28 March 2022
Good day Crypto AQXers,
Oil prices went back above $100 per barrel with some experts even predicting that it could reach $200 by the end of the year. Prices of commodities continue to rise and the world is still reeling from the effects of the Russia — Ukraine conflict. The stock market continued its rally on the back of the Federal Reserve’s interest rates hike.
Let’s take a look at how the cryptocurrencies on our watchlist performed last week and what are the key areas to pay attention to.
(If you have a cryptocurrency you want me to take a look at on this weekly watchlist, comment on the article.)
Bitcoin (BTC)
Bitcoin is up 13.63% last week and has managed to put in a sustained rally above the $42–43K supply zone. This rally is on a strong footing as prices have so far managed to break above the key $42–43K resistance area with little profit-taking and price decline. For this week, the 200-day moving average (black line) is the next key potential price barrier to pay attention to. With the rapid run-up in price for BTC, I’m expecting some profit-taking at this area so a price decline this week would not be surprising.
Ethereum (ETH)
In our previous weekly crypto technical analysis article, we talked about the encouraging signs that Ethereum was displaying on its price chart that indicate the downtrend for ETH might be over and a new uptrend is back on the cards. And the second biggest crypto by market capitalization has managed to continue its recovery last week by putting in higher lows and higher highs and remaining above its 50-day moving average. The 50-day moving average has also turned up.
We could possibly see a minor resistance at the $3330 level in the short-to-intermediate term. For a longer-term outlook, the 200-day moving average is a key price level to pay attention to.
Terra (LUNA)
LUNA has underperformed the other cryptocurrencies on our watchlist last week. While most of the cryptocurrencies have risen and surged up, LUNA traded sideways below the key price level of $96. While the underperformance last week might seem concerning, LUNA still has some things going for it.
Firstly, LUNA remains just below 10% from its all-time highs while the other cryptocurrencies still have some ground to make up before reaching their all-time highs. Secondly, even while there is still selling pressure at the $96 supply zone, the fact that LUNA is still able to hold up and not give much ground up indicates to us that there remain willing buyers supporting prices. The dry-up in volume also indicates that supply is steadily decreasing and we could potentially see LUNA surged up in price with just a bit of buying demand.
Solana (SOL)
Solana has broken above its 50-day moving average after being sandwiched between the moving average and the $80 support level. In our previous article, we mentioned that the break of either one of these 2 key areas will give us a clearer picture of where SOL will head to. The break above the 50-day moving average has indicated to us that the line of least resistance is upwards for Solana — at least for the short-term.
Solana’s price action looks positive with more up days than down days and volume on down days lower than volume on up days. Moving forward, we want to continue seeing SOL putting in similar price action for it to continue its healthy uptrend.
Cardano (ADA)
Cardano has broken above its supply zone with above-average volume. This strong price action and change in character certainly indicates that ADA has turned a corner and that its downtrend is over for now. If there is any profit-taking, we want to see prices of Cardano remaining above the purple supply zone of the price chart. We might see Cardano facing some resistance at the $1.18–1.19 price level but if the uptrend is to remain, prices of the crypto should overcome this minor resistance.
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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