to watch on the downside is $0.40. If this level gives way, the next support is $0.36.

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

The 4-hour chart shows that the bears are trying to defend the 61.8% Fibonacci retracement level at $0.46 and the bulls are buying the dips to the 20-EMA. This shows a state of equilibrium between the bulls and the bears.

If the price sustains above $0.46, it will suggest that bulls have seized control. The pair could then attempt a rally to $0.49 where the bears may again mount a strong defense. On the other hand, if the price slips below the 20-EMA, the pair may fall to $0.43 and then to $0.40.

Litecoin price analysis

While most major altcoins are struggling to start a recovery, Litecoin (LTC) is showing signs of strength. The 20-day EMA ($86) has started to turn up and the RSI is in the positive zone, indicating advantage to buyers.

*LTC/USDT daily chart. Source: TradingView*

The LTC/USDT pair could first rise to $98 and then retest the strong overhead resistance at $106. This is an important level to keep an eye on because if it crumbles, the pair may accelerate to $115 and then to $130.

Alternatively, if the price turns down sharply from $106, it will suggest that bears are active at higher levels. The pair could then drop to the 20-day EMA. If the price rebounds off this level, it will suggest that the sentiment remains positive. The bulls will then make another attempt to resume the up-move.

The first sign of weakness will be a break and close below the 20-day EMA. That could open the doors for a drop to $75.

LTC/USDT 4-hour chart. Source: TradingView

The rebound off the 20-EMA on the 4-hour chart shows that the bulls are viewing the dips as a buying opportunity. The bulls will try to kick the price above $96 and extend the up-move to the overhead resistance at $106.

Contrarily, if the price breaks below the 20-EMA, it will suggest that the bullish momentum is weakening. The pair could then descend to the uptrend line. This is an important level for the bulls to defend because if it cracks, the pair may tumble to $75.

Monero price analysis

After trading near the moving averages for a few days, Monero (XMR) has broken free and is trying to climb higher.

The 20-day EMA ($153) has started to turn up and the RSI is in the positive territory, indicating that buyers have the edge. There is a minor resistance at $170 but if bulls overcome this barrier, the XMR/USDT pair could pick up momentum and soar to $187 and subsequently to $210.

The moving averages are expected to provide support during pullbacks. A break and close below the 200-day SMA ($150) could turn the tide in favor of the bears. The pair may then slump to $132.

The 20-EMA on the 4-hour chart is sloping up and the RSI is in the positive zone, indicating that bulls have the upper hand. The pair could reach $169 where the bulls may again face stiff resistance from the bears.

However, on the way down, if bulls do not allow the price to break below the 20-EMA, it will increase the likelihood of a rally above $169. If that happens, the pair may climb to $180 and later to $188.

The first sign of weakness will be a break and close below the 20-EMA. That could open the doors for a possible drop to the 200-SMA.

Avalanche price analysis

The bulls have successfully held Avalanche (AVAX) above the moving averages, indicating that lower levels are attracting buyers.

*AVAX/USDT daily chart. Source: TradingView*

The price has been consolidating between $18.25 and the 200-day SMA ($16.05) for the past few days but this range-bound action is unlikely to continue for long. If buyers thrust the price above $18.25, the AVAX/USDT pair will attempt a rally to $22 where they may face strong selling by the bears.

This positive view will invalidate in the near term if the price plummets and sustains below the 200-day SMA. The pair could then slide to $15.24 and thereafter to $14.

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

The bulls have successfully guarded the $16.25 level on the downside but they have failed to propel the pair above the resistance line. This indicates that the bears have not given up and they continue to sell on rallies. The flattish 20-EMA and the RSI near the midpoint do not give a clear advantage either to buyers or sellers.

This uncertainty could tilt in favor of the bulls if they take out the resistance line. The pair may then start the next leg of the recovery to $20 and later to $22. A break and close below $16.25 will tilt the advantage in favor of the bears.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

monero