Bitcoin (BTC) price entered an upward trend over the weekend. The price rose with the US Senate’s $ 1.9 trillion incentive move. If traders react to this bill as in April 2020, the cryptocurrency markets could see a strong uptrend.
On the other hand, the announcement of the Chinese software company Meitu that it has purchased BTC and ETH points to the continuing interest of institutional investors.
Critical moves are expected in several cryptocurrencies during the week. In this context, Cointelegraph analyst Rakesh Upadhyay evaluated the price of 4 altcoins.
BTC/USD – Bitcoin teknik analiz
Bitcoin price dropped below the 20-day exponential moving average (EMA) ($ 48,658.5) on March 5th and 6th, but the long tail on both candlesticks indicates that buyers are ready to buy at lows. Subsequently, the bulls pushed the price towards the overall resistance of $ 52,040.
Daily chart of the BTC / USDT pair. Source: TradingView
The relative strength index (RSI) started to rise, while the 20-day EMA remained steady. The RSI is around 58, which signals the return of the bulls.
If buyers can push the price above the resistance, the BTC / USD pair could retest its all-time high at $ 58,341. A break above this level could start the next leg of the uptrend and take action to $ 72,112.
Contrary to this assumption, if the price fails to cross the general resistance and falls below the low of $ 46,313 on March 5, it could drop to the 50-day simple moving average (SMA) ($ 41,959.63). This level is likely to serve as a strong support.
If the pair holds on to this support, a consolidation may be observed in the price for a few days. However, if the bears pull the price below $ 41,959.63, the “stops” of the traders start to run and a change in the trend may be observed.
UNI / USD – Uniswap price analysis
The Uniswap (UNI) price, which has been consolidated in the region close to $ 29 for three days, has clearly emerged from the general resistance zone as of March 7. The bulls kept the price above $ 29, increasing the likelihood of an uptrend resumption.
Daily chart of the UNI / USDT pair. Source: TradingView
As seen in the chart, both moving averages (MA) are rising and the relative strength index (RSI) is in the overbought territory. So the market is currently under the control of the bulls. If the UNI / USD pair manages to stay above $ 33, the targeted next level will be 38 and then $ 46.
If the price drops from current levels and falls below the 20-day exponential moving average (EMA) ($ 26.2109), the bullish outlook currently observed will be invalidated. In such a case, the pair could drop to the temporary support zone at $ 22 and then the 50-day simple moving average (SMA) ($ 20.3072).
THETA/USD – Theta teknik analiz
THETA is in a strong uptrend. Although the altcoin fell on March 6, the long tail on the candlestick indicates that purchases were increasing at the lower levels. Corrections in the strong uptrend usually take one to three days, after which the main trend continues. As of March 8, we see that this has become a reality.
Daily chart of THETA / USDT pair. Source: TradingView
The rising moving averages (MA) and the relative strength index (RSI) near the overbought zone show that the bulls are currently controlling the market. If buyers can keep the price above $ 4.72, the THETA / USD pair can continue its uptrend and watch for $ 5.73 as the next target.
On the other hand, if the price returns from the $ 4.50 to $ 5 resistance zone, the pair could drop to the 20-day EMA ($ 3,70079). If this support works and the price goes up, it will be commented that the bulls increase purchases in declines and the expectation is positive.
If this scenario does not happen and the bears pull the price below the 20-day EMA, a deep correction to the 50-day simple moving average (SMA) ($ 2,88432) is possible. Such a move will show that the momentum is weakening and will delay the start of the upward movement again.
VET / USD – VeChain price analysis
The VeChain (VET) price was stuck in a wide range from $ 0.034531 to $ 0.060774 after its sharp move on February 11-12. The price broke the resistance as of March 8 and traded as high as $ 0.06349.
Daily chart of VET / USDT parity. Source: TradingView
The moving averages are rising and the relative strength index (RSI) is in the positive zone, indicating that the most likely direction is up. As long as the bulls keep the price above $ 0.060774, the next leg of the uptrend in the VET / USD pair can begin.
On the upside, the first target will be $ 0.087048, and if this level is passed, the pair may move towards $ 0.1.
Contrary to this assumption, if the price falls from the current level, the 20-day exponential moving average (EMA) ($ 0.048832) will be the downside target. A bounce from this support continues the uptrend, but the bearish break again signals movement to range.
LUNA/USD – Terra technical analysis
Terra (LUNA) price consolidated in a wide range from $ 5 to $ 8.50 for a few days. The upward movement can be expected to continue as both moving averages are rising and the relative strength index (RSI) is moving into the overbought territory.
Daily chart of the LUNA / USDT pair. Source: TradingView
The bulls also pushed the price above the range on March 5, but when it came to taking profits, it fell below $ 8.5. As of March 8, demand increased and this time resistance was broken. If the pair fails to stay above this resistance, it will reveal that there are not enough buyers and it will again consolidate within the specified range.
If the bulls don’t give up on the purchases, the next leg of the upward move could begin. If the $ 8.5, which acts as a resistance, turns into support, the target for the LUNA / USD pair will be $ 12.
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