4 altcoins to watch this week other than Bitcoin

After the Bitcoin (BTC) price climbed to $ 58,000, it entered a correction process and fell to $ 43,000. Although purchases started to increase as of March 1, it is a matter of curiosity what the coming days will bring.

Just like Bitcoin, altcoin prices, which have been on the decline in recent days, are noticeable as of Monday. Cointelegraph analyst Rakesh Upadhyay shared technical analysis for 4 noteworthy altcoins and Bitcoin this week.

BTC/USD – Bitcoin teknik analiz

Although Bitcoin price fell below the 20-day exponential moving average (EMA) ($ 47,637), which was the first sign of a deep correction, it managed to break above this level as of March 1. If it stays above this price, it’s okay, but the atmosphere can change if the decline goes down to the 50-day simple moving average (SMA) line ($ 41,195). Its significance is further increased as the price has never fallen below the 50-SMA level since October 9.

Daily chart of the BTC / USDT pair. Source: TradingView

Purchases on March 1 show that the bulls are aggressively defending the 50-day SMA level. On the other hand, if the price remains above the 20-day EMA level, the upward expectation will continue. In this way, it will be understood that traders are buying in every drop.

The moving averages (MA) moving sideways and the relative strength index (RSI) just above the middle show that the bulls have lost dominance compared to the previous days and there has been instability between buyers and sellers.

If the bears cut the price below the 50-day SMA, it will be understood that supply exceeds demand and investors are seeking to make a quick profit. Such a move could pull the price up to $ 38,000, the lowest observed on February 8th.

A break below this support would indicate the next support at $ 32,000. There is a support of $ 28,850 behind it, but it will be very disappointing to go down to these supports.

BNB / USD – Binance Coin fiyat analizi

Binance Coin (BNB) has been seeing a correction since February 20. In other words, investors have been making a profit since they saw the peak price on February 19. However, the pace of the decline has gradually decreased since February 25, and investors, who did not panic, pulled the price up as of March 1.

Daily chart of the BNB / USDT pair. Source: TradingView

The price dropped as low as the 20-day exponential moving average (EMA) ($ 200) where buyers were waiting for the moment to kick in. The price then bounced back and moved above the downtrend line. Now the BNB / USD pair is in the process of collecting short term trader purchases. This could push the price up to $ 280 and then $ 300.

The 20-day EMA line moved slightly upward and the relative strength index (RSI) moved above the midpoint. So the balance between supply and demand started to turn in favor of the bulls.

However, if the bears cut the price below the 20-EMA and close there, it will turn out that supply exceeds demand this time around. In this case, the pair could see a correction to $ 167,3691 and then to $ 118.

DOT / USD – Polkadot technique analysis

Polkadot (DOT) price experienced a correction without breaking the uptrend. The bulls continued to buy in dips, as evidenced by the long tails observed in the candlesticks from February 22 to 24. The bulls, defending the 20-day exponential moving average (EMA) ($ 31,1368), started the short-term uptrend following the doji candle pattern observed on February 26.

Daily chart of the DOT / USDT pair. Source: TradingView

The 20-EMA momentum slowed down and the relative strength index approached the middle level. So the bullish momentum has weakened but has not disappeared completely. Especially in the recent declines, the DOT / USD parity has received support from the 20-EMA line many times.

As long as the pair remains above the 20-day EMA level and the bulls push the price above $ 35.6618, the uptrend will continue. Then a new test could be observed at an all-time high of $ 42.2848. A break above this resistance could enable an increase of up to $ 50.

On the other hand, if the bears pull the price below the 20-day EMA and the 61.8% Fibonacci retracement level calculated at $ 25.7817, this bullish outlook would be invalidated. In such a case, the pair could drop to the 50-day simple moving average (SMA) ($ 22.9014).

XEM / USD – NEM price analysis

The bulls managed to defend the 20-day exponential moving average (EMA) ($ 0.495) in the decline on February 26. This indicates that the sentiment in the market has remained positive and investors are buying on dips. The bulls are currently trying to continue the uptrend in the NEM (XEM) price.

Daily chart of XEM / USDT pair. Source: TradingView

The upward sloping moving averages (MA) and the relative strength index (RSI) seeing the value of 69 show that the possible direction is up. If the bulls can move the price above $ 0.7 and even beyond the resistance of 0.7637, a rise to $ 0.9607 for the XEM / USD pair can be expected.

Contrary to this assumption, if the price drops below $ 0.5051, the pair is likely to consolidate for a few days before starting the next trend move. A retreat below the 20-day EMA will indicate the beginning of a deeper correction.

MIOTA / USD – IOTA Technical Analysis

MIOTA (IOTA) is in the correction phase since it rose to $ 1.554775 on Feb. 19. The retracement has been sharp, but it’s clear that the bulls have successfully defended the 20-day exponential moving average (EMA) ($ 1.09) over the past few days.

Daily chart of the IOTA / USDT pair. Source: TradingView

The 20-day EMA indicator is horizontal and the relative strength index (RSI) is 57. So it can be said that there is a balance between supply and demand. Neither bulls nor bears have dominated in the last six days.

This balance could push the price above the $ 1.30 overall resistance. If there is a close at that level, the advantage can pass to the bulls. In such a case, the MIOTA / USD pair can rise to $ 1.554775.

On the other hand, if the bears pull the price below $ 0.90, this time down to $ 0.762205 where the 50-day simple moving average (SMA) is calculated is possible.

The opinions and comments expressed here belong only to the author. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.

Check Also

Elon Musk Shares A Meme From Interstellar Movie Dogecoin Rises • Coinexc

Elon Musk shared a popular meme from the movie Interstellar about cryptocurrency volatility. Dogecoin rose …

Leave a Reply

Your email address will not be published. Required fields are marked *