The total market capitalization of cryptography reached the significant $ 2 trillion mark on April 5. As cryptocurrencies increase in value, they are likely to attract more investment from institutional investors because they can no longer afford to neglect them.
Less than three months ago, the crypto market reached a market capitalization of $ 1 trillion for the first time. This growth rate shows that investors are extremely optimistic about the sector’s potential and those who delay their investment decisions may have to enter much higher levels.
Ark Invest founder and CEO Cathie Wood is well known for identifying disruptive technologies and the company is supporting Bitcoin (BTC) to do just that. Yassine Elmandjra, Ark’s crypto asset analyst, said Bitcoin was “100 times better” than gold, so he believes Bitcoin will increase 10-fold over the current $ 1 trillion market capitalization for itself. equate to the $ 10 trillion gold market capitalization.
For Bitcoin to continue its journey north, institutions will have to continue to inject money into it. Goal Bitcoin ETF, Canada’s first licensed Bitcoin exchange (ETF) fund, launched two months ago and currently holds 16,462 BTC.
If a Bitcoin ETF obtains approval from regulators in the United States, it could attract large investments by decreasing inflows to the Bitcoin Final ETF.
The history of cryptography went beyond Bitcoin. Data from business analytics firm CB Insights showed that startups with a focus on cryptography and blockchain technology received $ 2.6 billion in funding in the first quarter of 2021. This is well above the total $ 2.3 billion in funding received in 2020, indicating the growing interest in the sector.
So the question on most investors’ minds is whether or not the crypto market will be able to sustain its current moment. Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin has surpassed the 20-day exponential moving average ($ 56,750) today, suggesting that sentiment remains positive and bulls are buying with every small drop.
Buyers will now try to push the price above the $ 60,000 air resistance zone to $ 61,825.84. If successful, this could open the door to a $ 69,540 and $ 79,566 high.
However, bears are unlikely to give up easily. They will once again try to stop the rally in the resistance zone. If this happens, the possibility of a break below the 20-day EMA increases.
This could result in a drop in critical support in the 50-day simple moving average ($ 53,978). If the bears sink the price below the 50-day SMA, the pair could fall to the next support at $ 50,460.02.
ETH / USDT
Ether (ETH) reached a new all-time high of $ 2,144.59 on April 2nd. However, the bulls were unable to take advantage of this move, as the bears sold aggressively and pulled the price below the $ 2,040.77 break level on April 3.
Since then, bulls and bears have been fighting close to $ 2,040.77. While the bulls are trying to turn that level into support, the bears are trying to pull the price below it and arrest the bulls.
The rising 20-day EMA ($ 1,872) and the relative strength index (RSI) above 65 suggest that bulls are at an advantage. If buyers manage to push the price above $ 2,144.59, the ETH / USDT pair could start the next leg of the bullish trend which could reach $ 2,618.14.
Contrary to this assumption, if bears pull the price below $ 1,977, the pair could fall to the 20-day EMA. A break below this level will suggest that the bullish momentum has weakened and could result in a decline for the trend line.
BNB / USDT
Binance Coin (BNB) released the air resistance zone from $ 348.69 to $ 356.98 today and reached a new historic high. Whenever an asset class reaches a new historic high, it is a sign of strength because it shows that traders are buying at higher levels, as they expect the rise to continue further.
Both moving averages are tilting upwards and the RSI has climbed into the overbought territory, indicating that the path of least resistance is upwards. The BNB / USDT pair could now recover to its target target of $ 400 and then $ 430.
This positive view will be invalidated if the price reverses direction and breaks below the 20-day EMA ($ 297). Such a move will suggest that traders are aggressively posting profits at higher levels and supply exceeds demand.
This could pull the price down for the 50-day SMA ($ 258) and a crack below this support could extend the drop to $ 220.
DOT / USDT
The bears attempted to arrest the bulls on April 3, as can be seen from the long wick of the day’s candlestick. However, the bulls were not ready to give up their advantage and again pushed Polkadot (DOT) above $ 42.28 on April 4.
There is a difficult dispute between bulls and bears close to the $ 42.28 level. Buyers are trying to turn that level around to support and launch the next leg of the bullish trend, which could reach $ 53.50.
The rising 20-day EMA ($ 37.30) and the RSI near the overbought territory suggest that the path of least resistance is upward.
This optimistic view will be invalidated if bears manage to pull the price below $ 40. If that happens, the ADA / USDT pair may fall to the moving averages and a break below the 50-day SMA ($ 35.34) may start. a deeper correction for $ 26.50.
ADA / USDT
Cardano (ADA) has been trading close to the 20-day MME ($ 1.17) in the past few days. The bulls’ attempts to initiate a bullish movement on April 2 and 3 did not find buyers at higher levels, as seen by the long wick in the candlesticks.
Typically, each phase of low volatility is followed by a sharp increase in volatility, but it is difficult to predict the direction of the breakout. Therefore, it is better to wait for the disruption to happen before starting any negotiations.
If bulls can push and sustain the price above $ 1.30, the ADA / USDT pair can challenge the rigid resistance at $ 1.48. This will be the third attempt to eliminate the upper resistance, so the possibility of a break above it is high. The next target is $ 2.
On the other hand, if indecision resolves on the downside, bears will try to lower the price below $ 1.03 and initiate a deeper correction to $ 0.80 and then $ 0.70.
XRP / USDT
The XRP broke above the rigid overload resistance at $ 0.65 today, which completed an inverse head and shoulders pattern. The altcoin gained momentum and eliminated the minor resistance at $ 0.75 and $ 0.78.
The sharp pace of the rise suggests that several bears may have been caught off guard, resulting in a massive short squeeze. This opens up the possibility of a rise to the standard target of $ 1.11.
The rising 20-day EMA ($ 0.57) and RSI above 80 suggest that bulls are back in charge.
However, the XRP / USDT pair may not recover to the target target in a race, as short-term traders can post profits after today’s strong rally. This could pull the price into the support zone from $ 0.75 to $ 0.65.
The rebound strength of this support zone will give you a better view of the next stage of the rally.
UNI / USDT
Uniswap (UNI) rose above the 20-day EMA ($ 29.52) on April 2, but the bears did not allow the price to escape. They sold at higher levels and pulled the price back to the 20-day MME on April 3.
The positive sign is that the bulls have successfully performed the 20-day EMA in the past three days. If bulls can drive the price above $ 32.50, the UNI / USDT pair could move up to the $ 35.20 to $ 36.80 resistance zone.
The flat 20-day EMA and RSI below 56 suggest a lack of strong momentum in favor of bulls. This could keep the pair limited for a few more days. The next trend move could start with a break above $ 36.80 or below $ 25.52.
LTC / USDT
Litecoin (LTC) broke the resistance line of the symmetrical triangle on April 3, but the bulls were unable to sustain the higher levels. The altcoin quickly changed direction and returned to the triangle.
However, the positive sign is that buyers have not allowed the price to fall below moving averages. This shows that bulls are accumulating in casualties. They will try again to push and keep the price above the triangle.
If they are successful, the LTC / USDT pair could rise to $ 230 and then to $ 246.96. Above this level, the pair can reach the standard target of $ 307.42.
On the other hand, if the price falls again from the resistance line, the possibility of a break below the moving averages increases. If that happens, the pair may fall to the triangle’s support line.
LINK / USDT
Chainlink (LINK) broke above the $ 32 resistance on April 2, but the bulls were unable to build on this break and the bears pulled the price back into the range on April 3. This suggests that the bears are aggressively defending the overhead resistance at $ 32.
However, the strong recovery of the 20-day MME ($ 29) on April 4 shows that bulls are buying the falls. The bulls will now try to push the price above the $ 32 to $ 33.17 resistance zone.
If they do, the LINK / USDT pair can test the all-time high at $ 36.93 again. If this level is also achieved, the high could reach US $ 40.
On the contrary, if the price falls again from the air resistance zone and falls below the moving averages, this will suggest that the action within a range may continue for a few more days.
THETA / USDT
THETA has been stuck in the $ 10.35 to $ 14 range in the past few days. The bears are trying to lower the price to support the range, but the bulls have not allowed the altcoin to fall below $ 11.20.
The 20-day EMA ($ 10.81) is gradually flattening out and the RSI has dropped below 61, pointing to possible limited action in the coming days.
Contrary to this assumption, if bulls manage to raise the price above $ 12.58, the THETA / USDT pair could rise to $ 14. Breaking this resistance will be the first sign that the bulls are at an advantage.
However, if the pair drops from the current level and falls below $ 11.20, a fall to $ 10.35 is possible. A break below this support can intensify sales.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risk. You must conduct your own research when making a decision.
Market data is provided by HitBTC exchange.