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wNews: Why the World’s Richest Man Loves Dogecoin

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wNews: Why the World’s Richest Man Loves Dogecoin | Crypto Briefing



















Shutterstock cover by Lawrey

Key Takeaways

  • Retail masses are entering crypto thanks to Elon Musk and easy-to-use applications.
  • Bitcoin and Ethereum crashed hard on Monday, but both tokens have since recuperated nearly all losses on their way to local highs.
  • Learn how to buy synthetic American stocks and stake them for up to 200% APY.

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This week’s wNews column explores the various ways to measure retail’s entry into cryptocurrency, as well as why the world’s richest man is so obsessed with Dogecoin. 

Besides DOGE’s 367% rise over the past month, Bitcoin and Ethereum have also seen heady and volatile times. Following a brutal crash on Monday, both tokens looked primed to breach new all-time highs. Friday’s market activity had different plans, however. 

Finally, readers will learn how to earn up to 200% APY by purchasing and staking popular equities like Google, Netflix, and Alibaba. 

All that and more below.

Why Retail and Elon Musk Love Dogecoin

If last year’s narrative was the arrival of larger institutional investors to crypto, then this year looks to be marked by retail FOMO. Twitter threads and commentary already abound, discussing the “frothy” crypto ecosystem. 

For the purposes of this article, Investopedia provides a sound definition of “froth.” They write

“A frothy market is one where investors begin to ignore market fundamentals and bid up an asset’s price beyond what the asset is objectively worth. Froth in the marketplace is often characterized by overconfident investors and is a sign that investor behavior and investment decisions are being driven by emotions.” 

Thus, as the market approaches levels unrelated to the underlying fundamentals, one can say that it has entered rather frothy territory.

For example, despite its pending SEC lawsuit and wave after wave of exchange delisting, XRP has yet to crumble to zero. The token has even found a floor of sorts, suggesting that investors continue to buy the Hertz stock equivalent of cryptocurrencies. 

There are other ways to measure froth, too.

A prevalent metric is using Google Trends for terms like “Bitcoin,” “Ethereum,” and a few popular companies like “Coinbase.” This tool analyzes search volume for Google searches. Higher volumes indicate that more people are typing the term into Google in one form or another. 

Comparing this to the heady times of 2017 helps contextualize how far along the market is.

Google Trends for “Bitcoin” (Blue), “Ethereum” (Red), and “Coinbase” (Yellow) from Jan. 1, 2017 to present. Source: Google Trends
Google Trends for “Bitcoin” (Blue), “Ethereum” (Red), and “Coinbase” (Yellow) from Jan. 1, 2017, to present. Source: Google Trends

So far, the market has a long way to go before it hits 2017-levels. But, one should keep in mind that the above is a rather crude metric for determining a market’s froth. There are a hundred different ways to measure this phenomenon. 

To find out more about these other metrics, Crypto Briefing spoke with the co-founder and COO of the data analytics platform, CoinGecko

Besides high traffic on crypto-specific websites, Bobby Ong said:

“There are also other metrics that have also increased in the past few months such as unique wallets created and exchanges’ trading volume. Mainstream fintech companies such as Square have recently reported that almost 80% of its Q3 Cash App revenue came from Bitcoin, indicating that retail users are actively buying Bitcoin through these easily accessible products.” 

In a nutshell, keep an eye on volumes for easy-to-use fiat on-ramps like Cash App and Coinbase. This is where retail is cropping up.

After that, there are specific tokens that also signal the entry of non-professional investors. 

Ripple’s XRP token served this purpose in the past, but the recent lawsuit has dampened this narrative. In its place, Dogecoin appears to be filling this gap. 

Alongside the token’s meteoric rise in the past month, Ong said that CoinGecko’s DOGE page has “seen a 367% increase” compared to the previous 30-day period. He added:

“There are two catalysts for the increase in Dogecoin price in 2020 which we identify as Elon Musk and TikTok. Elon Musk, who was recently crowned the richest man in the world and has 42.3 million followers on Twitter, in December, tweeted about Dogecoin and changed his Twitter profile as the ‘Former CEO of Dogecoin.’ This led to many retail investors to become aware of Dogecoin.” 

What’s more, that same Dogecoin tweet is now up for auction as a non-fungible token (NFT). At the time of press, the tweet is worth more than $7,000. 

Ong also confirmed that DOGE is a reasonable proxy for retail investors due to its use as a meme. Musk’s fascination with the token is likely similar. The Tesla founder has something of a penchant for actively posting viral memes on Twitter.

Concluding, perhaps everyone simply loves Shiba Inus, Dogecoin’s unofficial mascot.

Thanks to DOGE, now they can express this love through the purchase of a cryptocurrency. And based on recent price action, love is a powerful market force.

Market Action: Bitcoin (BTC)

7-day BTC/USD chart. Source: CoinGecko
7-day BTC/USD chart. Source: CoinGecko

Bitcoin crashed on Jan. 11, 2021, shedding more than 20% of its value in just a few hours. Various critics, including ECB President Christine Lagarde, called for the token’s imminent death. 

Despite the market panic, on-chain analysis revealed that large holders were quietly adding cheap BTC to their wallets. 

Whales Buy the Dip
Source: Twitter

In the end, dip-buying optimists eventually prevailed. At the time of press, Bitcoin has recuperated nearly all of its losses since Monday and is currently trading hands at roughly $35,000 despite a midday crash on Friday. 

SIMETRI’s leading Bitcoin analyst, Nathan Batchelor, added that:

“BTC has recovered strongly from the $30,000 level in recent days and the dip-buying tone should prevail while the $36,500 level is defended. I would expect a coming test towards the $41,000 level if this remains the case, with a breakout above this area placing the $46,500 and $51,000 levels as upside targets.” 

Though $51,000 seems like an extremely bullish target, one need only consider the retail froth mentioned above. eToro, another popular crypto brokerage for this demographic, recently told users that they might have to suspend trading on the platform this weekend due to high demand. 

For reference, eToro has been dominating the social-networking-meets-finance market slice since 2007. They’re a popular brand with huge volumes. 

And when they say that they’re running low on Bitcoin, Batchelor’s price targets may actually be too low. Previous highs were thanks to institutional investors, but now retail is joining in a big way. 

Market Action: Ethereum (ETH)

7-day ETH/USD chart. Source: CoinGecko
7-day ETH/USD chart. Source: CoinGecko

Insofar as the crypto market is one big Bitcoin trade, Ethereum followed BTC in the crash earlier this week. But, as the above chart shows, the recovery has been V-shaped as ETH now trades a meager 21 points below its all-time high of $1,448.

All that needs to happen is a successful breach of $1,400. From there, the sky’s the limit, according to Batchelor. He said: 

“Ethereum looks set to test $1,400 at the moment. A sustained move above $1,400 and I would expect a breakout towards $2,000.”

Ethereum’s DeFi niche continues to build, ship, and deploy since making headlines last summer alongside positive price action. And one particular competition that emerged during those heady times was that between Uniswap and SushiSwap

For those just joining, SushiSwap is a forked version of Uniswap. It offers essentially the same product as Uniswap, but at that time, it incentivized users to join the platform with its native token, SUSHI. Uniswap hadn’t yet distributed its UNI token. 

What initially appeared to be just another meme coin amid the yield farming frenzy, SushiSwap has now emerged as quite efficient for several trading pairs. A former Crypto Briefing journalist turned Delphi analyst, Ashwath Balakrishnan, whipped up an insightful thread on precisely this.

In sum, both platforms are thriving despite the existence of this competition. Uniswap is on the cusp of breaking an all-time high for daily volume despite dropping its token incentives, too.

Finally, Ethereum enthusiasts have been anxiously awaiting a new proposal that would burn gas fees to reduce network congestion. Unfortunately, miners aren’t too pleased with EIP-1559, as it would bite into their profits and allegedly promote centralization. 

Crypto Briefing will be monitoring this proposal closely. 

Crypto To-Do List

Last week, readers were encouraged to experiment with one of ten DeFi applications. The reason for the testing was simple: Each application is rumored to be dropping a native token for early users.

This week, readers are encouraged to experiment in the emerging world of synthetic assets. 

This sub-niche has been booming recently, with large exchanges like FTX and Bittrex launching their offerings. Other decentralized versions like Synthetix and Mirror Protocol also show promise. 

These assets essentially bring the world of traditional equities to crypto, opening up the market to anyone with an internet connection. There are a few flavors of how this is precisely executed, but Kyle Samani of Multicoin Capital told Crypto Briefing that: 

“There’s a pretty high probability that synthetic assets overtake traditional markets. Permissionless venues will open American markets to a 7 billion global population.”

Whether one agrees with Samani or not is beside the point. Experimenting with tokenized Google stocks is an excellent educational opportunity.

And today, Crypto Briefing will unpack Mirror Protocol in particular. For anyone wondering, the author does not hold any LUNA, MIR, or UST tokens. This is strictly for educational purposes.

To get started, users must have Terra’s native stablecoin called TerraUSD (UST) and its third-party wallet, Terra Station. The wallet is not dissimilar from MetaMask, except that it’s connected to the Terra blockchain rather than Ethereum. Users can buy UST on Uniswap with ETH.

Once fully equipped, users can begin minting their UST for “mirrored” versions of 13 traditional stocks. 

The list includes Apple (AAPL), Google (GOOGL), Tesla (TSLA), Netflix (NFLX), Invesco QQQ Trust (QQQ), Twitter (TWTR), Microsoft (MSFT), Amazon (AMZN), Alibaba (BABA), iShares Gold Trust (IAU), iShares Silver Trust (SLV), United States Oil Fund (USO), and the Proshares VIX (VIXY). 

Users receive tokens with an “m” prefix, followed by the synthetic stock’s ticker. With that, users’ work is done. They now have price exposure to some very popular equities. 

For the more ambitious user, however, there are a few other options to continue this journey.

Users can take their “mAssets” and add them to a liquidity pool akin to Uniswap and earn fees. Users receive a liquidity provider (LP) token representing how much liquidity they provided for doing this.

The final step is then adding this LP token to any number of relevant staking opportunities on Mirror. 

Mirror Protocol has two cryptocurrencies, a stablecoin and a native asset called MIR. Source: Mirror Protocol
Mirror Protocol has two cryptocurrencies, a stablecoin and a native asset called MIR. The most lucrative staking opportunity at the time of press is 214% for staking mVIXY-UST. Source: Mirror Protocol

The returns for staking are relatively high, but users also run the risk of incurring impermanent loss. Experimentation is all part and parcel of crypto these days, but staying safe should be a high priority for all users. 

That’s why Ong of CoinGecko advises caution to any crypto-curious retail user. He concluded: 

“Retail investors should be aware of the various risks involved when it comes to cryptocurrencies. They will need to focus on understanding the basics such as how blockchains and cryptocurrencies work. They should also be aware of cryptocurrencies’ highly volatile nature as this will prepare them for any high pressure situations as the market keeps gyrating.”

That’s all for this week’s edition of wNews, readers. Stay tuned for next week’s dispatch.

Disclosure: At the time of press, the author held BTC, ETH, POLS, and WBTC.

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Source: https://cryptobriefing.com/wnews-why-worlds-richest-man-loves-dogecoin/

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How to Earn on Crypto you’re Hodling in 2021

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How to Earn on Crypto you’re Hodling in 2021

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Everyone in the world likes money and even better if you can earn with the money you already have. There has been a sharp rise in crypto price points in recent months so if you’re one of the many die-hard holders out there you are probably wondering how you can get a return from the holdings you already have. Thankfully as the industry has evolved so has the ability for investors to earn on their holdings of crypto assets. This article will talk about some of the ways you can try to make a return on investment for everything you currently have in your portfolio. Some of the earning ways are conventional and others require a little bit of work or substantial knowledge. Nevertheless here are some ways you can earn on your crypto portfolio. 

Staking is the process of actively holding a small to substantial amount of funds in a designated blockchain wallet in order to support a proof of stake (PoS) blockchain protocol. Essentially the investor locks funds into a particular wallet to support the staking process of the blockchain which they are staking on. As with anything in life an individual only does something if they feel they will gain benefit from it so when it comes to staking a stakeholder in the proof of stake blockchain will only lock in their stake if they are going to receive a reward. Many blockchain platforms out there offer proof of stake rewards to those staking crypto in locked wallets and you can earn a staking reward from doing so. When staking you often do not only earn an income from locking in funds but the staking also offers the holder the ability to vote on the blockchains protocol updates. Think of it similar to having voting rights from holding stock in a public company, you will have the right to a proportional vote to your stake on the future of the blockchain protocol. It’s relatively easy to find a company that allows you to stake your crypto and even the big guys like Coinbase offer staking features on their platform.

Peer to peer lending has become an increasingly popular topic in the modern fintech sector these days and the normal financial channels often translate over into the cryptocurrency world. Like with conventional peer to peer lending the way you earn money from the transaction is through interest on the lending of assets. Unlike conventional peer to peer products, the cryptocurrency world offers substantially higher interest returns than its fiat (government issued currency) counterpart. This is not always the case however, but as a general rule of thumb you are set to earn more with a crypto-based lending house.

One trusted example of a medium for lending is Nexo. Nexo offers credit lines to a borrower that are secured against crypto collateral. This collateralized method does away with the need for traditional credit checks since the crypto acts as the bridge of trust if and when the borrower is unable to pay. So you are always safe as a lender in that regard. Nexo clients who deposit funds in fiat or stablecoins can expect to earn returns of up to 12%, whereas clients who directly deposit crypto can earn interest of up to 10% of their holdings. Lenders who hold a minimum percentage of their portfolio in NEXO tokens, and choose to receive payouts in their token are eligible to receive higher returns than those who do not. 

If you are interested in mining for more crypto, another option is to hold shares in an active cryptocurrency mine. Mining is the backbone of the entire cryptocurrency ecosystem. So by investing into a mine you are not only using your crypto to make more crypto, but you are also supporting the entire blockchain community through mining activities. 

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Miners solve complex mathematical equations using graphics processors. Once the mathematical equation is solved, the block is validated and a reward is sent to the miner. Pylon Finance is said to have the largest active ETH mine in North America with return rates for investors of up to 250% per year. 

The easiest way of all to earn money from your crypto may be to deposit your funds into a platform that offers you an annual percentage yield (APY) on the money you hold on their platform. This is similar to depositing money into a savings account at a bank that gives you an annual percentage return on what you hold in your bank account. You can check out the different DeFi depositing options on DeFi Pulse and start earning on your holdings immediately. 

What is important to consider however is that depositing can only be done with crypto assets and altcoins and not fiat currency so this is only a valuable way to earn returns if you are insisting on earning on just your crypto holdings. 

In a similar fashion to earning from DeFi, many crypto exchanges offer earnings programs. These again are similar to depositing into bank accounts and earning interest with the key difference being that the interest earned is usually substantially higher than one would earn from a conventional bank account. That coupled with compounding interest and the gains in the crypto market in recent months makes this option very attractive. Companies such as Crypto.com offer interest on the major cryptocurrencies up to 8% and pay out interest on a weekly basis. Along with being paid weekly you also have your interest accrued daily so you know whatever you are holding is always earning you money, even if your portfolio fluctuates. 

Although it isn’t conventionally set to make you money, you can look to the slot machines and roulette table for extra returns. If you’re a rainman at blackjack, Fortunejack is the oldest Bitcoin casino in the world – so why not try to make some tasty returns there?


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/how-to-earn-on-crypto-youre-hodling-in-2021/

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XRP, Cosmos, Elrond Price Analysis: 07 March

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XRP floated above its press time support but needed to retake additional resistance levels to overturn its bearish market. ATOM reflected a consolidated market as the price moved within a fixed channel while Elrond traded within an ascending channel after a bounce back from the $100-mark.

Source: CoinStats

Meanwhile, the world’s largest cryptocurrency Bitcoin was trading at $50,870 with a 24-hour trading volume of over $36.3 billion.

XRP

Source: XRP/USD, TradingView

XRP was still at the nascent stage of a recovery as the bulls barely held on to $0.46 level after flipping it to support. Weekly gains of over 10% highlighted the bounce back from $0.40 support as XRP rose steadily on the 4-hour time frame. Nevertheless, several challenges awaited the bulls moving forward. The first was to overcome bearish sentiment in the market set by the 200-SMA (green) crossing above the 50-SMA (blue).

Short-medium term challenges were presented by the overhead resistance levels $0.5 and $0.55. However, the ADX rested around the 15 mark and indicated a weak trend in the XRP market. The MACD line moved alongside the signal line as equilibrium was maintained between each side. Considering the neutrality set by the indicators, the bulls might have to sustain a period of consolidation before a northbound move.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

The Bollinger Bands on Cosmos started to converge as volatility looked to escape the Cosmos market. Short-bodied candlesticks on the 4-hour charts showed that the buyers and sellers were not in major disagreement with regard to the price. The RSI pointed lower from the 50-mark.

If the bears take control over the coming sessions, a fall towards $16.45 support could present some buying opportunities for traders at a discounted price. A psychological boost could also stem from a breach above the overhead resistance at $21.45.

Elrond [EGLD]

Source: EGLD/USD, TradingView

Gains over the past week amounted to over 12% as Elrond bounced back strongly from the $100-mark. As the price formed higher highs and higher lows, an ascending channel appeared on the 4-h0ur timeframe. The indicators tilted in the favor of the bulls at press time but a break outside the channel seemed unlikely.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the equilibrium point. The RSI was neutral-bullish as the index moved flat from above the 50-level.  A move above the upper trendline over the long run would present an upside at $208. Conversely, a southbound move from the lower trendline could see EGLD move towards the $100 level once again.


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Source: https://ambcrypto.com/xrp-cosmos-elrond-price-analysis-07-march

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Top 5 cryptocurrencies to watch this week: BTC, UNI, THETA, VET, LUNA

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Bitcoin’s (BTC) fundamentals received a boost as the U.S. Senate passed the $1.9 trillion stimulus bill on March 7. If traders react to this bill in the same way as they had done to the first stimulus package in April 2020, then the crypto markets may witness a strong rally.

The stimulus package also intensifies the focus on the devaluation of the U.S. dollar. These concerns could lead some investors to park their money in hard assets or Bitcoin instead of keeping them in fiat currencies, according to veteran trader Peter Brandt.

Crypto market data daily view. Source: Coin360

In addition to investors, a growing number of listed companies are choosing to protect their fiat reserves by buying Bitcoin. After the high-profile purchases by MicroStrategy, Tesla, and Square, a Chinese listed company called Meitu revealed that it had acquired $40 million worth of Bitcoin and Ether.

If other companies across the world also follow this lead and invest a portion of their treasury reserves in Bitcoin, that could create a massive supply and demand imbalance, sending prices through the roof.

Let’s study the charts of the top-5 cryptocurrencies that may resume their uptrend in the short term.

BTC/USD

Bitcoin dipped below the 20-day exponential moving average ($48,484) on March 5 and March 6 but the long tail on each candlestick shows buyers are ready to jump in at lower levels. The bulls have currently pushed the price toward the $52,040 overhead resistance.

BTC/USDT daily chart. Source: TradingView

While the 20-day EMA is flat, the relative strength index (RSI) has started to turn up and it has risen above 58, indicating that the bulls are attempting to make a comeback.

If the buyers can propel the price above the resistance, the BTC/USD pair may retest the all-time high at $58,341. A breakout of this level could start the next leg of the uptrend, which may reach $72,112.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below $46,313, the pair may drop to the 50-day simple moving average at $42,861. This level is likely to act as a strong support.

If the pair rebounds off this support, the pair may spend a few more days in consolidation. But if the bears sink the price below $41,959.63, traders may rush to the exit, which could signal a possible change in trend.

BTC/USDT 4-hour chart. Source: TradingView

The pair has formed an inverted head and shoulders pattern on the 4-hour chart that will complete on a breakout and close above $52,040. This bullish setup has a pattern target of $61,075.

The 20-EMA has started to turn up and the RSI has jumped above 62, indicating a minor advantage to the bulls.

This bullish view will invalidate if the price turns down from the current levels or the overhead resistance and breaks below $47,000. Such a move could open the doors for a decline to the next major support at $41,959.

UNI/USD

After consolidating near $29 for three days, Uniswap (UNI) has broken out of the overhead resistance today. If the bulls can sustain the price above $29, it will enhance the prospects of the resumption of the uptrend.

UNI/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is in overbought territory, which indicates that bulls are in command. If the UNI/USD pair rises above $33, the next level to watch out for is $38 and then $46.

This bullish view will invalidate if the price turns down from the current levels and breaks below the 20-day EMA ($25.31). If that happens, the pair may drop to $22 and then to the 50-day SMA ($19.78).

UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are likely to defend the $32 overhead resistance aggressively. However, if the bulls do not allow the price to dip below the 20-EMA, it will signal strength. A breakout and close above the $32 to $33 zone may start the next leg of the up-move.

This bullish view will invalidate if the price turns down and breaks below the 20-EMA. Such a move will suggest that traders are booking profits on rallies. The pair could then drop to the 50-SMA.

THETA/USD

THETA is in a strong uptrend. Although the altcoin turned down on March 7, the long tail on the March 8 candlestick shows buying at lower levels. Corrections in a strong uptrend generally last for one to three days after which the main trend resumes.

THETA/USDT daily chart. Source: TradingView

The rising moving averages and the RSI near the overbought zone suggest the bulls are in control. If buyers can drive the price above $4.72, the THETA/USD pair may resume the uptrend and rally to $5.73.

On the contrary, if the price turns down from the $4.50 to $4.72 overhead resistance zone, the pair may drop to the 20-day EMA ($3.58). A strong rebound off this support will suggest the sentiment remains positive as the bulls are buying the dips.

If the bears sink the price below the 20-day EMA, a deeper correction to the 50-day SMA ($2.82) is possible. Such a move will indicate that the momentum has weakened and may delay the resumption of the up-move.

THETA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the 20-EMA is rising and the RSI is in the positive zone. If the bulls can push and sustain the price above the downtrend line, the pair may retest $4.72. A breakout of this resistance could start the next leg of the uptrend.

On the other hand, if the price continues to correct, it may find support at the 20-EMA. If that happens, the bulls will again try to propel the price above the downtrend line. However, a break below the 20-EMA may pull the price down to $3.85.

VET/USD

VeChain (VET) is currently stuck in a large range between $0.0345 and $0.060774. The price had reached the resistance of the range, but the long wick on today’s candlestick shows profit-booking near $0.060774.

VET/USDT daily chart. Source: TradingView

However, the moving averages are sloping up and the RSI has also inched higher into the positive territory, suggesting that the path of least resistance is to the upside. If the bulls can push and sustain the price above $0.060774, the VET/USD pair may start the next leg of the uptrend.

The first target on the upside is $0.087048 and if this level is also crossed, the pair may rise to $0.10.

Contrary to this assumption, if the price turns down from the current level, the pair may drop to the 20-day EMA ($0.047). A bounce off this support will suggest that the uptrend remains intact, but a break below it may bring the range-bound action into play.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows some profit-booking near $0.060, but the positive sign is that the bulls have not allowed the price to collapse. If the pair rebounds off the 20-EMA, the bulls will make one more attempt to thrust the price above the stiff overhead resistance.

If they can sustain the price above $0.060774, the next leg of the uptrend could begin. However, if the price dips below the 20-EMA, the selling could intensify and the price may drop to the next support at the 50-SMA.

LUNA/USD

Terra (LUNA) is currently consolidating in a large range between $5 and $8.50 for the past few days. Both moving averages are sloping up and the RSI is near the overbought territory, indicating the path of least resistance is to the upside.

LUNA/USDT daily chart. Source: TradingView

The bulls pushed the price above the range on March 5, but could not build up on the breakout as the price turned down and slipped back below $8.50 on March 6. This suggests that demand dried up at higher levels.

However, if the bulls do not give up much ground, it will indicate that traders are waiting to buy the shallow dips. If that happens, the buyers may make one more attempt to start the next leg of the up-move. If they succeed, the LUNA/USD pair could rally to $12.

LUNA/USDT 4-hour chart. Source: TradingView

The long wicks on the candlesticks above $8.50 show profit-booking at higher levels and the bulls are currently attempting to defend the 20-EMA. If the price rebounds off the current levels, the buyers will again try to resume the uptrend by driving the pair above the $8.50 to $9 overhead resistance zone.

On the contrary, if the bears sink and sustain the price below the 20-EMA, the pair could dip to the 50-SMA. If the price bounces off this level, the pair may consolidate in the upper half of the range for some time. A drop below the 50-SMA will be a signal that the price may settle into the $5 to $6 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.

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Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-uni-theta-vet-luna

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