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Price analysis 1/3: BTC, ETH, ADA, BNB, DOT, XRP, LTC, LINK, XLM, BCH

Republished by Plato

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The U.S. bond yields have softened and this has ignited investor’s appetite for risk-on assets. After a negative closing last week, the S&P 500 has started the current week on a positive note. Thi bullish sentiment has also rubbed on to the crypto sector, which is surging higher, led by Bitcoin (BTC). 

After Tesla and Mastercard’s foray into Bitcoin, analysts at Citigroup believe that Bitcoin is at a “tipping point,” which could either take it mainstream and make it the preferred currency for world trade or result in a “speculative implosion.”

Citi’s analysts expect the central bank digital currencies and the fiat-pegged stablecoins to be positive for Bitcoin’s adoption.

Daily cryptocurrency market performance. Source: Coin360

While several investors have been worrying about a deeper correction in Bitcoin, MicroStrategy CEO Michael Saylor seems unfazed. Saylor announced that MicroStrategy added another $15 million worth of Bitcoin to its purse, taking its total holding to 90,859 coins which were purchased at an average price of $24,063 per coin.

However, not everyone is bullish on Bitcoin. ‘Big Short’ investor Michael Burry believes that Bitcoin is in a speculative bubble at the current levels and may witness a sharp fall that “will be dramatic and painful.”

Let’s analyze the charts of the top-10 cryptocurrencies to determine whether the uptrend has resumed or if the current up-move is only a dead cat bounce.

BTC/USD

Bitcoin dipped to an intraday low at $43,006.77 on Feb. 28 and the long tail on the day’s candlestick suggests the bulls used the fall to accumulate at lower levels. The buyers are currently trying to sustain the price above the 20-day exponential moving average ($47,711).

BTC/USDT daily chart. Source: TradingView

If they succeed, the BTC/USD pair could be on target to rally to $52,000. The bears are again likely to mount a stiff resistance at this level. If the price turns down from this resistance, the pair could consolidate between $43,000 and $52,000 for the next few days.

The flat moving averages and the relative strength index (RSI) above 55 also point to a possible range-bound action in the near term.

However, if the bullish momentum picks up and the buyers push the price above $52,000, a retest of the all-time high at $58,341.03 is possible. This bullish view will invalidate if the pair turns down and breaks below the 50-day simple moving average ($41,313). Such a move could signal the start of a deeper correction to $28,850.

ETH/USD

Ether’s (ETH) slide below the moving averages shows that it is in a corrective phase. But the long tail on the Feb. 28 candlestick shows that the bulls are attempting to defend the 38.2% Fibonacci retracement level at $1,413.

ETH/USDT daily chart. Source: TradingView

The bulls are currently attempting to build up on the recovery and sustain the price above the 50-day SMA ($1,509). If they succeed, the next stop is likely to be the 20-day EMA ($1,624), which is likely to act as a stiff hurdle.

In a correction, the bears try to sell on relief rallies to the 20-day EMA. If the ETH/USD pair turns down from the 20-day EMA, it will suggest a negative sentiment. The bears will then try to sink the price below $1,289. If they succeed, the decline could extend to the 61.8% retracement level at $1,026.

Contrary to this assumption, if the bulls can propel and sustain the price above the 20-day EMA, the pair may retest the all-time high at $2,049.

ADA/USD

The long wick on the Feb. 27 candlestick shows profit-booking near the psychological resistance at $1.50. However, the long tail on Cardano’s (ADA) Feb. 28 candlestick suggests that bulls continue to accumulate at lower levels.

ADA/USDT daily chart. Source: TradingView

Although rising moving averages are a bullish sign, the negative divergence on the RSI indicates that the momentum may be weakening.

If the bears sink the price below $1.55, the ADA/USD pair could drop to the 20-day EMA ($1.02). This is an important support to watch out for because a rebound off it will suggest that traders continue to accumulate on dips.

A breakout of the $1.50 resistance could start the next leg of the uptrend that may reach $1.83 and then $2. This bullish view will invalidate if the pair breaks below $0.98.

BNB/USD

Binance Coin (BNB) bounced off the 20-day EMA ($200) on Feb 28 and the bulls have pushed the price above the downtrend line. If the bulls can sustain the price above the downtrend line, it will suggest the start of a relief rally.

BNB/USDT daily chart. Source: TradingView

The rising moving averages and the RSI above 61 suggest that bulls have the upper hand. The first target on the upside is $281 and if that is crossed, the BNB/USD pair may rally to $309.4995.

Contrary to this assumption, if the price fails to sustain above the downtrend line, it will suggest that traders who are stuck at higher levels are bailing out of their positions. The trend will signal a deeper correction if the price turns down and breaks below the 20-day EMA.

DOT/USD

In an uptrend, traders buy the dips to the 20-day EMA as it offers a low-risk entry opportunity. Therefore, Polkadot’s (DOT) current bounce off the 20-day EMA ($31) suggests the uptrend remains intact.

DOT/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is above 64, indicating the path of least resistance is to the upside. If the bulls can drive the price above $35.6618, the DOT/USD pair may rally to $42.2848.

This bullish view may invalidate if the price turns down from the overhead resistance and breaks below the 20-day EMA. Such a move will suggest that traders are using the relief rallies to lighten up their long positions.

XRP/USD

The bulls are attempting to defend the 50-day SMA ($0.40). If the current bounce sustains, the buyers will try to push XRP above $0.50. If that happens, the altcoin could start its journey to $0.65.

XRP/USDT daily chart. Source: TradingView

However, the bulls are unlikely to have it easy because the downsloping 20-day EMA ($0.472) and the RSI below 50 suggest that bears have the upper hand.

If the price turns down from the current levels or the overhead resistance at the 20-day EMA, the bears will try to sink the price below the 50-day SMA. If they succeed, the XRP/USD pair may drop to $0.359. A break below this support could start a sharper decline to $0.25.

LTC/USD

Litecoin (LTC) broke below the 50-day SMA ($166) and dipped to the uptrend line on Feb. 28, but the long tail on the day’s candlestick shows strong buying at lower levels. The bulls are currently trying to push the price towards the $185.58 overhead resistance.

LTC/USDT daily chart. Source: TradingView

They are likely to meet stiff resistance from the bears at the 20-day EMA ($186). If the price turns down from this resistance, the bears will make one more attempt to sink the LTC/USD pair below the uptrend line. If they can manage to do that, a drop to $120 is likely.

On the other hand, if the bulls can propel the price above the 20-day EMA, the pair could rally to $205 and then to $240.

LINK/USD

The bulls are trying to stall the correction at the 50-day SMA ($25.26). Although the price dipped below the 50-day SMA on Feb. 28, the long tail on the candlestick suggests buying at lower levels. Chainlink (LINK) is currently attempting to start a relief rally.

LINK/USDT daily chart. Source: TradingView

If the bulls can push the price above the 20-day EMA ($27.98) and the $29.33 overhead resistance, it will suggest that the correction may be over. The LINK/USD pair could then rally to $34 and then to the all-time high at $36.93.

On the contrary, if the price turns down from the overhead resistance, the bears will try to sink and sustain the pair below the 50-day SMA. If that happens, a drop to $20.11 is possible.

XLM/USD

Stellar Lumens (XLM) broke above the 20-day EMA ($0.428) on Feb. 27, but the bulls could not push the price above the resistance line of the descending channel. This suggests that demand dries up at higher levels.

XLM/USDT daily chart. Source: TradingView

However, the positive sign is that the bulls have successfully defended the 50-day SMA ($0.369) on Feb. 28. If the XLM/USD pair rises above the 20-day EMA, the bulls will make one more attempt to drive the price above the channel. If they succeed, the pair could rally to $0.50.

On the other hand, if the price turns down from the 20-day EMA, the pair may again drop to the 50-day SMA. The flat moving averages and the RSI near the midpoint suggest a few days of range-bound action.

BCH/USD

Bitcoin Cash (BCH) broke below the uptrend line on Feb. 28, but the bulls purchased the dip as seen from the long tail on the day’s candlestick. If the current rebound sustains, the bulls will try to start a relief rally that may reach the 20-day EMA ($551).

BCH/USD daily chart. Source: TradingView

The bears are likely to defend the 20-day EMA and if the price turns down from this resistance, it will suggest that the sentiment remains negative. A break below the uptrend line could result in a fall to $370.

Both moving averages have started to turn down and the RSI is in the negative territory, indicating advantage to the bears. However, if the bulls can push and sustain the price above the 20-day EMA, the BCH/USD pair could rise to $631.71.

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.

Source: https://cointelegraph.com/news/price-analysis-1-3-btc-eth-ada-bnb-dot-xrp-ltc-link-xlm-bch

Blockchain

Mike Novogratz’s Galaxy Digital Filed for Bitcoin ETF With the SEC

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The number of companies filing to receive approval to launch a Bitcoin ETF in the US continues to increase with the addition of Mike Novogratz’s Galaxy Digital. If approved, the Galaxy Bitcoin ETF will trade on the NYSE Arca exchange. 

  • Based in New York, Galaxy Digital is a diversified financial services firm dedicated to the cryptocurrency and blockchain industry. The company has made another pro-crypto step by filing with the US Securities and Exchange Commission to launch its own Bitcoin exchange-traded fund. 
  • The document reads that if the Commission approves the application, the Galaxy Bitcoin ETF will issue common shares of beneficial interest that trade on NYSE Arca.  
  • The value of the shares will follow the performance of the Bloomberg Galaxy Bitcoin index, which includes multiple pricing sources. 
  • “In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily based on the value of the Index, which is calculated based on data from bitcoin pricing sources selected by Bloomberg Index Services Limited.” 

  • With Galaxy Digital’s application, the number of US-based companies striving to launch a Bitcoin ETF continues growing. However, the SEC has yet to approve the first such product. VanEck’s filing seems to be a step ahead as the Commission put its Bitcoin ETF proposal for discussion in March. 
  • At the same time, Canada has led the way with several operational BTC ETFs. In fact, Galaxy Digital already has a functioning one in North America. Novogratz’s firm partnered with CI Global Asset Management, and the CI Galaxy Bitcoin ETF launched on the Toronto Stock Exchange (TSX) on March 9th.  
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Source: https://cryptopotato.com/mike-novogratzs-galaxy-digital-filed-for-bitcoin-etf-with-the-sec/

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Blockchain

Where fiat holders lose out, Bitcoiners can gain from inflation

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Currency instability and hyperinflation seemed unreal until a global pandemic struck, sending many nations into economic turmoil. Most economists began to wonder if the end of the pandemic would mean the birth of another Venezuela, which faced a 438% (hyper) inflation rate. However, like several other Bitcoin enthusiasts like Max Keiser thinks that inflation and the price of Bitcoin are correlated.

The aforementioned data is the long-term compounding of past, present, & possibly future base money, since 1970.

In a recent interview Matthew Mežinskis spoke about the inflation rate of the global monetary base, weighted averaged by each base money’s equivalent in USD. What’s important to note here is, it matched the overall 12.8% CAGR (6-year doubling time) we already saw above.

Source: https://platoblockchain.net/wp-content/uploads/2021/04/where-fiat-holders-lose-out-bitcoiners-can-gain-from-inflation.jpg

For all of 2019, central banks were actually on track to deflate their currencies. This would have been a first in the modern fiat era. So interestingly, no matter what one argues for money printing, 2019  ended with positive inflation, weighted at 1.5%.

Furthermore, he touched upon the role of monetary metals like gold. Gold’s rate of growth had, in fact, been around 1.8% per annum for the last 170 years.

Source: https://platoblockchain.net/wp-content/uploads/2021/04/where-fiat-holders-lose-out-bitcoiners-can-gain-from-inflation.png

Almost similar with silver – it’s almost as politicized as its “bigger brother of gold”. Lastly, he shed some light on Bitcoin. He added:

“Remember why the overall compound growth, thus far, is so high, and why it will never be that high again. And now is about the time for a clarification note on the Bitcoin system’s compound annual growth rate, specifically.”

Bitcoin’s finite supply, which may overcome inflation risks is what comforts many. However, this narrative keeps evolving as well.

Source: https://platoblockchain.net/wp-content/uploads/2021/04/where-fiat-holders-lose-out-bitcoiners-can-gain-from-inflation-1.jpg

What’s interesting to note here is, the phrase “supply issuance” for Bitcoin’s chart titles, and not “inflation.” Bitcoin’s “inflation,” economically, was already baked in. As already demonstrated, its growth rate is known until 2141, per the protocol. So when it comes to bitcoins, “inflation” is not the best term.

Even though the price of Bitcoin may indeed surge, its path to the target could be volatile. In the past, the asset’s price has appreciated and even collapsed several times. But some stated that even as Bitcoin increased in price, the rate of inflation, and forecasts for inflation, “remained stable.” Some provide a contrary opinion that economies need a bit more inflation, not less. At the same time, they do not expect hyperinflation to occur again, after the last great recession.


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Source: https://ambcrypto.com/where-fiat-holders-lose-out-bitcoiners-can-gain-from-inflation

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Blockchain

Holdefi: A Unique Decentralized Lending Platform Shaping the Future of DeFi

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The DeFi industry offering an alternative to traditional financial services is evolving at a rapid pace. There are few platforms that are using the latest advances in the blockchain space to create DeFi solutions that could not only outperform their peers but also capable of adapting to new developments in the blockchain technology itself.

Holdefi is one such open-source, non-custodial decentralized lending platform that offers an attractive passive income stream to investors while enabling the masses to borrow at attractive interest rates. Like its counterparts, Holdefi allows users to instantly secure credit against crypto collateral. The platform does not require the borrowers to provide their KYC or prove their creditworthiness before borrowing. All they have to do is to deposit their crypto assets as collateral to secure a loan in any of the supported cryptocurrencies including stablecoins like USDC, DAI, USDT and BUSD. Users can deposit collateral in one or more types of crypto assets. Similarly, they can borrow different cryptocurrencies using single collateral as long as the value meets the platform requirements.

Attractive Interest Rates and Better ROI

Holdefi uses a mechanism that calculates interest rates for borrowing based on the market and competitive conditions. By doing so, it will balance the demand and liquidity to provide an attractive interest rate to borrowers. Meanwhile, lenders providing liquidity to the supply pool will receive a portion of the interest payments in proportion to the invested amount.

Lenders on Holdefi will get a bigger share of interest payouts in comparison to those on other DeFi platforms as borrowers do not receive any reward or interest on their collateral deposits. So, the lenders end up receiving a proportional share from the overall interest received by the platform from its borrowers.

What Makes Holdefi Stand Apart from the Rest?

Holdefi is an advanced DeFi solution based on the Ethereum protocol. Powered by a native ERC20 standard HLD token, the project is designed to work flawlessly on Ethereum’s existing PoW protocol while being future-ready to operate on ETH’s upcoming PoS upgrade.

The platform witnesses significant upgrades that impart certain qualities of CeFi platforms without affecting decentralization. One such sought-after feature of CeFi is the availability of collateral insurance. While such an option is not available with other DeFi projects, Holdefi solves the issue by separating the collateral deposits from borrowers and liquidity provided by investors into different pools. That way, the collateral won’t be utilized, and borrowers can withdraw it at any time, thus eliminating the need for insurance.

The separation of liquidity and collateral pool will also have a positive effect on Holdefi when ETH 2.0 is implemented as it will speed up the process while keeping transaction costs at a minimum.

Using HLD

HLD is a native ERC20 utility token of the Holdefi ecosystem. Apart from being a mode of value exchange within the ecosystem, it also acts as a governance token imparting voting rights to tokenholders. It can also be used for liquidity mining, staking, and revenue sharing between the participants.

The project has set the maximum supply cap for HLD at 100 million of which 13 million was offered to investors through private and public sales. Recently, Holdefi successfully concluded its private and public sale.

The public sale, a 2-day event starting March 31 was completely sold out within hours of launch. Meanwhile, those who didn’t participate in the token sale can purchase HLD on Uniswap and PancakeSwap

Buy HLD and HODL?

Holdefi is one of the few platforms that has made significant improvements to DeFi lending. It offers a lot of flexibility to users while maintaining strong security features. The future-proof design of Holdefi ecosystem is an added advantage that will make it popular with the crypto community.

While there is no definitive forecast on whether HLD will be an asset due to the volatile nature of crypto markets, Holdefi is an innovative project that is playing a major role in shaping DeFi platforms of the future.

Learn more about Holdefi at – https://holdefi.com/

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/holdefi-a-unique-decentralized-lending-platform-shaping-the-future-of-defi/

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