The crypto-economy has been sliding in value during the last few days as the current market valuation for all 13,000+ crypto assets is $1.83 trillion. There has been a lot of crypto dip as more people are getting bearish. Bitcoin Fear and Greed Index shows 26, indicating “fear” in the crypto market as the Russia-Ukraine war continues.
For the past two months, the price of bitcoin has been between $45000 and $33000, implying a range-bound rally in the short term. However, amid the bearish cloud hovering above the crypto market, a swiss city-Lugano makes Bitcoin, Tether, and LVGA token legal tenders. The recent reversal has slipped the BTC price below the(20, 50, and 100) EMAs. Moreover, a bearish alignment among these EMAs indicates a bearish tendency. The RSI indicator slope wavering above-below the neutral line accentuates a side-way rally in price action. However, the slope currently moving below the midline implies the bears have the upper hand. With more people getting hold of crypto, we could see bitcoin rebound and challenge the $45k resistance zone. Until we stay above the $45k support zone, then we begin to see more bullish momentum.
If bitcoin fails to hold the $36-$33k support zone, then we could experience months of crypto winter.
- Resistance level- $40000, $45000
- Support level- $36000, $33000
ETH got rejected at the $3,020 resistance level, the price quickly dropped towards the key support at $2.5K. At the moment, the Ethereum market situation is looking weak as more people are bearish. In the coming days, we could see ethereum breaking the $2.5k key support – going down to touch the February low which was $2.3k. This could happen if the price of bitcoin could drop to $33k.
A bearish sequence among the declining DMAs(20, 50, 100, and 200) shows aggressive selling from the traders. Moreover, the recent reversal has nosedived below the 20 and 50 DMA, providing an extra edge for sellers. The MACD indicator lines show a bearish crossover below the neutral zone, projecting a sell signal.
- Resistance levels- $3000, $3400
- Support levels are- $2600 and $2300
Over the past 8 weeks, MATIC traders were busily selling on rallies using the descending trendline. The MATIC sellers flipped the 200-day EMA into a valid resistance level. However, if bears manage to pull the altcoin below the $1.4 bottom support, the increased selling momentum would sink the MATIC price to $1 psychological support. A bullish reversal from the $1.4 support would allow buyers to challenge the confluence of major technical levels, i.e., the 200-day EMA, descending trendline, and $1.7 mark. A breakout and closing above these resistance levels would provide the first sign of price recovery, leading to the immediate target at $2.
The MATIC price trading below the crucial EMA(20, 50, 100, and 200) states a bearish trend. Moreover, the coin chart shows the 50-and-200-day EMA approaching a bearish crossover, attracting even more sellers in the market. However, the MACD indicator shows the fast and slow line approaching the neutral zone(0.00) from below, indicating the increasing bullish tempo.
- Resistance levels- $1.75 and $2
- Support levels- $1.4 and $1.2
ADA’s price had found solid support upon the critical level at $0.84 and was managed to hold it for the past several days, also unable to move higher. This consolidation is likely to end sooner or later with a huge move. After getting rejected last week trying to break above the $1 key resistance level, ADA’s price quickly retraced down to retest the $0.84 mark. If buyers cannot push the price higher soon, then sellers may take the opportunity and break below the key support level, targeting the next major support at $0.68. The volume was very low over the past two days. ADA will likely break lower if fear persists in the markets due to the ongoing Russia-Ukraine war. ADA appears weak and without seeing increased demand, the $0.84 support likely breakdown. The current crypto market sentiment is rather bearish which might push ADA lower if Monday’s price action opens in red.
FTM & YFI
Andre Cronje has quit decentralized finance, according to an announcement today by his colleague Anton Nell, a senior solutions architect at the Fantom Foundation, who’s joining him in that decision without citing a reason. Cryptocurrencies associated with Cronje’s projects, such as FTM and YFI, dove sharply after the surprise announcement—yearn.finance (YFI) plunged 13% from almost $20,000 to $17,000.
Fantom (FTM) was down 15% over the past 24 hours, trading at $1.42 as of this writing. Solidly (SOLID), which only launched last week, has fallen 64.73% over the past day, now worth $1.13. With the current market sentiment it shows clearly that there’s a lot of fear in the market and this may lead to more market corrections.
The city of Lugano, Switzerland, will make bitcoin legal tender and allow citizens to pay for public service fees or taxes in bitcoin, city director Pietro Poretti co-announced in live-streamed streamed on Thursday alongside mayor Michele Foletti and CTO of TetArduinolo Arduino. The city has already worked with over 200 merchants to propel the adoption of bitcoin and Lightning payments.
Steve Wozniak, Apple’s co-founder, had some words of praise for Bitcoin in his recent interview with Business Insider, describing the largest cryptocurrency as “pure-gold mathematics.”
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