Fri, August 19, 2022

Top Cryptos to Check this Week: BTC, AXS, ADA, FTT, LINK

Top Cryptos to Check this Week: BTC, AXS, ADA, FTT, LINK

BTC is trying to achieve weekly profits for the second time in a row; Accordingly, it completes the weekly closing with the highest price. According to Glassnode chain data, the recovery in the price of BTC was driven by demand in spot markets. This is likely to delight the bulls as history suggests that the need in the spot market is leading to sustained growth.

Another positive sign is strong demand from the ProShares BTC Strategy Exchange Trading Fund over the past two weeks; This brought the exposure to a record high. According to Arcane Research, a substantial influx suggests that BTC appetite increases through traditional investment means.

Along with Bitcoin, the broader crypto space also attracts investors. Venture capital buyers invested $4 billion in the crypto space in the last three weeks of February. Can buyers maintain momentum and extend the relief rally in Bitcoin and Altcoins? Top-5 cryptocurrency charts that may undergo significant changes in the short term.

BTC/USDT

BTC data for March 25 shows that bears are resisting $45,400. The slight positive is that the bulls did not give up much space, which indicates that traders do not close their positions in a hurry. The 20-day exponential moving average, $42,025, appeared. The relative strength index is in the positive territory, Which indicates that the bulls are in command.

If buyers raise the price above $45,400, the BTC/USDT pair may rise to the ascending channel resistance line. This level can still become an obstacle. However, if the bulls overcome this, the pair can reach a psychological level of up to $50,000.

Contrary to this assumption, if the BTC price drops from $45,400, the bears will try to bring the pair to solid support at $42,594. This is a significant level; If bulls are returned for help, the chance of a break of more than $45,400 increases. The bears will have to pull and keep the price moving below the moving average; To indicate that the bulls were brought to their hind legs.

The 4-hour chart shows that the price has dropped due to overhead resistance. However, the bulls did not allow the BTC/USDT to land below the 20-EMA. This suggests that traders are buying at every slight drop.

The rising moving average and RSI near the buy area suggest that the minimum resistance path is upward. This positive outlook will be dashed in the short term if the price breaks and stays below the 20-EMA. In this case, the BTC/USDT could fall to $42,594.

AXS/USDT VS BTC/USDT

The Axie Infinity has been trading at $72 to $44 in the last few days. Buyers raised the price above the resistance on March 25 but could not maintain higher levels. This indicates that the bears are vigorously guarding the group. Rolling averages completed the growth crossover. The RSI is in a positive area, suggesting a favor for buyers.

Suppose the price rises above the current level or lags behind the 20-day EMA, $56; the bulls will still try to raise the AXS/USDT pair above $72. If they manage to do so, the uplifting movement may boost momentum and increase the pair to $100.

This optimistic view will be overturned if the price falls below the 20-day EMA. This can keep the pair in the range for a few more days.

The 4-hour chart shows that the bulls have raised the price above $72 resistance above; However, they could not maintain a higher level. This may have led to profit-booking by short-term traders lowering the cost below the 20-EMA.

If the price rises from the current level, buyers will try to overcome the obstacle of $72 and start a new movement. Contrary to this assumption, if the price is kept below 20-EMA, Adjustments can be applied to 50 simple moving averages.

ADA/USDT VS BTC/USDT

The ADA has maintained a critical level above $1 for the last few days. This indicates that bulls may have been purchased at a lower level; Do not write profits aggressively. They expect the recovery to continue. Rolling averages completed the growth crossover. The RSI is in the positive zone. This indicates that bulls have an advantage. If buyers raise and maintain the price above $1.26, the growth momentum may increase. Consequently, the ADA/USDT pair may rise to the next critical resistance level of $1.60.

Alternatively, if the price drops below $1.26, the pair may remain in the range between the two levels for a few more days. Bears will have to sink and keep prices below moving averages; To abolish the vision of growth.

The 4-hour chart shows the bears aggressively defending their overhead resistance at $1.20. However, the slight positive is that the bulls were not allowed to price below 20-EMA. If the price rises from the current level, the bulls will still try to cross the $1.20 threshold and raise the pair to $1.26. Alternatively, if the price falls and falls below the 20-EMA, This suggests that the growth momentum has weakened. Then the team can be gradually reduced to $1.

FTT/USDT VS BTC/USDT

The FTX Token broke and closed at more than $49 and completed the ascending triangle pattern. Although, on March 25, buyers raised the price above $50 on psychological resistance, They were unable to maintain a higher level. This expresses that the bears didn’t give up. Consequently, they continue to sell at a higher level. The bears will now try to get back and keep the price below $49. If they manage to do this, aggressive bulls that have been removed from the triangle may be trapped. This could push the FTT/USDT pair up to the 20-day EMA, up to $45.

If the price falls to this level, buyers will still try to clear the resistance zone from $49 to $52; And then resume the move. Conversely, if the price falls below the moving average, the bears try hard to return. Breaking and closing the triangle below the upward trend line will cancel the growth pattern. Pairs can be reduced to $39.

Standing above $51 brought the RSI deep into the overbought area. Usually, such steps are followed by drastic adjustments or consolidations. If the bearish price drops below $49, the pair could fall further to the 50-SMA. If the price falls below this level, buyers will still try to raise the couple above $52 and resume moving. On the other hand, if the bears lower the price below 50-SMA, Sales could boost, and the pair could fall as low as $45.

LINK/USDT VS BTC/USDT

LINK has been trading in the massive range from $13 to $36 in the last few months. Although the bears have lowered the price below the support range, they could not maintain the crash. This suggests that markets have rejected lower levels. Rolling averages completed the growth crossover. The RSI is in a positive territory, which indicates that buyers have an advantage. The rally may meet resistance on a downward trend line; However, if this threshold is crossed, the LINK/USDT pair may increase to $20.

Alternatively, the moving average will likely act as solid support if the price falls below the current level. If the price returns from it, it may increase the possibility of a break above the downward trend line. This optimistic view will be overturned if the bears lower their moving averages below the price. This could open the door to $13 for a possible drop.

Bears provide strong protection at $16.50; However, the slight positive is that buyers did not allow the price to fall below 50-SMA. If the price rises above the current level or lags behind the moving average, The bulls will try to climb above the $16.50 pair. If they succeed, the pair could rise to $17.50. Contrary to this assumption, if the price falls below 50-SMA, It is likely that short-term bulls may have closed their positions—short support for $15. However, if It gives up, the pair could face up to $14.

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