Značka: Dogecoin

Price analysis 1/28: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins are turning down from overhead resistance levels, indicating that the sentiment remains negative and traders are selling on every available opportunity.Decentrader analyst Philip Swift said that the on-chain spent profit output ratio (SOPR) metric, which aggregates the price of purchase versus price sold during a given period, indicates that traders are selling their Bitcoin holdings for a loss.Another metric that is worrying traders is the funding rates, which has further slipped into the negative territory following comments by the U.S. Federal Reserve. Crypto research firm Delph Digital expects Bitcoin to “make a lower low after recently testing the $34K level.”Daily cryptocurrency market performance. Source: Coin360Among several bearish projections, there was an uber bullish long-term forecast by Cathy Wood’s Ark Invest. The report projected Bitcoin’s price to cross $1 million by 2030 and Ether to reach between $170,000 to $180,000 during the same period.Could Bitcoin and most major altcoins bottom out near current levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin is facing stiff resistance in the overhead zone between $37,332.70 to $39,600. This suggests that bears are unwilling to let go of their advantage and are selling on rallies.BTC/USDT daily chart. Source: TradingViewThe pullback of the past few days has resolved the oversold levels in the relative strength index (RSI). The bears will now attempt to resume the downtrend by pulling the BTC/USDT pair below $32,917.17. If they succeed, the next stop could be $30,000.Alternatively, if the price turns up from the current level and rises above $37,332.70, it will suggest accumulation at lower levels. The buyers will then attempt to push the price above the 20-day exponential moving average ($39,714) and challenge the 50-day simple moving average ($44,428). A break and close above this resistance will signal that the downtrend could be over.ETH/USDTEther (ETH) surged above the overhead resistance at $2,652 on Jan. 26 but the bears sold aggressively at higher levels and pulled the price back below the channel.ETH/USDT daily chart. Source: TradingViewSince then, buyers have struggled to push the price back inside the channel. The bears will now try to resume the downtrend by pulling the price below the Jan. 24 intraday low at $2,159. If they succeed, the ETH/USDT pair could drop to $2,000 and then to $1,700.The RSI is stuck inside the oversold zone for the past few days, suggesting that the selling may have been overdone in the near term. Therefore, the bulls may again attempt a relief rally, which could reach the 20-day EMA ($2,856). This is an important hurdle for the bulls to cross because the previous three relief rallies had turned down from the 20-day EMA.BNB/USDTBinance Coin (BNB) rebounded off the $330 support and re-entered the descending channel on Jan. 25 but the bulls are struggling to push the price toward the 20-day EMA ($424). This suggests a lack of demand at higher levels.BNB/USDT daily chart. Source: TradingViewThe bears will sense an opportunity and try to pull the price back toward the strong support zone at $330 to $320. This is an important zone for the bulls to defend because if it cracks, the BNB/USDT pair could plummet to $250.Contrary to this assumption, if the price rises from the current level, the bulls will try to thrust the pair above the 20-day EMA. If they succeed, the pair could rally to the resistance line of the channel. A break and close above the channel will signal that the downtrend could be over.ADA/USDT Cardano (ADA) has been trading near the psychological support at $1 for the past few days. This suggests that bulls are defending the support but have failed to push the price higher.ADA/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory suggest that the path of least resistance is to the downside. If bears sink and sustain the price below $1, the ADA/USDT pair could drop to $0.80.This negative view will invalidate in the short term if the price bounces off the current level and breaks above the moving averages. The pair could then test the resistance line of the channel. The bulls will have to clear this barrier to signal a possible change in trend.SOL/USDTSolana (SOL) has been trading close to the support line of the descending channel for the past few days. This suggests that bulls are defending the support line but haven’t been able to achieve a strong rebound off it.SOL/USDT daily chart. Source: TradingViewThe RSI has been trading in the oversold territory for the past few days, signaling that the correction may have been overdone in the short term. This indicates the possibility of a consolidation or minor pullback in the next few days.If that happens, the SOL/USDT pair could rise to the 20-day EMA ($118). A break and close above this level could clear the path for a possible rally to the resistance line of the channel.This short-term positive view will invalidate if the price turns down and dives below the channel. The pair could then drop to $66.XRP/USDTThe bulls attempted to push Ripple (XRP) above the overhead resistance at $0.65 but the long wick on the day’s candlestick suggests that bears are in no mood to relent.XRP/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the RSI is in the oversold territory, indicating that bears are in command. The sellers will now attempt to sink the XRP/USDT pair below $0.54 and challenge the psychological support at $0.50.This negative view will invalidate if bulls push and sustain the price above the 20-day EMA ($0.68). Such a move will be the first sign that the selling pressure could be reducing. The pair may then rally to the overhead resistance at $0.75.LUNA/USDTTerra’s LUNA token has again slipped to the support line of the descending channel. This suggests that traders continue to sell on rallies.LUNA/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($68.8) and the RSI near the oversold territory indicate that bears have the upper hand. If bears sink the price below the support line of the channel, the selling could intensify and the LUNA/USDT pair may plummet to $37.82.Contrary to this assumption, if the price rebounds off the current level, the bulls will make one more attempt to push the pair to the 20-day EMA. This level is again likely to act as a stiff resistance but if the bulls overcome it, the pair may rally to the downtrend line.Related: Defying the bear market, this automated strategy is up 15% so far in 2022DOGE/USDTDogecoin (DOGE) turned down from the 20-day EMA ($0.15) on Jan. 26, indicating that bears are selling near this overhead resistance. The price is back inside the tight range at $0.15 to $0.13.DOGE/USDT daily chart. Source: TradingViewWhile the downsloping 20-day EMA indicates advantage to bears, the bullish divergence on the RSI suggests that the selling pressure could be reducing. This state of uncertainty is unlikely to continue for long.If bulls push and sustain the price above the 20-day EMA, the DOGE/USDT pair could rise toward the overhead resistance at $0.19. Conversely, if the price slips and closes below $0.13, the pair could drop to the psychological support at $0.10. DOT/USDTPolkadot (DOT) has been trading near the strong support at $16.81 for the past few days but a minor negative is that the bulls have not been able to achieve a powerful rebound off it. This indicates a lack of demand at higher levels.DOT/USDT daily chart. Source: TradingViewThe bears will now try to pull and sustain the price below $16.81. If they manage to do that, the selling could intensify and the DOT/USDT pair may drop toward the next major support at $10.37. The downsloping moving averages and the RSI in the oversold zone suggest the path of least resistance is to the downside.Conversely, if bulls drive the price above $20.16, it will suggest a pick-up in demand. The pair may then rise to the 50-day SMA ($25.44). This is an important level to watch out for because a break above it will signal a possible change in trend.AVAX/USDTThe long wick on Avalanche’s (AVAX) Jan. 26 candlestick shows that bears are defending the breakdown level at $75.50. The bears will now try to pull the price to the strong support at $51.04. AVAX/USDT daily chart. Source: TradingViewIf the price rebounds off $51.04, it will suggest that bulls are buying on dips to this level. That could keep the AVAX/USDT pair range-bound between $75.50 and $51.04 for a few days. A break and close above $75.50 will be the first indication that the correction could be over. The pair could then rise to the downtrend line. Alternatively, if the price breaks below $47.66, the next leg of the downtrend could begin. Until then, the pair could remain volatile inside the 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. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 1/26: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins have bounced off their strong support levels but could the rally sustain to the extent that traders feel confident that a bottom in place? Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin’s price is “about 30% below its 20-week moving average,” roughly at the same position, which had led to bottom formations in March 2020 and July 2021.Although Bitcoin has corrected sharply in January, the exchanges’ balances dropped from 2.428 million Bitcoin on December 28 to 2.366 million Bitcoin on Jan. 24, according to data from CryptoQuant. This indicates that investors may be stashing away their recent purchases safely.Daily cryptocurrency market performance. Source: Coin360However, it may not be a V-shaped recovery for Bitcoin as volatility is likely to remain high. Traders will keenly watch the U.S. Federal Reserve’s decision following the conclusion of its two-day policy meeting on Jan. 26. Could Bitcoin and most major altcoins extend their relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe long tail on Bitcoin’s Jan. 24 candlestick shows aggressive buying at lower levels. Sustained buying by the bulls has propelled the price above the immediate resistance at $37,332.70.BTC/USDT daily chart. Source: TradingViewThe BTC/USDT pair could now reach the 20-day exponential moving average ($40,438), which has been acting as a strong resistance during relief rallies. If the price turns down from this resistance, the bears will try to pull the pair below $32,917.17. If they succeed, the pair could drop to the strong support at $30,000.Conversely, if the price breaks above the 20-day EMA, the pair could rally to the 50-day simple moving average ($44,935). A break and close above this resistance will be the first sign that the corrective phase could be over. The pair could then challenge the 200-day SMA ($48,750).ETH/USDTEther (ETH) sharply bounced off $2,159 on Jan. 24, as seen from the long tail on the day’s candlestick. This suggests that bulls are aggressively buying at lower levels.ETH/USDT daily chart. Source: TradingViewSustained buying has pushed the price back into the channel today. This is the first sign of strength. The buyers will now attempt to push and sustain the price above the overhead resistance at $2,652.If they manage to do that, the ETH/USDT pair could rise to the 20-day EMA ($2,966). The bears are likely to mount a strong defense of this level.If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then again try to resume the downtrend by pulling the pair below $2,159.BNB/USDTBinance Coin (BNB) rebounded sharply off the $330 support on Jan. 24 as seen from the long tail on the day’s candlestick. This suggests that buyers are aggressively accumulating near $330.BNB/USDT daily chart. Source: TradingViewThe bulls pushed the price back inside the channel on Jan. 25 and will now attempt to drive the BNB/USDT pair to the 20-day EMA ($435). If this hurdle is overcome, the pair could rally to the resistance line of the channel.On the contrary, if the price turns down from the current level or the 20-day EMA, it will suggest that traders continue to sell on rallies. The bears will then again try to sink the pair below the strong support zone at $330 to $320.ADA/USDT Cardano (ADA) is attempting to bounce off the strong support at $1, indicating that bulls are buying on dips to this level. The relief rally could now reach the 50-day SMA ($1.28).ADA/USDT daily chart. Source: TradingViewIf bulls thrust the price above the 50-day SMA, the ADA/USDT pair could rally to the resistance line of the descending channel. A break and close above the channel will signal a possible change in trend.Conversely, if the price turns down from the moving averages, it will suggest that bears continue to sell on rallies to strong resistance levels. The bears will then again attempt to sink and sustain the price below $1. If they succeed, the pair could decline to $0.80.SOL/USDTThe bulls again successfully defended the support line of the descending channel on Jan. 24 as seen from the long tail on the day’s candlestick. If bulls push the price above $104.82, Solana (SOL) could reach the 20-day EMA ($125).SOL/USDT daily chart. Source: TradingViewA break and close above the 20-day EMA will be the first sign that the selling pressure could be reducing. The SOL/USDT pair could then rise to the resistance line of the descending channel. The bulls will have to push the price above the channel to signal a change in trend.Conversely, if the price turns down from the 20-day EMA, it will suggest that bears continue to sell on rallies. The bears will then again try to sink the pair below the channel. If they succeed, the bearish momentum could pick up and the pair could drop to the psychological support at $50.XRP/USDTRipple (XRP) has been trading inside a tight range between $0.65 and $0.54 for the past few days. This suggests that both bulls and bears are playing it safe and not waging large bets.XRP/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($0.70) and the relative strength index (RSI) near the oversold territory indicate that bears have the upper hand. If the price turns down from $0.64, the XRP/USDT pair could plummet to the psychological support at $0.50.Contrary to this assumption, if bulls drive the price above $0.64, the pair could challenge the 20-day EMA. A break and close above this resistance could open the gates for a rise to the 50-day SMA ($0.79). The bulls will have to clear this hurdle to signal a possible change in trend.LUNA/USDTTerra’s LUNA token continues to trade inside the descending channel pattern. The downsloping 20-day EMA ($73) and the RSI in the negative zone indicating advantage to sellers.LUNA/USDT daily chart. Source: TradingViewIf bears pull the price below $59.13, the LUNA/USDT pair could again drop to the support line of the channel. This level has held during the previous two declines, hence the bulls will again try to defend it.If they do, the pair could rise to the 20-day EMA and then rally toward the downtrend line of the channel. A break and close above the channel will be the first sign that the downtrend could be over. Related: Can DeFi and CeFi coexist? Three takeaways from experts panelDOGE/USDTThe buyers once again purchased the dip below $0.13 on Jan. 24 as seen from the long tail on the day’s candlestick. This started a relief rally, pushing Dogecoin (DOGE) to the 20-day EMA ($0.15).DOGE/USDT daily chart. Source: TradingViewIf bulls drive the price above the moving averages, the DOGE/USDT pair could rally to the critical overhead resistance at $0.19. If the price turns down from this resistance, the pair could extend its stay inside the $0.19 to $0.13 range for the next few days.Contrary to this assumption, if the price turns down from the moving averages, it will suggest that demand dries up at higher levels. The bears will then try to pull and sustain the price below $0.13. If they do that, the pair could resume its decline to the psychological support at $0.10.DOT/USDTThe bulls have successfully held Polkadot (DOT) above the critical support at $16.81 for the past few days. This could attract further buying by short-term traders propelling the price toward the breakdown level at $22.66.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($22.77) is sloping down and the RSI is in the negative zone, indicating that bears have the upper hand. The DOT/USDT pair is likely to face stiff resistance at this level. If the price turns down from the 20-day EMA, the bears will again try to pull the pair to $16.81. If this support holds, the pair could remain range-bound for a few days.A break and close below $16.81 could start the next leg of the downtrend while a break above the 50-day SMA ($25.88) may open the doors for a possible rally to $32.78.AVAX/USDTThe failure of the bears to sink Avalanche (AVAX) below the $51.04 to $47.66 support zone may have attracted buying from aggressive bulls who have pushed the price above the 200-day SMA ($65).AVAX/USDT daily chart. Source: TradingViewThe AVAX/USDT pair could now rise to the breakdown level at $75.50 where the bears may mount a stiff resistance. This is an important level to watch out for as the 20-day EMA ($80) is placed just above it.If the price turns down from the breakdown level, the bears will try to pull the pair below the 200-day SMA. If they succeed, the pair could again drop to $51.04. Alternatively, a break and close above the 20-day EMA could open the gates for a possible rally to the downtrend line.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.

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Fading power? Weak DOGE spike after Elon Musk makes McDonald's offer

Erratic billionaire and Tesla CEO Elon Musk has offered to eat a kids meal from McDonald’s live on television if the fast food giant adds Dogecoin (DOGE) as an official payment method.“I will eat a Happy Meal on TV if McDonald’s accepts Dogecoin” said the SpaceX CEO in a tweet on Tuesday morning. In the minutes following Musk’s tweet, the price of DOGE immediately jumped 7% from $0.135 to $0.145 where it remains at the time of writingPrevious tweets from Musk have seen markets move far more substantially, with a recent announcement about using it for Tesla merchandise payments causing DOGE to surge over 25%. The current downturn may have something to do with it, but the smaller spike suggests Musk’s power to move markets is beginning to fade. I will eat a happy meal on tv if @McDonalds accepts Dogecoin— Elon Musk (@elonmusk) January 25, 2022Around ten hours later, McDonald’s responded by stating, “Only if Tesla accepts Grimacecoin” making reference to a fake coin depicting a fuzzy purple McDonaldland mascot from the ‘80s called “Grimace”. Crypto opportunists were quick to respond, with Grimace Coin (Grimace) already minted on Binance Smart Chain. (Disclaimer: buying a memecoin created in the last few hours is not widely considered to be a wise financial move).As always, mainstream media outlets have been quick to cover the billionaire’s erratic online behavior, with the Wall Street Journal and The Independent further amplifying Musk’s crypto tweets.The billionaire is jumping on the bandwagon of McDonald’s crypto memes that have grown in popularity on Twitter recently. The fast food giant has become intrinsically linked to crypto markets during times of crisis, as influencers and investors post memes about needing to get a job at the fast food chain following th significant losses on crypto markets. Salvadoran President Nayib Bukele — whose government recently bought the BTC dip, snapping up an extra 410 Bitcoin at $36,000 each— joined the trend on Jan. 23rd, uploading a poorly edited photo of him sporting a McDonald’s-branded hat and nametag. #NewProfilePic pic.twitter.com/YVDlBoA2Cq— Nayib Bukele (@nayibbukele) January 22, 2022

While crypto memes seem light-hearted, Musk has frequently used his enormous 71.5 million following on Twitter to cause upheaval in the crypto markets. Earlier this month, Musk announced that Dogecoin could be officially be used as payment for merch on the Tesla website, causing wild swings in its price, and his announcement about suspending Bitcoin’s use for Tesla payments in mid-2021 caused markets to tank.Musk’s erratic Twitter behavior has been the subject of intense criticism in the past, with the  CEO of Binance, Changpeng Zhao (CZ) declaring: “Tweets that hurt other people’s finances are not funny, and irresponsible.”Despite Tesla famously owning more than 42,000 Bitcoin at an average cost of $31,700 per coin, Musk seems more comfortable pumping Dogecoin, recently declaring to Time Magazine:”Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”The billionaire went even further, stressing that Bitcoin’s cost per transaction is high while its transactional volume is low compared to DOGE. As a result, Musk argued that Bitcoin would be better used as a store-of-value asset, and that DOGE is superior for spending and transactions. Related: McDonald’s jumps on Bitcoin memewagon, Crypto Twitter responds

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Price analysis 1/24: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins are struggling to find a bottom, indicating that traders are dumping their positions out of fear. The big question on everyone’s mind is whether the selling is over or could the decline continue?UTXO Management senior analyst Dylan LeClair highlighted that the network cost basis, the average price at which Bitcoin was last moved by various investors, is $24,000 and historically, the ratio of cost basis to price has bottomed out below 1.0. If history were to repeat itself, Bitcoin may have to fall some more to make it an attractive buy according to the metric.Daily cryptocurrency market performance. Source: Coin360Long-term investors don’t seem to be perturbed by the recent correction in Bitcoin. Glassnode data suggests that investors continue to withdraw their coins to cold storage. “Bitcoin illiquid supply is going up relentlessly,” said Lex Moskovski, chief investment officer of Moskovski Capital.Bitcoin and most major altcoins are nearing strong support levels. Could investors use their opportunity to buy or will the bears prevail? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin has been trading below the $39,600 to $37,332.70 zone for the past two days. The buyers attempted a relief rally on Jan. 23 but could not even challenge the overhead resistance at $37,332.70. This indicates weak demand at higher levels.BTC/USDT daily chart. Source: TradingViewThe selling renewed today and the bears pulled the BTC/USDT pair below the Jan. 22 intraday low at $34,008. The next support on the downside is the critical zone between $30,000 and $28,805.The oversold level on the relative strength index (RSI) suggests that the selling may be overdone in the short term. This could attract buying from traders near the support zone. If the price rebounds off this zone, the bulls will try to push the pair above $39,600.A break and close above the 20-day exponential moving average ($40,835) will be the first indication that the bears may be losing their grip. A trend change may be signaled after the price rises and sustains above the 50-day simple moving average ($45,404).ETH/USDTEther (ETH) plummeted and closed below the descending channel on Jan. 21, indicating an increase in selling pressure. The bulls tried to push the price back into the channel on Jan. 23 but failed.ETH/USDT daily chart. Source: TradingViewThis renewed the selling pressure today and bears have pulled the price below the Jan. 22 intraday low at $2,300. The ETH/USDT pair could now decline to the psychological level at $2,000 where the buyers may provide support.If the price rebounds off this level, the bulls will again try to push the price back into the channel. If they succeed, the pair could rise to the breakdown level at $2,652. Conversely, if the price breaks below $2,000, the pair could slide to the next major support at $1,700.BNB/USDTBinance Coin (BNB) plummeted below the support line of the descending channel on Jan. 21 and follow-up selling on Jan. 22 pulled the price toward the strong support zone at $330 to $320.BNB/USDT daily chart. Source: TradingViewThe buyers attempted a relief rally on Jan. 23 but the bears did not allow the price to re-enter into the channel. This indicates that bears are defending the support line of the channel. The selling resumed today and the bears will try to sink the price below the support zone.If the price sustains below $320, the BNB/USDT pair could slide to $254.50 and then to the next support at $225.40. The first sign of strength will be a break and close inside the channel. The pair could then attempt a rally to the 20-day EMA ($443).ADA/USDT Cardano (ADA) broke below the strong support at $1 on Jan. 22 but the long tail on the candlestick shows that bulls purchased the dip and defended the level successfully.ADA/USDT daily chart. Source: TradingViewHowever, a minor negative is that the bounce off $1 could not even reach the 20-day EMA ($1.24). This suggests that bears are pouncing on minor relief rallies and not waiting for higher levels to sell.The bears again pulled the price below $1 today. If they sustain the ADA/USDT pair below this level, the selling momentum could pick up. The pair could then decline to $0.80 and later to the support line of the channel. SOL/USDTSolana (SOL) nosedived below the $116 support on Jan. 21 and the price reached the support line of the descending channel on Jan. 22. Although bulls defended this level, they could not push the price to the breakdown level at $116. This indicates that buying dries up at higher levels.SOL/USDT daily chart. Source: TradingViewThe bears resumed their selling today and are attempting to sink the SOL/USDT pair below the support line of the channel. If they succeed, the selling could pick up momentum and the pair may drop to $66 and later to $58.The incessant selling of the past few days has pushed the RSI below 22. This indicates that selling may have been overdone in the short term and a relief rally is possible. The first level to watch on the upside is $116 and then the 20-day EMA ($131).XRP/USDTRipple (XRP) broke below the Dec. 4 intraday low at $0.60 on Jan. 22. There was an attempt by the bulls to start a relief rally on Jan. 23 but it did not find any takers at higher levels.XRP/USDT daily chart. Source: TradingViewThe selling resumed today and the bears are trying to pull the price to the psychological level at $0.50. This is an important support for the bulls to defend because if it cracks, the XRP/USDT pair could slide to $0.39.Contrary to this assumption, if the price rebounds off the $0.50 support, the bulls will attempt to push the pair to the 20-day EMA ($0.72). A break and close above this resistance could signal that the selling pressure may be reducing.LUNA/USDTTerra’s LUNA token rebounded off the support line of the descending channel on Jan. 22 but the recovery hit a wall at $70.22 on Jan. 23. This suggests that bears have not given up and are actively selling at higher levels.LUNA/USDT daily chart. Source: TradingViewThe moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating that bears have the upper hand. The sellers will now try to pull the price to the support line.If the price rebounds off this line once again, the possibility of a move back to the downtrend line increases. Alternatively, if bears sink and sustain the price below the channel, the selling could intensify and the pair may plummet to $37.82.Related: Bitcoin ‘enters value zone’ as BTC price floor metric goes green againDOGE/USDTDogecoin (DOGE) plummeted below the strong support at $0.13 on Jan. 22 but the long tail on the candlestick shows buying at lower levels. The buyers attempted to start a recovery on Jan. 23 but higher levels attracted selling.DOGE/USDT daily chart. Source: TradingViewThe price has turned down today and the bears are attempting to pull and sustain the DOGE/USDT pair below the $0.13 support. If they succeed, the pair could start its slide toward the psychological level at $0.10.Contrary to this assumption, if the price turns up from the current level, the bulls will again try to push the pair to the 20-day EMA ($0.15). A break and close above the 50-day SMA ($0.16) could keep the $0.13 to $0.19 range into play.DOT/USDTPolkadot (DOT) plummeted below the critical support at $22.66 on Jan. 21 and reached the next support at $16.81 on Jan. 22. Although bulls defended this level, they could not extend the relief rally on Jan. 23. This indicates a lack of demand at higher levels.DOT/USDT daily chart. Source: TradingViewThe bears have resumed their selling today and are attempting to sustain the DOT/USDT pair below $16.81. If they do that, the pair could extend its decline to the next major support at $10.37.The sharp selling of the past few days has pushed the RSI into the oversold territory. This suggests that the selling may have been overdone in the short term and a relief rally could be possible. If the price turns up from the current level and rises above $19.20, the pair could rally to $22.66.AVAX/USDTAvalanche (AVAX) plunged and closed below the $75.50 support on Jan. 21, completing a bearish descending triangle pattern. The bulls defended the $51.04 support on Jan. 22 but could not push and sustain the price above the 200-day SMA ($65) on Jan. 23.AVAX/USDT daily chart. Source: TradingViewThis suggests that bears continue to sell on minor rallies. The bears have resumed their selling today and will try to pull the AVAX/USDT pair below the strong support zone at $51.04 to $47.66. If they succeed, the pair could plummet to $32.23.Conversely, if the price rebounds off the support zone, it will indicate accumulation at lower levels. The bulls will then attempt to push the pair to the breakdown level at $75.50, which is an important level to watch out for.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.

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Price analysis 1/21: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and most major altcoins continue to witness a bloodbath on Jan. 21 and the result of the most recent downturn has been a $200 billion reduction in market capitalization. A new report by Huobi Research, in collaboration with Blockchain Association Singapore, forecast Bitcoin to enter a bear market in 2022. The liquidity tightening measures undertaken by the U.S. Federal Reserve and other central banks across the world and the regulatory action by authorities could play spoilsport and keep crypto prices under check.Daily cryptocurrency market performance. Source: Coin360The calls for a bear market have not shaken up the resolve of MicroStrategy CEO Michael Saylor who is determined to hold on to the company’s Bitcoin holdings. Saylor said in a recent interview with Bloomberg that the firm’s strategy is to acquire and hold Bitcoin and not sell.Could Bitcoin and most major altcoins start a relief rally from their strong support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin attempted a recovery on Jan. 20 when bulls pushed the price to the 20-day exponential moving average ($43,041). However, the bears had other plans as they sold this rise and pushed the price lower as seen by the long wick on the day’s candlestick.BTC/USDT daily chart. Source: TradingViewThe selling continued today and the BTC/USDT pair has broken below the strong support at $39,600. There is a minor support at $37,332.70. The bulls are likely to defend this support zone with all their might. The oversold level on the relative strength index (RSI) also points to a possible consolidation or a rebound. If the subsequent relief rally rises above the 50-day simple moving average (SMA), it will indicate that the downtrend may be over.Conversely, if the price plummets below the support zone, the bearish momentum could pick up and the pair may slide to $30,000.ETH/USDTEther’s (ETH) long wick on the Jan. 20 candlestick indicates that the trend remains negative and traders are selling on relief rallies to strong resistance levels. ETH/USDT daily chart. Source: TradingViewThe selling has continued today and bears have pulled the price below the immediate support at $2,928.83. This opens up the doors for a possible drop to $2,652 where buyers are anticipated to mount a strong defense.If the price bounces off $2,652, the bulls will again try to push the ETH/USDT pair above the 20-day EMA and the resistance line of the channel. If that happens, the pair could signal a change in trend.Conversely, if bears sink and sustain the price below $2,652, the selling could accelerate and the pair may drop to $2,000.BNB/USDTBinance Coin (BNB) turned down from the 20-day EMA ($474) on Jan. 20, indicating that bears are defending this resistance aggressively. The sellers will now try to pull the price below the Jan. 10 intraday low at $405.60.BNB/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate advantage to bears. If the price sustains below $405.60 and the descending channel, the selling could intensify and the pair may drop to $325.Conversely, if the price rebounds off $405.60 or the support line of the channel, the bulls will again attempt to push the BNB/USDT pair above the 20-day EMA and the resistance line of the channel. If they do that, it will signal a possible change in trend.ADA/USDT Cardano (ADA) broke and closed below the moving averages on Jan. 20. The long wick on the day’s candlestick showed that bears continue to sell on rallies.ADA/USDT daily chart. Source: TradingViewIf bears sustain the price below the moving averages, the ADA/USDT pair could drop to the critical support at $1. This is an important support to watch out for because it has not been breached on a closing basis for about ten months.If the price turns up from the current level and breaks above the moving averages, it will indicate that traders are accumulating on dips. The buyers will have to push and sustain the pair above the descending channel to signal a possible change in trend.SOL/USDTSolana (SOL) formed an outside day candlestick pattern on Jan. 20. Traders sold aggressively at higher levels and pulled the price below the immediate support at $130.SOL/USDT daily chart. Source: TradingViewThe SOL/USDT pair has dropped to the strong support at $116. If this level also fails to provide support, the decline could extend to the support line of the descending channel. The downsloping moving averages and the RSI in the oversold zone, suggest the path of least resistance is to the downside.Alternatively, if the price turns up from $116, the bulls will again try to overcome the barrier at the 20-day EMA ($146). If they manage to do that, the pair could rise to the resistance line. A break and close above the channel could signal a change in trend.XRP/USDTRipple (XRP) broke and closed below the $0.75 support on Jan. 19. The bulls tried to reclaim the level on Jan. 20 but the long wick on the candlestick shows that bears continue to sell on rallies.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair has broken below the support at $0.69. If bears sustain the lower levels, the pair could extend its decline to $0.60. The downsloping moving averages and the RSI near the oversold territory indicate that sellers are in control.This negative view will invalidate if the price turns up from the current level and breaks above the moving averages. Such a move could suggest accumulation at lower levels. The pair could then start its up-move toward $1.LUNA/USDTTerra’s LUNA token once again turned down from the downtrend line on Jan. 20, indicating that bears continue to defend this level with vigor. LUNA/USDT daily chart. Source: TradingViewAlthough the 20-day ($79) is flattish, the RSI has slipped below 46, indicating that bears have a slight advantage. If the price sustains below $73.95, the LUNA/USDT pair could start its decline toward the critical support at $62.46.Contrary to this assumption, if the price rebounds off the current level, the bulls will again try to push the pair above the downtrend line. If they succeed, it will indicate that the correction may be over. The pair could rally to $93.81.Related: 3 wildest theories explaining $500B crypto market crashDOT/USDTPolkadot (DOT) has dipped below the critical support at $22.66, which is an important level to keep an eye on because it has not been breached on a closing basis since mid-August of last year.DOT/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the bulls will again attempt to clear the overhead hurdle at the moving averages. A break and close above the 50-day SMA ($27.08) will be the first indication that the selling pressure may be reducing. The bulls will have to push and sustain the price above $32.78 to signal a possible change in trend.Conversely, if the DOT/USDT pair sustains below $22.66, it will suggest that supply exceeds demand and traders are rushing to the exit. The pair could then drop to the next support at $16.81.AVAX/USDTAvalanche (AVAX) turned down from close to the 20-day EMA ($90) on Jan. 20 and broke below the strong support at $75.50 today.AVAX/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears are in command. A close below $75.50 will complete a descending triangle pattern, signaling that a top may be in place. The AVAX/USDT pair could then start its decline toward $50.However, the bulls are unlikely to surrender without putting up a strong fight. If the price rebounds off the current level, the pair could recover to the 20-day EMA and later to the downtrend line. The bulls will have to clear this hurdle to signal a possible end to the corrective phase.DOGE/USDTThe bulls tried to push Dogecoin (DOGE) back above the moving averages on Jan. 20 but failed. This suggests that sentiment remains negative and bears are selling near resistance levels.DOGE/USDT daily chart. Source: TradingViewThe DOGE/USDT pair could now gradually drop toward the strong support at $0.13 where the buyers may step in to arrest the decline. If the price rebounds off this level and rises above the moving averages, it will suggest that the range-bound action may continue for a few more days.The critical level to watch on the upside is $0.19 and $0.13 on the downside. The next trending move could start after the price breaks out of either level. Until then, volatile random moves inside the range may continue.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.

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Price analysis 1/19: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and select altcoins are showing signs of some buying near support levels. According to Arcane Research, the seven-day average real Bitcoin trading volume has dropped to the lowest level since July 2021. During the previous instance, the sharp drop in volume marked a bottom and led to a strong rally from August to October 2021.However, Bloomberg Intelligence senior commodity strategist McGlone warned in a recent podcast that risk assets may correct as the United States Federal Reserve increases rates and reduces asset purchases. After the corrective phase is over, McGlone expects Bitcoin to transition from a “risk-on to a risk-off asset” and “come out better off.” Daily cryptocurrency market performance. Source: Coin360In the short term, analysts at Decentrader, a crypto market intelligence firm, expect Bitcoin to stay range-bound between “$44,000 and potentially $38,000 before an eventual breakout.”While analysts are divided on their forecasts for Bitcoin, let’s study the charts of the top-10 cryptocurrencies to find the path of least resistance.BTC/USDTThe bears are attempting to pull Bitcoin toward the strong support at $39,600 but the long tail on the candlesticks of the past two days shows that bulls have other plans. The buyers are buying on dips but a minor negative is that they have not been able to push the price above the 20-day exponential moving average ($43,804).BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) remains in the negative zone, indicating that bears have the upper hand. If the price turns down from the current level or the 20-day EMA, the bears will again attempt to sink the BTC/USDT pair to $39,600. This is a key level to keep an eye on in the short term.If this level cracks, the bearish momentum could pick up as several stop-losses could be triggered. That may result in a decline to $30,000.Alternatively, if the price rebounds off the current level or the $39,600 support, the buyers will attempt to push the pair above the moving averages. If the price sustains above the 50-day simple moving average ($47,070), the negative view will invalidate and the pair could rally to the stiff overhead resistance at $52,088.ETH/USDTEther (ETH) has continued its down move and is close to the support at $2,928.83. The bulls may attempt to defend this level and start a relief rally.ETH/USDT daily chart. Source: TradingViewIf that happens, the ETH/USDT pair could rise to the 20-day EMA ($3,381). This is a key resistance to watch out for because a break above it will be the first indication that the bears may be losing steam.A break and close above the channel will signal a possible change in trend. The pair could then start its upward march toward $4,200.On the contrary, if the price turns down from the current level or the 20-day EMA, it will increase the possibility of a break below $2,928.83. If that happens, the pair could slide to the strong support at $2,652.BNB/USDTBinance Coin (BNB) continues to trade inside the descending channel pattern. The 20-day EMA ($485) has started to turn down and the RSI has dipped below 43, suggesting that bears are at an advantage.BNB/USDT daily chart. Source: TradingViewThe bulls are attempting to defend the minor support at $450. If the price rebounds off this level, the buyers will make one more attempt to clear the overhead hurdle at $500. If they succeed, it will indicate a possible change in trend.The BNB/USDT pair could then start its northward march toward $572 and later to $617. Alternatively, if the price breaks below $450, the bears will try to pull the BNB/USDT pair to the support line of the channel. ADA/USDT Cardano (ADA) rallied to the resistance line of the descending channel on Jan. 18 but the bulls could not push the price above the channel. This suggests that bears are defending the resistance line aggressively.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair has dipped to the moving averages, which could act as a strong support. The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating advantage to buyers.If the price rebounds off the current level, the bulls will again try to drive the price above the channel and the developing neckline of a possible inverse head and shoulders pattern. If that happens, the pair could start a new uptrend.This positive view will invalidate if the price breaks and sustains below the moving averages. Such a move could pull the pair down to $1.06.SOL/USDTSolana (SOL) has reached near the minor support at $130. The bulls had defended this level on Jan. 10 and may again try to do so during the current decline.SOL/USDT daily chart. Source: TradingViewIf the price rebounds off the support, the bulls will again attempt to push the SOL/USDT pair above the 20-day EMA ($151). If they succeed, the pair could rally to the resistance line of the descending channel. This is an important level to watch out for because a break and close above it will signal the possible start of a new up-move.On the contrary, if the $130 support cracks, the pair could drop to the critical support at $116. A break below this level could pull the price to the support line of the channel.XRP/USDTRipple (XRP) had been stuck between the 20-day EMA ($0.78) and the $0.75 support for the past few days, which has resolved to the downside today. This indicates that bears have overpowered the buyers.XRP/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate that the path of least resistance is to the downside. If the price sustains below $0.75, the bears will try to build upon their advantage and sink the XRP/USDT pair to $0.69. Contrary to this assumption, if the price turns up from the current level and rises above the moving averages, it will indicate that bulls are accumulating on dips. That could start a relief rally which could reach the overhead resistance at $1. LUNA/USDTTerra’s LUNA token dipped below the 50-day SMA ($76) on Jan. 18 but the bulls bought the dip and pushed the price back above the 20-day EMA ($80). This is a positive sign as it shows traders are buying on dips.LUNA/USDT daily chart. Source: TradingViewIf the bulls maintain the price above the 20-day EMA, the LUNA/USDT pair could rise to the downtrend line. A break and close above this level will suggest that the selling pressure could be reducing. The pair could then rise to the 61.8% Fibonacci retracement level at $87.88 and later to $93.81.This positive view will invalidate if the price turns down and breaks below $73.95. Such a move will suggest that supply exceeds demand. The pair could then decline to $68.33 and later to $62.46.Related: 43% of Bitcoin trading volume during US market hours: Arcane ResearchDOT/USDTPolkadot (DOT) continues to drift down toward the strong support at $22.66 where the bulls will try to halt the decline. The strength of the rebound off this level could indicate whether the decline is over or not.DOT/USDT daily chart. Source: TradingViewIf the bounce rises above the moving averages, it will suggest accumulation at lower levels. The DOT/USDT pair could then rise to the overhead resistance at $32.78. A break and close above this level will suggest the start of a new uptrend.Conversely, if the price turns down from the moving averages, it will indicate that sentiment remains negative and traders are selling on rallies. That will increase the prospects of a break and close below $22.66. If that happens, the pair could drop to $16.81.AVAX/USDTAvalanche (AVAX) continues to slide toward the strong support at $75.50. The price action of the past few days has formed a descending triangle pattern that will complete on a break and close below $75.50.AVAX/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the RSI is in the negative territory, indicating that bears have the upper hand. The sellers will have to sink and sustain the price below $75.50 to indicate the start of a new downtrend.The bulls are unlikely to surrender the $75.50 level easily. If the price rebounds off this support, the AVAX/USDT pair could reach the moving averages. If buyers push the price above the moving averages, the pair could rise to the downtrend line. The bulls will have to propel the price above this resistance to indicate a change in trend.DOGE/USDTDogecoin (DOGE) dipped below both moving averages on Jan. 18 which brings the $0.19 to $0.13 range into play. The flattish 20-day EMA ($0.16) and the RSI just below the midpoint suggest a balance between supply and demand.DOGE/USDT daily chart. Source: TradingViewIf the price sustains below the moving averages, the DOGE/USDT pair could gradually drop to $0.15 and if this level also cracks, the decline could extend to $0.13. A break and close below $0.13 will indicate the resumption of the downtrend.Alternatively, if the price turns up and breaks above the moving averages, it will suggest that bulls are buying on dips. The buyers will then attempt to clear the overhead hurdle at $0.19 and push the pair to $0.22.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.

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THORChain brings DeFi yields and swaps to DOGE

Cross-chain liquidity network THORChain has enabled support for Dogecoin (DOGE) — bringing a new suite of decentralized finance (DeFi) capabilities to the popular memecoin.Beginning this week, users have the ability to swap DOGE or earn yields on their DOGE holdings using THORSwap, a non-custodial decentralized exchange. In practice, this means users can swap DOGE for native assets such as Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Litecoin (LTC) and stablecoins such as Tether (USDT), USD Coin (USDC) and Binance USD (BUSD). All swaps between THORChain assets, including DOGE, can be completed in one step without the need to bridge, wrap or peg assets. A THORChain developer informed Cointelegraph that a liquidity pool has been established for DOGE. The pool gives DOGE liquidity providers the ability to earn yields on their deposits from trading fees. Like other liquidity providers on THORChain, depositors have impermanent loss protection based on the length of time of each deposit. Chad Barraford, THORChain’s technical lead, said the integration gives DOGE “a new level of self-sovereignty” by allowing users to enter and exit the market free of Know Your Customer (KYC) regulations. Barraford said Dogecoin’s new DeFi capacity “changes the fundamentals of the asset both as a store of value and as a medium of exchange.”At its peak in November 2021, THORChain amassed over $400 million in total value locked, or TVL, which reflected a massive early interest in cross-chain swapping solutions. Just one month earlier, THORSwap concluded a $3.75 million private token sale that was supported by IDEO CoLab Ventures, Sanctor Capital, Nine Realms, 0xVentures and others. Tesla merch buyable with Dogecoin— Elon Musk (@elonmusk) January 14, 2022Related: Vitalik Buterin gives thumbs down to cross-chain applicationsDOGE rose to prominence in early 2021 after major influencers — notably, Elon Musk — talked up the merits of the memecoin on social media. In the process, DOGE became an accepted form of payment for Dallas Mavericks tickets and, more recently, Tesla merchandise. It currently ranks 11th by total market capitalization with a value of $21.8 billion, according to CoinMarketCap.

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Price analysis 1/17: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin’s (BTC) volatility has been shrinking in the past few days. The standard deviation of daily Bitcoin returns for the last 30 and 60 days as calculated by the Bitcoin Volatility Index is at 2.63%, the least volatile it has been since November 2020.Generally, tight ranges are followed by strong price expansions. In 2020, the low volatility period in November was followed by a sharp rally in mid-December, which resulted in a supercycle that carried the price all the way to $64,854 on April 14, 2021.Daily cryptocurrency market performance. Source: Coin360However, there is no certainty that the volatility expansion will happen only to the upside. The price could break out in either direction. Commentator Vince Prince warned that the high leverage ratio of Bitcoin could trigger a big chunk of stop-losses if the $40,000 support breaks down.Could Bitcoin start a new up-move or will bears pull the price below the support levels, triggering a sell-off in altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin has been trading near the 20-day exponential moving average (EMA) ($44,181) for the past few days. Although bulls have not been able to push the price above this resistance, a minor positive is that they have not given up much ground.BTC/USDT daily chart. Source: TradingViewIf the price turns up from the current level or $41,725.95, the bulls will make one more attempt to clear the overhead resistance at the 20-day EMA and the horizontal resistance at $45,456.If they do that, the pair could rise to the 50-day simple moving average (SMA) ($47,680) where the bulls may again encounter stiff resistance from the bears. A break and close above this resistance could push the pair to $52,088.Conversely, if the price breaks below $41,725.95, the BTC/USDT pair could drop to the strong support at $39,600. This is an important level for the bulls to defend because if it breaks down, the selling could intensify and the pair may plummet toward $30,000.ETH/USDTEther’s (ETH) recovery off the support line of the descending channel fizzled out near the 20-day EMA ($3,439), which suggests that the sentiment remains negative and traders are selling on rallies.ETH/USDT daily chart. Source: TradingViewThe bears will now try to pull the price below $3,188. If they manage to do that, the ETH/USDT pair could drop to $2,928.83. This is an important support to watch out for because if it collapses, the decline could extend to $2,652.Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, the bulls will try to push the pair above the resistance line of the channel. If that happens, the pair could rise to $4,200. BNB/USDTBinance Coin (BNB) failed to break above the resistance line of the descending channel pattern on Jan. 16. This may have sparked selling by short-term traders, pulling the price below the 20-day EMA ($488).BNB/USDT daily chart. Source: TradingViewIf bears pull the price below $466.50, the BNB/USDT pair could decline toward the support line of the channel. The flat moving averages and the RSI just below the midpoint, indicate equilibrium between the bulls and bears.If the price rebounds off $466.50, the bulls will again try to thrust the price above the channel and the 50-day SMA ($530). If they succeed, it will signal a possible change in trend. The pair could then rally to $572.ADA/USDT Cardano (ADA) broke and closed above the 50-day SMA ($1.34) on Jan. 16, indicating that bulls are attempting a comeback. The price could now reach the resistance line of the descending channel.ADA/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls have the upper hand in the short term. If buyers propel and sustain the price above the channel, it will signal a change in trend.The ADA/USDT pair could first rally to $1.87 and if this level is crossed, the next move could be to $2.47. On the other hand, if the price turns down from the resistance line, the pair could again drop to the moving averages.SOL/USDTSolana (SOL) continues to trade inside the descending channel pattern. The bulls attempted to push the price above the 20-day EMA ($154) on Jan. 13 but failed. This suggests that bears are selling on every minor rally.SOL/USDT daily chart. Source: TradingViewThe bears will now attempt to pull the price below the support at $130. If they succeed, the SOL/USDT pair could drop to the strong support at $116. This is an important level for the bulls to defend because a break below it could sink the pair to the support line of the channel.Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, the pair could rise to the resistance line of the channel. A break and close above the channel will signal a possible change in trend. XRP/USDTRipple (XRP) has been trading between the 20-day EMA ($0.79) and the support at $0.75. This squeeze is soon likely to end in a range expansion.XRP/USDT daily chart. Source: TradingViewIf the price breaks below $0.75, the XRP/USDT pair could resume its downtrend and drop to $0.69 followed by a decline to $0.60. The downsloping moving averages and the RSI in the negative territory indicate advantage to bears.Contrary to this assumption, if the price turns up from $0.75 and breaks above the moving averages, it will suggest accumulation at lower levels. The pair could then start its northward march toward the stiff overhead resistance at $1.LUNA/USDTTerra’s LUNA token could not rise and sustain above the 61.8% Fibonacci retracement level at $87.88 on Jan. 15 and 16. This may have triggered profit-booking by short-term bulls.LUNA/USDT daily chart. Source: TradingViewThe price has turned down to the 20-day EMA ($80.17), which could act as a support. If the price turns up from the current level, the bulls will again try to propel and sustain the LUNA/USDT pair above $87.88. If they succeed, the pair could rally to the 78.6% Fibonacci retracement level at $94.80. Alternatively, if the price slips below both moving averages, it will suggest that traders are rushing to the exit. The pair could then drop to $68.33.Related: Propy rallies 227% as real estate NFTs become reality and PRO lists at CoinbaseDOT/USDTPolkadot (DOT) rose above the 20-day EMA ($26.90) on Jan. 12 but the bulls could not push the price above the 50-day SMA ($28.15). This may have attracted profit-booking from the short-term traders.DOT/USDT daily chart. Source: TradingViewThe bears pulled the price back below the 20-day EMA on Jan. 17. If sellers sink the price below $25.45, the DOT/USDT pair could drop to the strong support at $22.66. The 20-day EMA is flat and the RSI is just below the midpoint, indicating a balance between supply and demand. This suggests that the pair could remain range-bound between $22.66 and $32.78 for a few more days.If the price turns up from the current level and rises above the 50-day SMA, the pair could rally to $32.78. The bulls will have to clear this hurdle to signal the start of a new up-move.AVAX/USDTAvalanche (AVAX) turned down from the 20-day EMA ($95) on Jan. 16, indicating that bears continue to defend this level aggressively. If the price sustains below the uptrend line of the symmetrical triangle, the next stop could be $75.50.AVAX/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears have the upper hand. A close and below $75.50 could complete a descending triangle pattern, which could signal the start of a new downtrend.The AVAX/USDT pair could drop to $57.02 and then to $50. This negative view will be invalidated if the price turns up from the current level and breaks above the downtrend line. The pair could then rally to $128.DOGE/USDTDogecoin’s (DOGE) failure to rise and sustain above the $0.19 overhead resistance on Jan. 15 may have attracted profit-booking from short-term traders. This has pulled the price to the 20-day EMA ($0.16).DOGE/USDT daily chart. Source: TradingViewThe flattening 20-day EMA and the RSI just below the midpoint signal a consolidation in the near term. If bears sink and sustain the price below the moving averages, the DOGE/USDT pair could drop to $0.13.Conversely, if the price rebounds off the current level, the bulls will make one more attempt to push and sustain the pair above $0.19. If they manage to do that, it will indicate the start of a new up-move. 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.

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Bitcoin payments decline as other cryptocurrencies grow

BitPay Inc., one of the world’s most well-known crypto payment processors, has seen a shift in the type of digital assets used for purchases over the last year, according to a Bloomberg report.According to Bitpay, Bitcoin’s (BTC) usage at businesses that use its payment system fell last year to about 65% of processed transactions, down from 92% in 2020. Along with this change, Ether (ETH) represented 15% of all transactions, whereas other currencies like Litecoin (LTC) and Dash (DASH) have increased their portion.Businesses have started using stablecoins more frequently for cross-border payments since November when crypto values had been depreciating. Consumers have also begun to use stablecoins because their value is constant, resulting in less risk in the notoriously volatile cryptocurrency market, as per the report.The growing popularity of stablecoins has partly contributed to the use of alternative coins for payments. Dogecoin (DOGE), for example, became famous last year as the result of its followers, such as Tesla CEO Elon Musk, who on Friday announced that Dogecoin may be used to buy Tesla-related products.Related: Retailers to drive crypto payments adoption: SurveyThe trend suggests that individuals are holding Bitcoin rather than spending it. Bitcoin’s prices increased by 60% in 2021, regardless of the fourth quarter’s volatility. According to Bitpay, the majority of last year’s crypto transactions were in luxury items like jewelry, watches and automobiles.Whales have never held more bitcoin pic.twitter.com/a9jxAV3Mxp— zerohedge (@zerohedge) January 16, 2022Transaction volumes for high-end items increased 31% in 2021 from 9% in 2020, according to Stephen Pair, Bitpay’s CEO. Payment volume rose by 57% across the board in 2021.

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Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch

Dogecoin (DOGE) prices rose substantially on Jan. 14 as Elon Musk announced that Tesla would start accepting it as payment for merchandise. Tesla merch buyable with Dogecoin— Elon Musk (@elonmusk) January 14, 2022After the announcement, DOGE price jumped nearly 13%, hitting a 30-day high of $0.2150. Its upside move came as a part of a larger intraday rally that already was taking place before Musk’s Dogecoin tweet went viral. The DOGE price went up by over 25% on Jan. 14 before correcting lower to $0.1986 on profit-taking.DOGE/USD hourly price chart. Source: TradingViewBetter than BitcoinTesla’s integration of a DOGE payment option on its online shopping portal came almost a month after Musk shared his willingness to accept the cryptocurrency as payment on a test basis.At the center stage of Musk’s love for DOGE was its “better-than-Bitcoin” features, primarily as a payment option due to its lower electricity consumption. In excerpts from Musk’s statements to Time Magazine, he explained that:”Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”The billionaire entrepreneur further stressed that Bitcoin’s cost per transaction is high while its transactional volume is low compared to DOGE. As a result, Bitcoin could be well off being a store-of-value asset. On the other hand, DOGE could keep on encouraging people to spend.What’s next for DOGE?The latest round of buying in the Dogecoin market somewhat subsided as DOGE tested a multi-month resistance trendline for a topside breakout.In detail, DOGE price rally was rammed into a descending trendline resistance that had been capping its upside attempts since May 2021. On Jan. 14, the trendline again became instrumental in sending DOGE from its intraday top of $0.2150 to $0.1958, as shown in the chart below.DOGE/USD daily price chart. Source: TradingViewMeanwhile, the Dogecoin’s 200-day exponential moving average (200-day EMA; the orange wave) also played a key role in limiting its gains on Jan. 14. Together, the resistance confluence hinted that DOGE price may pull back from its ongoing uptrend in the coming sessions. Related: Dogecoin creator slams Mozilla for pausing crypto donationsShould this happen, the token will look poised to test its 50-day EMA (the velvet wave) as support, with the possibility to extend its correction towards $0.1367 due to its recent history as support.DOGE/USD daily price chart. Source: TradingViewConversely, a decisive breakout above the descending trendline resistance and the 200-day EMA could have traders eye $0.30 as their next upside target in the Dogecoin market. The area surrounding the $0.30-level had earlier served as resistance.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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