Historical trends act as a gauge for traders to assess the possibilities for the future. April has been a bullish month for Bitcoin (BTC) with eight monthly closes in the green and only two instances of negative returns.
Danny Scott, the CEO of the Bitcoin exchange CoinCorner, said that Bitcoin could rally to $83,000 if it emulates its average April return of 51% as it had over the past 10 years.
This could be one of the reasons why miners have started holding their positions instead of selling at the current levels. Lex Moskoviski, the CIO at Moskoviski Capital, recently highlighted that miners had hoarded 4,380 Bitcoin on April 2 and 4,494 Bitcoin on April 3.
While Bitcoin remains the undisputed leader, a positive is that some mainstream companies have started to explore opportunities in different sectors of the crypto sector.
Shopify CEO Tobi Lutke indicated that his company was exploring ways to integrate with decentralized finance. On April 3, Lutke tweeted a question to the DeFi community asking for ideas on what role the company could play in the space. If something concrete comes of this it could give a big boost to the entire crypto ecosystem.
Let’s study the charts of top-5 cryptocurrencies that may outperform the other major cryptocurrencies in the short term.
Bitcoin’s repeated failure to break above the $60,000 level in the past few days could have attracted profit-booking from short-term traders. That resulted in a drop to the 20-day exponential moving average ($56,518) today.
The moderating of the slope of the moving averages and the failure of the relative strength index (RSI) to rise above the downtrend line shows that bears are aggressively defending the $60,000 to $61,825.84 resistance zone.
If the bulls can thrust the price above this zone, it could trap the bears, resulting in a possible short squeeze. That could boost momentum, launching the BTC/USDT pair toward the target objective at $69,540 and then $79,566.
On the other hand, if the bulls again fail to clear the hurdle at $60,000, then the possibility of a break below the 20-day EMA increases. The pair could then retest the 50-day simple moving average ($53,771). This is an important support to watch out for because a break below it will indicate a possible change in the short-term trend.
The 4-hour chart shows the formation of a possible inverted head and shoulders pattern that will complete on a breakout and close above $60,000. This bullish setup has a pattern target of $69,540.
However, the 20-EMA has started to turn down, indicating the bears are trying to gain the upper hand. If the price turns down from the 20-EMA, the pair could extend its decline to $54,700. A break below this level could open the doors for a decline to $50,460.02.
The range-bound action in Ether (ETH) resolved to the upside on April 2 and the price surged to a new all-time high at $2,144.59. However, the bulls could not sustain the higher levels as the price again dipped back below the breakout level at $2,040.77.
The bulls are currently attempting to push the price back above the $2,040.77 to $2,144.59 overhead resistance zone. If they succeed, the ETH/USDT pair could pick up momentum and start its journey to $2,618.14.
The upsloping 20-day EMA ($1,849) and the RSI in the positive zone indicate the bulls have the upper hand.
However, if the price turns down from the overhead zone and dips below the 20-day EMA, it will suggest that the bullish momentum has weakened. A break below the 50-day SMA ($1,751) could keep the pair range-bound between $1,289 and $2,040.77.
The 4-hour chart shows the pullback in the pair has found support at the 20-EMA, which suggests the uptrend is intact. However, the bears are unlikely to give up easily. They will again try to stall the current rally in the $2,093.45 to $2,144.59 overhead resistance zone.
If they succeed, the pair may again drop to the 20-EMA. A break below this support will be the first indication that supply exceeds demand.
On the contrary, if the bulls can sustain the rebound and catapult the price above the resistance zone, the uptrend may resume.
Binance Coin (BNB) broke out to a new all-time high on April 2 but the bulls could not sustain the higher levels and the price dipped back below $348.69. This suggests that the bears tried to trap the aggressive bulls.
However, the bulls did not allow the price to break below the $315 support. This is a positive sign as it indicates that bulls are accumulating on every minor dip and are not waiting for a deeper correction to buy.
If the bulls can thrust the price above the all-time high at $356.98, the BNB/USDT pair could start the next leg of the uptrend that may reach $400 and then $430. The rising moving averages and the RSI near the overbought territory suggest the path of least resistance is to the upside.
On the contrary, if the price turns down from the current level or the overhead resistance and slides below $315, it will suggest that the bullish momentum is weakening.
The 4-hour chart shows the bears are aggressively defending the overhead resistance zone between $348.69 and $356.98. They had even pulled the price below the 20-EMA but could not break the $315 support.
The bulls will now make one more attempt to push the price above $356.98 and if they succeed, the pair could pick up momentum.
On the other hand, even if the price turns down from the overhead resistance zone but stays above $315, it will indicate strength. The bears could gain the upper hand in the short term if the price breaks and sustains below $315.
Polkadot (DOT) broke above the downtrend line on April 2 and made a new all-time high at $46.80 on April 3. However, the higher levels attracted profit-booking as seen from the long wick on the day’s candlestick.
The bears could not build upon their advantage as the bulls purchased at lower levels and have pushed the price back above $42.28 today.
The 20-day EMA ($36.57) has turned up and the RSI has risen into the overbought zone, indicating the bulls are in control.
If the bulls can now drive the price above $46.80, the DOT/USDT pair could resume the uptrend and rally to the target objective at $53.50.
This positive view will invalidate if the price turns down and breaks below the moving averages.
The moving averages are sloping up and the RSI is in the positive zone, indicating that the short-term trend is bullish. The strong rebound off the 20-EMA indicates that the bulls are aggressively accumulating on dips. This increases the possibility of a break above $46.80.
However, if the price turns down from the current levels and breaks below the 20-EMA, it will suggest that supply exceeds demand. Such a move could pull the price down to the 50-SMA.
EOS broke above the $5.60 overhead resistance on April 1 and closed at $6.25 on April 2, its highest close since June 29, 2019. This shows that the altcoin is once again generating interest among investors.
The bears dragged the price back below the breakout level of $5.60 on April 3, but the positive sign is that the bulls have not allowed the bears to assert their dominance. They have again pushed the price back above $5.60.
If buyers can sustain the price above $5.60 for three days, it will suggest the start of a new uptrend. The EOS/USDT pair is likely to pick up momentum after the bulls propel the price above $6.50. If they can do that, the pair could rally to $7.64 and then $8.69.
The 20-day EMA ($4.68) has started to turn up and the RSI is in the positive territory, indicating the bulls have the upper hand.
The 4-hour chart shows the bears attempted to trap the bulls when they pulled the price back below the 20-EMA and $5.40. However, the buyers did not give up and they successfully defended the $5.20 level.
This shows the bulls are buying on dips. The 20-EMA has started to turn up and the RSI is in the positive zone, suggesting advantage to the bulls. If they can sustain the price above $5.60, the possibility of a breakout of $6.48 increases.
Contrary to this assumption, if the price turns down and breaks below $5.20, it will suggest that the breakout above $5.60 was a bull trap.
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.
ShapeShift Launches Decentralized Trading Through THORChain, RUNE at ATH
In an announcement on April 13, the Switzerland-based non-custodial crypto company stated that it was now fully integrated with THORChain, enabling users to trade native Bitcoin with Litecoin and Ethereum for the first time.
The move is a big deal because it is the first time a decentralized exchange has enabled crypto asset swaps across different blockchains without the need for bridging technology or custodian controlled wrapped tokens.
Launch all the things! 🚀 🚀 🚀 pic.twitter.com/lgkUxl2QJ6
— ShapeShift 🦊 (@ShapeShift_io) April 13, 2021
THORchain Crossing the Chains
THORchain launched its long-awaited MCCN, ‘multi-chain chaos net’ platform on Tuesday, April 13 amid a great deal of hype from the crypto community including ShapeShift CEO Erik Voorhees.
Less than a day before the launch, Voorhees stated that it would be a huge deal for crypto.
“Native cross-chain decentralized exchange. Never been done before. Arguably the biggest event in crypto this week, though it may not be obvious for a year or two.”
THORchain uses its own native token RUNE as collateral and an intermediary, so those wanting to trade BTC for ETH, for example, will have the trade go via RUNE yet the end-user will not notice.
The revolutionary platform has been in development for three years and yesterday’s launch could bring big improvements to the rapidly evolving DEX space.
Voorhees continued to extol its virtues:
“We saw the power of this technology and wanted to bring it to our users immediately. This is a continuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs.”
ShapeShift DEX users, including those making trades via the new THORChain integration, can also earn FOX Tokens with every trade which enables eligibility for other rewards on the platform.
FOX Pumps 45%, RUNE Hits ATH
ShapeShift’s FOX token exploded on the news, pumping 45% to reach an intraday high of $1.30. The exchange-based token has made 180% over the past month and hit an all-time high of $1.60 on April 6.
THORchain’s RUNE token has also been on fire, surging 19% on the day to hit an all-time high of $14.60 at the time of writing according to Coingecko.
RUNE has doubled in price over the past fortnight and pumped a monumental 1,150% since the beginning of the year.
AAX Exchange reveals: HKD, SDG, and GBP Top FIAT currencies deposited in April
[Press Release – Singapore, April 13, 2021 ]
After the 2021 easter holiday, AAX recorded the highest amount of fiat deposits into the exchange with a total over 10 million USD in 10 days. The top three currencies are Hong Kong Dollar, Singapore Dollar and Great Britain Pound.
AAX supports three methods for depositing fiat, including peer-to-peer trading, fiat gateways supported by fiat gateway partners, and direct bank transfer powered by First Digital Trust, the digital custody arm of Hong Kong-licensed and publicly registered trust company, Legacy Trust.
“For many years, the on and off-ramps between crypto and fiat have acted as a bottleneck,” said AAX’s CEO, Thor Chan. “Now that the infrastructure is in place, we’re seeing more and more individuals transition into Bitcoin for its disinflationary qualities or seek exposure to altcoins for portfolio diversification.”
“While our peer-to-peer and Fast Buy platforms are effective in serving most retail traders, with First Digital Trust we’re also able to serve high net worth investors as well as traders that are looking for cross-currency arbitrage opportunities.”
AAX, a member of the London Stock Exchange Group’s institutional partner platform, gives its investors the same tools and market infrastructure as what institutional investors generally expect to see on traditional exchanges.
Investors of all levels will find that AAX’s platform caters to their every need. Its newly created fiat deposit services provided through First Digital Trust adds an extra layer of trust to ease any concerns new investors in crypto might have when entering the crypto space.
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
Stellar-based gaming and collectibles platform Litemint to integrate DigitalBits
Non-fungible tokens or NFTs have stolen headlines the world over, plastered across both crypto and mainstream media. And, it’s no surprise. Beeple’s “Everyday’s – The First 5000 Days” sold at Christie’s for an astounding $69,346,250, asserting Beeple as one of the top three most valuable living artists. This sale established two historical landmarks: the first sale of a wholly digital piece of art with a unique NFT, and the acceptance of cryptocurrency (ETH) as the form of payment.
Paris Hilton recently released a comprehensive article on NFTs and their potential to empower creators. She also hinted at releasing her own. And this is only the tip of the iceberg, with musicians such as 3LAU and the King of Leons, as well as sports superstars like Tom Brady and Rob Gronkowski getting in on the action.
The DigitalBits Project, first launched in 2017 with an initial focus on consumer digital assets, has since expanded to include branded stablecoins as well as the rapidly growing world of esports and gaming. The XDB Foundation, the primary contributor to the DigitalBits Project, is now looking to enter the NFT space, having recently sealed a partnership with leading NFT and Collectibles Marketplace, Litemint, a technology company specializing in the creation of unique experiences for crypto enthusiasts, collectors, and gamers.
The introduction of NFT functionality to the DigitalBits blockchain introduces a wholly new vertical to the platform. As scalability issues continue to plague Ethereum, DigitalBits provides a welcome alternative to creators and users alike, allowing for significantly reduced gas fees and wait times.
Built on Stellar since its inception in 2018, Litemint recently unveiled its NFT and Collectibles marketplace, expanding beyond its initial gaming value proposition. Litemint brings NFTs and digital collectibles to the online gaming experience, introducing unique elements such as true asset ownership and seamless transfer and tradeability not available within today’s leading online gaming environments.
DigitalBits’ origins as a Stellar fork make it highly compatible with Litemint’s existing technology and allows for the activation of a number of potential synergies between the XDB Foundation and Litemint.
“With its unique closeness to the mainstream, gaming industry and core compatibility with the Stellar technology, DigitalBits is a perfect match for our NFT and collectibles platform,” stated Frederic Rezeau, Founder and CEO of Litemint. “I am confident that together, provided our ability to execute on the open-source Stellar technology, we can leverage exceptional business opportunities with a seamless integration of DigitalBits and their consumer-oriented market.”
Other organizations are also looking to DigitalBits as an alternative for their NFT initiatives. The network is highly scalable, capable of processing upwards of 10 000 transactions per second, with transaction fees as low as 0.00001 XDB (less than a penny at today’s prices), and confirmation times ranging between 2-5 seconds. Although Ethereum is the current market leader for NFTs, the network’s inability to scale has resulted in exorbitant fees when minting and transferring NFTs, creating a huge barrier to entry. The integration of the DigitalBits network with platforms such as Litemint now provides an agile, low-cost alternative for creators and users, streamlining the issuance, transfer, and trade of NFTs.
“I’m very excited to see the upcoming integration of the DigitalBits network into Litemint’s NFT and collectibles marketplace,” said Michael Gord, Managing Director of the XDB Foundation. “NFTs have the ability to add an entirely new layer to the user experience, allowing for unique activations that can be implemented across numerous different industries. I look forward to seeing the ongoing innovation that continues to emerge from this new asset class as more and more people begin to use NFTs.”
Litemint acquired Stellarport, a leading decentralized exchange, and service platform within the Stellar ecosystem, in January 2020, citing the massive opportunity created by bringing together crypto users and gamers, bringing unmatched dynamism to both platforms. The DigitalBits Project is an open-source protocol layer blockchain specializing in consumer digital assets, the development of which is led by the XDB Foundation. The XDB Foundation is a non-profit organization focused on driving growth and adoption of the DigitalBits blockchain and ecosystem.
Disclaimer: This is a paid post and should not be treated as news/advice
How NFTs, DeFi and Web 3.0 are intertwined
Altcoin Season 2021 Booming as BTC Dominance Hits 2-Year Low: The Weekly Crypto Recap
11% Of Business In Spain Use Blockchain Technology, Report
XRP Price Analysis: 10 April
Has the rally ended for altcoins like LINK, ADA, and NPXS?
Kava 5.1 Upgrade Aims to Improve Earnings for Bitcoin Lending
By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July
Whole Earth Coin (WEC) Set for IEO to Inject New Life Into Aging Infrastructure
Coming this Sunday April 11th to New to the Street
Kraken Daily Market Report for April 09 2021
Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet
NYSE celebrates historic ‘first trades’ with NFT series
Enterprise-level partnerships send VeChain (VET) price to new highs
Watch these key technical levels as Bitcoin price nears $61,800 all-time high
XRP, VeChain, Enjin Price Analysis: 09 April
Why this CEO argues against KYC norms for Bitcoin
SingularityNET (AGI) rallies 1,000% as industries aim to merge AI with blockchain
Uniswap, Monero, Ethereum Classic Price Analysis: 10 April
SEC approves Exodus wallet for Regulation A stock offering
Oasis Foundation announces implementation of Tidal DeFi insurance platform
Blockchain6 days ago
Decentralized oracle solution Umbrella Network adds Huobi as validator node
Blockchain6 days ago
XRP Price Analysis: 08 April
Blockchain6 days ago
$48B Asset Manager Millennium Management Dabbles With Bitcoin
Blockchain6 days ago
Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?
Blockchain6 days ago
Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”
Blockchain6 days ago
Binance Smart Chain Daily Transactions 200% More Than Ethereum’s
Blockchain6 days ago
Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again
Blockchain6 days ago
Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K