The entire cryptocurrency market has faltered in recent days and is very volatile. This week the crypto market has been in a downtrend. In addition, the price of Bitcoin has been volatile in the past few days, which can make things difficult when it comes to tracking all cryptocurrencies. However, the following cryptocurrencies seem worth keeping an eye on this week.
Bitcoin (BTC) Price Analysis
Bitcoin wasn’t able to build up to 42k as strong support and Bitcoin Crash was inevitable (risking a probable BEAR MARKET.
The Total Liquidations Volume is not too high; either traders were expecting the dip; or were ideal for the market to move (ACC. to me, the first scenario sounds more likely).
VOF usually jumps high if the crash starts on the futures market due to heavy liquidations. However, when prices started going down from 44k, we didn’t see a spike in volume there (retail investors might actually be bearish).
Average Transaction Size did a pretty good spike on Feb 8th, (WHALES I SEE YOU). Just zoom in on the chart below and have a look at when it spiked earlier to this? And what happened after the spike?
Not just that, the spike in average Transactions size also warned us of an incoming probable crash.
Further, according to our technical analysts, on the 1D timeframe, BTC formed a bullish Bat pattern. Should have pumped back until now the daily candle closure will now decide the next move. Further, BTC got rejected by the trendline of downward type bear flag ????. After which it started bleeding heavily and made close below the trendline of downward type bear flag and strongest trendline.
High probability Possible scenarios:
- Resumption of upward rally from here (35%)
- Test of lower supports and then a resumption of upward/relief rally (45%)
- or the start of bear market ???? (20%)
Ethereum (ETH) Price Analysis
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. It allows developers to create decentralized applications with the help of smart contracts on the blockchain. Investing in Ethereum is profitable and helps create a better world by providing people with more opportunities to trade goods and services without any middlemen involved.
ETH is currently trading at $2,608, with a market cap of 311 billion dollars, and has a supply of 119,685,001 coins. It currently ranks 2th on CoinMarketCap.
The Ethereum movement is mainly due to the recent fall in bitcoin prices. On the 1D timeframe, ETH should fill .886 retracement, and they will pump from its PRZ is shown in the rectangular box.
Polkadot (DOT) Price Analysis
Polkadot is based on blockchain, which has been designed to solve the problems of scalability, security, and interoperability. It is a multi-chain technology that allows diverse chains to communicate. Polkadot is still in its early stages. However, if you’re looking for a project with a high potential for reward, this could be an investment for you.
DOT is currently trading at $16.41, with a market cap of 16.2 billion dollars, and has a supply of 1,103,303,471 coins. It currently ranks 13th on CoinMarketCap.
DOT crypto prices are falling, and we can see the effects of this in the form of decreasing trading volume and a drop in price as recorded on CoinMarketCap. On the 1D timeframe, DOT has been trading in a downtrend for some months, and on support, the zone should reverse now along with BTC.
Cronos Coin (CRO) Price Analysis
Crypto.com is a new kind of crypto-based financial ecosystem that offers users a chance to own and manage their cryptocurrency investments in a single application. Crypto.com is one of the most popular crypto-exchange and wallets online, and they are currently doing great in terms of user base and revenue. Furthermore, investing in Crypto.com does not correlate to any particular market or industry, so you can rest assured that your investment will not be at risk if one market crashes.
CRO is currently trading at $0.3893, with a market cap of 9.8 billion dollars, and has a supply of 30,263,013,692 coins. It currently ranks 19th on CoinMarketCap.
On the 4H timeframe, CRO broke the head and shoulders, and also the support now should stay above the trendline in case of a bullish move. However, as volatility is high, no trades should be made unless BTC calms down and breaks out of the current move to the upside.
- Discounts
- Use referral code (MYWSAFR8) for Binance and get 20% off on Trading Fees.
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Cosmos (ATOM) Price Analysis
Cosmos is a blockchain-based platform that hosts a series of decentralized applications. It is a scalable, easy-to-use platform provided by blockchain technology. Cosmos provides the infrastructure to enable new types of decentralization and end-user experiences. There are many reasons why you should invest in Cosmos. One is that it has developed a new proof of stake consensus.
ATOM is currently trading at $24.30, with a market cap of 7 billion dollars, and has a supply of 286,370,297 coins. It currently ranks 21th on CoinMarketCap.
On the 4H timeframe, API was trading in a downward trend for the last few months and has now broken the support and failed to break resistance alone with BTC. So it will most likely pump soon.
- Discounts
- Use referral code (MYWSAFR8) for Binance and get 20% off on Trading Fees.
- Use Referral code (Coinmonks) for FTX and get 5% Off on Trading Fees.
Closing Thoughts
The most important part of trading is discipline and patience. So, according to the above analysis, the coins we just spoke about might see some decent gains. Again, it’s your hard-earned money you’ll be investing, so Do Your Own Research before investing.
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