How was the investment? cryptocurrencies in the last few days? What are the trends of cryptomarket to know what are the main increases that can occur within the unpredictability of the volatility of these crypto assets?
Bitcoin, the cryptocurrency par excellence, rebounded in recent days. Also, we cannot lose sight of altcoins as they could enter the tail end of the hype phase and peak in the middle of the year.
These are the main increases in the price of cryptocurrencies which would take place from March 21 to 27, 2022.
Bitcoin is the most famous cryptocurrency.
Bitcoin
Bitcoin tries to maintain its recent gains, after returning to the psychological barrier of $42,000. The price could now slide towards the moving averages, something to watch out for.
If the bulls are not waiting for a deeper correction to buy, it could improve the prospects for a breakout and close above the overhead resistance. If that happens, the BTC could go up to $45,400 and then to the resistance of the ascending channel.
Instead, if the price turns down and breaks below the moving averages, the price could slide towards the $37,000 if the price falls below the 20-day EMA. This will suggest that short-term traders may be selling close to the overhead resistance.
Besides Bitcoin, Ethereum, and Ripple, there are other cryptocurrencies to invest in.
LUNA
token of Terra rebounded from the 20-day exponential moving average on Friday, indicating that decentralized finance (DeFi) payment network Terra looks strong on shorter timeframes as it continues to set higher lows.
Both moving averages have an upward slope and the relative strength index (RSI) is in positive territory, indicating an upside for buyers.
A lot of sales volume comes in and it looks like some sort of head and shoulders pattern would develop.
According to the analyst Altcoin Sherpa, the $75 price area offers a decent support level for LUNA. LUNA was trading these days at $96.43 at time of writing.
If buyers push and hold the price above this figure, it could challenge the all-time high of $105.
The operation of cryptocurrencies is done through computers or cell phones.
AVAX
The next coin on the trader’s radar is the smart contract platform Avalanchewhich says it is gearing up for a rally ahead of the Avalanche Summit.
AVAX is in a high time frame bear market structure, just because we are seeing some of these lower lows and lower highs.
The bears are currently attempting to push the price back below the breakout level, which increases the possibility of a rally to the psychological level of the prices. 100 dollars.
Although it is expected to recover in the coming days, it is also not believed that the altcoin will not record a new all-time high. These days it was trading at $88.89.
Ethereum is not among the cryptocurrencies with upside potential this week.
ETC
Ethereum Classic it picked up momentum after it broke out and closed above the downtrend line. In just 24 hours, ETC recorded a 21% price increase.
This was followed by another 10% surge at press time, taking ETC up 31.75% from where it was less than 36 hours ago.
If the price turns down from the current level, it could drop to 32 dollars. If the price does not give up much ground from the current level or rebounds strongly from $32, the bulls will once again try to break above the $38 hurdle. If they are successful, it could go up to $45 and then $50.
Its price these days was 38.4 dollars. Thus, the altcoin was still almost 70% away from its May high. $133. And it could stay that way, as this is the most ETC will get right now.
Bitcoin regained its uptrend.
EGLD
Elrond (EGLD) broke out and closed above the moving averages on March 15, which indicates that the bulls are trying to make a comeback.
If the buyers push the price above $169, it could extend its upside move to the psychological level of 200 dollars. At the moment, it trades at $164.18.