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Price analysis 4/2: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, THETA

Republished by Plato

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According to a recent research note by JPMorgan, institutional investors have withdrawn about $20 billion from their gold investments since mid-October and during the same time frame, institutional inflows into Bitcoin (BTC) have increased by $7 billion. 

The bank said, “any such crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term.”

JPMorgan believes that Bitcoin’s declining volatility could increase adoption from institutional investors. If that happens, the value of the private investments in Bitcoin may mirror that of gold and this gives Bitcoin an upside target of $130,000 in the long term, added the bank.

Daily cryptocurrency market performance. Source: Coin360

In other news, billionaire investor Mark Cuban said his crypto portfolio consists of 30% Ether (ETH) because he believes it is the closest thing to being a true currency. Cuban said the remainder of his crypto portfolio consists of 60% Bitcoin and 10% in other crypto investments.

CryptoQuant CEO Ki Young Ju recently highlighted that 400,000 Ether had left Coinbase, a sign that institutional investors may have started accumulating the top altcoin.

The increased adoption of cryptocurrencies by legacy financial institutions and investors is a positive sign but will this newsflow act as a tailwind and boost the price of the top-10 cryptocurrencies?

Let’s analyze the charts to find out.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on March 31 and April 1, which suggests indecision among the bulls and the bears. However, the positive sign is that the bulls have not given up much ground. The bulls are again trying to push the price above the $60,000 resistance.

BTC/USDT daily chart. Source: TradingView

A strong breakout above the $60,000 to $61,825.84 overhead resistance zone will suggest that bulls are back in the driver’s seat. That could signal the start of the next leg of the uptrend, which has a target objective at $69,279 and then $79,566.

Traders can keep an eye on the relative strength index because a break above the downtrend line will indicate a pick-up in momentum.

Contrary to this assumption, if the price once again reverses direction from the overhead resistance zone, the BTC/USDT pair could drop to the 50-day simple moving average ($53,362). A break below this critical support could attract profit-booking from short-term traders and that could pull the price down to $50,460.02 and then $43,006.77.

ETH/USDT

Ether broke out of the symmetrical triangle on March 31 and has continued its journey higher. Today, the bulls have pushed the biggest altcoin above the all-time high at $2,040.77.

ETH/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($1,798) has turned up and the RSI is near the overbought territory, indicating advantage to the bulls.

If the buyers can sustain the price above $2,040.77, the ETH/USDT pair could start the next leg of the up-move. The pattern target of the breakout from the triangle is $2,618.14.

Contrary to this assumption, if the price turns down from the current level, a drop to the 20-day EMA is possible. A strong bounce off it will signal strength and the bulls will again try to resume the uptrend.

This bullish view will invalidate if the bears sink the price below the trendline. Such a move could pull the price down to $1,289.

BNB/USDT

After some hesitation on March 31, Binance Coin (BNB) broke above the $315 resistance on April 1 and has followed it up with a breakout above the all-time high at $348.69 today. If the bulls can sustain the breakout, the altcoin could rally to $400 and then $430.

BNB/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the overbought territory suggest that bulls are in command.

However, if the bulls fail to defend the price above $348.69, the BNB/USDT pair could drop to $315. If the bulls can flip this level into support, it will increase the possibility of the resumption of the uptrend.

This bullish view will invalidate if the pair turns down and breaks below the moving averages. Such a move will suggest that the current breakout was a bull trap.

ADA/USDT

Cardano (ADA) has been stuck in a tight range for the past few days but the positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($1.17). This suggests a lack of buying but does not show an urgency among traders to dump their positions.

ADA/USDT daily chart. Source: TradingView

The bulls may now attempt to push the price above $1.30. If they succeed, the ADA/USDT pair could rally to $1.48. This is an important resistance because the price had turned down from it on Feb. 27 and March 18.

If that happens once again, the pair could extend its stay inside the range for a few more days. However, if the bulls propel the price above $1.48, the pair could resume its uptrend that may reach $2. This bullish view will invalidate on a break and close below $1.03.

DOT/USDT

Polkadot (DOT) had turned down from the downtrend line on April 1 but the bulls did not give up much ground. This shows that traders did not close their positions in a hurry. The buyers have pushed the price above the downtrend line today.

DOT/USDT daily chart. Source: TradingView

The 20-day EMA ($35.06) has started to turn up and the RSI is in the positive zone, indicating advantage to the bulls. If the buyers can sustain the price above the downtrend line, the DOT/USDT pair could challenge the all-time high at $42.28.

A breakout and close above $42.28 could resume the uptrend with the next possible move to $53.50. This bullish view will invalidate if the price turns down from the current level or the all-time high and slips below the moving averages. That could pull the price down to $26.50.

XRP/USDT

After hesitating near $0.60 for the past few days, the bulls are currently attempting to propel XRP to the $0.65 overhead resistance. This level is likely to act as a stiff resistance because the price has turned down from it on five previous occasions.

XRP/USDT daily chart. Source: TradingView

However, the rising 20-day EMA ($0.53) and the RSI above 65 suggest the path of least resistance is to the upside. If the bulls can push and sustain the price above $0.65, the XRP/USDT pair could rally to $0.78 and then $1.

This bullish view will invalidate if the price turns down and breaks below the moving averages. Such a move will indicate that traders are selling on rallies. That could keep the pair range-bound between $0.42 and $0.65 for a few more days.

UNI/USDT

Uniswap (UNI) has been stuck between both the moving averages for the past few days. The bears could not sink and sustain the price below the 50-day SMA ($27.59) on March 31 and the bulls could not sustain the price above the 20-day EMA ($29.13) on April 1.

UNI/USDT daily chart. Source: TradingView

The flat 20-day EMA and the RSI just above the midpoint suggest a balance between supply and demand.

This neutral view could tilt in favor of the bulls if they propel and sustain the price above $30.31 today. If that happens, the UNI/USDT pair could start to move up toward the $35.20 overhead resistance.

On the other hand, if the price turns down and breaks below $25.50, the pair could witness increased selling pressure, which may pull the price down to $18.

LTC/USDT

Litecoin (LTC) recovered sharply from its intraday low on March 31 and broke above the 50-day SMA ($197) on April 1. The bulls will now try to push the price above the resistance line of the symmetrical triangle.

LTC/USDT daily chart. Source: TradingView

If they manage to do that, the LTC/USDT pair could rally to $230 and then to $246.96. The pattern target of the breakout from the triangle is $307.42. However, the marginally rising 20-day EMA ($193) and the RSI at the downtrend line suggest a weak bullish momentum.

If the price turns down from the resistance line, the pair may extend its stay inside the triangle for a few more days. The bears will gain the upper hand on a break below the trendline of the triangle.

LINK/USDT

Chainlink (LINK) reversed course from $26.18 on March 31 and rose above the downtrend line of the descending triangle. This move invalidates the bearish setup and the bulls will now try to propel the price above the overhead resistance at $32.

LINK/USDT daily chart. Source: TradingView

If they succeed, the LINK/USDT pair could start its march toward the all-time high at $36.93. The 20-day EMA ($28.45) has started to turn up and the RSI has risen above 59, indicating a minor advantage to the bulls.

However, if the bulls fail to propel the price above $32, then the pair could drop to the moving averages. If the price rebounds off the moving averages, it will indicate that traders are buying on minor dips. The bulls will then make one more attempt to push the price above $32.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the moving averages, then the pair could remain stuck inside the $24 to $32 range for a few more days.

THETA/USDT

THETA is currently range-bound in an uptrend. The price action of the past few days has formed a symmetrical triangle, which usually acts as a continuation pattern.

THETA/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is at 63, indicating the path of least resistance is to the upside.

If the bulls can propel the price above the triangle, the THETA/USDT pair could rally to the all-time high at $14.96 and then to the pattern target at $17.85.

This bullish view will invalidate if the price turns down and breaks below the triangle. Such a move will increase the possibility of a break below the critical support at $10.35, signaling a deeper correction.

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.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/price-analysis-4-2-btc-eth-bnb-ada-dot-xrp-uni-ltc-link-theta

Blockchain

Bitcoin: Should retail traders expect a price hike?

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Bitcoin’s large wallet inflows signal a bullish trend reversal in the following week. The price is currently around the $60000 level, however, with the increasing trade volume across spot exchanges, an increase of nearly 15% in less than 24 hours, there may be a bullish trend emerging in the asset’s price.

Why this metric signals the upcoming Bitcoin price trend reversal

Bitcoin Large Wallet Inflows || Source: Twitter

Based on the above chart, Bitcoin is in price discovery mode above $60045. There is strong support at the $57000 level and this is also a psychologically important level for Bitcoin. The current bullish price trend is further supported by the demand across exchanges. Buying bitcoin and selling June futures currently offers a 30% annualized USD denominated “risk free” return. A 3-month US Treasury bill yields 0.02%, which is 1500x less.

When Bitcoin’s price ended March with a 30% increase, it marked the sixth consecutive month of double-digit positive returns for traders. Historically the second quarter is considered a positive yielding quarter for Bitcoin. Bitcoin returns over 250% in the second quarter, based on the price chart. The current price is following this trend and the recovery from the drop below $60000, which was partly attributed to HODLers and partly to large wallet inflows is signaling a bullish trend. There is a spike in funding rates as the price nears the ATH. This is another sign of the bullish price action in Bitcoin.

Why this metric signals the upcoming Bitcoin price trend reversal

Bitcoin’s perpetual swap funding rates || Source: Skew

Based on the above chart, the increase in perpetual swap funding has corresponded with previous ATH as well. The current spike in perpetual swap funding can be considered to be an indicator of the next ATH and the bullish price trend. Traders can expect price discovery beyond the new ATH if the momentum and volatility increase consistently over the week.

Another metric that signals this trend is Bitcoin’s miner revenue. It just reached an ATH of $6.1 Million. The previous ATH was hit less than 10 days ago, on April 1, 2021. For retail traders, looking forward to long Bitcoin it is becoming cheaper to hedge the risk. The cost of hedging against a price drop using options is dropping. A large basis spread has opened up between CME Bitcoin Futures and the offshore market. This means compared to traders on other platforms, traders on CME don’t see much upside in Bitcoin, going forward. These traders are institutions, however, retail traders are relatively more bullish on Bitcoin.


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Source: https://ambcrypto.com/bitcoin-should-retail-traders-expect-a-price-hike

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Blockchain

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

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Cardano saw a trend of falling trade volume that showed a market possibly in a phase of distribution. However, in this bull market, another leg upward can not be discounted. Bitcoin SV formed a bearish divergence and Compound saw demand rise at the $440 area.

Source: CoinStats

At the time of writing Bitcoin was trading at $59,656 with a marginal drop of over 1.5 percent in the past day’s time.

Cardano [ADA]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: ADA/USDT on TradingView

Cardano showed a lack of movement in price on the charts over the past few weeks. The range from $1 to $1.47 has its 50% mark at $1.21, and that is a strong level of resistance for the price. ADA has bounced between the $1.17 and $1.21 levels, and buyers and sellers are in equilibrium, according to the OBV.

There is an upper and lower boundary on the OBV that needs to be broken to confirm a move above $1.34, or below $1, in the weeks to come. However, this will take time to develop, and the $1.2-$1.3 area is likely to be a supply till the OBV starts ticking higher to show increased demand.

Bitcoin SV [BSV]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: BSV/USDT on TradingView

Bitcoin SV showed a bearish divergence between price and momentum. This was not an immediate sell signal, but it showed an overextended move and a pullback to the $260 area can be seen. The Stochastic RSI was also in the overbought area.

While individually neither indicator can be taken to show a sell signal, taken together and with the fact that trading volume is trending lower even as price reaches higher, the conclusion can only be that BSV is due for a pullback.

Compound [COMP]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: COMP/USDT on TradingView

COMP formed a descending triangle pattern in the past month and broke out strongly to climb to the peak of the pattern at $520. COMP was able to touch $550 before selling pressure forced it to trade at $451 at the time of writing.

In the past few days, COMP has formed equal lows at $443 even as the Awesome Oscillator began to move back toward the zero line. This showed that bearish momentum was slowing down. The Chaikin Money Flow also climbed back above the +0.05 mark to indicate capital flow into the market was on the rise, a sign of demand for COMP.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-bitcoin-sv-compound-price-analysis-11-april

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Blockchain

Where are these altcoins headed ETH, DOT, ADA, UNI?

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Based on price action in March and the first 10 days of April, a trend has emerged on the price charts of ETH, DOT, ADA, UNI. Among others, these altcoins have witnessed a fair share of price rallies and consolidation over the past month. In the case of ETH, after outperforming Bitcoin consistently throughout March, by +36%, ETH’s price failed to cross the psychologically important price level of $2000.

After Feb 2021, the price crossed $2000 in April, and this was critical to ETH’s price rally. Leading alts to a bullish week, ETH hit a new ATH of $2197 earlier on April 10, 2021, with over 12% dominance. The rally is clearly in price discovery mode and sentiment continues to remain bullish. The relationship between ETH’s volume and volatility and its impact on price becomes clear from the following chart.

Where are these altcoins headed ETH, DOT,ADA, UNI

ETH volatility vs trade volume || Source: Kraken Report

Based on the above chart, the volatility has a direct correlation with the trade volume and the price of ETH. The volatility is currently at the 2020 average level, and the trade volume is above that level. In the case of DOT, the first week of April was bullish when compared to March, and the prices remained largely below the $45 level in March.

With the launch of Parachain auctions and crowd loans, DOT’s price climbed to the $45 level. For DOT, the 1-month return was nearly 10%, 3-month at 300%, and the annualized trade volume has hit 95%. DOT’s current price level and the trade volume signal that DOT may remain largely rangebound for the following weeks.

ADA’s price rally could not be sustained, the correction in March 2021 led to a price drop of over 10%. ADA’s volatility and trade volume share a similar relationship with Ethereum, and it has an impact on the asset’s price in the short and long term. After over three rounds of alt rallies in the current market cycle, ADA may have slowed down, to consolidate before the price climbs higher.

Where are these altcoins headed ETH, DOT,ADA, UNI

ADA Volatility vs Trade Volume || Source: Kraken Report

UNI with a market capitalization above $14 billion ranks in the top crypto assets, Uniswap V3, and the upcoming mainnet launch were key events that had an impact on UNI’s price. UNI ranks as the fourth largest DeFi app with a high TVL. UNI is likely to rally now, with steadily increasing trade volume. Among top DeFi tokens that made a comeback after ETH’s price crossed $2000 earlier this month, UNI made an impact by hitting $32, which is close to its ATH of $36 from March 2021, based on data from CoinMarketCap. The current on-chain metrics and UNI’s trade volume signals a bearish trend in the asset’s price.


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Source: https://ambcrypto.com/where-are-these-altcoins-headed-eth-dotada-uni

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