High 5 cryptocurrencies to ogle this week: BTC, LEO, MANA, KLAY, XTZ

Posted by

Russia’s extensive build-up of troopers, warplanes, instruments and extended navy drills advance Ukraine’s borders elevated fears of a that you may per chance well per chance per chance per chance imagine invasion interior the following couple of days. That can possess renewed selling in Bitcoin (BTC), which plummeted below the strong give a enhance to at $39,600.

Among the many gloom and doom, there may per chance be a ray of hope for crypto patrons on fable of files from Glassnode reveals that bigger than 60% of Bitcoin supply has no longer been aged in any transaction for bigger than a year. This signifies that prolonged-term hodlers are no longer dumping their positions within the downtrend.

Crypto market files day to day learn. Provide: Coin360

Mike McGlone, chief commodity strategist at Bloomberg Intelligence, warned that Bitcoin can even be in for a “rough week ahead” and cautioned that “inflation is no longer actually to drop until threat resources enact.” On the opposite hand, McGlone expects Bitcoin to emerge stronger this year.

Would possibly well Bitcoin and altcoins stage a restoration and trap the aggressive bears? Let’s learn the charts of the fracture-5 cryptocurrencies that will take half in a relief rally.

BTC/USDT

The failure of the patrons to defend the strong give a enhance to at $39,600 signifies that Bitcoin continues to face strong selling by the bears. The 20-day exponential transferring common ($41,193) has started to flip down and the relative energy index (RSI) has slipped into the negative territory, suggesting that bears possess the easier hand.

BTC/USDT day to day chart. Provide: TradingView

If the cost sustains below $39,600, the selling may per chance well per chance per chance resolve up momentum and the BTC/USDT pair may per chance well per chance per chance drop to the on the spot give a enhance to zone between $36,250 and $35,507.01.

The bulls are anticipated to defend this zone aggressively on fable of a spoil below it may per chance well per chance per chance definite the path for a retest of the Jan. 24 intraday low at $32,917.17. The longer the cost sustains below $39,600, the easier the opportunity of the downward circulate.

Contrary to this assumption, if the cost rebounds off basically the most up-to-date level and snappy rises above $39,600, this would per chance per chance indicate strong accumulation at decrease ranges. The bulls will then are trying and push the cost above the 20-day EMA.

The bulls must definite the overhead hurdle at $45,821 to indicate the open of a original up-circulate.

BTC/USDT 4-hour chart. Provide: TradingView

The failure of the bulls to enact a robust rebound off the $39,600 give a enhance to signifies a lack of demand at elevated ranges. This can even possess emboldened the bears who pulled the cost below $39,600.

The RSI has dipped deep into the oversold territory, indicating that the selling can even were overdone within the short term. This means a minor relief rally or consolidation within the advance term.

If bears efficiently defend the retest of the breakdown level at some stage within the following soar, the selling can even intensify and the pair may per chance well per chance per chance plummet to $36,000. This negative learn will invalidate within the short term if bulls power the pair above $41,000.

LEO/USD

UNUS SED LEO (LEO) has been correcting since making a original all-time high at $8.14 on Feb. 8. The bears pulled the cost below the 50% Fibonacci retracement level at $5.74 however the bulls are aggressively defending the 20-day EMA ($5.45).

LEO/USD day to day chart. Provide: TradingView

The rising 20-day EMA and the RSI within the definite territory indicate that bulls possess a little edge. If patrons power the cost above $6.24, the LEO/USD pair may per chance well per chance per chance are trying and resume the up-circulate. The pair may per chance well per chance per chance then upward push to $7.

Conversely, if bulls fail to withhold basically the most up-to-date rebound, the bears will sense a probability and are trying and pull the pair below the 20-day EMA. Within the occasion that they arrange to enact that, the sentiment may per chance well per chance per chance flip bearish and the pair can even breeze to the 61.8% retracement level at $5.18.

LEO/USD 4-hour chart. Provide: TradingView

The 4-hour chart reveals that the pair is fluctuate-sure between $5.52 and $6.24. The 20-EMA and 50-easy transferring common possess flattened out and the RSI is advance the midpoint, indicating a stability between supply and demand.

This stability will shift in resolve on of the bears within the occasion that they pull and withhold the cost below $5.52. The pair may per chance well per chance per chance then drop toward the 200-SMA.

Conversely, if patrons push and withhold the cost above the 50-SMA, the pair may per chance well per chance per chance rally to $6.24. The bulls must definite this hurdle to signal that they are aid within the motive force’s seat.

MANA/USDT

Decentraland (MANA) was down from the downtrend line on Feb. 16, indicating that the sentiment remains bearish and merchants are selling on rallies to stiff resistance ranges.

MANA/USDT day to day chart. Provide: TradingView

The bears possess pulled the cost below the 50-day SMA ($2.83), which opens the door for a that you may per chance well per chance per chance per chance imagine downside to the strong give a enhance to zone between $2.44 and the 200-day SMA ($2.20).

If the cost rebounds off this zone, the bulls will over again are trying and push the MANA/USDT pair to the downtrend line. The bulls must definite this hurdle to indicate the open of a original up-circulate.

Conversely, if bears sink and withhold the cost below the 200-day SMA, the selling may per chance well per chance per chance intensify and the pair may per chance well per chance per chance breeze further to $1.70.

MANA/USDT 4-hour chart. Provide: TradingView

The bears possess pulled the cost below the 200-SMA. If the cost sustains below this level, the pair may per chance well per chance per chance drop to the give a enhance to line of the descending channel. A spoil and shut below the channel may per chance well per chance per chance sink the pair to $2.44.

If the cost turns up from basically the most up-to-date level, the bulls will are trying and push the pair above the 200-SMA. This type of circulate may per chance be the first signal that bulls are trying a comeback. A spoil and shut above the 20-EMA will execute bigger the opportunity of a rally to the resistance line of the channel.

Linked: Can Bitcoin spoil out vs. tech shares over again? Nasdaq decoupling paints $100K goal

KLAY/USDT

Klaytn’s native cryptocurrency KLAY was down from the downtrend line on Feb. 16, indicating that bears continue to promote on rallies.

KLAY/USDT day to day chart. Provide: TradingView

On the opposite hand, a minor definite is that bulls possess no longer allowed the cost to interrupt below the 20-day EMA ($1.23). Which ability that merchants are procuring on dips to this give a enhance to.

If the cost rises and sustains above the 50-day SMA ($1.27), the bulls will over again are trying and definite the overhead hurdle at the downtrend line. Within the occasion that they arrange to enact that, this would per chance per chance indicate a that you may per chance well per chance per chance per chance imagine commerce in pattern. The KLAY/USDT pair may per chance well per chance per chance then rally to $1.50.

Alternatively, a spoil and shut below the 20-day EMA will indicate that bears possess overpowered the patrons. That can per chance per chance per chance pull the cost down to $1.10.

KLAY/USDT 4-hour chart. Provide: TradingView

The 4-hour chart reveals that the bears are aggressively defending the overhead resistance at $1.36. The pair was down from this resistance however the bulls possess no longer allowed the cost to interrupt and withhold below the 50-SMA.

If the cost turns up from basically the most up-to-date level, the patrons will are trying and definite the on the spot resistance at $1.31 and remark the hurdle at $1.36. A spoil and shut above this level may per chance well per chance per chance birth the doorways for a that you may per chance well per chance per chance per chance imagine rally to $1.50.

This definite learn will likely be negated on a spoil and shut below the 200-SMA. That can per chance per chance per chance pull the pair down to $1.15.

XTZ/USDT

Tezos (XTZ) was down from the downtrend line on Feb. 10, indicating that bears continue to promote on rallies. The bears will now are trying and pull the cost to the uptrend line.

XTZ/USDT day to day chart. Provide: TradingView

The uptrend line has been acting as a robust give a enhance to since March 2020. Therefore, the bulls are inclined to defend the uptrend line aggressively. If the cost rebounds off this give a enhance to, the patrons will are trying and push the XTZ/USDT pair above the downtrend line.

Within the occasion that they be triumphant, the pair may per chance well per chance per chance signal a that you may per chance well per chance per chance per chance imagine commerce in pattern. This definite learn may per chance well per chance per chance invalidate if the cost breaks and sustains below the uptrend line. This type of circulate may per chance well per chance per chance birth the doorways for further downside.

XTZ/USDT 4-hour chart. Provide: TradingView

The 4-hour chart reveals the pair is in a firm beget grip. The mark has dropped to the 61.8% Fibonacci retracement level at $3.32, which is an foremost level for the bulls to defend. A spoil and shut below this give a enhance to will execute bigger the opportunity of a drop to the 78.6% Fibonacci retracement level at $2.98 and later to the uptrend line.

The first signal of energy will likely be a spoil and shut above the 20-EMA. This type of circulate will indicate that the selling stress can even be reducing. A that you may per chance well per chance per chance per chance imagine short-term pattern commerce will likely be signaled on a spoil and shut above the 50-SMA.

The views and opinions expressed listed below are entirely these of the author and enact no longer necessarily indulge in the views of Cointelegraph. Every investment and trading circulate involves threat, you may per chance behavior your have analysis when you decide.