Weekly I will release a study on the trend of the main crypto and altcoins listed on Monnos.
This analysis is intended to guide your studies on currency and to help you make decisions about your investments.
** The study below is not a guide to buying or selling. Manage your risk properly.
In the last week, we saw a sharp rise in the market. Bitcoin led a pull from $9,400 to its maximum at $12,080 pretty much straight without correction.
This caused the altcoin market in the dollar pair to rise together, however, in the BTC pair many suffered.
Bad for the market? No, far from it.
The market went from U $280 Billion capitalization and beat U$370 Billion in an impressive rally.
This makes us more optimistic about the market, including altcoins, which, in particular, I expect a second positive rally much stronger than the first.
The main currencies that stood out were ETHUSD (+12.68%) and XRPUSD (+18.18%).
Bitcoin took off from $9,200 and even reached the $12,000 dollar region, then saw a sharp drop in a matter of minutes to the $10,500-$10,600 which is the best buying zone at the moment, as it is a strong support.
Altcoins with pair BTC
Altcoins with pair USDT
Ethereum continues to climb sharply, after breaking the EMA (Exponential Moving Average) of 100 periods, it is free to seek up to another 16%.
This increase also has a fundamentalist bias, after the anticipation of the Ethereum 2.0, update of the project, was announced, which, theoretically, improves the token.
In Ethereum 2.0, miners will be removed and users will be paid for participating in the network.
Main support in the range of 0.032 satoshis.
ETHUSD took advantage of a strong increase (along with all currencies in this report, for repeating the BTC pattern).
Which makes us recommend more cautious positions as they are already “stretched”.
I highlight a relevant support in the range of U$315, being a good area of attention for people thinking about buying.
XRPBTC is another that has positive signs.
After a steep drop that has lasted since 2018, XRP is showing signs of reacting in the market.
It currently supports the 0.000024 range and a secondary support at 0.0000255
Main movement resistance at 0.00002870
Ripple in the USD pair has already seen a strong rise, being extremely detached from its averages.
What makes your stop expensive and makes us recommend caution.
As much as XRP may continue to rise, it is a high risk.
On the other hand, ADABTC is at a very interesting level.
The graph above is the weekly view of the cryptocurrency and is extremely positive.
The exponential average 100 supports the 1200 satoshis range.
It has an upside potential of up to 50%.
Although Cardano is in an excellent moment in the BTC pair.
In the USD pair she has already made a rally that makes us slightly afraid.
With that, we gave a neutral outlook for the currency in the USD pair.
A good support would be around $0.10.
BNBBTC is at a promising level.
If the cryptocurrency manages to stay above the 19700 satoshis we will be looking at the levels highlighted above in the graph (21700 and 23000 satoshis later).
In the Dollar pair, it is also positive.
However, it would have a very expensive stop, which makes us recommend caution if you choose to buy.
Levels of attention highlighted in the graph.
Support in the range of $19
Resistance at $23 and $27.