Altcoins Price AnalysisBitcoin Price Analysis

Five digital currencies that traders should monitor this week


If the price of Bitcoin fluctuates in the current range, it is likely that we will see a jump in digital currencies such as Cardano, Theta, Monroe and AMP these days.

New Federal Reserve policies to curb rising interest rates in 2023 have led some to withdraw profits in the stock, gold and bitcoin markets. Another event that caused the markets to fluctuate widely was the comment of James Bullard; He, who heads the Federal Reserve in St. Louis, warned that the first interest rate hike would occur in 2022.

Bitcoin market analysts are currently divided into two categories; Josh Rager is in the first category, which says that Bitcoin will reach the peak of its cycle at $ 64,500, and the second category is people like Robert Kiyosaki, who believe that the price of Bitcoin will fall to $ 24,000.

View of digital currency market in Arzvach
View of digital currency market in Arzvach

Plan B, the creator of the flow accumulation model, is one of the few people who has an upward view of the bitcoin trend. According to him, at best, the price of bitcoin will rise to $ 450,000, and at worst, we will see a jump to $ 135,000 by the end of 2021.

Intra-chain data show that long-term bitcoin investors have been buying bitcoin in recent days.

This data is not conclusive and does not provide a clear picture of the superiority of buyers or sellers. With these interpretations, we study the charts of the top 5 digital currencies that may perform well in the next few days.

Bitcoin (BTC)

The price of Bitcoin has fluctuated between $ 31,000 and $ 42,451 in recent days. Last week we saw bitcoin fall from $ 41,330. After that, on June 18, sellers lowered the price below the 20-day moving average (EMA20) to $ 37,439.

Bitcoin price chart
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Buyers will now try to push the price to support the current area at $ 31,000. The 20-day moving average has a downward trend and the Relative Strength Index (RSI) is below 41, which indicates that sellers have a higher hand in the market.

Bitcoin, meanwhile, revived once on May 23 (June 2) and once on June 8 (June 18) from $ 31,000; This means that buyers will once again defend this area of ​​protection. If successful, we can expect bitcoin prices to fluctuate in the current area over the next few days.

On the other hand, if sellers lower the price below $ 31,000, it is likely to fall further to $ 28,000. The next destination in this downtrend is $ 20,000. This could have far-reaching negative effects on the market and delay the formation of the next uptrend.

Bitcoin price chart
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In the 4-hour timeframe, vendors lowered prices to below $ 34,600. If they manage to bring the price below this range, it is likely to fall to $ 31,000. The moving average has a downward trend of 20 periods and the relative strength index is in the range of sales saturation, which shows that sellers have more power in the market.

On the other hand, if the price recovers from the current levels and reaches above $ 36,457, it will indicate that traders are accumulating at lower levels. In this case, the price may rise to the simple moving average of 50 periods (EMA50) and then reach the resistance area of ​​$ 41,330 to $ 42,451. Breaking these areas can be considered a sign of the end of reform.

Cardano (ADA)

Cardano has fluctuated between $ 1.33 and $ 1.94 in recent days. On June 12, Cardano prices began to recover, but stopped at $ 1.52 on a 20-day moving average. This shows that market sentiment is negative and traders are selling in rallies.

Cardano price chart
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Vendors will now try to push Cardano below the $ 1.33 to $ 1.24 support area. If they succeed, there is a chance that the key support will fall to $ 1. The 20-day moving average is moving downwards and the relative strength index is below $ 42, which shows that sellers have more control over the market.

On the other hand, if buyers defend this support area again, it indicates lower levels of demand. Such demand could cause Cardano to fluctuate in the next few days. A break of $ 1.94 would also signal a resurgence of buyers.

Cardano price chart
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The 4-hour timeframe shows that sellers lowered the price to below $ 1.33 yesterday, but failed to stabilize at these levels, which indicates that traders are accumulating in the price levels.

If successful, the downtrend will be invalidated. Such fluctuations surprise sellers who sell large volumes, possibly raising the price to $ 1.74 and then to $ 1.88.

If the price falls below $ 1.33, Cardano completes its downward triangle pattern. The purpose of this template is $ 0.78.

THETA

Buyers pushed the theta price above the bearish resistance line on Thursday but were unable to break the 10.47 resistance. This indicates that the sellers have not yet surrendered.

Theta price chart
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Yesterday, the price of theta fell below the 20-day moving average; This indicates that the situation is in the best interest of the sellers in the short run. However, buyers will not simply lose the convoy and will try to prevent it from falling to 7.33.

If the price recovers from this support and reaches above the moving averages, it is a sign of high demand at lower levels. Buyers will then try again to cross the $ 10.47 resistance barrier.

If successful, you can expect a jump of up to $ 13.2. If the price falls below $ 7.37, this bullish analysis will lose its validity. In this case, we may see a fall to $ 6 and then to $ 4.57.

Theta price chart
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At the 4-hour timeframe, a head and shoulder pattern is forming. The target for this template is $ 7.02.

Buyers are likely to call everyone who looks appropriate, if there are only a few. If they succeed, the salespeople who created the sales position may be caught.

There is a possibility of a rally up to $ 9.19. Breaking this resistance could open the way to $ 10.1 and $ 10.47.

Monroe (XRM)

Monroe prices fell below the downtrend on Saturday and sellers are looking to push the price to support at $ 225. Since buyers have repeatedly defended this support in recent days, it can be said that this area is very important.

Monroe price chart
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If the price recovers from $ 225, buyers will once again try to push the price above the downtrend line. If they succeed, there is a chance of a jump to the simple 50-day moving average at $ 312 and then the $ 347 level.

On the other hand, if the price falls below $ 225 support, the descending triangle pattern will be completed. By completing this template, sales pressure in the market may increase. In this case, a fall to $ 175 and $ 124 is likely.

Monroe price chart
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The 4-hour timeframe shows that buyers have tried several times to stabilize the price above the $ 283 resistance, but failed. This shows that sellers are selling strongly at this level.

Yesterday, the sellers pulled the price below the uptrend triangle trend line, but could not stabilize it. This indicates that the floor shopping is going strong. Buyers are now looking to push the price above the moving averages and break the $ 283 resistance.

If buyers succeed in overcoming this resistance, the bullish triangle pattern will be completed and the way will be opened to reach $ 316 and then the pattern target at $ 341.

This upward scenario will not be valid if the sellers pull the price below the trend line and stabilize there. In that case, it could fall to $ 225 for Monroe.

AMP

The price of the amp broke its resistance of $ 0.076 on June 14 (June 24) and reached its historical peak of $ 0.12 two days later. However, traders withdrew their gains from the market on June 17 (June 27) and started the correction engine, which reduced the price of the amp to $ 0.076.

Amp price chart
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If buyers can turn $ 0.076 into a support, it indicates that the market environment remains positive and traders are buying on the floor. Buyers will now be looking to push the price back to a record high of $ 0.12.

The jump in the high price of this resistance could indicate the resumption of the uptrend. In this case, there is a possibility of climbing up to $ 0.185.

On the other hand, if traders lower the price below $ 0.076, we may see a fall to the 20-day moving average at $ 0.07. This area is expected to act as a support. However, breaking this level is likely to fall to the simple 50-day moving average at $ 0.05.

Amp price chart
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Price correction from the historic high stopped at $ 0.076 support and buyer defense. However, buyers are currently trying to cross the $ 0.095 resistance barrier; This shows that sellers are selling at higher levels.

Buyers are likely to call everyone who looks appropriate, if there are only a few. If they succeed, there is a possibility of a jump of up to $ 0.095. Breaking and closing the high price of this resistance paves the way to reach a historic high. If the amp price falls below $ 0.076, this uptrend scenario will be nullified.

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