Cryptocurrency is an emerging asset class gaining traction in recent years. There are many cryptocurrencies on the market, and it can be hard to find out which ones will have the most impact in the future. This article looks at crypto that is worth keeping an eye on this week.
The correlation between Bitcoin and Ether is incredibly high compared to traditional asset markets. The single 30-day correlation level between all the top indices (Nasdaq, S&P500, and Dow Jones) is also really high at 0.9.
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The recent price action has not affected bitcoin holders as they continue to stay invested in the currency. The number of holders who have been holding the currency for less than one year is currently at an all-time high. There are now 27.65 million addresses holding 12.6 million BTC.
In a 4H time frame, the price action of $BTC/USDT has formed a symmetrical triangle chart pattern. The price is consolidating upward of the resistance line. We have to wait for a good direction before entering the market.
In the past month, the ETH Volatility has significantly increased. It has been steadily increasing for a month now and has touched a 1 month all-time high of 63.70%.
In the 4H timeframe, the price action of $ETH/USDT formed an Ascending Triangle Pattern where the price action bounced back from the support trend-line. Currently, the price actions are facing out the Horizontal Resistance level.
Bitcoin Gold (BTG)
Bitcoin Gold is a cryptocurrency that doesn’t see major price changes. This is because it has such a solid technical base and many features. It may not be as exciting as other coins, but it can still bring you significant profits. Today, InvestorsObserver gave bitcoin gold a very bullish rating, and the currency is up by almost 40%.
In the 4H timeframe, the price action of $BTG/USDT is forming down the lower lows. It hit down the range low level till the 14.92 where then the price action was compressing which means it was failing to form out the lower lows which show the signs of compression also an MSB ( Market Structure Break ) level can be seen which were broke out an impulsive wave can be seen till the Daily High level where the price action got rejected from the resistance level.
Loopring is on the move today since GameStop recently released a retailer of digital wallets capable of storing in-game non-fungible tokens. It uses Loopring’s tech to make transactions faster. Based on the information available in the historical data, Loopring will probably be a good long-term investment. However, current support levels need to be established before an assessment.
In a 1D timeframe, the price action of $LRC/USDT has formed a descending channel. However, the price has broken the descending resistance, and further movement is also bullish vibes.
Fantom (FTM) experienced a 12% price increase within 24 hours. The price hit its highest mark to date of $0.502 in today’s early morning hours. FTM token price forecast is quite bullish. Based on the website’s prediction, the projected average price for this token is $2.33, nearly double its most recent trading value.
In a 4H time frame, the price action of $FTM/USDT has formed a descending triangle chart pattern. It has broken above the triangle. The price is bouncing nicely upward, and it will break the major resistance line.
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Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.