Market signal. Lots of news about Russia and Ukraine could affect the price of Bitcoin (BTC), which fell below the strong support at $39,600. In the midst of this BTC price decline, have you rushed to Buy The Dip yet? You can use this price drop as an opportunity to buy BTC! It is alleged that when the price rises to $40,000, the market will have a crypto rebound as a whole. Read the full analysis here!
5 Bullish Crypto Assets
Klaytn’s native cryptocurrency, KLAY, dropped from a downtrend line on February 16, indicating that bears are continuing to sell on the rally. However, the small positive is that the advance did not allow the price to break below the 200-day EMA of 17,842. This indicates that traders are buying when they go down to these levels.
If the price rises and stays above the 25-day moving average of 18,202, buyers will again try to dominate the price and the next resistance in the 19,000s range. If they manage to do that, it will indicate a possible trend change. The KLAY/IDR pair could then rally to 20,000. Alternatively, a close below the 200-day EMA, would indicate that the bears have beaten the buyers. That could bring the price down to 17,000.
The 4 hours chart shows that the bears are aggressively maintaining resistance above 18,000. The pair dropped from this resistance but the buyers did not let the price break out and hold below the 25 MA.
If the price rises from the current levels, buyers will try to break the immediate resistance at 18,500 and challenge the resistance at 19,000. A break and close above this level could open the possibility of a rally to 20,000.
Decentraland (MANA) dropped from a descending trend line on February 16, indicating that sentiment remains bearish and traders are selling as the rally moves up to resistance levels. The bears have pulled the price below the 200-day EMA on the 4-hour chart (42056), which opens the door for a decline to the strong support zone between 37,500 and 38,000.
If the price rebounds from this zone, the buyers will again try to push the MANA/IDR pair above the EMA200 line. The bulls must cross this barrier to indicate the start of a new bull run.
On the other hand, if the bears sink and keep the price below the 200-day EMA, selling could increase and the pair could slide further below 37500.
Bears have pulled the price below the EMA-200. If the price holds below this level, the pair may drop to the support line and the decline may occur deeper. A break and close below the channel can sink the pair to the level of 35,000.
If the price rises from the current levels, buyers will try to push the pair above the 200 EMA. Such a move will be the first sign that the bulls are trying to return to the uptrend line. A break and close above the 200-EMA will increase the chances of a rally to the next resistance line at the level of 42,500.
Returning to the Bullish lineup of crypto assets, Ripple (XRP) saw a 76% spike after its “big” users (commonly referred to as WHALE) indicated they added a total of up to 897 million tokens, worth over $712 million from December 2021 to February 18 2022 yesterday, reported by analytics company Santiment.
The platform further highlights that the XRP accumulation witnessed in the last three months is the second largest in the existence of the coin. The first massive accumulation took place in November–December 2020 where Whales deposited a total of 1.29 billion XRP to their addresses.
Interestingly. the surge in the supply of XRP to the Whale addresses coincided with the price increase against Bitcoin. As a result, the recent uptick in Whale -led accumulation raises the possibility of a similar uptrend in the XRP market, Santiment hints in the chart above.
Nonetheless, it’s important to mention that XRP’s big boom in November 2020 came especially after Ripple’s move to buy XRP for $46 million to “support a healthy market.”
The project was launched in January 2018 by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang and Kevin Tan. IOST’s blockchain infrastructure is open-source and designed to be secure and scalable — all with the hope of serving as the backbone for future online services.
Cryptocurrency lending platform Celsius Network has raised $400 million in a new equity funding round amid US regulators cracking down on crypto lending in late 2021.
Through its announcement, the company intends to use the proceeds from this investment to continue to expand its offerings and products, with a focus on institutional grade products. Celsius also expects to double its team from 486 employees to nearly 1,000 and expand globally through strategic acquisitions.
5 Bearish Crypto Assets
The failure of buyers to maintain strong support at 640 million suggests that Bitcoin continues to face strong selling by. The 200-day exponential moving average (661,739,793) has started to fall and the relative strength index (RSI) has slipped into negative territory, suggesting that bears dominate selling prices having the upper hand.
If the price holds below 600M, selling could pick up momentum and the BTC/IDR pair could drop to the support zone between 560M and 550M. An increase may occur if the price is able to bounce back to the price of 650 million. However, the longer the price stays below 600M, the more likely a downside move is.
Contrary to this assumption, if the price rebounds from the current levels and quickly rises above 650M, it will indicate a strong accumulation at lower levels. The bulls will then try to push the price above the 200-day EMA.
Bulls need to cross the resistance hurdle at 661 million to indicate the start of a new advance. The failure of the bulls to hit a strong rebound from 600 million indicates a lack of demand at higher levels. This may have strengthened the bears who pulled the price below 600 million.
The RSI has slumped deep into oversold territory, suggesting that selling may have been overdone in the short term. This suggests a positive rally of gains in the near term.
If the bears manage to keep the price below 550 million, selling may increase and the pair may drop to 500 million. This negative view will be invalidated in the short term if gains push the BTC/IDR pair above 600 million to 650 million.
The Sandbox (SAND)
Did you know, even though the price is correcting, Sandbox is one of the biggest recipients of investment from Animoca, the Blockchain gaming company and Metaverse.
According to the official whitepaper, the main mission of the Sandbox platform is to successfully introduce blockchain technology in mainstream games. The platform focuses on facilitating a creative “play-to-earn” model, which allows users to be creators and gamers at the same time. Sandbox harnesses the power of blockchain technology by introducing the utility token SAND, which facilitates transactions on the platform.
Tezos (XTZ) descended from the descending trend line on February 10, the price was observed to have fallen from 59K to its current level of 47K. indicates that the bears continue to sell on the rally.
If the price rebounds from this support, buyers will try to push the pair XTZ/IDR above the 25-MA at 54K levels. If they succeed, the pair could indicate a possible trend change and the price may bounce up above 60K.
This positive view may cancel if the price breaks the 40K support. Such a move could open the door for further declines. A break and close below this support will increase the chances of a decline to 41,339 levels then to 31,708.
The first sign of strength was a break and close above the 200-EMA. Such a move would indicate that selling pressure could be easing. A possible short-term trend change will be marked by a break and close above the 50 MA (55,456).
Theta Network (THETA) broke and closed above the downtrend line on February 10th, indicating that the downtrend may be ending soon. Generally, rallies above stiff resistance tend to reverse direction and retest breakout levels. However, a break and close below the channel’s support line could signal a deeper correction to 39,351.
Monero was launched in 2014, and its goal is simple: it allows transactions to be made privately and anonymously. While it is generally thought that BTC can hide a person’s identity, it is often easy to trace payments back to their original source because the blockchain is transparent. On the other hand, XMR is designed to obfuscate the sender and receiver through the use of advanced cryptography.
NOTE: If the EMA 5 crosses the WMA 75, 85 and EMA 200 lines and the lines intersect from the bottom up, then the market trend tends to be bullish (bullish), in each table above it shows that the EMA 5 value is higher than WMA 75, 85 and EMA 200 then the market tends to go up (bullish).
If the RSI and MACD values ??show the same condition, it means that the market is showing the same trend, overbought (overbought) or oversold (oversold) conditions are an indicator that the market is already at the point of changing the direction of the trend.
ATTENTION: All content which includes text, analysis, predictions, images in the form of graphics and charts, as well as news published on this website, is only used as trading information, and is not a recommendation or suggestion to take an action in transacting either buying or selling. certain crypto assets. All crypto asset trading decisions are independent decisions by the user. Therefore, all risks arising from it, both profit and loss, are not the responsibility of Indodax.
* Some data is quoted from Cointelegraph