Top 5 cryptocurrencies to watch this week: BTC, LTC, LINK, VET, AXS

From a bird’s-eye-view, BTC is still in an uptrend and a bounce off the $62,000 support could provide the signal for LTC, LINK, VET and AXS to move higher.

Bitcoin’s (BTC) bullish sentiment received a minor setback on Nov. 12 afte the Securities and Exchange Commission (SEC) rejected VanEck’s Bitcoin exchange-traded product that planned to track Bitcoin’s spot price.

However, this negative development was followed by the successful activation of the Taproot soft fork on November 13. Bitcoin developer Hampus Sjöberg, who runs a Taproot dedicated website, told Cointelegraph that the “greatest win” was that Taproot showed that Bitcoin could do network upgrades and that was important for the longevity of the network.

Crypto market data daily view. Source: Coin360

Analysts from Decentrader also pointed out that Bitcoin’s last major upgrade was the implementation of Segwit in August 2017 and this was followed by a sharp rally from $4,000 to $20,000 in four months.

Could Bitcoin repeat its previous bullish performance following the Taproot upgrade and pull altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may resume the uptrend in the next few days.

BTC/USDT

Bitcoin has pulled back to the 20-day exponential moving average ($62,954), which is an important support to keep an eye on. Traders generally buy the dip to the 20-day EMA in a strong uptrend.

BTC/USDT daily chart. Source: TradingView

The upsloping moving averages indicate that buyers have the upper hand but the negative divergence on the relative strength index (RSI) warns that the bullish momentum may be weakening.

If the price rebounds off the 20-day EMA, the bulls will try to push the price above the all-time high at $69,000 and resume the uptrend. The BTC/USDT pair could then rally to $75,000.

Alternatively, a break and close below the 20-day EMA will indicate that traders may be rushing to the exit. The pair could then drop to the 50-day simple moving average ($57,938). A break below this support could signal the start of a deeper correction to $52,920.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is consolidating between $60,000 and $67,000. Although the bulls pushed the price above the resistance of the range, they could not sustain the higher levels. The pair has again dipped back into the range.

The 20-EMA is sloping down marginally and the RSI is just below the midpoint, suggesting that the price may gradually drift down to $60,000. A strong bounce off this level could extend the range-bound action for some more time but a break below it could signal a trend change.

Alternatively, if the price turns up from the current level, the bulls may challenge the overhead resistance zone at $67,000 to $69,000.

LTC/USDT

Litecoin (LTC) completed a rounding bottom formation when it broke and closed above the overhead resistance at $225.30. The price quickly picked up momentum and rose to the psychological barrier at $300 where the bears mounted a stiff resistance.

LTC/USDT daily chart. Source: TradingView

The altcoin has been correcting for the past few days but the 20-day EMA ($224) has started to turn up and the RSI is just below the overbought zone, indicating that bulls have the upper hand. If the price turns up from the current level or rebounds off $225.30, the buyers will attempt to resume the uptrend.

A break and close above $300 could open the doors for a further rally to $340. The bears are likely to have other plans as they will try to pull and sustain the price below the breakout level at $225.30. If they can pull it off, the LTC/USDT pair may drop to the 50-day SMA ($192).

LTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is trading inside a falling wedge pattern. The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.

This equilibrium could tilt in favor of the bulls if they push and sustain the price above the wedge. The pair could then rise to $280 and later to $295.70. This level may act as a stiff resistance but if bulls overcome this hurdle, the pair could rally to the target objective at $302.10.

Alternatively, if the price breaks below the 50-SMA, the selling could intensify and the pair may drop to the strong support at $225.30.

LINK/USDT

The bulls drove Chainlink (LINK) above the overhead resistance at $35.23 on Nov. 9, 10 and 11 but could not sustain the price above it. This suggests that bears are defending this level with vigor.

LINK/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is above 55, suggesting that bulls have a slight edge. If the price rebounds off the 20-day EMA ($32.27), the buyers will make another attempt to clear the overhead hurdle.

If they manage to do that, the LINK/USDT pair could signal the start of a new uptrend. The first target on the upside is $42.50 and then $47.50. This bullish view will be negated if the price breaks below the 20-day EMA. Such a move could pull the price down to the 50-day SMA ($28.83).

LINK/USDT 4-hour chart. Source: TradingView

The pair has been rising inside an ascending channel for the past few days. The bulls attempted to push the price above the channel on Nov. 10 but failed. This may have prompted profit-booking by the bulls and shorting by the aggressive bears.

The price could now drop to the support line of the channel where buying may emerge. A strong rebound off this support will suggest that bulls continue to buy at lower levels. The pair may then continue to move up inside the channel. A break and close below the channel will signal a possible change in trend.

Related: Bitcoin sets up nail-biting weekly close after Taproot goes live

VET/USDT

VeChain (VET) broke above the stiff overhead resistance at $0.15 on Nov. 4, indicating that bulls had overpowered the bears. The price has dipped back to the breakout level and the bears are attempting to pull the price below it and trap the aggressive bulls.

VET/USDT daily chart. Source: TradingView

The 20-day EMA ($0.15) is sloping up and the RSI is in the positive territory, indicating a minor advantage to the bulls. If the price rebounds off the current level, the bulls will try to push the VET/USDT pair above $0.19 and resume the up-move. The pair could then rally to $0.24.

Contrary to this assumption, if the price breaks and sustains below $0.15, it will suggest that markets have rejected the higher levels. The pair could then drop to the 50-day SMA ($0.12) and later to $0.10.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that bulls pushed the price above the resistance line of the ascending channel pattern but they could not build upon this advantage. This indicates that demand dries up at higher levels.

The price has again dipped back into the channel and the moving averages have completed a bearish crossover. This suggests that the pair could gradually slide to the support line of the channel.

A strong rebound off the support line could keep the uptrend intact and the price may continue to trade inside the channel. The bears will have to pull and sustain the price below the channel to gain the upper hand.

AXS/USDT

Axie Infinity (AXS) is correcting in an uptrend and has been trading inside an ascending channel pattern for the past few days. The price has dipped to the 20-day EMA ($141) where the bulls are trying to arrest the decline.

AXS/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI has dropped near the midpoint, suggesting that buyers may be losing their grip. A break below the 20-day EMA could pull the price to the support line of this channel.

The buyers are expected to defend this level aggressively. If the price rebounds off the support line, it will suggest that the up-move remains intact. The AXS/USDT pair will then try to rise to the all-time high at $166.09.

A break and close above the all-time high could clear the path for a possible rally to the resistance line of the channel at $183. This positive view will invalidate on a break and close below the ascending channel.

AXS/USDT 4-hour chart. Source: TradingView

The pair has been consolidating between $166.09 and $131.18. The price has been trading below the 20-EMA on the 4-hour chart, indicating that bears are defending this resistance aggressively. This increases the possibility of a drop to the support of the range at $131.18.

If the price rebounds off this support, it will suggest that bulls continue to accumulate at lower levels. The pair may then extend its range-bound action for a few more days.

Conversely, a break and close below $131.18 could signal a possible change in the short-term trend. The pair may then drop to the $115 to $120 support zone. If this zone also cracks, the decline could extend to the psychological support at $100.

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

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Altcoin Roundup: 3 blockchain protocols taking the supply chain crisis head-on

Supply chain issues continue to make global headlines on a daily basis. Here’s three projects that are using blockchain technology to provide solutions.

The world of blockchain technology has undergone a significant transformation over the past decade as the concept evolved from offering a simple means of exchange between two parties to a sprawling ecosystem full of protocols with real-world applications ranging from decentralized finance to one-of-a-kind digital art. 

One sector of the market that has been gaining traction as of late while the global just-in-time delivery system has fallen under immense pressure is the supply chain and logistics group of projects that offer blockchain-based solutions for the global supply chain ecosystem.

While it’s true that the current problems facing global suppliers, shippers, truckers and businesses are multifaceted and include issues such as worker pay and benefits, the integration of blockchain technology offers a substantial upgrade to the current system, which often relies on tracking physical paperwork between siloed parts of the multinational network.

Here’s a look at some of the top supply chain- and logistics-focused blockchain protocols and how they are contributing toward solving the current challenges facing the global system.

OriginTrail

OriginTrail is a protocol focused on offering logistical support and enterprise solutions to the global community by transforming the current ecosystem of siloed information on Web 2.0 into an integrated “knowledge graph” on Web 3.0.

In an effort to better convey its goals to the wider public, OriginTrail underwent a rebrand on Oct. 1 to become the “world’s first decentralized knowledge graph,” which is designed to “organize humanity’s most important assets, making them discoverable, verifiable and valuable.”

As part of the network’s efforts to be able to track assets of all types across all networks, OriginTrail has adopted a multi-chain approach to facilitate interoperability and is currently running on Ethereum, xDai and Polygon, and it is in the process of integrating with Polkadot.

The long-term goals of the protocol include expansion beyond the physical supply chain in order to make it possible to organize, discover and verify all manner of items, including art, diplomas, certificates, nonfungible tokens and decentralized finance assets.

Most recently, the project got a stamp of approval of sorts, as its TRAC token was listed on Coinbase, the top United States-based cryptocurrency exchange, which helped boost its value to a new record high at $3.87.

TRAC/USD 1-day chart. Source: TradingView

As supply chain struggles continue, protocols like OriginTrail have the potential to help streamline the process while also providing all parties along the chain with up-to-date data on port backlogs and other pertinent information that can help them make a better-informed decision on the best way to route their cargo.

VeChain

VeChain is a dual-token blockchain-powered supply chain platform that utilizes Internet of Things (IoT) technology and distributed governance to solve issues with supply chain management.

VET/USD 1-day chart. Source: TradingView

The network’s proof-of-authority (PoA) mechanism, which incorporates larger authority masternode operators whose identities are verified by the VeChain Foundation, helps to maintain the overall network security and ensure the protocol runs according to the Foundations governance policy.

VeChain recently announced that PoA 2.0 will be released on its testnet on Nov. 5 and is scheduled to go live on the mainnet on Nov. 16.

According to the team, PoA 2.0 combines the Byzantine Fault Tolerance and Nakamoto consensus mechanisms to offer a more secure system as well as improvements to the randomness process that selects the next block producer and the inclusion of a committee feature that randomly selects three block producers to verify a block.

The VeChain protocol works closely with DNV, the globally recognized expert in assurance and risk management, as part of its overall strategy to integrate blockchain technology with the global supply chain.

The two organizations recently met with the heads of state in San Marino to present results and reconfirm their commitment to helping the country manage its transition from being a linear economy to a circular economy through the integration of blockchain applications.

VeChain has also been recognized by the government of China for its developments in food traceability and application of blockchain in technology in industrial agriculture and rural development.

Related: EU central banks working on DLT-based asset settlement

Morpheus Network

The Morpheus Network is a supply chain software-as-a-service middleware platform that is designed to integrate with legacy supply chain technology and emerging technologies, including blockchain, IoT and RFID in order to provide supply chain managers with a digital footprint for the items they are tracking in a safe and secure environment.

The protocol recently underwent a rebrand and token swap from its old MRPH token to the new MNW token in an effort to improve the smart contract capabilities of the token and increase its security and level of efficiency. Following the announcement of the token swap on Oct. 19, the price of MNW rallied to a new record high of $5.19 on Nov. 3.

MNW/USD 1-day chart. Source: TradingView

One of the features included in the new smart contract is the ability for programs stored on the blockchain to execute automatically when the terms and conditions agreed upon by the involved parties are met.

This enables a new level of automation to the process and allows for instantaneous settlement while also eliminating third-party intermediaries that slow the process and take a cut of the action.

Efforts made by the team at Morpheus have not gone unnoticed, as the project has recently received several awards including the 2021 ISCEA PTAK Award for Supply Chain Excellence at the SCTECH2021, as well as being chosen by Gulftainer, a leading privately held global port operator, as the blockchain winner of its “Future of Ports” competition.

The overarching stated goal of the Morpheus Network is to utilize its global network of partners to help companies and government organizations “remove barriers to optimize and automate their global supply chain operations.”

While blockchain technology might be unable to solve all the issues currently plaguing the global supply chain system, contributions from projects like OriginTrail, VeChain and Morpheus Network hold the promise of helping to simplify and streamline the process over time while cutting out intermediaries and making the industry more environmentally friendly and sustainable.

Want more information about trading and investing in crypto markets?

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

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Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60K

Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60KThe price of bitcoin recently jumped above the $60,000 per unit mark on October 15, and the leading crypto asset has not seen prices this high since mid-April six months ago. However, as far as the top digital assets are concerned, in terms of market capitalization, things are a whole lot different. For instance, ether […]
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Bitcoin price drop to $37K has analysts wary of calling a ‘trend change’

Bitcoin price sold off below $37,000 shortly after topping $40,500, leading analysts to caution that bears still have a few tricks up their sleeves.

Bull market optimism returned to the cryptocurrency market on July 26 after Bitcoin (BTC) price rallied above the $40,000 level for the first time in over six weeks.

Today’s rally to $40,581 was a continuation of the July 25 breakout which saw BTC price rocket to $48,110 at Binance af a short squeeze resulted in nearly $500 million in shorts being liquidated in just two minutes. 

Data from Cointelegraph Markets Pro and TradingView shows that BTC spiked to an intraday high at $40,581 on Monday before pulling back to $37,500 as bulls look to flip this resistance zone back to support in preparation for a further move higher.

BTC/USDT 4-hour chart. Source: TradingView

While the move higher has the mark of a trend change and has prompted some analysts to proclaim the bull market is back on track, on-chain data and the perpetual funding rates do not fully concur with this point of view. Especially when one considers that the current breakout may have only been the result of a massive short squeeze.

Factors that could reignite the bull market

According to Élie Le Rest, partner at digital asset management firm ExoAlpha, the recently denied rumor that Amazon would accept cryptocurrency payments have the potential to have a similar effect as the 2020 revelation from PayPal that it would integrate cryptocurrencies. Le Rest said that if the Amazon news turns out to be true, this “could be the catalyst to ignite a bull run in H2 of 2021.”

As Bitcoin price pushed above the $35,000 level on July 25, “more than a billion dollars of shorts got liquidated in the past 24 hours, with the bulk of the liquidation occurring in less than 1 hour” according to Le Rest, who also said, “the current market move could be sustained during the week by volumes coming from players having waited for a more directional trend on Bitcoin since the end of May.”

Le Rest said:

“To validate this directional trend, Bitcoin has to break out of the $30,000-$40,000 range it has been stuck into for 2 months. Maintaining Bitcoin over the $40,000 level would signal that the “bear market” is over and the bull-run may resume.”

If Bitcoin is able to maintain its current momentum, Le Rest said “as many expect, Bitcoin could get back on track with the Stock to Flow model and reach the $100,000 mark by year-end.”

On-chain data is not so bullish

Caution is warranted against being overly bullish and data from Glassnode suggests that several bearish threats remain valid. 

When analyzing the directional bias of the futures markets, Glassnode found that “perpetual funding rates have continued to trade negative,” which “indicates the net bias remains short Bitcoin.”

Bitcoin futures perpetual funding rate for all exchanges. Source: Glassnode

Glassnode said:

“This metric in particular helps us identify that Monday’s price rally is likely associated with an overall short squeeze, with funding rates continuing to trade at even more negative levels despite price rallying +30%.”

Glassnode also pointed to Bitcoin on-chain activity and highlighted that “in direct contrast to the volatility in spot and derivatives markets, the transaction volume and on-chain activity remains extremely quiet.”

Bitcoin entity-adjusted total transfer volume. Source: Glassnode

Overall, how on-chain transfer volume responds to the recent price action in Bitcoin will provide better insight into where the market is headed, but as noted by Glassnode, “it remains to be seen whether on-chain volumes start to pick up in response to recent volatile price-action.”

Related: DeFi tokens book double-digit gains after Bitcoin rallies above $39,000

Altcoins follow Bitcoin’s lead

Daily cryptocurrency market performance. Source: Coin360

Bitcoin’s recovery above $40,000 also helped spark strong rallies in most altcoins.

Ether (ETH) gained of 11% to hit a daily high at $2,433, while Dogecoin (DOGE) posted a 7% gain and trades at $0.208.

Other notable gainers include a 64% gain for Strike (STRK), a 55% rally in Venus (XVS) and a 20% breakout in VeChain Thor (VTHO) and Ankr (ANKR).

The overall cryptocurrency market cap now stands at $1.46 trillion and Bitcoin’s dominance rate is 47.4%.

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

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Top 5 cryptocurrencies to watch this week: BTC, VET, SOL, EOS, FTT

The bulls are trying to stabilize Bitcoin price and if they succeed, VET, SOL, EOS and FTT could quickly bounce back to their local highs.

Bitcoin (BTC) price witnessed a sharp dump to $50,900 on April 18, which some analysts attribute to a drop in hash rate and rumors of possible action by United States regulators against unnamed “financial institutions” alleging crypto-related money laundering.

While it is difficult to pinpoint a single reason, the sale of roughly $5 billion worth of COIN stock by Coinbase executives could have also played a major role in the fall. Insider selling, especially just a few days after a high-profile listing is considered a bearish sign.

Crypto market data daily view. Source: Coin360

After this most recent pullback, investors will be on the fence on whether they should buy the dips or close their positions in anticipation of further decline? Traders should keep a close watch on the strength in the recovery as that will provide an insight about the next possible move.

Let’s study the technicals of the top-5 cryptocurrencies that could attempt to lead the recovery in the next few days.

BTC/USDT

Bitcoin’s failure to rebound off the 20-day exponential moving average ($59,053) on April 17 showed the lack of buying on dips. The selling picked up pace today after the price slipped below the 50-day simple moving average ($56,264).

BTC/USDT daily chart. Source: TradingView

However, the long tail on today’s candlestick suggests that buyers are attempting to stall the decline at $50,460. If the rebound sustains, the bulls will again try to resume the uptrend but they are likely to face stiff resistance between $61,825.84 and $64,849.27. A breakout of this resistance zone will suggest that the current fall was only a pullback to shake out the weak hands.

On the other hand, the failure to sustain the rebound or build upon the bounce in the next few days will indicate that demand dries up at higher levels. That is likely to invigorate the bears who will then try to assert their dominance and break the $50,460 support.

If they manage to do that, selling could intensify as the short-term speculators and traders may also dump their positions. That could pull the price down to $43,006.77. This is an important level to watch out for because a break below it will suggest that the BTC/USDT pair has topped out in the short term.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls purchased the drop to $50,460 aggressively but the recovery is facing resistance at $56,500. This suggests that traders stuck at higher levels are closing their positions on rallies.

However, the positive sign is that the bulls have not given up the fight. They are trying to defend $53,000 support. This could result in a tight consolidation between $53,000 and $56,500 for a few days.

If the price breaks above $56,500, the pair could rally to the 20-EMA, which is again likely to act as a resistance. If the price turns down from this level, the pair could retest $53,000 and then $50,460.

The downsloping moving averages and the relative strength index (RSI) near the overbought territory show the bears have the upper hand.

VET/USDT

VeChain’s (VET) sharp rally on April 16 had pushed the RSI above 87, indicating the rally was getting overheated in the short term. The altcoin tried to extend its up-move on April 17 but the long wick on the day’s candlestick showed that traders booked profits at higher levels.

VET/USDT daily chart. Source: TradingView

The selling continued today and the VET/USDT pair slumped to $0.169, just above the 61.8% Fibonacci retracement level at $0.16. However, the long tail on today’s candlestick shows strong buying at lower levels.

If the bulls can sustain the rebound, the pair will once again attempt to rise to the overhead resistance at $0.279. A breakout of this resistance could resume the uptrend. The next target objective on the upside is $0.362.

On the other hand, if the price turns down from $0.279, the pair could remain stuck in a range for a few days. This positive view will invalidate if the bears sell on rallies and sink the price below the $0.16 support.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls purchased the drop to the 50-SMA but the recovery hit a wall at $0.227. The bears tried to resume the correction but the bulls again purchased the dip below the 20-EMA. This shows bears are selling on rallies and bulls are buying on dips.

The bulls are currently attempting to sustain the price above the downtrend line but are facing stiff resistance from the bears. If they can overpower the bears and keep the price above the downtrend line, the pair could rally to $0.253 and then to $0.279.

Conversely, if the bears again sink the price below the 20-EMA, the pair could drop to the 50-SMA. A break below this level will tilt the advantage in favor of the bears.

SOL/USDT

Solana (SOL) had been in a corrective phase since hitting an all-time high at $29.92 on April 12. Although the price plunged below the 20-day EMA ($24.49) today, the bears could not capitalize on the advantage. The altcoin has quickly bounced back above the 20-day EMA, indicating strong demand at lower levels.

SOL/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand. If they can drive the price above $29.92, the SOL/USDT pair could resume the uptrend and rally to $38.72.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it will suggest that traders are closing their positions on rallies. The pair could then decline to $21 and later to the 50-day SMA ($18.60).

SOL/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the break below $24.70 attracted sharp selling but the bears could not sustain the lower levels. The pair rebounded strongly and climbed back above the $24.70 level.

If the bulls can propel the price above $28.64, a retest of $29.92 is possible. The 20-EMA is turning up and the RSI has jumped above 55, indicating the bulls have a slight advantage in the short term.

However, if the price turns down from the current level and breaks below $24.70, the next stop could be $21.10. Such a move will suggest that bears have overpowered the bulls, which could result in a deeper correction.

EOS/USDT

EOS turned down from the stiff overhead resistance at $8.69 after the bulls failed to push and sustain the price above it on April 16 and 17. The sharp selling pulled the price down to $5.86, just above the breakout level at $5.60.

EOS/USDT daily chart. Source: TradingView

If the bulls can flip $5.60 into support, the EOS/USDT pair could again try to move up to $8.69. A break above $8.69 may start the next leg of the uptrend that could reach $11. Alternatively, if the price turns down from $8.69, the pair could remain range-bound for a few days.

This positive view will be negated if the bears sell on rallies and sink the price below the breakout level at $5.60. Such a move could pull the price down to the 50-day SMA ($4.98), signaling that bears are back in the driver’s seat.

EOS/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are trying to start a relief rally. If they can sustain the price above $6.93, the pair could rally to the 20-EMA where the bears are likely to offer a stiff resistance.

If the price turns down from the 20-EMA, the pair may again drop to $6.17 and then to $5.60. Such a move will suggest that sentiment has turned negative and the bears are selling on rallies.

Conversely, if the bulls can push the price above the 20-EMA, the momentum could pick up and the pair could rally to $8.69.

FTT/USDT

FTX Token (FTT) has been in a corrective phase since topping out at $59.57 on April 14. The price plummeted below the 20-day EMA ($48) today but the long tail on the candlestick shows strong buying at lower levels.

FTT/USDT daily chart. Source: TradingView

If the bulls can sustain the price above the 20-day EMA, it will indicate that the uptrend remains intact. The bulls will then try to resume the uptrend by pushing the price above the $59.57 resistance.

If they succeed, the FTT/USDT pair could start its northward march toward the next target objective at $71.89.

Contrary to this assumption, if the bears sustain the price below the 20-day EMA, the selling could intensify, which could pull the price down to the 50-day SMA ($40). A break below this support will suggest that the pair has topped out in the short term.

FTT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are trying to stall the correction between the 50% Fibonacci retracement level at $45.62 and the 61.8% retracement level at $42.33. The relief rally is likely to face stiff resistance from the 20-EMA.

If the price turns down from the 20-EMA, it will suggest that traders are selling on rallies. The bears will then try to sink the price below $44. If they succeed, the pair could slump to $40 and then to $37.

On the contrary, if the bulls can push the price above the 20-EMA, the pair may rally to $54.62 and then to $59.57.

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

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