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Top 5 cryptocurrencies to watch this week: BTC, DOT, SAND, RUNE, ZEC

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Top 5 cryptocurrencies to watch this week: BTC, DOT, SAND, RUNE, ZEC

Bitcoin (BTC) has been relatively calm during the weekend, indicating that traders are playing it safe and not waging large bets before the upcoming Federal Open Market Committee meeting on March 15 and March 16. The quantum of the rate hike could act as the next trigger for the crypto markets.

The current neutral setup of Bitcoin has kept the analysts guessing. Analytics resource Material Indicators warned that Bitcoin could plunge but they advised investors to be ready to buy the dip as they believe that the “bounce can change your life.”

Crypto market data daily view. Source: Coin360

A Price Waterhouse Coopers’ Sports Outlook 2022 report for North America highlighted three use cases for nonfungible tokens, which could shape the future of sports. The consultancy believes that NFTs and digital assets are among the ten major trends in the sports industry.

Could the crypto markets start a directional move in the near term? Let’s study the charts of the top-5 cryptocurrencies that may participate in a rally if the bullish sentiment picks up.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on March 12 and on Sunday, indicating indecision among the bulls and bears. The price is stuck between the 20-day exponential moving average ($39,810) and the horizontal support at $37,000.

BTC/USDT daily chart. Source: TradingView

The 20-day EMA is flattish and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand.

If the price rises and breaks above the 50-day simple moving average ($39,978) the bulls will attempt to push the BTC/USDT pair above $42,600. If they succeed, the pair could rally to $45,400 and later to the resistance line of the channel.

Conversely, if the price turns down and breaks below $37,000, the bears will smell an opportunity. The sellers will then try to pull and sustain the pair below the support line of the channel. Such a move could clear the path for a possible drop to $30,000.

BTC/USDT 4-hour chart. Source: TradingView

The pair is forming a descending triangle pattern which will complete on a break and close below the strong support at $37,000. The pair could then drop to $34,322 and later start its journey toward the pattern target at $29,250.

Alternatively, if bulls push and sustain the price above the 50-SMA, the pair could rise to the downtrend line. A break and close above this level will invalidate the bearish pattern. That could attract buying and the pair may then rally toward $45,400.

DOT/USDT

Polkadot (DOT) has been in a downtrend for the past several months but the bulls are trying to form a bottom in the zone between $16 and $14. The price rose above the 20-day EMA ($17) but the bulls have not been able to overcome the barrier at the 50-day SMA ($18).

DOT/USDT daily chart. Source: TradingView

However, a positive sign is that the bulls have not given up much ground from the 50-day SMA. This suggests that the traders may be holding on to their position anticipating a break above the resistance. If that happens, the DOT/USDT pair could rally to the overhead resistance at $23 where the bears may again pose a stiff challenge.

The flattish 20-day EMA and the RSI near the midpoint suggest a range-bound action in the short term. If the price turns down from the 50-day SMA, the bears will try to pull the pair below $16. If they succeed, the pair could retest the critical support at $14.

DOT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is oscillating between $16 and $19. The failure of the buyers to propel the price above the overhead resistance may have attracted profit-booking from short-term traders. That pulled the price to the 50-SMA.

If the price rises above the 200-SMA, it will suggest that bulls continue to buy on dips. The buyers will then again try to drive the price above the overhead resistance at $19. If they manage to do that, the pair could rise to $20 and later make a dash toward $23.

Conversely, a break and close below the 50-SMA may increase the possibility of a drop to the strong support at $16.

SAND/USDT

The Sandbox (SAND) has been range-bound between $2.55 and $4.86 for the past several weeks. The bears pulled the price below the 200-day SMA ($3.15) on March 4 but haven’t been able to break the support at $2.55.

SAND/USDT daily chart. Source: TradingView

This indicates accumulation near the support of the range. The RSI is showing signs of a positive divergence, indicating that the bearish momentum may be weakening.

If the price rises from the current level, the bulls will try to push the SAND/USDT pair above the 200-day SMA. If that happens, the pair could rise to the 50-day SMA ($3.51). A break and close above this resistance could open the doors for a possible rally to $4.50 and then to $4.86.

This bullish view will invalidate in the short term if the price turns down and slides below $2.55. That could suggest the resumption of the downtrend.

SAND/USDT 4-hour chart. Source: TradingView

The 50-SMA has been acting as a stiff resistance on the 4-hour chart. If bears sink the price below $2.70, the pair could drop to the solid support at $2.55. A break and close below this level could indicate advantage to bears.

To negate this view, the bulls will have to push the price above the zone between the 50-SMA and $3. If that happens, the pair could rally to $3.42 where the bears may again mount a strong defense.

Related: Cryptocurrencies against the ‘silent thief.’ Can Bitcoin protect capital from inflation?

RUNE/USDT

THORChain (RUNE) broke above the moving averages on March 1 and successfully defended the level during the retest on March 8. This suggests that the sentiment has changed from sell on rallies to buy on dips.

RUNE/USDT daily chart. Source: TradingView

The bulls will now try to push the price to the 200-day SMA ($7.90) where the bears may again pose a strong challenge. If the price does not give up much ground from the 200-day SMA, the bulls will make one more attempt to clear this hurdle. If they succeed, the RUNE/USDT pair could rise to $9.

Alternatively, if the price turns down from the current level, the 20-day EMA is the important level to watch out for. A strong rebound off this level will suggest that the bullish sentiment remains intact while a break below it could result in a decline to $4.

RUNE/USDT 4-hour chart. Source: TradingView

The 20-EMA on the 4-hour chart is sloping up and the RSI is in the positive zone, indicating that the bulls have the upper hand. The pair could now rise to the overhead resistance at $7 where the bears will try to stall the up-move.

Alternatively, if the price turns down from the current level, the pair could drop to the 20-EMA. If the price rebounds off this level, the bulls will attempt to resume the uptrend. The bears will have to pull and sustain the price below the 20-EMA to indicate a change in the short-term trend.

ZEC/USDT

Zcash (ZEC) broke and closed above the $135 resistance on March 8, which completed a double bottom pattern. This was followed by a break above the 200-day SMA ($145) on March 10, signaling that bulls are back in the game.

ZEC/USDT daily chart. Source: TradingView

The bears are currently attempting to pull the price back below the 200-day SMA and challenge the breakout level at $135. This is an important level for the bulls to defend because a break below it could suggest that the recent breakout may have been a bear trap. The ZEC/USDT pair could then drop to the 50-day SMA ($114).

If the price rebounds off the current level or $135, it will suggest that the sentiment remains positive and traders are buying on dips. The bulls will then try to drive the pair above $160 and resume the up-move. The target objective of the breakout from the double bottom pattern is $189.

ZEC/USDT 4-hour chart. Source: TradingView

The bears pulled the price below the 20-EMA on the 4-hour chart but they have not been able to sustain the lower levels. This suggests that bulls continue to buy on every minor dip. The bulls will now try to push the price above $160 and resume the uptrend. The rising 20-EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside.

Contrary to this assumption, if the price turns down from the overhead resistance and slips below $143, the selling could pick up momentum. The pair could then drop to the critical support at $135.

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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Miami’s Mayor Remains Unfazed by Crypto Crash, Still Receives His Paycheck in Bitcoin

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Miami’s Mayor Remains Unfazed by Crypto Crash, Still Receives His Paycheck in Bitcoin

Despite the tragedy of TerraUSD (UST) de-pegging and the subsequent chaos that plagued the cryptocurrency markets, Miami’s mayor remains resolute in receiving his salary in Bitcoin, but it seems he has other streams of income.

At the World Economic Forum (WEF), Miami Mayor Francis Suarez told attendees of a panel that he was still receiving his paycheck in Bitcoin and has no plans to stop. Suarez’s comments are coming on the heels of plummeting cryptocurrency prices over the last few months with Bitcoin down by over 30% in the last 2 months.

The Mayor told the audience that he remains unperturbed by the mayhem in crypto streets and will continue accepting his salary in Bitcoin. A reason for his cool, calm, and collected nerves is because of his multiple income streams that might serve as a buffer during volatile moments.

“I will note, for the record, that it’s not my only salary,” said Suarez. “It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them.”

Mayor Suarez drew the attention of cryptocurrency enthusiasts last year when he announced that he will begin taking his entire paycheck as Mayor in Bitcoin. Before the announcement, Suarez publicly announced his desire to pay government employees in Bitcoin as part of efforts to improve crypto adoption in the city. 

Making Miami the crypto capital of the U.S. 

Mayor Suarez has been making moves to make Miami a leading crypto hub since his assumption of office. The city has been receptive to cryptocurrency miners, and there have been conversations about allowing citizens to pay bills and taxes with crypto.

“I want us to differentiate ourselves as a crypto capital of the United States or the world,” he said in an interview with Bloomberg.

Suarez has been backing his claim with actions, with the city famously launching MiamiCoin which netted the city over $5.2 million. In November 2021, there were plans for the city to distribute $21 million to Miami’s citizens through the ambitious plans to create a digital wallet for each citizen.

Miami was the center of attention after successfully hosting the Bitcoin 2022 conference. Major players in Bitcoin’s ecosystem like MicroStrategy’s CEO Michael Saylor, ARK Invest CEO Cathie Wood, billionaire Peter Thiel, CEO of Strike Jack Mallers, and others. Nayib Bukele, El Salvador’s pro-Bitcoin president, was scheduled to make an appearance but pulled out due to unforeseen circumstances.

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Billionaire Investor Ray Dalio Says ‘Cash Is Still Trash’, Prefers ‘Digital Gold Bitcoin’

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Billionaire Investor Ray Dalio Says ‘Cash Is Still Trash’, Prefers ‘Digital Gold Bitcoin’

Billionaire investor and hedge fund manager, Ray Dalio, has reiterated his previous call that “cash is trash”. Dismissing equities as “trashier”, the Bridgewater Associates founder said he preferred “a digital gold like bitcoin” instead.

“Of course, cash is still trash,” Dalio said. “Do you know how fast you’re losing buying power in cash?” He was speaking on CNBC’s Squawk Box during the ongoing World Economic Forum (WEF) meeting in Davos, Switzerland.

“When I say cash is trash, what I mean is all currencies in [relation] to the euro, in relationship to the yen,” he explained. “All of those currencies like in the 1930s will be currencies that will go down in relationship to goods and services.”

Dalio is the founder of the world’s biggest hedge fund firm, Bridgewater Associates, which manages around $223 billion. In January 2020, the 72-year-old American investor advised people to diversify their portfolios by “getting out of cash”, which he called “trash”.

Bitcoin as ‘digital gold’

At Davos, Dalio spoke about a range of issues including stocks, the global economic outlook, and the U.S. central bank’s efforts to combat inflation. He said stock markets had become too crowded, and that compared to cash, “equities are trashier”.

“Everybody is long equities, and everybody wants everything to go up,” said Dalio. “The more they hype it the more it becomes somebody else’s financial asset they’re holding. You can’t have that, so you’re going to have an environment of negative real returns.”

For the billionaire, bitcoin (BTC) is a preferred form of investment at a time of worldwide economic uncertainty. His list of safe-haven assets also includes real estate and precious metals such as gold.

“I think blockchain’s great,” Dalio stated. He touted cryptocurrency’s potential as a fix to what he expects to be a tough year for the U.S. economy, marked by high inflation and a lack of real returns on investments. Continuing, he said:

“But let’s call it a digital gold. I think a digital gold, which would be a bitcoin kind of thing, is something that – probably in the interest of diversification of finding an alternative to gold – has a little spot relative to gold and then relative to other assets.”

Bitcoin’s inflation-hedge credentials under spotlight

Dalio’s comments come against the backdrop of rising disillusionment in the credentials of bitcoin as an inflation-hedge asset. Proponents have argued that bitcoin is a gold-like store of value.

In 2020, many people believed BTC was now poised to transition from a risk-on speculative asset to the crypto market’s version of the metal after its correlation to gold jumped to an all-time high.

But that argument may have started to fall apart with the massive decline in crypto markets this year. Bloomberg data shows that BTC’s correlation to gold dropped to almost zero earlier in January, and as bitcoin prices fell in later months, gold continued to rise.

In April, the 50-day correlation coefficient for BTC and gold was around minus 0.4, the lowest since 2018, Bloomberg said. A reading of 1 implies assets are moving in lockstep, and minus 1 is the reverse.

Crypto markets have become more tied to the stock market instead, particularly to blue-chip technology stocks such as Apple, Amazon, and Microsoft. More than $1.5 trillion has been wiped off the face of crypto markets so far this year.

Dalio forecasts ‘squeeze on demand’

Dalio, the Bridgewater Associates founder, painted a gloomy picture of the global economy in 2022. He expects inflation in the U.S and elsewhere around the world to erode the purchasing power of money, saying:

“We are in an environment that we are now going to ask ‘what is the new money?”

On bonds, he said: “The Federal Reserve is going to sell, individuals are selling, foreigners are selling, and the U.S. government is selling because it has to fund its deficit. So there’s going to be a supply/demand problem, that means that it produces a squeeze.”

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Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

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Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

Crypto prices have been exploring new lows for weeks and currently it’s unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout.

Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days.

Acala launches a $250 million aUSD ecosystem fund

Acala (ACA) is the leading decentralized finance (DeF) platform on the Polkadot network, primarily due to the launch of aUSD, the first native stablecoin in the Polkadot ecosystem.

Following the collapse of Terra’s LUNA and TerraUSD (UST), traders were searching for “safer” stablecoin options.

On March 23, ACA rallied after the project announced the launch of a $250 million “aUSD Ecosystem Fund” that aims to support early-stage startups planning to build strong stablecoin use cases on any Polkadot or Kusama parachain.

— Acala (@AcalaNetwork) March 23, 2022

Acala also announced the launch of a kickoff rewards program that has set aside 1 million ACA tokens as rewards for LCDOT/DOT, LCDOT/aUSD, ACA/aUSD and aUSD/LDOT liquidity providers.

Following the aUSD ecosystem fund announcement, the price of ACA spiked 31% from a low of $0.364 on May 23 to a daily high of $0.478 on May 24.

Astar rallies after revealing a partnership with Microsoft

The Astar (ASTR) network is a smart contract hub for the Polkadot community that supports Ethereum (ETH), WebAssembly and other layer-two solutions like zk-Rollups.

Since the Polkadot relay chain doesn’t offer Ethereum Virtual Machine (EVM) support, Astar was created to become a multi-chain smart contract platform capable of supporting multiple blockchains and virtual machines so that they can integrate with the Polkadot ecosystem.

On May 24, it was revealed that AstridDAO, an Astar-based protocol responsible for minting the collateralized BAI stablecoin, had signed a partnership with Microsoft to become part of Microsoft for Startups, an initiative “which removes traditional barriers to building a company with exclusive access to technology, coaching, marketing and support.”

— AstridDAO – No.1 native stablecoin on Astar (@AstridDAO) May 24, 2022

If successful, the partnership should accelerate AstridDAO’s go-to-market speed and maximize its market influence. It also includes up to $350,000 worth of benefits through Github Enterprise, Microsoft Teams and Azure credits.

Following the partnership announcement, the price of ASTR spiked 61% from $0.055 to a daily high of $0.0888.

Related: Polkadot vs. Ethereum: Two equal chances to dominate the Web3 world

Uniswap v3 to deploy on Moonbeam

Moonbeam (GLMR) is an Ethereum-compatible smart contract parachain on Polkadot that streamlines the use of Ethereum developer tools to build or redeploy Solidity projects in a substrate-based environment.

Interoperability with the Ethereum network is a highly sought-after capability since a majority of decentralized applications currently operate on Ethereum along with a majority of the value in decentralized finance.

The benefit of EVM interoperability was demonstrated with the May 24 announcement that a proposal to deploy Uniswap (UNI) v3 on the Moonbeam network passed, meaning that the top decentralized exchange in the crypto ecosystem will soon be accessible to Moonbeam users.

— Uniswap Labs (@Uniswap) May 23, 2022

Following the announcement, the price of GLMR climbed 29% from a low of $1.15 on May 23 to a daily high at $1.48 on May 24 as its 24-hour trading volume increased 106% to $75.3 million.

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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