BTC, MATIC, EOS, XMR, AAVE

A year ago, it was fairly easy to make money trading cryptocurrency. That was before the wave of coins known as the alt-coin crash of 2017. Since then, the market has become a whole lot more crowded , which has made it more difficult to find the opportunities to make money. But, it doesn’t mean that the crypto-sphere has dried up entirely.

Every currency needs to have a fundamental value. One that people are willing to pay money for. The value of a currency is a reflection of the number of users actively using it in the real world. If there is a large number of users of a currency, that currency will have a high value. On the other hand, if there are a small number of users, the value will decrease. The “value” of a currency is an illusion. A “currency” is a way of exchanging value without using any physical commodity. A “currency” is a small piece of information on a computer that has value.

In the world of digital currencies, you have a choice of different cryptocurrencies to invest in, each with their own unique characteristics and benefits. Here at Etherdale, we believe that one of the most important things to consider when investing in any cryptocurrency is their transaction speed. The faster a cryptocurrency can complete their transactions, the more valuable they are and the more valuable they will be in the long run.. Read more about bitcoin price and let us know what you think.

Bitcoin (BTC) has not been able to sustain itself at any price level during the current downturn, indicating a lack of demand at higher levels. Does this mean the bull run is over and institutional investors are leaving the cryptocurrency markets? No! It’s the other way around. Glassnode’s weekly newsletter notes that the premium of the Grayscale Bitcoin Trust (GBTC) is rising, suggesting that institutional investors are accumulating funds at lower levels. The GBTC is not alone: Another popular tool for institutional investors, the Canadian Purpose Bitcoin exchange-traded fund, has also seen strong inflows. According to analysts at Glassnode, these are the first signs of renewed interest from institutions. Daily review of cryptocurrency market data. Source: Coin360 Another metric that could signal a possible day for bitcoin is its dominance chart, which resembles the one from early 2017. If bitcoin’s dominance follows the same trajectory as in 2017, it would suggest that bitcoin is far from reaching its peak and altcoins season still has a long way to go. Now that the monthly expiration of options and futures is over, investors are probably wondering if bitcoin could start a strong rally next week and which altcoins will rally if that happens. Let’s take a look at 5 crypto-currencies that could trend this week.

BTC/USDT

Bitcoin’s short-term breakout failed on the 26th and 27th. May at the 200-day simple moving average hurdle ($41,014), indicating an aggressive defense of this level by the bears. The falling 20-day exponential moving average ($41.327) and the relative strength index (RSI) near the oversold zone show that the bears are in charge. Daily chart BTC/USDT. Source: TradingView BTC, MATIC, EOS, XMR, AAVE If the BTC/USDT pair breaks the $33,000 support level, the next stop could be the $30,000 – $28,000 support area. If this area weakens as well, a panic sale could occur and a drop to $20,000 is possible. The longer price stays below the 200 SMA, the harder it will be for the bulls to enter the next leg of the uptrend. However, if price were to reverse upwards from current levels and cross the 200-day SMA, this would be a strong buy signal at lower levels. This could pave the way for a potential rally to the 61.8% Fibonacci retracement level at $48,231. 4 hour chart BTC/USDT. Source: TradingView BTC, MATIC, EOS, XMR, AAVE The 4-hour chart shows the formation of a symmetrical triangle, which usually functions as a continuation pattern. Should the bears allow price to drop below the triangle, the pair could fall back to $30,000 and then to the $20,316 model target. On the other hand, this setup could become a reversal pattern if the bulls push price above the triangle resistance line and hold. Such a move would mean that the downtrend is over and the pair could reach the $51,951 target.

MATIC/USDT

Polygon (MATIC) bounced off the 20-day EMA ($1.58) today, suggesting that bulls are buying on this support on dips. The rising 20-day EMA and the RSI in positive territory suggest that the path of least resistance is up. MATIC/USDT Day Chart. Source: TradingView BTC, MATIC, EOS, XMR, AAVE However, the MATIC/USDT pair has formed a symmetrical triangle, indicating indecision between the bulls and the bears. If the bulls push price above the triangle resistance line, the pair could rise to $2.70 and then head for the pattern’s price target at $4.20. Contrary to this assumption the pair could extend its stay within the triangle if price reverses from the triangle’s resistance line. A breakout and a close below the triangle would be a sign of weakness and could lead to a drop to $0.80. Chart 4 hoursMATIC/USDT. Source: TradingView BTC, MATIC, EOS, XMR, AAVE On the 4 hour chart we can see that the recovery is encountering resistance from the bearish trend line. If the bears push the price below the $1.51 support level, the pair will complete a bearish head-and-shoulders pattern, which could lead to a drop to $0.68. Conversely, bullish momentum could strengthen as buyers push the price above the downtrend line and the pair could break through resistance at $2.43. A breakout of this level could lead to a rally to $2.70.

EOS/USDT

EOS made a recovery attempt that ended in 27th. May ended at the 38.2% Fibonacci retracement level at $7.89. However, one positive sign is that the bulls have not allowed the price to fall below the $5.60 support level. This shows that traders are not waiting for a deeper drop to buy. Daily EOS/USDT chart. Source: TradingView BTC, MATIC, EOS, XMR, AAVE If the bulls manage to break through and close above the 20-day EMA ($6.95), it means that supply is outpacing demand. This could open the door for a rally to the 50% retracement level at $9.23 and then to the 61.8% retracement level at $10.57. This bullish view will be outdated if the bears stop the next pullback attempt at the 20-day EMA or the $7.89 level. Such a move would increase the chances of a break below $5.60. In this case, the EOS/USDT pair could fall to the 200-day SMA ($4.52) and then to $3.57. . Chart 4 hours EOS/USDT. Source: TradingView BTC, MATIC, EOS, XMR, AAVE On the 4-hour chart, the bulls are defending the $5.60 support level, indicating a decline in selling pressure. A flat 20-EMA and an RSI just below the midpoint suggest that supply and demand are in balance. If the bulls push price above $6.81, the pair could go all the way to the 200-SMA and then to $8.69. A breakout and close above this resistance would indicate that the bulls are back in play. If the bears push the price below the support zone between $5.60 and $5, the pair could drop to $3.57.

XMR/USDT

Repeated attempts by the bears to push Monero (XMR) below the 200-day ($222) SMA in recent days have failed. This suggests that the bulls are stockpiling at current levels. XMR/USDT Day Chart. Source: TradingView BTC, MATIC, EOS, XMR, AAVE The buyers tried to buy the 29. May to push price above the 20-day EMA ($294), but the candle’s long wick shows a strong sell-off at higher levels. However, the Bulls will likely try again to break the 20 EMA barrier. If successful, XMR/USDT could begin a rally that could reach the 61.8% Fibonacci retracement level at $368.45. This level may act as a hard resistance as traders who bought at higher levels may close their positions. This positive outlook will be negated if the stock price reverses and goes below the 200 SMA. In this case the pair could drop to $175 and then $124.69. XMR/USDT 4-hour chart. Source: TradingView BTC, MATIC, EOS, XMR, AAVE There is a symmetrical triangle formation on the 4-hour chart, indicating that bulls and bears are undecided about the next direction. The flat 20-EMA and the RSI near the midpoint also suggest a balance between supply and demand. This advantage will work in the bulls’ favor if they can push and hold the price above the triangle. Price could then rally towards the 200-SMA, which could act as strong resistance. In the opposite case, if the price reverses and breaks below the triangle, the pair could drop to $175 and then $124.69.

AAVE/USDT

AAVE is trying to bounce back from solid support at $280. This level has been held on a closing basis since January 26, so bulls will likely defend it aggressively. The 200-day SMA ($290) just above the level is an added benefit. AAVE/USDT Daily Chart. Source: TradingView BTC, MATIC, EOS, XMR, AAVE However, the 20-day falling EMA ($398) and the RSI below 43 show that the short-term trend is in favor of the bears. Sellers will try to stop a rally at the 20-day EMA. If successful, the AAVE/USDT pair could correct back to $280. A breakout and close below this support could initiate a downtrend and the decline could extend to $160. On the other hand, if the bulls push the price above the 20 EMA, the pair could rise to $489, which should prove to be a tough resistance. 4-hour chartAAVE/USDT. Source: TradingView BTC, MATIC, EOS, XMR, AAVE The 4-hour chart shows that the bulls bought the drop to $280. The 20-EMA flattens out, indicating less selling pressure. If buyers push the price above the downtrend line and hold it, the pair could reach $418. A breakout and close above this resistance could lead to a rally towards $480. This positive view loses its strength when price breaks out of the 20-EMA or downtrend line and drops below $280. If this happens, the bears will try to push the price below the low of 23. May at $208.09 and start a downward trend. The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every transaction involves risk. So you need to do your own research before making a decision.Basically, the point of this blog is to cover the current and upcoming altcoins that I’m either personally interested in or people I know have created. The reasons for creating these coins are mostly personal: I want to better understand them, I want to trade them, I want to invest in them.. Read more about bitcoin this week and let us know what you think.

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