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Crypto Predictive Analysis – Week of February 13, 2022

by | Feb 15, 2022 | Uncategorized | 0 comments

Bitcoin made a rally to $45,500 which made a lot of people think that the market was fully liquidated. This also made many altcoins to pump tokens such as SLP and INJ. 

According to Coinmarketcap, the total market capitalization of all cryptocurrencies is $1.9 trillion, representing a 7.76% gain over last week. 

Bitcoin Analysis

On February 4th, the BTC price made a decisive breakout from a confluence of technical levels, i.e. $40000 psychological level, descending trendline, and 20-day EMA. The sustained buying surged the coin price by 13%, bringing it to $45,000. A recent price jump has turned the dynamic resistance of the 20-day EMA into potential support. Buyers will likely encounter the trend defining 200 EMA near the $45000 mark, which stands as a key barrier to bolster BTC recovery. Bitcoin (BTC) price registers minimal gains on the weekend.BTC may retrace lower as the largest cryptocurrency seeks a higher target. Sellers remained active after buyers failed to defend $45k this week. A rebound from this crucial support level would indicate bulls are buying this dip and would give another attempt to push the BTC/USDT pair above $45,000. 

On a contrary note, if sellers pulled the price below the $40000 mark, the coin price would plunge to $36,721 or $33177.

  • Resistance level- $45000, $52000
  • Support level- $40000, $36721

Ethereum Analysis

The ETH price trading below the 100 and 200 DMA maintains a bearish trend. However, the recently flipped 20 DMA curving up provides an extra edge to long traders. The ETH bears were using the descending trendline to sell on rallies and drive the price lower. The coin chart shows higher price rejection candles at this resistance trendline, indicating the bears are defending this line. 

If bears continue to exert selling pressure, the coin price would plunge below $3000.

  • Resistance levels- $3400, $3650
  • Support levels are- $2900, $2650 

Key technical points

  • The 20-day DMA acted as strong support for ETH. 
  • The daily-RSI struggles to sustain in bullish territory.
  • The intraday trading volume in ETH/USD is $9.5 Billion, indicating a 31.2% fall.

Altcoin Analysis 

Solana Analysis 

Solana keeps an eye on the 50-day SMA. On the daily chart, the Solana price observed a correction of nearly 11% after attacking the $115.51 to $152 supply zone for the second time. The downside momentum found support at the $80.0 barrier and formed the base for a fresh round of buying.

Technical Indicators:

  • RSI: The Daily Relative Strength Index (RSI)  trades at 38 with a bullish crossover.
  • MACD: The Moving Average Convergence Divergence (MACD) still hovers below the midline.

Gala Games

The Gala Games (GALA) price doubled during last week’s recovery rally. The buyers breached two significant resistance of $0.23 and $0.3 before reaching the monthly resistance of $0.37.  The bears defended this resistance with vigor and rejected the altcoin to the immediate support of $0.3. Can buyers continue this rally or the sellers would take over again?

Key technical points: 

  • The 20 and 100-day EMAs offers a bullish crossover 
  • The intraday trading volume in the GALA is $197.7 Million, indicating a 3% gain.

However, the bullish assumption would be invalid if sellers pulled the GALA token below the bottom support, dropping it 20% to the $0.223 mark. The daily chart shows a cluster of crucial EMAs(20, 50, and 100) in confluence with the $0.239 support, offering an extra edge to the long traders.

  • Resistance level- $0.36 and $.43
  • Support level-$0.293 and $0.223

Harmony

The Harmony (ONE) buyers’ recovery rally failed to surpass the immediate resistance of $0.225. The ONE price reverts and charges towards the previous lower low support of $0.163. If altcoin plunged below this bottom support, it would indicate the bears are selling on rallies, signaling the resumption of the downtrend. ONE buyer’s lost the 200-day SMA. And the 24-hour trading volume in the Harmony coin is $192.9 Million, indicating a 3.6% loss. Due to the recent reversal, the 50-day SMA failed to cross above the 100 SMA line. Moreover, both these lines sloping downwards indicate the bears are dominant. The LUNA price chart maintains the short-term downtrend wobbling in a parallel channel pattern. 

Key technical points: 

  • The 200 DMA stands as strong support for the LUNA price. 
  • A rising ADX indicator signals a continuation of the downtrend. 
  • The intraday trading volume in the LUNA is $1.5 Billion, indicating a 13.6% loss.
  • If buyers rebound from the 200-day support, the LUNA price will climb to the downtrend line of the falling channel. 
  • On a contrary note, violating this bottom support, the sellers would sink the altcoin to $36 support.

The average directional movement index(19) curving up accentuates the rising bearish momentum.

  • Resistance levels: $53, $65
  • Support levels: 200-day, 36.8

Matic

Polygon (MATIC) Price Today: Face Downside Risk of 30%, Right Time To Book Profit? MATIC price faces rejection near its 50-day SMA at $2.13. After making a swing top investors expect price retracement toward $1.40. At the time of writing, MATIC/USD is trading at $1.70, down 0.79% for the day. As per the CoinMarketCap, the 24-hour trading volume is at $1,596,249,328 with a live market cap of $12,727,985,545.

Key technical points:

  • RSI: The Relative Strength Index (RSI) sliced below the moving average line indicates bulls are tiring near the higher levels.
  • MACD: The Moving Average Divergence Convergence (MACD) holds below the midline points at the bearish bias.

This week, there is going to be some market corrections and some sideways movement.

Summary

As the social media made the American/Russia crisis over Ukraine tension known to everyone. This tension has caused the recent drop in prices. People are waiting to see the outcome of the decision between Russia and America. If the news is positive, we are going to see bitcoin surge or maintain this present support. However, if the decision turns out to be negative, this might make bitcoin go down and make more corrections.


A former professional rugby player, Adam S. Tracy brings over twenty years’ experience as an attorney, consultant and dealmaker with a particular focus on cryptocurrency, digital products, payments and immersive corporate structures. As an accomplished executive and advisor to high risk merchants and stakeholders, Adam has proven himself as a results oriented, decisive leader with proven success advising early market entrants, technology adapters, as well as established participants across a wide range of verticals. Adam Tracy’s attack-first personality allows him to excel in dynamic, demanding environments including complex corporate negotiations, distressed environments and regulatory investigations.

In addition, Adam S. Tracy also has a successful track record co-founding high risk industry ventures, building & leading cross-functional teams, and spearheading diverse corporate transactions. A serial entrepreneur, Adam has successfully started and created exits across a wide swath of markets, including various mobile SaaS ventures, nutraceuticals, peer-to-peer payment systems, and several telemarketing-based ventures. Moreover, as a recognized expert in the payments field, Adam Tracy has been a blockchain and digital currency evangelist and influencer since the early days of Bitcoin.

Utilizing his proprietary “Pre-Event Driven™” strategy for decision making, Adam S. Tracy further leverages his over twenty years’ experience to create cost-effective, value-add solutions for each client. A data-driven acolyte, Adam continually refines his strategies based on field studies and data collection. Moreover, Adam Tracy further augments his range of solutions by actively networking with regulators, liquidity providers, legal and compliance experts, deal-flow brokers, investors and management of leading high risk industry ventures.

Adam S. Tracy earned his Bachelor of Science in Computer Applications and Bachelor of Science in Finance from the University of Notre Dame. He subsequently earned his Masters in Business Administration from the DePaul Kellstadt Graduate School of Business, while concurrently earning his Juris Doctorate from the DePaul College of Law. Adam lives outside Chicago with his with his wife, son, four dogs, and two cats.

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