Bitcoin (BTC) has been relatively quiet over the weekend, indicating that traders are playing safe and not betting much until the upcoming FOMC meeting 15-16. March. Cryptocurrency markets.
Bitcoin’s current neutral setup has analysts guessing. Materials Analytics indicators have warned that Bitcoin may fall. However, they advised investors to prepare for the fall, as they believe that “a bounce can change your life”.
Daily display of market data for cryptocurrencies. Source: Coin360
Price Waterhouse Cooper’s Sports Outlook 2022 for the North America report highlights three uses for non-fungible tokens, or NFTs, that can shape the future of sports. The adviser believes that NFTs and digital assets are among the top ten trends in the sports industry.
Can the cryptocurrency markets start a trend at any time soon? Let’s take a look at the lists of the 5 best cryptocurrencies that may rise if bullish sentiment increases.
Bitcoin / US dollars
Bitcoin formed a Doji candlestick pattern on March 12 and 13, indicating the reluctance of the bulls and bears. The price is fixed between the 20-day exponential moving average (EMA) of $ 39,810 and the horizontal support of $ 37,000.
BTC / USDT daily chart. Source: Trading View
The 20-day moving average is flat and the Relative Strength Index (RSI) is just below the midpoint, indicating a balance between supply and demand.
If the price rises and breaks above the 50-day simple moving average (SMA) of $ 39,978, the bulls will try to take the BTC / Tether (USDT) pair above $ 42,600. If successful, the pair could rise to $ 45,400 and then to the channel resistance line.
Conversely, if the price reverses and drops below $ 37,000, the bears will smell an opportunity. The sellers will then try to pull the pair and hold below the channel guide line. Such a move could pave the way for a possible fall to $ 30,000.
BTC / USDT on the 4-hour chart. Source: Trading View
The pair forms a descending triangular pattern that will break and close below the strong support level of $ 37,000. After that, the pair may fall to $ 34,322 and then begin moving towards the $ 29,250 pattern target.
Alternatively, if the bulls push the price and hold above 50-SMA, the pair may rise to a declining trend line. A breakout and closing above this level will invalidate the bearish pattern. This can attract buyers and the pair can rise to $ 45,400.
point / USDT
Polkadot (DOT) has been on a downward trend in recent months, but the bulls are trying to reach the bottom in the $ 16- $ 14 region. The price rose above the 20-day moving average of $ 17, but the bulls failed to break the barrier at the 50-day simple moving average of $ 18.
DOT / USDT daily chart. Source: Trading View
The positive sign, however, is that the bulls have not lost much ground after the 50-day simple moving average. This indicates that traders can hold their positions in anticipation of an outbreak of resistance. If this happens, the DOT / USDT may rise to higher resistance at $ 23 where the bears can reunite.
The 20-day flat exponential moving average and RSI near the midpoint indicate that the movement is limited in the short term. If the price deviates from the 50-day SMA down, the Bears will try to push the pair below $ 16. If they succeed, the couple can test the important support again for $ 14.
DOT / USDT on the 4-hour chart. Source: Trading View
The four-hour chart shows that the pair fluctuates between $ 16 and $ 19. Buyers’ inability to push the price above the upper resistance level may attract short-term traders to make a profit. This took the award to 50-SMA.
If the price rises above 200-SMA, this means that the bulls continue to buy on the falls. Buyers will once again try to push the price above the upper resistance level of $ 19. If they can, the pair can go up to $ 20 and then increase to $ 23.
Conversely, an outbreak and a close below 50-SMA could increase the chance of a fall to the strong support of $ 16.
sand / USDT
Sandbox (SAND) has fluctuated between $ 2.55 and $ 4.86 in recent weeks. On March 4, the Bears pulled the price below the 200-day simple moving average of $ 3.15, but failed to break the $ 2.55 support.