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Analyst: Bitcoin prices might soar above $51,000 in the short run owing to a short-term price spike.
As long as BTC maintains support at $45,000, ADA, AXS, LINK, and FTT may begin a significant comeback.
Bitcoin (BTC) is hoping to achieve its second consecutive weekly increase and conclude the year with the highest weekly closing price. The recovery in Bitcoin's price was fueled by demand in the spot markets, according to on-chain statistics from Glassnode. This is likely to boost bullish sentiment because historical evidence suggests that spot market demand leads to long-term gains.
Another encouraging sign is the recent surge in demand for the ProShares Bitcoin Strategy exchange-traded fund (BITO), which has increased its exposure to a new level. The large inflows "indicate that Bitcoin appetite through regular investment vehicles is expanding," according to Arcane Research.
The larger crypto industry, in addition to Bitcoin, is attracting investment. Venture capital buyers injected $4 billion into the crypto industry in the last three weeks of February, according to research firm Fundstrat.
Could purchasers keep the momentum going and extend the relief surge in Bitcoin and other cryptocurrencies? Let's have a look at the charts of the top five cryptocurrencies that could outperform in the near future.
People who want to sell bitcoin are trying to keep the price from going over $45,400. This is shown by the long wick on the March 25 candlestick. If the bulls haven't lost a lot of ground, it means that traders aren't hurrying to get out of the market.
The 20-day exponential moving average ($42,025) has turned up, and the relative strength index (RSI) is in the "bullish" zone, which means that the bulls are in charge. In this case, if buyers push the price above $45,400, the BTC/USDT pair could rise to the resistance line of the rising channel.
This level may again be an obstacle, but if the bulls can get past it, the pair could rise to the $50,000 level.
Bears will try to get the pair back to $42,594 if it drops below $45,400, but this isn't true. if the bulls turn this level into support, there is a better chance that the price will break above $45,400.
A strong pull and hold of the price below moving averages will show that the bulls have been pushed back.
There was a lot of resistance above the price, so it turned down. But the bulls kept the price above the 20-EMA, so the pair didn't break below. This means that traders are buying when the price drops even a little bit.
This is based on the rising moving averages and RSI near the overbought zone. This means that there will be less resistance going up. If the price breaks and stays below the 20-EMA in the short term, this positive view will be false. A pair could fall to $42,594.
FTX Token (FTT)
Ascending triangle pattern: The FTX Token (FTT) broke and closed above $49 on March 24, making it look like this: Buyers tried to push the price above the psychological barrier of $50 on March 25, but they couldn't keep it there.
In this way, it looks like the bears haven't given up yet. They keep selling at higher prices. People who want to keep the price below $49. If they can do that, the bulls who bought the breakout from the triangle may get stuck. This could cause the FTT/USDT pair to fall to the 20-day EMA ($45) if it doesn't stop.
As long as the price doesn't fall back to this level, the buyers will try again to clear the overhead resistance zone between $49 and $52 and restart the up-move.
There are two ways that this could be true: if prices fall below moving averages, it could mean that bears are trying to make a strong comeback. If the uptrend line of the triangle is broken and closed, the bullish pattern will be broken and the trend will be over. The pair may then fall to $39.
A big rise above $51 sent the RSI into overbought mode. If someone makes a big move, they usually make a big correction or consolidate. A drop below $49 could send the price down even more to the 50-SMA.
People who want to buy the pair again will try to push the price above $52 again and keep the up-move going. Because if bears push the price below its 50-SMA, the selling could get worse and the pair could fall to $45.
Link (LINK) has traded in a huge range between $13 and $36 for the last few months. Even though the price fell below the support of the range, the bears could not hold on to the break. This suggests that the markets didn't like the lower prices.
The moving averages have crossed in a positive direction, and the RSI is in the "bullish" zone, which means that the buyers have the upper hand. Downtrend line: If the downtrend line is broken, the LINK/USDT pair could rise as high as $20.
It also happens that moving averages are likely to help keep prices from going down if the price goes down from where it is at now. If the price rises off of it, the chances of a break above the downtrend line could go up, as well. If the bears push the price below the moving averages, this positive view will be thrown out by that. A possible drop to $13 could open up.
A small positive is that buyers haven't let the price fall below the 50-SMA. The bears are making a strong defense at $16.50. In this case, the bulls will try to push the price above $16.50 if it goes up from where it is now or if it breaks through the moving averages. If they do well, the pair could rise to $17.50.
If the price breaks below the 50-SMA, it will show that short-term bulls may be selling their positions. This is not true, though. There is some support at $15, but if it breaks down, the pair could fall to $14.
Axie Infinity (AXS)
If you want to buy or sell Axie Infinity (AXS), the price has been between $72 and $44 for the last few days. March 25 was a good day for buyers to push the price above the overhead resistance, but they couldn't keep it there. This shows that the bears are fighting hard to keep the level.
The moving averages have crossed in a positive direction, and the RSI is in the "good" zone, which means that buyers have the upper hand.
There will be more attempts by bulls to push the AXS/USDT pair above $72. If prices move above the 20-day EMA ($56), they'll try again. If they can do that, the up-move may pick up speed, and the pair may rise to $100.
If the price keeps going down and breaks below the 20-day EMA, this positive view will be invalidated. Keep them in range for a few more days:
The 4-hour chart shows that the bulls pushed the price above the $72 level, but they couldn't keep it there. If the short-term traders were taking profits, they may have pushed prices down below their 20-EMA.
if the price rises above $68, it will show that people should buy when the market is down. A new up-move will then start at $72.
If the price stays below the 20-EMA for a long time, the correction could go all the way to the 50-simple moving average.
ADA has been above $1 for a few days now. This means that bulls who bought at lower prices aren't aggressively taking profits because they think the recovery will keep going.
The moving averages have crossed in a bullish direction, and the RSI is in the positive zone, which means that the bulls have the upper hand. There could be more bullish momentum if buyers push the price above $1.26 and keep it there. The ADA/USDT pair could then move up to the next important level at $1.60.
Even if the price drops from $1.26, it could mean that the pair will stay in a range between $1 and $1.26 for some time. We can't be bullish until the price drops and stays below moving averages for a long time.
The 4-hour chart shows that the bears are fighting hard to keep the price above $1.20, but a small positive is that the bulls haven't let the price stay below the 20-EMA. There will be more bullish moves if the price goes up from where it is now. The bulls will try to break through the $1.20 barrier again and push the pair to $1.26.
If the price goes down and breaks below the 20-EMA, it will show that the bullish momentum has slowed down. The pair could then slowly fall toward the strong support at $1.
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