June 29, 2022
BTC, AVAX, ALGO, XTZ, EGLD

BTC, AVAX, ALGO, XTZ, EGLD

China Try to stifle the growth of the crypto sector On several occasions over the past 12 years, but with the exception of one small issue, the general ban on crypto trading has not altered the long-term growth of cryptocurrencies. This shows that no country, even the second largest economy in the world, can stop the rise and growth of cryptocurrencies.

Deutsche Bank analyst Marion Laboure said in an update on the bank’s website that Bitcoin (BTC) is likely to “remain highly volatile for the foreseeable future” as most people buy it to invest or speculate rather than use it as a medium of exchange.

However, Laboure believes that Bitcoin can become the “digital gold of the twenty-first century” and The trend may continue for centuries With no greater government control.

Daily view of cryptocurrency market data. Source: 360 . coin

At Morningstar’s Annual Investment Conference, Dennis Lynch, Head of Asset Management at Counterpoint, compared Bitcoin to Kenny from South Park . “I like to say that bitcoin is like Kenny from South Park — it dies in every episode and comes back,” Lynch said.

With the influence of the Chinese FUD waning, let’s examine the charts of the top 5 cryptocurrencies that could remain strong in the near term.

BTC / USDT

Bitcoin bounced back from the 100-day simple moving average ($41,002), which indicates that the bulls are aggressively trying to defend this level. The bulls will now attempt to push the price above the 20-day exponential moving average ($45,178).

BTC/USDT daily chart. Source: TradingView

The 20-day EMA and RSI falling into negative territory indicates that the bears are well positioned. If the price falls below the 20 day moving average, the probability of a breakout below the 100 day simple moving average increases.

Such a move will complete the bearish “head and shoulders” pattern that targets $32423.05.

Bulls will have to push the price and hold above the general resistance at $48,843 to open the door for a potential rally to $52,920. A breakout and a close above this level may indicate a resumption of the uptrend.

4-hour chart of BTC/USDT. Source: TradingView

BTC/USDT is witnessing a tough battle between the bulls and the bears near the neckline. The bulls pushed the price above the 20-EMA and then they will try to break the $45,200 barrier.

If they do, the pair could rise to $49,000. On the other hand, if the price drops below the current level, the bears will attempt to pull the price below the critical support area at $41,000 to $39,600. A breach of this area may signal the beginning of a downtrend.

AVAX / USDT

Avalanche (AVAX) is trading within a bullish channel pattern. The long wick in today’s candlestick indicates that the bulls are buying aggressively on the lows of the 20-day EMA ($61).

AVAX/USDT daily chart. Source: TradingView

The moving averages and the RSI rising in the positive territory indicate the advantage of the buyers. AVAX/USDT could now attempt to retest the historic high at $79.80. This is an important level to watch as a break above may signal a resumption of the uptrend.

The pair may then rise towards the channel’s resistance line and the bullish momentum may increase if this hurdle is breached.

On the other hand, if the price breaks below the current level or overload resistance and breaks below $60.04, it will signal the start of a deeper correction of the 50-day SMA ($45).

AVAX/USDT 4-hour chart. Source: TradingView

The pair has recovered from the 100-SMA and the bulls are trying to support the price above the 20-EMA. If they manage to do so, the pair could start its march north to $79.80, where the bears could once again form strong resistance.

On the downside, the important level to watch is the channel support line. A breakout and a close below this support would be the first indication that the bulls might lose control. If the price drops below $60.04, the decline could extend to $55.

something / USDT

Algorand (ALGO) is trading below the 20-day moving average ($1.77), but the long wick in today’s candle indicates that the bulls are trying to defend the support at $1.51.

ALGO/USDT daily chart. Source: TradingView

If the bulls consolidate and hold the price above the downtrend line, this will indicate that the short-term correction may be over. ALGO/USDT could rise to $2.15 and then $2.55.

Alternatively, if the price drops to $1.84, the pair could drop again to $1.51. If the bulls defend this support, the pair may stay in the $1.84-$1.51 range for a few days.

A breakout and a close below $1.51 would indicate a possible trend reversal. The pair can then slide to the next support level at $1.15.

ALGO/USDT 4-hour chart. Fonte: TradingView

The pair is trying to recover from the strong support level at $1.51, but the rebound may hit a barrier at the moving averages and again at the declining trend line.

If price drops from overload resistance, this indicates that sentiment is still negative and traders are selling on relief rallies. This will increase the probability of a break below $1.51.

This negative outlook will be nullified if the price rises and stays above the downtrend line. The bulls will then make another attempt to resume their ascent.

XTZ / USDT

to Tezos (XTZIt rebounded sharply from the breakout level at $4.47 on September 22, indicating a strong bearish buying. The bulls pushed the price back above the 20-day moving average ($6.10) on September 23 and have been holding the level ever since.

XTZ/USDT daily chart. Source: TradingView

Moving averages and RSI are rising in the positive territory, indicating that the bulls are in the lead. Buyers are likely to challenge the general resistance area at $8.03 to $8.42.

A breakout and a close above this area will signal the beginning of the next phase of the uptrend. The pair can then move up to the psychological $10 level.

Contrary to this assumption, if the price breaks below the current level or overload resistance and breaks below the 20-day moving average, the pair could drop to $4.47.

4-hour XTZ/USDT chart. Source: TradingView

The pair is trying to bounce off the 20-EMA, which indicates that sentiment has turned positive and traders are buying less. The bulls will now attempt to push the price to the general resistance of $7.50.

If this level is measured, the pair may rise to $8.03 where the bears are likely to rise to a strong resistance. If the bulls don’t give up a lot of ground with this resistance, the likelihood of a breakout above it increases.

This bullish view will be invalidated if the price falls and breaks below the moving averages. Such a move could lead to a drop to $5.50 and then to $4.47.

EGLD / USDT

Elrond (EGLD) bounced from the 50-day simple moving average ($181) but failed to break the $245.80 barrier. This indicates that the bulls are buying low while the bears are selling high.

EGLD/USDT daily chart. Source: TradingView

The 20-day moving average ($220) stabilized and the RSI was slightly above its midpoint, indicating a balance between supply and demand.

Buyers are trying to support the EGLD/USDT pair above the 20-day moving average. If they manage to do so, the bulls will once again attempt to push the pair above $245.80. After that, the pair can rise to $303.03.

Conversely, if the bears pull the price below the current level, it is possible to retest the 50 day simple moving average. A breakout and a close below this support could open the door for an additional break of the 100-day SMA ($132).

EGLD/USDT 4-hour chart. Fonte: TradingView

The pair has bounced off the uptrend line, which indicates that traders are buying on a dip. The bulls will now try to consolidate the price and keep it above the downtrend line. If they succeed, the pair may resume its rally and rise to $277.88 and then to $303.03.

Contrary to this assumption, if the price falls from the downtrend line, the bears will try to gain an advantage by dragging the price below the uptrend line. Such a move could open the way to a deeper correction.

The views and opinions expressed here are those of the author alone and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risks, you should do your own research when making a decision.

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