Top 5 cryptocurrencies to watch this week: BTC, UNI, THETA, VET, LUNA
Bitcoin's (BTC) fundamentals received a heave equally the U.S. Senate passed the $1.nine trillion stimulus bill on March 7. If traders react to this bill in the same fashion as they had done to the get-go stimulus bundle in April 2020, then the crypto markets may witness a strong rally.
The stimulus package also intensifies the focus on the devaluation of the U.S. dollar. These concerns could lead some investors to park their coin in hard assets or Bitcoin instead of keeping them in fiat currencies, according to veteran trader Peter Brandt.
In addition to investors, a growing number of listed companies are choosing to protect their fiat reserves by buying Bitcoin. Later on the high-contour purchases past MicroStrategy, Tesla, and Square, a Chinese listed company called Meitu revealed that information technology had acquired $40 million worth of Bitcoin and Ether.
If other companies across the earth besides follow this lead and invest a portion of their treasury reserves in Bitcoin, that could create a massive supply and demand imbalance, sending prices through the roof.
Let's study the charts of the top-5 cryptocurrencies that may resume their uptrend in the brusk term.
BTC/USD
Bitcoin dipped below the 20-day exponential moving average ($48,484) on March 5 and March vi simply the long tail on each candlestick shows buyers are ready to jump in at lower levels. The bulls have currently pushed the price toward the $52,040 overhead resistance.
While the 20-twenty-four hours EMA is flat, the relative strength index (RSI) has started to turn upwards and it has risen above 58, indicating that the bulls are attempting to make a improvement.
If the buyers can propel the price higher up the resistance, the BTC/USD pair may retest the all-time high at $58,341. A breakout of this level could start the next leg of the uptrend, which may accomplish $72,112.
Contrary to this supposition, if the cost turns downwardly from the overhead resistance and breaks beneath $46,313, the pair may drop to the 50-24-hour interval simple moving average at $42,861. This level is probable to act equally a strong support.
If the pair rebounds off this support, the pair may spend a few more days in consolidation. Just if the bears sink the price below $41,959.63, traders may rush to the exit, which could signal a possible change in trend.
The pair has formed an inverted head and shoulders pattern on the iv-hour chart that will complete on a breakout and close above $52,040. This bullish setup has a blueprint target of $61,075.
The 20-EMA has started to turn upwards and the RSI has jumped higher up 62, indicating a pocket-sized reward to the bulls.
This bullish view volition invalidate if the price turns downwardly from the current levels or the overhead resistance and breaks below $47,000. Such a move could open the doors for a decline to the adjacent major back up at $41,959.
UNI/USD
Afterward consolidating near $29 for three days, Uniswap (UNI) has cleaved out of the overhead resistance today. If the bulls can sustain the cost above $29, it will enhance the prospects of the resumption of the uptrend.
Both moving averages are sloping up and the RSI is in overbought territory, which indicates that bulls are in command. If the UNI/USD pair rises above $33, the next level to watch out for is $38 and then $46.
This bullish view will invalidate if the price turns downwards from the current levels and breaks below the twenty-twenty-four hours EMA ($25.31). If that happens, the pair may drop to $22 and then to the fifty-day SMA ($nineteen.78).
The four-hr nautical chart shows that the bears are likely to defend the $32 overhead resistance aggressively. However, if the bulls do not let the price to dip beneath the xx-EMA, it volition signal strength. A breakout and close above the $32 to $33 zone may offset the next leg of the up-motility.
This bullish view will invalidate if the toll turns down and breaks below the twenty-EMA. Such a move will advise that traders are booking profits on rallies. The pair could then driblet to the 50-SMA.
THETA/USD
THETA is in a potent uptrend. Although the altcoin turned downward on March 7, the long tail on the March 8 candlestick shows buying at lower levels. Corrections in a stiff uptrend by and large last for i to three days afterwards which the principal trend resumes.
The rising moving averages and the RSI well-nigh the overbought zone suggest the bulls are in command. If buyers can drive the price in a higher place $4.72, the THETA/USD pair may resume the uptrend and rally to $5.73.
On the reverse, if the price turns downwardly from the $4.50 to $four.72 overhead resistance zone, the pair may drop to the twenty-day EMA ($three.58). A strong rebound off this support will propose the sentiment remains positive as the bulls are buying the dips.
If the bears sink the price beneath the xx-day EMA, a deeper correction to the 50-mean solar day SMA ($2.82) is possible. Such a move will indicate that the momentum has weakened and may delay the resumption of the up-move.
The four-hour nautical chart shows the 20-EMA is ascension and the RSI is in the positive zone. If the bulls can push and sustain the price above the downtrend line, the pair may retest $4.72. A breakout of this resistance could start the next leg of the uptrend.
On the other manus, if the price continues to right, it may find support at the 20-EMA. If that happens, the bulls will once more try to propel the price in a higher place the downtrend line. However, a break beneath the 20-EMA may pull the toll downward to $3.85.
VET/USD
VeChain (VET) is currently stuck in a large range between $0.0345 and $0.060774. The price had reached the resistance of the range, just the long wick on today'south candlestick shows profit-booking near $0.060774.
However, the moving averages are sloping up and the RSI has likewise inched higher into the positive territory, suggesting that the path of least resistance is to the upside. If the bulls tin push button and sustain the price above $0.060774, the VET/USD pair may first the next leg of the uptrend.
The get-go target on the upside is $0.087048 and if this level is likewise crossed, the pair may rise to $0.x.
Opposite to this supposition, if the toll turns down from the electric current level, the pair may drib to the 20-mean solar day EMA ($0.047). A bounciness off this support volition suggest that the uptrend remains intact, simply a pause below it may bring the range-bound activity into play.
The iv-hour chart shows some turn a profit-booking near $0.060, but the positive sign is that the bulls accept not allowed the cost to plummet. If the pair rebounds off the xx-EMA, the bulls volition brand one more attempt to thrust the cost above the stiff overhead resistance.
If they can sustain the price above $0.060774, the adjacent leg of the uptrend could begin. However, if the toll dips beneath the 20-EMA, the selling could intensify and the price may drop to the side by side back up at the l-SMA.
LUNA/USD
Terra (LUNA) is currently consolidating in a large range between $5 and $8.l for the past few days. Both moving averages are sloping upward and the RSI is near the overbought territory, indicating the path of least resistance is to the upside.
The bulls pushed the toll in a higher place the range on March five, but could not build upwards on the breakout as the price turned downward and slipped dorsum below $8.50 on March 6. This suggests that need dried upwardly at higher levels.
However, if the bulls practice not surrender much ground, information technology volition indicate that traders are waiting to buy the shallow dips. If that happens, the buyers may make 1 more endeavor to beginning the next leg of the up-move. If they succeed, the LUNA/USD pair could rally to $12.
The long wicks on the candlesticks higher up $eight.fifty evidence profit-booking at higher levels and the bulls are currently attempting to defend the 20-EMA. If the toll rebounds off the current levels, the buyers will again endeavour to resume the uptrend by driving the pair in a higher place the $8.l to $nine overhead resistance zone.
On the contrary, if the bears sink and sustain the cost below the 20-EMA, the pair could dip to the l-SMA. If the price bounces off this level, the pair may consolidate in the upper half of the range for some time. A drop below the 50-SMA will be a signal that the price may settle into the $v to $6 range.
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, yous should conduct your own research when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-uni-theta-vet-luna
Posted by: lightyproffecanded69.blogspot.com
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