Hi all! Bitcoin (BTC) and most of the major altcoins have been consolidating in recent days as investors wait for the trigger to initiate their next directional move. Some believe that rising inflation in the U.S. could be bullish for Bitcoin. ATOM is also on the list of Bullish crypto assets this week.
Now this time, Indodax Academy is here again to discuss 5 crypto assets that signal Bullish as well as Bearish for the next week.
5 Bullish Crypto Assets
Since BTC has officially become the currency in El Salvador, interestingly, Bitcoin continues to hold around Rp. 660 million, even though the trading volume is decreasing. BTC tried to challenge to the level of Rp. 694 million, but was met with rejection which pushed it back to the level of Rp. 650 million in the 1D time frame. BTC is still in the uptrend area, if BTC breaks out the price of 700 million, the next target of BTC Resistance is 750 million. We can expect several weeks of consolidation at these levels before we see any major momentum. The Magnum Real Estate Group, one of the premier real estate companies in New York, will accept Bitcoin as payment, increasing the number of organizations that have started adopting crypto-assets as payment.
Cosmos (ATOM) broke above the overhead resistance which held at Rp. 645 thousand. The bears tried to pull the price below the breakout level or around IDR 545k for the last few days but the bulls didn’t give up. This shows strong demand above IDR 600 thousand.
Both moving averages are sloping upwards and the RSI is in overbought territory, indicating that the price is overbought, if corrected, the immediate support is at 545K, and the next support is at 476K.
The 4 hours chart shows that the pair bounced off its 20 EMA, indicating that sentiment remains positive and traders are buying on any minor downsides. Both moving averages are tilted to the upside and the RSI is in the positive zone, indicating gains for the buyers.
Polkadot (DOT) rebounded from the 20-day EMA on September 18. The rising moving average indicates gains for the buyers but a negative divergence in the RSI suggests that the bullish momentum may be weakening. A break and close below the 20-day EMA could intensify selling and pull prices down. If the price rebounds from this zone, the buyers will again try to continue the uptrend. Conversely, a break and close below the 50-day SMA would signal a possible trend change, the price could then turn down instead. Even so, based on the 1D time frame, DOT is still in the uptrend area, and the price tends to be sideways bullish. Immediate support is at 495K and 431K, the next resistance targets are 493K and 525K. If the DOT breaks the resistance level of 550K, the price has the potential to reach 612K. Currently, DOT is in the #8 position in CMC.
Third, there is the OMG crypto asset that has just arrived on the Bullish crypto asset list. OMG Network, formerly known as OmiseGo, is a non-custodial layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.
The OMG network currently consists of a team of over 50 employees spread across the globe. The company was founded by Thai-born Vansa Chatikavanij and operates as a subsidiary of SYNQA — a Thailand-based fintech company formerly known as Omise Holdings.
Lastly, there is CELO present on the Bullish crypto asset list. Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users.
By using phone numbers as public keys, Celo hopes to introduce the billions of smartphone owners around the world, including those without banking access, to transacting in cryptocurrencies.
The network also enables the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi). Its mainnet launched in April 2020.
The platform has two native tokens. CELO is a proof of ownership (PoS) token used for transaction fees, governance participation, and related activities. In the future, the platform aims to host a variety of stablecoins, with one, Celo Dollar (CUSD), already in use.
According to CMC, the price of CELO is up 17% from the last 24 hours.
5 Bearish Crypto Assets
Coming back from last week, the first crypto asset to experience bearishness was Telcoin (TEL).
According to Coinfi, Telcoin (TEL) is currently the #99 crypto asset by market cap at $936.3M USD. Trading volume for Telcoin over the last 24 hours is $9.7 million USD. There is no news on Telcoin for the last 7 days. The most common news source covering Telcoins is Twitter Telcoins and the most common news category is Project Announcements.
This shows that there is market saturation experienced by this one crypto asset so that it is still perched on the Bearish crypto asset list for the next week.
The second, is back on the list of bearish crypto assets, namely VIDYX. VIDYX is a token running on the TRON blockchain that will revolutionize how data ownership is sensibly mediated, refined and executed on the web. The VIDYX framework is a sustainable token economy that dually supports online publisher and consumer ecommerce video inventories.
Although currently XinFin is collaborating with several other Blockchain platforms in Smart Contract integration, it seems that the XDC chart is experiencing an increasingly sharp decline.
Blockchain technology has the capacity to transform business with blockchain related Smart Contract frameworks like XinFin. Currently, the decentralized oracle platform plugin offers a cost-effective solution for any Smart Contract on the XinFin platform. In your opinion, can this bring the XDC market back to bullish?
Enjin Coin (ENJ)
According to Coinfi, Enjin Coin (ENJ) is currently the #81st crypto asset by market cap at $1.2 billion USD. The trading volume for Enjin Coin over the last 24 hours is $88.1M USD. Just like TEL, there has been no news on Enjin Coin for the last 7 days, resulting in a saturated market and no significant activity that could raise prices. You can read more about ENJ on Enjin Coin Reddit.
Lastly, the ZIL crypto asset. According to CMC, Zilliqa is down 9.26% in the last 24 hours. CoinMarketCap’s current rating is #85. ZIL has an outstanding supply of 11,756,615,202 ZIL and max. supply 21,000,000,000 ZIL.
Zilliqa is a public blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. Zilliqa seeks to solve blockchain scalability and speed issues by using sharding as a second layer scaling solution. The platform is home to many decentralized applications, and as of October 2020.
NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to be bullish,
in each table above shows if, the value of EMA 5 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 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 a transaction, 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.