21 March 2022
Good day Crypto AQXers,
It’s official. The Fed has hiked interest rates for the first time since 2018. Stocks have rebounded and experienced one of their best weeks since November 2020 despite the news of the interest rates hike.
Let’s take a look at how did the cryptocurrencies on our watchlist perform last week and the things to pay attention to in the coming week.
(If you have a cryptocurrency you want me to take a look at on this weekly watchlist, comment on the article.)
Bitcoin (BTC)
Bitcoin has managed to rally above the 50-day moving average (red line in the image) and is now entering the resistance line/supply zone. This is a key price area to pay attention to as BTC has encountered resistance and declined from this level on multiple occasions since the turn of the year. If we are to see a sustained rally from Bitcoin, we want to see the cryptocurrency with the largest market capitalization holding above the 50-day moving average and breaking above the $42–43K resistance line/ supply zone.
Ethereum (ETH)
Ethereum looks like it might be turning a corner this week, reversing from its 5 months downtrend back into an uptrend. While it’s definitely still too early to tell, the signs are encouraging. ETH is back above its 50-day moving average, it’s holding above the 50-day moving average, and more importantly, the moving average has also turned back up. The signs to confirm that Ethereum is back on an uptrend are prices making higher lows and higher highs.
This means that when prices of Ethereum do decline, we want to see the cryptocurrency closing above the $2.5K level. And if it moves up, we want to see Ethereum closing above the $3K level.
Terra (LUNA)
LUNA remains the strongest cryptocurrency on our watchlist in terms of price action. Even though it encountered selling and it fell back below the resistance level last week, LUNA has so far still managed to hold up near its highs. This indicates to us that though there is selling pressure and sellers, there are also buyers willing to support prices. With this backing, the cryptocurrency looks ready to break out once again and if we are to see a successful break this time around, LUNA has to hold above the $92.5 price level.
Solana (SOL)
Solana was up 12.56% last week and it has managed to stay above the $80 price level that we highlighted in our article last week but the cryptocurrency has encountered resistance at the 50-day moving average. There was clear price rejection on Saturday’s (19th March) trading session which was the second time that Solana met with resistance at the 50-day moving average — the first time was on 2nd March — indicating to us that investors are paying close attention to the moving average.
Currently, prices are sandwiched between the resistance of the 50-day moving average and the support of the $80 price level. A breakthrough of the 50-day moving average or the $80 price level would give us a clearer direction of where Solana is heading moving forward.
Cardano (ADA)
Cardano continued its rally from its support level and is currently 6% off the supply zone. The $0.95 level is key as ADA has to contend with both the supply zone and 50-day moving average. If Cardano is able to successfully break above this area of resistance, we could be seeing further upside for the cryptocurrency.
Disclaimer: Any opinion shared in this article is strictly the views and opinions of the author and should not be construed as financial advice. AQX makes no judgment on the projects or the content uploaded.
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