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Visa announced on Monday that it had begun a pilot programme with Crypto.com to enable its partners to settle fiat transactions by sending USD Coin (USDC) stablecoin to Visa’s Ethereum address at Anchorage digital bank. This step by Visa indicates that conventional financial institutions are growing their use of cryptocurrencies.
According to a PwC study analysed by Bloomberg, crypto mergers and acquisitions will rise to $1.1 billion in 2020, up from $481 million in 2019. According to PwC global crypto pioneer Henri Arslanian, with the advent of major investors and financial firms, the growth in these transactions is expected to exceed the 2020 numbers on any measure.
Several investors who were previously sceptical of cryptocurrencies are increasingly warming up to them. The most recent to enter is Norwegian billionaire businessman ystein Stray Spetalen, who went from being a Bitcoin (BTC) hater to a crypto adopter in less than a month. Spetalen recently revealed that he has joined the board of MiraiEx, Norway’s leading domestic crypto exchange, and that he has bought an undisclosed amount of Bitcoin.
The arrival of new buyers has boosted demand, while HODLers hanging on to their shares has limited supply. May this mean that the uptrend will resume? To find out, let’s look at the maps of the top ten cryptocurrencies.
Bitcoin has broken out of the resistance line of the descending channel. If the bulls can sustain the price above the channel, it enhances the prospects of a retest of the all-time high at $61,825.84.
The 20-day exponential moving average ($55,090) has begun to climb, and the relative strength index (RSI) has risen above 59, signalling that the bulls are in charge. A finish over $61,825 and a breakout. 84 could pave the way for a rally to $69,279, followed by $79,566.
The bears, on the other hand, are unlikely to give up quickly. At $61,825.84, they are expected to present a stiff challenge. If the BTC/USD pair falls from this amount but remains above the 20-day EMA, it indicates that buyers are buying dips and the mood remains bullish.
The first warning that bears are making a comeback will be a break below the 50-day simple moving average ($52,376).
Ether (ETH) continues to trade inside the symmetrical triangle, which usually acts as a continuation pattern. The bulls have pushed the price above the moving averages today, indicating strong buying at lower levels.
The bulls pushed Binance Coin (BNB) above the downtrend line on March 27. The 20-day EMA ($256) has started to turn up and the RSI is in the positive territory, suggesting the bulls are trying to gain the upper hand.
A modest resistance level of $280 exists, but the bulls are likely to drive the market above it. If they do, the BNB/USD pair could climb to $309.50, where the bears will put up a tough fight. If the price breaks through this resistance, the pair can remain in consolidation for a few more days.
If the bulls will push the market beyond $309.50, the all-time high of $348.69 may be retested. A break through this resistance suggests the resumption of the uptrend, with a goal objective of $430.
Cardano (ADA) continues to consolidate in the $1.03 to $1.48 range. The bulls have been sustaining the price above the 20-day EMA ($1.15) for the past three days, which is a positive sign.
The 20-day EMA is rapidly climbing, and the RSI is in positive territory, signalling a slight advantage for the bulls. If bulls would push the price beyond $1.30, the ADA/USD pair could rise to $1.48. A break through this resistance could mark the start of the next leg of the uptrend, which could exceed $2.
This bullish outlook will be broken if the stock slips and breaks below the $1.03 support mark. Such a move could pave the way for a drop to $0.80.
Polkadot’s (DOT) rebound off the $26.50 support has risen above the 20-day EMA ($34) today. This suggests the bulls have overpowered the bears and will now try to push the price to the downtrend line.
If the bulls can push the price beyond the downtrend line, the DOT/USD pair could retest its all-time high of $42.28. A break through this resistance could pave the way for a rally to $53.50.
If the price sinks below the downtrend line, the pair may stay trapped in the $26.50 to $40 range for a few more days. A break and close below $26.50 could signal the beginning of a deeper correction.
XRP formed an inside day candlestick pattern on March 27 and a Doji candlestick formation on March 28, both indicating indecision among the bulls and the bears. Today, the bulls are trying to resolve the uncertainty in their favor.
If bulls would push the price beyond $0.58, the XRP/USD pair could rise to $0.65. There is a small resistance level at $0.60, but it is likely to be resolved. The upsloping moving averages and an RSI over 61 indicate that the bulls have the upper hand.
After breaching above the $0.65 resistance, the pair is expected to gain traction. In comparison to this expectation, a decline to $0.42 is likely if the price slips from its current level and breaks below the moving averages.
The bulls faced a stiff resistance at the 20-day EMA ($29.31) on March 27 and 28 but the positive thing was that they did not allow the price to dip below the 50-day SMA ($26.91). Today, the bulls are again trying to push Uniswap (UNI) above the 20-day EMA.
If sellers will keep the price above the 20-day moving average, it would indicate that the recent break below $27.97 on March 24 was a bear trap. The UNI/USD pair may then eventually rise to the overhead resistance level of $35.20.
A break over the overhead resistance range of $35.20 to $36.80 might signal the start of the next leg of the uptrend. A fall below $25.52, on the other hand, might mark the start of a deeper correction. Before then, expect unpredictable range-bound trade to continue.
THETA is consolidating between $14.96 and 10.35. In an uptrend, when the correction stalls at the 38.2% Fibonacci retracement level, it shows that traders are not rushing to the exit but are buying on dips.
The upward sloping moving averages and an RSI in the overbought region show that the direction of least resistance is to the upside. If the bulls can push the price beyond $14.96, the THETA/USD pair will begin its climb towards $19.
In the other hand, if the price falls below $14.96, the pair may remain inside the range for a longer period of time. To win the upper hand, the bears must lower the price below the 20-day EMA ($9.81).
Litecoin (LTC) broke below the symmetrical triangle on March 24 but the bears could not capitalize on this advantage. The bulls pushed the price back into the triangle on March 26 and this could have trapped several aggressive bears.
After successfully defending the triangle’s trendline on March 27 and 28, the bulls have today moved the market beyond the 20-day EMA ($190.68). The price can now step up to the triangle’s resistance line, where the bulls are likely to meet strong resistance from the bears.
If the price falls below the resistance line, the LTC/USD pair could remain in the triangle for a few more days.
If the bulls would lift the price beyond the triangle, the pair could rally to $246.96 and then to the trend target of $309. This bullish outlook would be made null and void if the stock falls below $168.
Chainlink (LINK) remains stuck in a range between $24 and $32. The rebound off the support of the range has reached the 50-day SMA ($29) where the bears may offer some resistance.
The flat moving averages and the RSI just over the midpoint indicate that neither the bulls nor the bears have a definite edge. The indications indicate that the range-bound action will continue for a few more days.
If the LINK/USD pair falls below the 50-day SMA, the bears will try once more to push the price below $24. If they are successful, the pair could fall to $20.11 and then to $18.
If the bulls can push the market beyond the moving averages, the pair could rally to $32. A split above this threshold increases the likelihood of the uptrend resuming.