Weekly Crypto Technical Analysis (11th — 15th April)
11 April 2022
Good day Crypto AQXers,
10-year US Treasury yields hit a 3-year high last week. Wall Street had a losing week with the tech sector particularly hard hit. And Bitcoin 2022 was held last week with some high profile speakers such as Michael Saylor, Peter Thiel and Cathie Wood to name a few.
Let’s take a look at how the crypto on our watchlist performed last 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 is down 9.20% from last week and is now at the previous resistance (supply) zone. After surging up more than 28% in the past month, a 5–10% decline is natural as mentioned in our previous article.
BTC is currently at an important price level with both the previous resistance (now support) zone and the 50-day moving average residing at this price area. If we are to see further upside for Bitcoin, we want to see the cryptocurrency holding up at this price area.
Ethereum (ETH)
The 200-day moving average has proved to be a resistance for Ethereum. ETH declined 9.03% last week when it reached the moving average, and volume was above average on the 6th April trading session which was accompanied by a big red (bearish) candlestick.
As of the writing of this article, Ethereum is trading between a short-term range of $3150 — $3300. There is definitely overhead supply for ETH as indicated by the two long upper wicks on the 8th and 10th April trading sessions. With that said, buyers are also currently supporting ETH at the $3165 price level. A break of either the resistance or support would give us clue of the next short to intermediate term direction of Ethereum.
Terra (LUNA)
LUNA has retraced all of its gains since breaking out on the 28th of March. The cryptocurrency went up by as high as 23% but three consecutive red days (6–8th April) on above-average volume have erased those gains.
LUNA is finding some support at the 50-day moving average and if LUNA manages to break below the moving average, we could be seeing further downside for the crypto.
Solana (SOL)
The resistance and supply zone has overwhelmed buyers, pushing Solana’s price down from a high of $143 to the current price of $111. SOL looks to have found temporary support at this price level with multiple relatively long lower wicks indicating to us that there are buyers willing to support Solana prices.
If buyers are unable to support Solana at this price level, we could potentially be seeing further downside. The next major support level to pay attention to is the 50-day moving average (red line).
Cardano (ADA)
Similar to many of the cryptocurrencies on our list, Cardano declined last week after encountering resistance at the $1.18–1.19 price level that we highlighted in our previous article. ADA is now at a key price area indicated by the pink box.
This price area has managed to serve as support for ADA on multiple occasions in 2021 and if history repeats itself, then we could see Cardano finding support at this price area again. In addition, the 50-day moving average is currently situated at this price area. So there will be not one but two support for Cardano at this price level.
DeFi All Odds,
Linus
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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