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Price analysis 3/5: BTC, ETH, ADA, BNB, DOT, XRP, UNI, LTC, LINK, BCH

Republished by Plato

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Analysts expect the U.S. economy to stage a strong recovery in the second half of this year as coronavirus vaccines are distributed and economic activity begins to increase. As growth picks up, inflation concerns are also on the rise. Speculation is rife that the U.S. Federal Reserve may have to adjust its dovish stance to hold down interest rates. 

In anticipation, the 10-year U.S. Treasury yield has jumped from about 1% at the start of the year to 1.626%. This has resulted in profit-booking in assets considered as risky and as equities pullback, a temporary pause may be put on Bitcoin’s (BTC) rally.

Daily cryptocurrency market performance. Source: Coin360

The drop in investor sentiment has also hurt the stock prices of MicroStrategy and Tesla who have each invested in Bitcoin recently. MicroStrategy’s stock price has plunged by over 50% from its all-time high at $1,315, even though the price of Bitcoin is currently only down about 20% from its all-time high.

Tesla, which had announced a $1.5 billion Bitcoin position on Feb. 8 has also seen its stock price plummet by over 34%. To stem the decline, longtime Tesla analyst Gary Black has suggested the electric car maker dump its Bitcoin holdings and instead use the proceeds for a stock buyback.

Let’s analyze the charts of the top-10 cryptocurrencies to spot the critical support levels where buyers may step in and arrest the current decline.

BTC/USD

Bitcoin turned down from the $52,040.95 overhead resistance on March 04, which suggests that traders are lightening up their positions at higher levels. The selling has continued and the price has dipped below the 20-day exponential moving average ($48,087).

BTC/USDT daily chart. Source: TradingView

If the bears can sustain the price below the 20-day EMA, the BTC/USD pair could now drop to the critical support at $41,959.63 where buyers are likely to step in.

If the price rebounds off this support, the pair could trade between $41,959.63 and $52,040.95 for a few more days.

The flat 20-day EMA and the relative strength index (RSI) near the midpoint also suggest a few days of range-bound action.

Contrary to this assumption, if the price turns up from the current levels and rises above $52,040.95, it will open the doors for a rally to the all-time high.

On the other hand, if the bears sink and sustain the price below $41,959.63, the pair could drop to $37,000 and then to $28,050.

ETH/USD

Ether’s (ETH) relief rally from $1,289.09 on Feb. 28 hit a wall at the 20-day EMA ($1,593) on March 3. The moving averages are on the verge of a bearish crossover and the RSI is in the negative zone, indicating a possible change in trend.

ETH/USDT daily chart. Source: TradingView

If bears sink the price below $1,289, the selling could intensify and the ETH/USD pair could drop to the 50% Fibonacci retracement level at $1,220 and then to the 61.8% Fibonacci retracement level at $1,026.

Another possibility is that the pair rebounds off $1,289 and stays range-bound for a few more days. A breakout and close above $1,670 could result in a retest of the all-time high at $2,040.

ADA/USD

The bulls are currently attempting to arrest the pullback at the 20-day EMA ($1.07). This suggests that the sentiment remains positive and the bulls are viewing the dips in Cardano (ADA) as a buying opportunity.

ADA/USDT daily chart. Source: TradingView

The buyers will now try to push the price above $1.23. If they succeed, the ADA/USD pair may rally to $1.35 and then to the all-time high at $1.4852896.

However, the bears are unlikely to give up easily. The negative divergence on the RSI shows that the momentum is weakening.

If the current rebound fails to sustain, the bears will once again try to sink the price below the 20-day EMA. If they manage to do that, the pair could drop to $0.80 and then to the 50-day simple moving average ($0.72).

BNB/USD

The relief rally in Binance Coin (BNB) turned down from the overhead resistance at $265 on March 2. This suggests that traders may be using the rallies to close their long positions. The price has again dropped to the 20-day EMA ($211).

BNB/USDT daily chart. Source: TradingView

If the price rebounds off the 20-day EMA with strength, the bulls will once again try to drive the price above $265. If they manage to do that, the BNB/USD pair could start its journey to the all-time high at $348.6969.

But the 20-day EMA is gradually flattening out and the RSI continues to weaken. This points to possible range-bound action in the short term. The pair could consolidate between $189 and $265 for a few days.

A break and close below the $189 support could result in panic selling that can pull the price down to the 50-day SMA ($126).

DOT/USD

Polkadot (DOT) turned down from $38.68 on March 3, which suggests that traders may have booked profits during the relief rally. The altcoin has dropped to the 20-day EMA ($32.49) and the buyers are now attempting to defend this support.

DOT/USDT daily chart. Source: TradingView

A strong bounce off the current levels will suggest that the sentiment remains bullish and traders are buying on dips. If the bulls can push the price above the downtrend line, the DOT/USD pair may retest the all-time high at $42.2848.

On the contrary, if the price breaks and sustains below the 20-day EMA, it will suggest that the supply has exceeded demand. In such a case, the pair may extend its decline to the 50-day SMA ($24.89).

XRP/USD

XRP broke above the 20-day EMA ($0.467) on March 4, but the bulls could not maintain the momentum and thrust the price above the $0.50 overhead resistance. This attracted profit booking and the price has broken below the 20-day EMA today.

XRP/USDT daily chart. Source: TradingView

The XRP/USD pair could now drop to the 50-day SMA ($0.42) and then to $0.359. The flat 20-day EMA and the RSI just below the midpoint suggest a range-bound action for the next few days. The price may remain stuck between $0.359 and $0.50.

A trending move could start if the bulls push the price above $0.50. That could result in a rally to $0.65. On the other hand, a break below $0.359 may sink the price to $0.25.

UNI/USD

Uniswap (UNI) is in an uptrend and the bulls have been buying the dip to the 20-day EMA ($24.05). The bulls tried to push and sustain the price above $29 on March 4 but the higher levels attracted profit-booking.

UNI/USDT daily chart. Source: TradingView

The bears will now try to pull the price down to the 20-day EMA. If the UNI/USD pair again rebounds off this support, it will suggest that traders continue to buy the dips. The bulls will then try to push and close the price above $29. If they succeed, the pair could start the next leg of the uptrend that may reach $38.

Conversely, if the bears sink the price below the 20-day EMA, the pair could drop to $20. Such a move may result in a consolidation between $20 and $29. The trend will turn negative on a break below the 50-day SMA ($18.85).

LTC/USD

Litecoin (LTC) broke and closed above the $185.58 resistance on March 3, but the bulls could not build upon this strength as the price turned down and dipped back below the 20-day EMA ($184.43) on March 4.

LTC/USDT daily chart. Source: TradingView

The bulls are currently attempting to defend the 50-day SMA ($169.29) as seen from the long tail on today’s candlestick. If the rebound sustains, the bulls will again try to push the price above the $185.58 to $196.30 overhead resistance zone. If they succeed, the LTC/USD pair could rally to $205 and then to $240.

However, the flat moving averages and the RSI just below the midpoint suggest a possible range formation. The pair could trade between $152 on the downside and $205 on the upside. A break above or below the range could start the next trending move.

LINK/USD

Chainlink’s (LINK) relief rally turned down from $31.43 on March 3, which shows that traders are booking profits at higher levels. The altcoin has dipped to the 50-day SMA ($26.29) but the long tail on today’s candlestick suggests the bulls are trying to defend this support.

LINK/USDT daily chart. Source: TradingView

Buying on dips and selling rallies usually results in a range-bound action. The flat 20-day EMA and the RSI near the midpoint also suggest a balance between supply and demand. The LINK/USD pair could now consolidate between $24 and $32 for a few days.

A breakout of the range may result in a rally to $34 and a retest of the all-time high at $36.93. Conversely, a break below $24 could pull the price down to the critical support at $20.11.

BCH/USD

The bounce from the uptrend line stalled at the 20-day EMA ($537) on March 3, which shows the traders are selling on rallies. Bitcoin Cash (BCH) has again dipped to the uptrend line. The repeated retest of the support at short intervals tends to weaken it.

BCH/USD daily chart. Source: TradingView

The downsloping 20-day EMA and the RSI in the negative territory suggest that bears are in control. A break below the uptrend line could sink the BCH/USD pair to $432.02 and then to the critical support at $370.

This negative view will invalidate if the price rises from the current levels and rises above $539. Such a move will suggest aggressive buying at lower levels. The pair could then rally 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.

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Source: https://cointelegraph.com/news/price-analysis-3-5-btc-eth-ada-bnb-dot-xrp-uni-ltc-link-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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Coinsmart. Beste Bitcoin-Börse in Europa
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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