OKB

Watch these 5 cryptocurrencies for a potential price rebound next week

Bitcoin is trying to sustain above $20,000 and if it succeeds, ETH, MATIC, TON and OKB may witness a strong recovery.

Traders dumped risky assets following the crisis and failure of Silicon Valley Bank. The S&P 500 Index plunged 4.55% while Bitcoin (BTC) is down about 9% this week.

The collapse of SVB led to a crisis in the crypto space, with USD Coin (USDC) losing its peg to the U.S. dollar on reports that $3.3 billion of Circle’s $40 billion of USDC reserves were held with SVB. After trading near $0.87 on March 11, USDC has climbed up above $0.96 at the time of publication.

SVB’s failure has increased uncertainty in the short term, with investors closely watching for any signs of the contagion spreading to other regional banks across the United States.

*Crypto market data daily view. Source:* *Coin360*

During times of uncertainty, it is best to stay on the sidelines. However, if there is no domino effect following SVB’s debacle, select cryptocurrencies may start their recovery. The cryptocurrencies selected in the article are all trading above the 200-day simple moving average, a key level watched by long-term investors to determine whether the asset is in a bull or bear phase.

Let’s study the charts of Bitcoin and the four altcoins that may outperform if the sector witnesses a recovery over the next few days.

BTC price

Bitcoin has corrected back to the 200-day SMA ($20,389). Buyers are expected to defend the level with all their might because a break below it could intensify selling.

*BTC/USDT daily chart. Source: TradingView*

On the way up, the 20-day exponential moving average ($22,042) is likely to act as a major hurdle. If the price turns down sharply from the 20-day EMA, the BTC/USDT pair may retest the support at the 200-day SMA. If this level cracks, the pair may slide to $18,400 and then to $16,300.

If bulls want to prevent the decline, they will have to drive the price above the 20-day EMA. If they manage to do that, the pair may pick up momentum and soar toward the overhead resistance at $25,250.

*BTC/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the bulls are attempting to start a recovery from $19,550 but the bears are aggressively defending the 20-EMA. If the price turns down from the current level, the bears will again try to sink the pair below $19,950. If they succeed, the pair could fall to $18,400.

Contrarily, if the price turns up and breaks above the 20-EMA, it will suggest that the short-term selling pressure may be reducing. That may start a recovery to $21,480 where the bears will again pose a strong challenge. If this level is scaled, the pair may reach $22,800.

ETH/USDT

Ether (ETH) dipped below the 200-day SMA ($1,421) on March 10 but the long tail on the day’s candlestick shows solid buying at lower levels.

The recovery is facing resistance near $1,461. If the price turns down from the current level and reaches the 200-day SMA, it will signal that bears are selling on a shallow bounce. That will increase the likelihood of a drop below $1,352. The ETH/USDT pair could then slide to $1,100.

If bulls want to prevent the decline, they will have to thrust the price above the 20-day EMA ($1,548). If they do that, the pair could rise to $1,743 where the bears may again erect a strong barrier. A break above this level will open the doors for a possible rise to $2,000.

*ETH/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the pair is attempting a rebound. The 20-EMA is flattening out and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand.

This balance will tilt in favor of the buyers if they push and sustain the price above $1,500. If they do that, the relief rally may reach $1,600. On the other hand, if the price turns down and breaks below the uptrend line, the advantage may tilt in favor of the bears. The pair may then retest the strong support at $1,352.

MATIC/USDT

Polygon (MATIC) corrected sharply from $1.56 on Feb. 18 and reached the 200-day SMA ($0.94) on March 10. The long tail on the day’s candlestick shows that the bulls are fiercely defending the level.

The bulls will try to push the price to the 20-day EMA ($1.15) where the bears are likely to mount a strong defense. If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.

That could increase the prospects of a drop below the 200-day SMA. If that happens, the MATIC/USDT pair might slump to $0.69.

Conversely, if buyers propel the price above the 20-day EMA, it will suggest that the bulls are back in the driver’s seat. The pair could then rise to the overhead resistance at $1.30.

*MATIC/USDT 4-hour chart. Source: TradingView*

The recovery from $0.94 has reached the 20-EMA. This is an important level to keep an eye on because if the price sustains above it, the pair may rally to $1.15.

This level may again act as a strong resistance but if bulls arrest the next decline above $1.05, it will suggest that the downtrend could be over. That may open the gates for a possible rise to $1.30.

This positive view will invalidate in the near term if the price turns down and breaks below the $0.94 support.

TON/USDT

While most major cryptocurrencies have fallen to or below their 200-day SMA, Toncoin (TON) is still way above the level. This suggests that traders are not rushing to the exit.

The TON/USDT pair has formed a symmetrical triangle pattern near the local high. The price action inside the triangle is random and volatile.

Typically, the triangle acts as a continuation pattern. That means the trend that was in force before the formation of the setup resumes. In this case, if buyers kick the price above the resistance line of the triangle, the pair may start a move toward $2.90.

Conversely, if the price continues lower and plummets below the triangle and the 200-day SMA ($1.90), it will suggest that bears are in command. That may pull the price toward $1.30. Such a move will indicate that the triangle behaved as a reversal setup.

*TON/USDT 4-hour chart. Source: TradingView*

The downsloping 20-EMA and the RSI in the negative territory on the four-hour chart show that bears have the upper hand. If the price turns down from the current level and breaks below $2.18, the drop is likely to extend to $2.

Contrarily, if bulls drive and sustain the price above the 20-EMA, it will suggest that bulls are attempting a comeback. The pair may then rise to $2.45 where the bears may mount a strong defense. If this level is crossed, the bulls try to pierce the triangle near $2.50.

OKB/USDT

OKB (OKB) is in a corrective phase but a minor positive in favor of the bulls is that it is way above its 200-day SMA ($26).

The next support on the downside is the 50% Fibonacci retracement level of $36.13 and then the 61.8% retracement level of $30.76. The bulls are likely to protect this zone with all their might.

If the price turns up from this zone, the OKB/USDT pair may rise to the 20-day EMA ($45.48). This is an important level to keep an eye on because a break and close above it will signal that the corrective phase may be over.

On the other hand, if the price slips below $30.76, it will suggest that traders are rushing to the exit. The pair may then plunge to the 200-day SMA.

*OKB/USDT 4-hour chart. Source: TradingView*

The downsloping 20-EMA and the RSI in the negative territory on the four-hour chart suggest that bears have the upper hand. There is minor support near $37.50 but if it gives way, the pair may reach $36.13.

On the contrary, if the price turns up and breaks above the 20-EMA, it will suggest that bulls are trying to regain control. The pair may then rise to $44.35. This is an important resistance for the bears to guard because if it gets taken out, the price could reach $50.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s bullish price action continues to bolster rallies in FIL, OKB, VET and RPL

BTC’s shallow correction near the $25,000 level could lead to dip buying in FIL, OKB, VET and RPL.

The Dow Jones Industrial Average fell for the third consecutive week but Bitcoin (BTC) price decoupled and is on track to close the week near the strong overhead resistance at $25,211. This suggests that the wider crypto market recovery is on a strong footing.

After Bitcoin’s sharp rally from the lows, analysts remain divided in their opinion about its next move. Some traders believe that the current Bitcoin rally will turn down once again, while others expect the momentum to continue, starting a new bull phase.

Chances are that Bitcoin and several other cryptocurrencies will continue to rally until a vast majority of the bears turn bullish. After that happens, a sizable dip is likely. That could shake out several weak hands and give an opportunity to the stronger hands to add to their positions. A higher low followed by a higher high may confirm the end of the bear phase and signal the start of the next bull market.

Meanwhile, select altcoins are looking strong and they may follow Bitcoin higher in the near term.

Let’s look at the charts to determine the critical levels to keep an eye on.

BTC/USDT

Bitcoin is trading near the stiff overhead resistance at $25,211. The small trading range days on Feb. 18 and Feb. 19 indicate that bulls are not hurrying to book profits and the bears are wary of shorting at the current levels.

The upsloping moving averages and the relative strength index (RSI) near the overbought territory indicate that bulls are firmly in command. A tight consolidation near a stiff overhead resistance usually resolves to the upside. If buyers catapult the price above $25,250, the BTC/USDT pair could accelerate to $31,000, as there is no major resistance in between.

Conversely, if the price dumps from the current level, it could find support at the 20-day exponential moving average ($23,115). The bears will have to pull the price below $22,800 to break the bullish momentum. The pair may then collapse to $21,480, which is likely to act as a strong support.

The bears aggressively sold the rally to $25,250 but they could not tug the price below the 20-EMA. This suggests that the sentiment remains strong and the bulls are viewing the dips as a buying opportunity.

Buyers are likely to have another go at the overhead resistance. If they manage to drive the price above $25,250, the next leg of the uptrend could begin.

The first sign of weakness will be a break below the 20-EMA. That will embolden the bears who will then try to sink the price to $22,800.

FIL/USDT

Filecoin (FIL) soared above the immediate resistance level of $7 on Feb. 17. This shows the intention of the bulls to start a new up-move.

After a brief consolidation on Feb. 18, the bulls continued the up-move on Feb. 19. This strong rally indicates aggressive buying by the bulls. There is a minor resistance at $9.53 but that is likely to be crossed.

The FIL/USDT pair could then take aim at $11.39. This level is likely to act as a major obstacle, but if bulls do not allow the next pullback to dip back below $9.53, the uptrend may continue. The next resistance is at $16.

This positive view could negate in the near term if the price turns down from the current level and plummets below $7.

*FIL/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the bears tried to stall the up-move at $8 but the bulls did not allow the price to slip back below the breakout level of $7. This indicates aggressive buying on every minor dip. The rally picked up pace and reached the overhead resistance at $9.53.

Sellers may mount a strong defense at this level but the upsloping 20-EMA and the RSI in the overbought zone indicate that the path of least resistance is to the upside. If bears want to stop the rally, they will have to yank the price back below $8.

OKB/USDT

While most cryptocurrencies are languishing far below their all-time high, OKB (OKB) has been consistently hitting a new high for the past few days. Any asset that hits a new all-time high possesses strength.

The OKB/USDT pair turned down on Feb. 18, indicating profit booking above $58. In a strong uptrend, corrections usually do not last for more than three to five days. If the price turns up from $50, the bulls will try to propel the pair above $59. If they succeed, the pair could start its journey toward $70.

Another possibility is that the pair corrects sharply and retests the support at $45. If buyers flip this level into support, the pair may consolidate between $45 and $58 for a few days. The bears will have to sink the price below $44 to gain the upper hand.

The four-hour chart shows that buyers bought the dip to the 20-EMA but the rebound lacks strength. Although the moving averages are sloping up, the RSI is showing a negative divergence. This indicates a weakening bullish momentum. If the 20-EMA cracks, the pair could slide to $47.50 and then to $44.35.

Alternatively, if the price turns up and breaks above $55, the bulls may have another go at the all-time high at $58.84. If this level is cleared, the pair may resume its uptrend.

VET/USDT

VeChain (VET) successfully held the retest of the downtrend line and thereafter broke above the overhead resistance, indicating that the bears may be losing their grip.

The moving averages have turned up and the RSI is near the overbought zone. This suggests that bulls have the upper hand. If buyers flip the $0.028 level into support during the next pullback, the VET/USDT pair may surge toward the next overhead resistance at $0.034.

Buyers are expected to protect this level with vigor because a break above it could indicate the start of a new uptrend. The pair may then rise to $0.05. This positive view could invalidate in the near term if the price turns down and plummets below the 20-day EMA ($0.025).

*VET/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the bulls kicked the price above the overhead resistance, indicating the start of the next leg of the up-move. If bulls sustain the price above the breakout level, the pair may pick up momentum and quickly rally to $0.032 and then to $0.034.

Contrarily, if the price turns down from the current level and breaks below the 20-EMA, several aggressive bulls may get trapped. That could start a deeper correction as longs bail out of their position. The pair may then slide to $0.022.

RPL/USDT

Rocket Pool (RPL) has been in an uptrend for the past few days. The price has not broken below the 20-day EMA ($45) during pullbacks, indicating strong demand to buy at lower levels.

The inside-day candlestick pattern on Feb. 18 and 19 shows that bears are trying to stall the uptrend near $56 but the bulls are not willing to surrender their advantage. If buyers thrust the price above $57, the RPL/USDT could march toward the next target objective at $74.

On the downside, the first support is at the psychological level of $50. If this level gives way, the pair may slip toward the 20-day EMA ($45). This is an important level for the bulls to defend because a break below it may signal a trend change in the short term.

*RPL/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that bears are trying to defend the $56 level but the bulls have not given up much ground. This suggests that buyers are holding on to their positions as they anticipate a break above the overhead resistance. If that happens, the pair could rise to $61 and thereafter to $74.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls have given up and are booking profits. That may result in a deeper correction to the 50-day simple moving average and then to $38.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin, Ethereum and select altcoins set to resume rally despite February slump

Bitcoin and select altcoins such as ETH, OKB, ALGO and THETA may extend their up-move after a brief correction.

After the impressive rally in January, Bitcoin (BTC) seems to be taking a breather in February. This is a positive sign because vertical rallies are rarely sustainable. A minor dip could shake out the nervous longs and provide an opportunity for long-term investors to add to their positions.

Has Bitcoin price bottomed?

The opinion remains divided, however, on whether Bitcoin has bottomed out or not. Some analysts expect the rally to reverse direction and nosedive below the November low while others believe the markets will continue to move up and frustrate the traders who are waiting to buy at lower levels.

In an interview with Cointelegraph, Morgan Creek Capital Management founder and CEO Mark Yusko said “the crypto summer” could begin as early as the second quarter of this year.

He expects risk assets to turn bullish if the United States Federal Reserve signals that it will slow down or pause interest rate hikes. Another potential bullish catalyst for Bitcoin is the block reward halving in 2024.

Could the altcoins continue their up-move while Bitcoin consolidates in the near term? Let’s study the charts of Bitcoin and select altcoins that may outperform in the next few days.

BTC/USDT

Bitcoin has been gradually correcting since hitting $24,255 on Feb. 2. This indicates profit booking by short-term traders. The price is nearing the strong support zone between $22,800 and $22,292. The 20-day exponential moving average ($22,436) is also located in this zone, hence the buyers are expected to defend the zone with all their might.

The upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate that bulls have the edge. If the price turns up from the support zone, the bulls will again attempt to catapult the BTC/USDT pair to $25,000. This level should act as a formidable resistance.

On the downside, a break below the support zone could trigger several stop losses and that may start a deeper pullback. The pair could first drop to $21,480 and if this support also fails to hold up, the next stop may be the 50-day simple moving average ($19,572).

The four-hour chart shows that the price is trading inside an ascending channel but the RSI has been forming a negative divergence. This suggests that the bullish momentum may be weakening. A break and close below the channel could tilt the short-term advantage in favor of the bears. The pair could then fall toward $21,480.

Alternatively, if the price rebounds off the support line of the channel, the bulls will again attempt to kick the pair above the channel. If they manage to do that, the pair may resume its uptrend.

ETH/USDT

Ether (ETH) has been trading near the $1,680 resistance for the past few days. Usually, a tight consolidation near an overhead resistance resolves to the upside.

While the upsloping 20-day EMA ($1,586) indicates advantage to buyers, the negative divergence on the RSI suggests that the bulls may be losing their grip. If bulls want to assert their dominance, they will have to propel and sustain the price above $1,680.

If they do that, the ETH/USDT pair may rally to $1,800. This level may again act as a resistance but if bulls do not allow the price to dip below $1,680, the rally may stretch to $2,000.

Instead, if the price turns down and plummets below the 20-day EMA, the ETH/USDT pair could tumble to $1,500. This is an important support level to monitor because a bounce here could keep the pair range-bound between $1,500 and $1,680. On the other hand, if the $1,500 support cracks, the pair may dive to $1,352.

The four-hour chart shows that the bears have pulled the price below the 20-EMA. This is the first indication that the bulls may take a step back. There is minor support at the 50-SMA but if it fails to hold, the pair may slide to $1,550 and then to $1,500.

Conversely, if the price turns up from the moving averages, the bulls will again attempt to thrust the pair above the overhead resistance. If they succeed, the pair may resume the uptrend.

OKB/USDT

While most cryptocurrencies are well below their all-time high, OKB (OKB) hit a new high on Feb. 5. This suggests that bulls are in command.

Some traders may book profits near the overhead resistance of $44.35 as it may act as a formidable resistance. If the price turns down from the current level but rebounds off the 20-day EMA ($37), it will suggest that bulls continue to buy the dips.

That could increase the possibility of a break above $45. The OKB/USDT pair could first skyrocket to $50 and thereafter to $58.

If the price turns down and breaks below the 20-day EMA, it will indicate that the traders may be rushing to the exit. The pair could then drop to $34 and later to the 50-day SMA ($30).

The four-hour chart shows that the bears are trying to protect the $44.35 level. The pair could turn down and reach the moving averages, which is an important support to keep an eye on. If the price bounces off the moving averages, the bulls will again try to overcome the barrier at $45 and start the next leg of the uptrend.

Contrarily, if the price breaks below the 50-SMA, the selling could intensify and the pair may slump to $36 and then to $34. Such a move could delay the resumption of the uptrend.

ALGO/USDT

Algorand’s (ALGO) recovery reached the breakdown level of $0.27 on Feb. 3. The bears defended this level but the bulls have not given up much ground. This suggests that the bulls expect the relief rally to continue.

The upsloping 20-day EMA ($0.24) and the RSI in the positive territory indicate that bulls have the upper hand. If the price turns up from the 20-day EMA, the likelihood of a break above $0.27 increases. The ALGO/USDT pair could then travel to $0.31 where the bears may try to offer strong resistance.

If the price turns down from this level but bounces off $0.27, it will suggest that the downtrend could be over in the short term. The pair could then attempt a rally to $0.38.

This positive view could invalidate in the near term if the pair turns down from the current level and slides below $0.23. The pair could then dive to the 50-day SMA ($0.21).

*ALGO/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the bears are guarding the $0.27 level but a minor positive is that the bulls have not allowed the price to stay below the 50-SMA. If the price turns up from the current level, the bulls will again try to clear the overhead hurdle. If they do that, the pair could pick up momentum and surge toward $0.31.

Contrary to this assumption, if the price continues and breaks below the moving averages, the pair risks a drop to $0.23. The bears will have to smash this support to gain the upper hand.

THETA/USDT

Theta Network (THETA) successfully completed a retest of the breakout level on Feb. 1, indicating that bulls have flipped the downtrend line into support.

The bulls will try to push the price to the overhead resistance at $1.20. This level may act as a minor hurdle but if bulls do not give up much ground from $1.20, the THETA/USDT pair could extend its up-move to $1.34. This is an important level for the bears to defend because if this resistance crumbles, the pair could soar to $1.65.

If bears want to stop the bulls, they will have to quickly pull the price back below the 20-day EMA. The pair could then fall to $0.97 and later to the 50-day SMA ($0.89).

*THETA/USDT 4-hour chart. Source: TradingView*

The pair bounced off the $0.97 level, which becomes an important level to watch out for on the downside. A breach of this level is likely to tilt the advantage in favor of the bears and open the doors for a possible drop to $0.85.

The rally is facing resistance near $1.20 but the upsloping 20-EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers push the price above $1.20, the momentum should pick up for a rally toward $1.34.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

5 altcoins that could breakout if Bitcoin price stays bullish

Bitcoin has turned bullish, but is it a dead cat bounce? If BTC bulls keep pace, LTC, OKB, BIT and FTM could see strong rallies.

The cryptocurrency markets have made a strong comeback in the past few days. That drove the total crypto market capitalization to $995 billion on Jan. 14, according to CoinMarketCap data. Bitcoin (BTC) led the recovery from the front, skyrocketing above $21,000 on Jan. 14.

After the sharp rally, the big question is whether the recovery is a dead cat bounce that is a selling opportunity, or the start of a new uptrend. It is difficult to predict with certainty if a macro bottom has been made but the charts suggest that a bottoming process has begun.

Independent market analyst HornHairs highlighted that the 2017 to 2018 bear market lasted for 364 days and that from 2021 to the current market low, the duration is again 364 days. Another interesting similarity is that the 2015 to 2017 bull market and the 2018 to 2021 bull phase both lasted for 1,064 days. If history repeats itself, then Bitcoin may make the next top in roughly 1,000 days.

Bitcoin’s short-term price action has been exciting for bulls but are there altcoins that are showing similar strength in the near term?

Let’s study the charts to find out.

BTC/USDT

Bitcoin shot up to $21,258 on Jan. 13 and that propelled the relative strength index (RSI) above 89, signaling that the rally was overheated in the short term. The bears are expected to mount a strong defense at $21,500.

Sometimes, when a trend change happens, the RSI may remain in the overbought territory for a long time. If the BTC/USDT pair does not give up much ground from the current level, it will suggest that traders are in no hurry to book profits as they anticipate another leg higher.

If buyers kick the price above $21,500, the pair could climb to $22,800. This level may again act as a major roadblock.

On the way down, the bears will have to drag the price below the psychological level of $20,000 to make a dent in the bullish momentum. The pair could then slump to the breakout level of $18,388.

The four-hour chart shows that the bears are guarding the $21,250 level but a positive sign is that the bulls have not allowed the price to slide back below $20,000. Buyers may again attempt to clear the overhead hurdle at $21,258 and resume the uptrend.

On the contrary, if the price once again turns down from $21,250, it may tempt short-term traders to book profits. That could sink the pair below the 20-day exponential moving average (EMA). The bears may try to capitalize on this situation and pull the pair to $18,388.

LTC/USDT

Litecoin (LTC) broke above the overhead resistance at $85 on Jan. 12, indicating the start of a new uptrend. There is no major hurdle until the price reaches $107.

On the downside, the bulls will try to fiercely defend the zone between $85 and the 20-day EMA ($79). If the price springs back from this zone, the LTC/USDT pair could continue its uptrend and reach $107.

The upsloping moving averages signal advantage to bulls but the RSI above 77 suggests that a minor pullback or consolidation is likely.

If bears want to gain the upper hand, they will have to pull the price below the breakout level of $75. That could make way for a collapse to $61.

*LTC/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows the pair is in an uptrend and the bulls are fiercely protecting the 20-EMA. If buyers drive the price above $92, the pair could pick up momentum and rally toward the psychological level of $100.

Conversely, if the price turns down and dives below the 20-EMA, it will suggest that short-term traders may be booking profits. That could pull the price to the 50-day simple moving average (SMA). This is an important level for the bulls to defend because a break below it could heighten the risk of a drop to $80 and then $75.

OKB/USDT

While several cryptocurrencies are attempting to bottom out, OKB (OKB) has started a new uptrend. Usually, it is a good strategy to buy the dips in an uptrend by keeping a suitable stop loss.

The upsloping moving averages and the RSI in the overbought territory indicate that bulls are in command but a short-term consolidation or correction can’t be ruled out. The OKB/USDT pair could slip to the 20-day EMA ($27.64), which is likely to act as strong support.

If the price rebounds off this level, the pair could touch the strong overhead barrier at $34.18. Crossing this level may be a difficult task but if the bulls manage to achieve it, the pair could skyrocket to $42.

If bears want to stall the up-move, they will have to yank the price below the 20-day EMA. If they succeed, the pair could plummet to the 50-day SMA ($24.05).

The four-hour chart shows that the uptrend met with strong selling near $33 and the pair could correct to the 20-EMA. If the price rebounds off this support, it will suggest that bulls are buying on every minor dip. That could drive the price to $34.18.

Contrarily, if the price plunges below the 20-EMA, the correction could deepen to the 50-SMA. If the price rebounds off this level, the bulls will again try to resume the up-move but may face resistance at $31 and again near $33.

BIT/USDT

BitDAO (BIT) rallied sharply from $0.26 on Dec. 27 to $0.53 on Jan. 14, indicating a strong bullish momentum. In addition, the shallow pullback on Jan. 15 suggests that traders are not exiting their positions in a hurry as they anticipate the up-move to continue.

If bulls thrust the price above the overhead resistance at $0.54, the BIT/USDT pair could resume its up-move. The next resistance on the upside is at $0.68. The bears may pose a strong challenge at this level because a break and close above it could open the doors for a possible rally to $0.80.

On the downside, the first support is at $0.46 and then the 20-day EMA ($0.42). A strong bounce off either support will suggest that traders are buying on declines. That could result in a retest of $0.54. The bears may take control if they sink the price below the 20-day EMA.

*BIT/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the pair is facing resistance near $0.54 but the bulls are likely to defend the drop to the 20-EMA. A strong rebound off this level will suggest that bulls are buying on shallow declines. That could improve the prospects of a break above $0.54.

Alternatively, if the price turns down and breaks below the 20-EMA, several short-term traders may book profits. That could pull the pair to the 50-SMA. If this level also cracks, the pair could tumble to $0.41.

FTM/USDT

Fantom (FTM) broke above the downtrend line on Jan. 9, indicating a potential trend change. The breakout was followed by a sharp rally which pushed the RSI into deeply overbought levels.

Vertical rallies are unsustainable, hence a pullback was to be expected. The FTM/USDT pair could dip to the 38.2% Fibonacci retracement level of $0.30 and then to the 50% retracement level of $0.28.

If the price turns up from this zone, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then try to resume the recovery and drive the pair above $0.36. If they do that, the pair could surge to $0.42.

Contrarily, a break and close below $0.28 could pull the pair down to the 61.8% retracement level of $0.26. A deeper fall could break the bullish momentum and increase the possibility of a range formation.

*FTM/USDT 4-hour chart. Source: TradingView*

Both moving averages are sloping up and the RSI is in the positive territory, indicating an advantage to buyers. The pair could slide to the 20-EMA, which is likely to act as a strong support. If the price rebounds off this level, the bulls will try to resume the up-move.

On the contrary, if the price breaks below the 20-EMA, it will suggest that traders are aggressively booking profits after the recent rally. The pair could then extend its correction to the 50-SMA.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Top five crypto winners (and losers) of 2022

Bitcoin and Ethereum are not part of the surprising list of five best and worst-performing cryptocurrencies for 2022.

Cointelegraph looks back on the best and worst-performing cryptocurrencies of 2022 among the top 100 assets by market capitalization. We used the highest and the lowest year-to-date (YTD) returns through the close of Dec. 25, 2022.

Overall, Cryptoindex.com 100 (CIX100), an index that tracks the 100 best-performing cryptocurrencies, fell nearly 68% YTD, suggesting most top coins underperformed in 2022.

*CIX100 weekly price chart. Source: TradingView*

Stablecoins are naturally omitted from the list below. Similarly, coins tracking the value of gold and similar mainstream assets have also been ignored.

Instead, the coins mentioned below include decentralized currencies, smart contract tokens, exchange tokens and others.

Top five crypto of 2022

1. GMX (GMX)

YTD return: 111%
Sector: Decentralized exchange
Market Cap: $379.4 million

GMX acts as a utility and a governance token within the GMX decentralized exchange (DEX) ecosystem and is the best-performing digital asset among the top 100 coins (excluding stablecoins).

GMX’s price uptrend mostly picked its cues from the collapse of FTX, a centralized exchange, and its listing on popular trading platforms — including Binance and Huobi Global — across 2022. In addition, the token rallied impressively in late November after its platform briefly surpassed its top DEX rival, Uniwap, in daily trading fees.

*GMX price performance YTD. Source: CoinMarketCap*

2. Trust Wallet Token (TWT)

YTD return: 92%
Sector: Payment platform
Market Cap: $570 million

Trust Wallet Token (TWT) serves as a utility and a governance token within the Trust Wallet ecosystem. The token moved lower in tandem with the rest of the crypto market, mostly in 2022, but like GMX, its upside momentum increased amid the collapse of the FTX exchange in November.

*TWT/USD daily price chart. Source: TradingView*

As Cointelegraph reported, the FTX’s collapse boosted mistrust for centralized exchanges, which may have prompted investors to move their funds to self-custody wallets like Trust Wallet. The speculation could have played a major role in boosting TWT’s valuation.

3. Unus Sed Leo (LEO)

YTD return: -3.5%
Sector: Centralized exchange
Market Cap: $3.44 billion

Unus Sed Leo (LEO) is native to the iFinex ecosystem. The token suffered losses in 2022, but at -3.5%, they were little compared to most top coins, including Bitcoin (BTC) and Ether (ETH), which lost over 65% in the same period.

*LEO/USD daily price chart. Source: TradingView*

One of the reasons why LEO outperformed most top-ranking assets could be iFinex’s pledge. Notably, the firm declared at the time of LEO’s private sale in 2018 that it would employ 27% of its revenue to buy back the tokens until the entire supply of 985.24 million units was removed from circulation.

IFinex also said it would use the funds it lost during the August 2016 Bitfinex hack to purchase LEO tokens. That explains why LEO rallied by more than 100% at the start of the year, given the uptrend came after the United States Department of Justice recovered 94,000 BTC from Bitfinex hackers.

The rally took LEO’s price to a YTD high of $8.15 in February. However, the token has dropped 55% since, though still remaining one of the best performers in 2022.

*Click “Collect” below the illustration at the top of the page or follow this link.*

4. OKB (OKB)

YTD return: -19%
Sector: Centralized exchange
Market Cap: $1.38 billion

OKB is the native token of the OKX exchange. It provides users discounts on trading fees, access to OKX’s initial exchange offering (IEO) platform, and voting rights for tokens to be listed on the exchange.

OKB trended synchronously with the broader crypto market in 2022, including its 150% recovery after bottoming out at around $9.50 in June. The token’s bullish retracement occurred despite the absence of a major market-moving event, suggesting it had been mostly speculative.

*OKB/USD daily price chart. Source: TradingView*

Overall, OKB’s volatile recovery helped it limit its YTD losses compared to most top-ranking assets.

5. The Open Network (TON)

YTD return: -33.5%
Sector: Smart contracts
Market Cap: $3.52 billion

The Open Network is a layer-1 blockchain ecosystem developed by the Telegram founders Nikolai Durov and Pavel Durov. Its native token, TON, trended downward in line with other top crypto assets during most of 2022 but recovered impressively ahead of the year’s close.

*TON/USD price performance YTD. Source: CoinMarketCap*

TON’s recovery period coincided with back-to-back optimistic news. For instance, in October, Telegram announced that it would employ the Open Network to auction usernames. Similarly, the Open Network built a bot the next month that allows Telegrams users to trade cryptocurrencies in-app.

Nonetheless, TON failed to recoup all of its losses, still down 33.5% YTD at $2.36.

Worst five cryptos of 2022

1. Terra (LUNA)

YTD performance: -99.99%
Sector: Smart contracts
Market Cap: $604 million

Terra (LUNA) became a debacle for the cryptocurrency sector after its market valuation crashed by 99.99% in May. The unraveling started with the implosion of Terra’s algorithmic stablecoin TerraUSD (UST), marking one of the biggest busts in the crypto industry’s history.

*LUNA/USD daily price chart. Source: TradingView*

Terra’s implosion prompted its founder Do Kwon to suggest a fork to revive the project. Eventually, Terra underwent a chain split , with the old chain existing as Terra Classic and the new chain as Terra 2.0.

Luna Classic (LUNC) jumped nearly 100% after its launch in late May 2022 while LUNA (LUNA2) dropped around 40% in the same period.

2. FTX Token (FTT)

YTD performance: -98%
Sector: Centralized exchange
Market Cap: $307 million

FTX Token (FTT) served as a native token to FTX, which collapsed after facing a liquidity crisis in November.

*FTT/USD daily price chart. Source: TradingView*

The token continues to trade across several exchanges but accompanies poor liquidity and volume. It is technically “dead” given the defunct status of FTX.

3. Solana (SOL)

YTD performance: -93.35%
Sector: Smart contracts
Market Cap: $4.11 billion

Solana (SOL), a layer-1 blockchain protocol, crashed 93.35% YTD due to a sequence of bad news all across 2022. That includes six network outages in the year, a $200 million hack on a Solana-based wallet and Solana’s association with FTX.

*SOL/USD daily price chart. Source: TradingView*

More bad coverage appeared in the form of accusations that Solana is not as decentralized as it claims to be, resulting in SOL being one of the worst-performers of 2022.

4. Axie Infinity (AXS)

YTD performance: -93%
Sector: Gaming/metaverse
Market Cap: $775 million

Axie Infinity Shard (AXS) serves primarily as the governance token for Axie Infinity, a play-to-earn (P2E) gaming ecosystem. It also acts as a legal tender in the Axie Infinity marketplace, where in-game nonfungible tokens (NFT) can be purchased.

The AXS market has consistently trended lower in 2022 due to underwhelming players turnout (which lowers the demand for tokens), a $650 million hack concerning Axie Infinity’s blockchain Ronin in late March and fears surrounding the unlocking of 8% of supply in October.

*AXS/USD daily price chart. Source: TradingView*

AXS is down approximately 93% YTD, becoming one of the worst-performing assets in the current bear market.

5. The Sandbox (SAND)

YTD performance: -92.50%
Sector: Gaming/metaverse
Market Cap: $690 million

Like Axie Infinity, The Sandbox is a virtual platform where users can create, own and monetize their gaming skills using NFTs and The Sandbox (SAND), the platform’s utility token. But, despite initial success, the platform now has less than 500 unique users, according to data from DappRadar.

The lower turnout has affected SAND’s demand across spot exchanges, which, in turn, has pushed its price down 93.50% YTD, as shown below. Other factors behind the declining interest include a general lack of demand for riskier assets in a higher interest rate environment.

*SAND/USD daily price chart. Source: TradingView*

Other tokens that fell more than 90% YTD are Fantom (FTM), Avalanche (AVAX), Algorand (ALGO), Decentraland (MANA), BitTorrent (BTT) and others.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin and these 4 altcoins are showing bullish signs

Bitcoin’s volatility could soon pick up and that may boost buying interest in ETH, TON, XMR and OKB.

Cryptocurrency markets lack any signs of volatility going into the year-end holiday season. This suggests that both the bulls and the bears are playing it safe and are not waging large bets due to the uncertainty regarding the next directional move. This indecisive phase is unlikely to continue for long because periods of low volatility are generally followed by an increase in volatility.

Willy Woo, creator of on-chain analytics resource Woobull, anticipates that the duration of the current bear market may “be longer than 2018 but shorter than 2015.”

The crypto winter has resulted in a loss of more than $116 billion to the personal equity of 17 investors and founders in the cryptocurrency space, according to estimates by Forbes. The carnage has been so severe that the names of 10 investors were removed from the crypto billionaire list.

Could the bear market deepen further or is it showing signs of starting a relief rally? Let’s look at the charts of Bitcoin (BTC) and select altcoins to find out.

BTC/USDT

Bitcoin has been trading in a tight range near the 20-day exponential moving average (EMA) of $16,929 for the past few days. This indicates that the bears are defending the level, but the bulls have not given up yet.

This period of calm is unlikely to continue for long and the BTC/Tether (USDT) pair may soon witness a range expansion. Generally, it is difficult to predict the direction of the breakout, hence it is better to wait for the pair to make a decisive move before initiating directional bets.

If the price breaks above the moving averages, the likelihood of a rally to the overhead resistance at $18,388 increases. This level may again act as a major roadblock, but if the bulls force their way through, the momentum could pick up and the pair could rally to $20,000.

On the way down, a break below $16,256 could signal that bears are in control. The sellers will then attempt to sink the pair to the vital support at $15,476.

Both moving averages on the 4-hour chart have flattened out and the relative strength index (RSI) is just below the center. This suggests a range-bound action in the near term. The boundaries of the range could be $17,061 on the upside and $16,256 on the downside.

A break above $17,061 will indicate that the bulls have come out on top and that could start a short-term up-move. On the other hand, a slump below $16,256 will suggest that the bears have strengthened their hold.

ETH/USDT

Ether (ETH) has been clinging to the 20-day EMA of $1,228 for the past few days. This suggests that traders expect a break above this overhead resistance.

The 20-day EMA is flattening out and the RSI is just below the midpoint, suggesting equilibrium between buyers and sellers. If the bulls thrust the price above the moving averages, the ETH/USDT pair could attract further buying. The pair could then rally to $1,352 and later to the downtrend line. This level could again act as a formidable resistance.

On the contrary, if the price fails to break above the moving averages, several short-term traders may sell aggressively. That could pull the price to the strong support at $1,150. If this level gives way, a head-and-shoulders pattern may be complete. That could clear the path for a potential drop to $1,075 and then $948.

The 4-hour chart shows that the recovery is facing resistance in the zone between the 38.2% Fibonacci retracement level of $1,227 and the 50% retracement level of $1,251. If the price turns down and breaks below $1,180, the pair could retest the important support at $1,150.

Conversely, if the price turns up and breaks above $1,251, the rally could reach the 61.8% retracement level of $1,275. If the bulls manage to clear this obstacle, the pair may complete a 100% retracement and soar to $1,352.

TON/USDT

Toncoin (TON) has been consolidating in an uptrend for the past few days. Although the bears have stalled the up-move at $2.90, a minor positive is that the bulls have not given up much ground. This suggests buying on dips.

The rising 20-day EMA of $2.25 and the RSI in the positive territory indicate that th bulls have the upper hand. If buyers push the price above $2.50, the TON/USDT pair could rise to $2.65 and then retest at $2.90.

The bears are likely to have other plans as they will try to yank the price below the 20-day EMA and strengthen their position. There is minor support at $2.15 but if that fails to hold, the pair may plummet to the 50-day simple moving average (SMA) of $1.91.

The pair has formed a symmetrical triangle on the 4-hour chart. This indicates indecision between the bulls and the bears. The flattish moving averages and the RSI near the midpoint also do not give a clear advantage to anyone.

The first sign of strength will be a break and close above the resistance line of the triangle. That could start a rally to $2.90. If this level is scaled, the up-move could reach the pattern target of $3.24.

If the price turns down from the 50-SMA or the resistance line of the triangle, it will suggest that the pair may extend its stay inside the triangle. A break below the support line could indicate that the bears are back in control.

XMR/USDT

Monero (XMR) has failed to rise above the resistance line of the falling wedge pattern in the past few days, but a positive sign is that the bulls are trying to hold the price above the 50-day SMA of $140.

The moving averages have flattened out and the RSI is near the center. This indicates a balance between supply and demand. If the price breaks above the 20-day EMA of $144, buyers will try to gain the upper hand by pushing the XMR/USDT pair above the wedge. If that happens, the pair could rally to $174. A break above this level could signal a potential trend change.

On the other hand, if the price slumps below $138, the advantage could tilt in favor of the bears. The pair could then plummet to $125.

*XMR/USDT 4-hour chart. Source: TradingView*

The pair rebounded off the strong support at $138.50 and the bulls are trying to push the price above the moving averages. If they succeed, the pair could rise to the downtrend line, where the bears may again mount a strong defense.

If the price turns lower from the downtrend line, the bears will try to pull the pair to $138.50. This is an important level to keep an eye on in the near term because a break below it could complete a descending triangle pattern. The pair could then tumble to $132 and thereafter to the pattern target of $124.

On the upside, a break above the downtrend line could invalidate the bearish setup and clear the path for a possible rally to $153.

OKB/USDT

Centralized Cryptocurrency exchanges have been in the eye of the storm since the collapse of FTX but OKB (OKB) is close to completing a bullish reversal pattern. That is the reason for its selection to the list.

The OKB/USDT pair has formed a large inverse head-and-shoulders pattern, which will complete on a break and close above $23.22. Both moving averages are sloping up and the RSI is in the positive territory, indicating the path of least resistance is to the upside.

If the price rises above the psychological level of $25, the pair could start a new up-move to $28 and then $31. The pattern target of the reversal formation is $36. This positive view could invalidate if the price turns down from the current level and plummets below the moving averages. The pair could then drop to $17.

The pair has formed an ascending triangle pattern on the 4-hour chart. This bullish setup will complete on a break and close above $24.15. If that happens, the pair could start a new up-move toward the pattern target of $31.

Alternatively, if the price turns down and breaks below the triangle, it will invalidate the bullish setup. That could trigger stops of aggressive buyers who may have taken long positions in anticipation of a breakout. The pair could then slide to $20.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

5 altcoins that could be ripe for a short-term rally if Bitcoin price holds $19K

Bitcoin price continues to trade within a tight range, setting up possible short-term breakout for MATIC, HT, QNT and OKB.

The S&P 500 and the Nasdaq Composite fell to a new year-to-date low last week and closed the week with a loss of 1.55% and 3.11%, respectively.

The scenario changed drastically on Oct. 17 after the earnings, season ramped up and a sharp policy reversal from U.K. Finance Minister Jeremy Hunt added detail to the government’s plan to fix his predecessor’s (Kwasi Kwarteng’s) fiscal package, which had triggered a record fall in the value of the GBP and a near liquidation of pension plans in the United Kingdom.

At the time of writing, the Dow is up 1.78%, while the S&P 500 and Nasdaq present 2.57% and 3.26% respective gains. Meanwhile, Bitcoin (BTC) has managed to stay well above its year-to-date low showing short-term outperformance.

Some analysts expect that Bitcoin could be closer to a bottom. Twitter trader Alan said that the stochastic indicator on Bitcoin’s monthly chart has reached levels similar to those seen during the 2014 and 2018 bear markets, indicating a likely macro bottom.

Similarly, LookIntoBitcoin creator Philip Swift said in an interview with Cointelegraph that Bitcoin could be close to major cycle lows. Citing various metrics, Swift said that Bitcoin may face another two to three months of pain but should start its outperformance in 2023.

As Bitcoin sustains above its June low, select altcoins are attracting buyers. Let’s look at charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

Bitcoin broke above the 50-day simple moving average (SMA) ($19,689) on Oct. 14 but the higher levels attracted heavy selling by the bears. That pulled the price back below the 20-day exponential moving average (EMA) ($19,387).

Buyers are trying to defend the immediate support at $18,843 but the recovery could face resistance at the 20-day EMA and then at the downtrend line. If the price turns down from the overhead resistance, the possibility of a break below $18,843 increases. The pair could then plummet to the $18,125 to $17,622 support zone.

To avoid this catastrophe, the bulls will have to force the price above the downtrend line. If they manage to do that, the BTC/USDT pair could rally to $20,500. A break above this resistance could signal the start of a relief rally to $22,800.

The pair has been stuck between $18,125 and $20,500 for some time. If bulls push the price above the moving averages, the pair could climb up to $20,000 and then to $20,500. The bears may mount a strong resistance at this level but if bulls overpower them, the recovery could pick up speed.

Another possibility is that the price turns down from the moving averages and drops below the support at $18,843. That could intensify selling and the pair could then plunge to the support at $18,125. The bulls are expected to defend this level with vigor.

MATIC/USDT

Polygon (MATIC) has been attempting to rise above the downtrend line for the past few days. Although the bears successfully defended the overhead resistance, they could not keep the price down on Oct. 13. This suggests that bulls are buying the dips as they anticipate a move higher.

If the price climbs above the downtrend line, the short-term trend could tilt in favor of the bulls. The MATIC/USDT pair could then attempt a rally to $0.94. This level may again act as a strong barrier but if bulls overcome it, the pair could rally to $1.05.

Alternatively, if the price once again turns down from the downtrend line, the bulls may give up and the pair could then drop to $0.69. The bears will have to pull the price below this level to start a deeper correction to $0.62 and then to $0.52.

The downtrend line has been witnessing a tough battle between the bulls and the bears. Although the bears have come out on top, the bulls are not willing to give up. They aggressively purchased the drop to $0.71 and are again trying to push the pair above the downtrend line.

The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. If bulls push the price above the 50-SMA, the pair could challenge the downtrend line. A break above this resistance could clear the path for a possible rally to $0.86.

On the other hand, buyers may bail out of their position if the price turns down and breaks below $0.77. The pair could then slide to $0.71.

HT/USDT

Huobi Token (HT) started a strong up-move from $4.07 on Oct. 10 that reached $8.20 on Oct. 14, a 101% move within five days. This indicates that bulls are in control.

The sharp rally of the past few days pushed the RSI into deeply overbought territory, which may have tempted short-term traders to book profits. That started a correction that could reach the 38.2% Fibonacci retracement level of $6.61.

If the price rebounds off this support, the bulls will try to resume the up-move by pushing the HT/USDT pair above $8.20. If they succeed, the pair could rally to $10.

Contrary to this assumption, if the price breaks below $6.64, the pair could decline to the 50% retracement level of $6.12 and then to the 61.8% retracement level of $5.63. A deeper fall could delay the start of the next leg of the up-move.

*HT/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the price rebounded off the 20-EMA but the bulls could not sustain the higher levels. This shows that traders could be booking profits on minor rallies.

The 20-EMA has flattened out and the RSI is just above the midpoint, indicating that the bullish momentum could be weakening. If the price breaks and sustains below the 20-EMA, the next stop could be the 50-SMA.

If bulls want to regain the upper hand, they will have to push the price above $7.65. The pair could then retest the overhead resistance at $8.20. A break above this level could start the next leg of the uptrend.

QNT/USDT

Quant (QNT) broke above the overhead resistance at $162 and has continued higher, indicating sustained demand from the bulls.

The upsloping 20-day EMA ($149) indicates advantage to buyers but the RSI in the overbought territory points to a possible minor correction or consolidation in the near term. Buyers are expected to defend the drop to the breakout level of $162.

If the price rebounds off this level, the QNT/USDT pair could rise to $200 and later attempt a rally to the target objective at $230.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then decline to the 50-day SMA ($120).

*QNT/USDT 4-hour chart. Source: TradingView*

The pair is facing resistance near $188 but the rising moving averages and the RSI in the overbought zone indicate the path of least resistance is to the upside. If buyers thrust the price above $188, the pair could rally to $204.

Contrarily, if the price turns down and breaks below the 20-EMA, it will suggest that traders may be booking profits. That could pull the price down to the crucial support of $162. A break and close below this support could indicate that the pair may have topped out in the near term.

OKB/USDT

OKB (OKB) has been trading above the moving averages for the past few days and the RSI has jumped into the positive territory, indicating advantage to buyers.

The OKB/USDT pair is facing stiff resistance at the overhead resistance at $17.50 but a minor positive is that the bulls have not ceded ground to the bears. This suggests that the bulls expect the pair to climb above the overhead resistance. If that happens, the pair could rally to $20 and thereafter to $23.22.

The first support on the downside is $16.39. If the price turns down and breaks below this level, the pair could slide to the moving averages and then to $15.

The price turned down from the overhead resistance at $17.50 but the bulls are trying to defend the 20-EMA. If the price rises above $17, the likelihood of a retest of $17.50 increases. Buyers will have to clear this hurdle to signal the resumption of the uptrend.

The positive momentum may weaken if the price turns down and breaks below the 20-EMA. The pair could then decline to the 50-SMA. If this level also cracks, the next stop could be $15.50.

On the contrary, if the price rebounds off the 50-SMA and rises above the 20-EMA, it will suggest accumulation at lower levels. The bulls may then again attempt a rally to $17.50.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.