[ad_1]
Although Bitcoin (BTC) has managed to maintain its dominance throughout the bear market, we are seeing some major cryptocurrencies outperform it. This shows that the market has started to favor some coins and disregard the others.
We believe that some cryptocurrencies might bottom out even before Bitcoin does. Due to that, it is necessary to be selective about coins if one wants to reap the benefits.
When larger traditional investment firms and exchanges get ready to take the plunge, it is an indication of underlying demand. Therefore, we expect increased involvement from the larger players who have been waiting on the sidelines.
The bear market is a difficult time for investors in terms of the prices. But it is also a period when the fundamentals improve and ultimately carry the prices out of the bear phase.
We believe that since last year, the fundamentals of the crypto asset class have been improving, and it is only a matter of time before the prices reflect that improvement. Every bull market has its leaders, and we want to identify the cryptocurrencies that can lead the next move upward.
LTC/USD
Litecoin (LTC) creator Charlie Lee wants to make the cryptocurrency more “fungible.” He plans to add confidential transactions through a soft fork. The update is expected to take place later this year.
The next Litecoin block reward halving is set to happen in early August. Crypto analyst and trader Moon Overlord tweeted that the digital currency had bottomed out approximately 200 days prior to its halving in 2015, and the ensuing rally peaked roughly two years after the event.
If history repeats itself, the virtual currency might have bottomed out by now and could maintain an uptrend for the next two years. Though a nice observation, we believe that the current situation is significantly different from 2015, so a repeat of previously seen events is unlikely.
Ben Askren, a popular Ultimate Fighting Championship (UFC) martial artist, tweeted a video in favor of cryptocurrencies and Litecoin, which should help give it cryptocurrency greater visibility.
After breaking down of the support at $47.246 in mid-November of last year, the LTC/USD pair found support at $23.090. The bulls have been attempting to push the price higher, but faced selling close to the $40 mark.
If the overhead resistance zone of $40–$47.246 is scaled, we anticipate the start of a new uptrend. The longer the pair remains inside a range, the stronger will be the eventual breakout. The targets to watch on the upside are $65.561, and above it $69.279.
However, if the digital currency turns down from either of the overhead resistances and plunges below $23.090, the downtrend will resume. We expect the current range bound action to continue for a few more days before a decisive move up or down begins.
BNB/USD
Crypto exchange Binance has entered into a partnership with payment processing company Simplex to offer its customers the ability to buy cryptocurrencies with credit cards. The company has completed the sale of BitTorrent (BTT) tokens in under 15 minutes, which shows strong underlying demand.
Can Binance Coin break into the top ten cryptocurrencies by market capitalization? Let’s find out.
Our suggested buy on a close (UTC time frame) above the descending channel has not triggered. As the 20-week EMA is just above the channel, we recommend traders to wait for a close above the 20-week EMA before entering long positions.
A breakout and close above the descending channel confirms a change in trend. After the breakout, the BNB/USD pair can either start a new uptrend or enter into a consolidation. In the case of an uptrend, it can rally to $12, and above it to $15. However, if a consolidation ensues, we expect it to hold above $5.4666.
Conversely, if the bears sink the price back into the channel, it will indicate weakness and a retest of the low at $4.1723848 will be probable. Hence, we propose a stop loss at $5 after long positions are initiated.
XRP/USD
Ripple (XRP) saw some wild movements this week due to various news and rumors. SWIFT, a major global banking payments network, announced plans to launch a proof-of-concept gateway in partnership with blockchain software firm R3.
This got the rumor mill churning, with some speculating that it might eventually lead to some kind of a tie-up between Ripple and SWIFT. This resulted in a sharp spike in the XRP price, which did not sustain for long.
Japanese finance giant SBI Holdings has also acknowledged Ripple’s potential in international remittance. Is it time to buy the cryptocurrency? Let’s analyze the chart.
The XRP/USD pair has been trading inside the descending channel since late September last year. The bulls are trying to defend the support at $0.27795. Both moving averages are sloping down, and the RSI is in the negative zone, which shows that the bears have the upper hand.
If the price turns down and breaks below $0.27795, it can drop to the yearly low of $0.24508. A break below the yearly low will resume the downtrend.
However, if the bulls push the price above $0.45097, we expect a double bottom formation that will have a pattern target of $0.62399. Above this level, a move to $0.7644 is probable.
BTC/USD
The current bear market in Bitcoin (BTC) has become the longest in its short trading history, overtaking the 2013-2015 bear phase. One event that can alter the course of the bear market is the approval of a Bitcoin exchange-traded fund (ETF).
Just days after withdrawing its Bitcoin ETF application, the Chicago Board Options Exchange (CBOE), along with investment firm VanEck and financial services company SolidX, has resubmitted the application to the United States Securities and Exchange Commission (SEC)
The BTC/USD pair has been trading in small intraweek ranges for the past three weeks. This shows a balance between the buyers and the sellers. After this period of low volatility, we anticipate the activity to increase within the next few weeks.
Both moving averages are sloping down, and the RSI is in the negative territory, which indicates that the bears are in command. If the bears reassert their supremacy and plummet the pair below $3,236.09, the downtrend will resume. The targets to watch on the downside are $3,000, which is a psychological support, and below it $2,600.
Conversely, if the range expands to the upside and breaks out of the downtrend line, a move to $4,255, and above it to $4,914.11 is probable. After crossing this level, the rally can extend to $5,900, which will act as a major resistance.
TRX/USD
After a strong month, Tron (TRX) is taking a breather. What does the chart forecast?
The TRX/USD pair triggered our buy recommendation when it closed (UTC time frame) above the top of the range last week. However, contrary to our analysis, the bulls could not push the price higher.
The pair quickly gave up its gains and slumped back into the range. If the bulls push the price back above the range and scale the previous week’s high at $0.03128011, we can expect the rally to reach $0.04, and if this level is also crossed, the upward move could continue to $0.05218328.
On the other hand, if the bears sink the digital currency below $0.02352523, a drop to the support of the range at $0.0183 will be likely. Therefore, we suggest the traders maintain their stop loss at $0.021.
[ad_2]
Source link