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Crypto markets are expected to remain volatile for the foreseeable future, but BTC’s battle to reclaim $40,000 could be followed with rallies from LUNA, AVAX, ATOM and FTM.
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Tag: Luna
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BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
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Bitcoin (BTC) and the U.S. equity markets fell sharply on Jan. 5, reacting negatively to the minutes from the Federal Reserve’s December FOMC meeting, which showed that the members expect the balance sheet reduction to start after the Fed begins hiking interest rates in early 2022.
Adding to the negative sentiment was the shutdown of the world’s second-biggest Bitcoin mining hub in Kazakhstan, where the internet has been shut down following massive protests by citizens. This caused a dip of about 13.4% in the Bitcoin network’s overall hash rate from 205,000 petahash per second (PH/s) to 177,330 PH/s.
Daily cryptocurrency market performance. Source: Coin360 According to Galaxy Digital Holdings CEO Mike Novogratz, the current decline was with low volumes and he believes that the markets will be volatile in the next few days. Novogratz suggests that a huge amount of “institutional demand” was waiting on the sidelines and he expects Bitcoin to bottom out in the $38,000 to $40,000 zone.
Could Bitcoin and major altcoins continue to face selling or will they bounce off strong support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
The range-bound action in Bitcoin resolved to the downside on Jan. 5 when bears pulled the price below the strong support at $45,456. This suggests that supply exceeds demand.
BTC/USDT daily chart. Source: TradingView There was a meek attempt to defend the $42,500 support on Jan. 6 but sustained selling has pulled the price close to the next support at $39,600. This leg down has invalidated the positive divergence that was forming on the relative strength index (RSI).
The downsloping moving averages and the RSI near the oversold zone suggest that bears are in control. If bears sink and sustain the price below $39,600, the BTC/USDT pair could nosedive to $30,000.
On the contrary, if the price rebounds off $39,600, the bulls will again try to push the pair above the 20-day exponential moving average ($46,811). Such a move will be the first indication that the downtrend could be ending.
The bullish momentum could pick up on a break and close above the 50-day simple moving average ($50,610).
ETH/USDT
Ether (ETH) turned down from the 20-day EMA ($3,756) on Jan. 5 and plunged below the Dec. 4 intraday low at $3,503.68. This suggests that bears have reasserted their supremacy.
ETH/USDT daily chart. Source: TradingView The downsloping moving averages and the RSI in the oversold zone suggest that bears are in command. If bears sustain the price below $3,250, the decline could extend to the support line of the channel.
The bulls will attempt to defend this level and push the price to the resistance line of the channel. A break and close above the channel will signal a change in trend.
Alternatively, if bears sink the price below the channel, the ETH/USDT pair could decline to the strong support at $2,652.
BNB/USDT
Binance Coin (BNB) broke below the strong psychological support at $500 on Jan. 5. Follow-up selling has pulled the price to the next support at $435.30.
BNB/USDT daily chart. Source: TradingView If the price bounces off the current level, the BNB/USDT pair could rally to $500 where the bears are likely to mount a stiff resistance. The downsloping moving averages and the RSI in the oversold zone suggest that bears are in control.
If the $435.30 support gives way, the pair could extend its decline to $392.20 and later to $320. This negative view will be negated if the price breaks and sustains above the channel. Such a move could open the doors for a possible move to $575.
SOL/USDT
Solana (SOL) plummeted below $167.88 and the Dec. 13 intraday low at $148.04 on Jan. 5. This indicated that bears have reasserted their dominance.
SOL/USDT daily chart. Source: TradingView The selling has continued and the bears will now try to pull the SOL/USDT pair to the strong support at $116. This level could attract strong buying from the bulls but the relief rally is likely to face selling near the 20-day EMA ($170).
Such a move will indicate that the sentiment remains negative and traders are selling on rallies. That could increase the likelihood of a break below $116. The next stop may be the support line of the channel.
The buyers will have to push and sustain the pair above the resistance line of the channel to signal that the downtrend could be ending.
ADA/USDT
Cardano (ADA) turned down from the 20-day EMA ($1.33) on Jan. 5 and dropped to the strong support at $1.18. The bulls have successfully defended this level but have failed to push the price above the 20-day EMA.
ADA/USDT daily chart. Source: TradingView If bears pull the price below $1.18, the ADA/USDT pair could drop to the critical support at $1. This is an important support to watch out for because if it cracks, the selling momentum could pick up and the pair could slide to $0.68.
On the contrary, if bulls drive the price above the moving averages, the pair could rise to the resistance line of the channel. A break and close above the channel will signal a possible change in trend. The pair could then rally to $1.87.
XRP/USDT
XRP broke below the $0.75 support on Jan. 5 but the long tail on the candlestick suggests that bulls purchased this dip. However, a minor negative is that the buyers have not been able to build upon the rebound.
XRP/USDT daily chart. Source: TradingView The XRP/USDT pair formed a Doji candlestick pattern on Jan. 8 and the bulls are currently attempting to sink the price below $0.75. If that happens, the downtrend could resume and the pair may drop to $0.60.
The downsloping moving averages and the RSI in the negative zone indicate that bears are in command. Contrary to this assumption, if the price rebounds off the current level, the bulls will attempt to push the pair above the moving averages.
If they succeed, it will suggest that the selling pressure may be reducing. The pair could then rise to $1.
LUNA/USDT
Terra’s LUNA token plummeted below the 20-day EMA ($81) on Jan. 5, indicating that short-term traders may have booked profits after bulls failed to clear the hurdle at $93.81.
LUNA/USDT daily chart. Source: TradingView The bears have pulled the price to the 50-day SMA ($69), which may act as a strong support. If the price rebounds off the current level, the bulls will try to push the LUNA/USDT pair to the downtrend line of the descending channel.
A break and close above the channel will indicate that the correction may be over. The bulls will then try to push the price to $93.81. On the contrary, a break and close below the 50-day SMA could intensify selling and the pair may drop to the psychological support at $50.
Related: Bitcoin and Ether heading $100K and $5K in 2022: Bloomberg Intelligence
DOT/USDT
Polkadot (DOT) is range-bound in a downtrend. The price has been oscillating between $22.66 and $32.78 for the past few days.
DOT/USDT daily chart. Source: TradingView The 20-day EMA ($28) has started to turn down and the RSI has dipped into the negative territory, suggesting that bears have the upper hand. If sellers sink and sustain the price below $22.66, the DOT/USDT pair could plunge to $16.81.
Contrary to this assumption, if the price rebounds off $22.66, the bulls will try to push the pair to $32.78. A break and close above this level could signal a possible change in trend. The pair could first rise to $40 and later to $44.
AVAX/USDT
Avalanche (AVAX) broke below the $98 support on Jan. 5 and has dropped to the uptrend line of the symmetrical triangle today. The bulls will attempt to defend this level and push the price back to the downtrend line.
AVAX/USDT daily chart. Source: TradingView The 20-day EMA ($104) has turned down and the RSI is below 38, indicating that rallies are likely to be sold into. If the bounce off the current level turns down either from $98 or from the 20-day EMA, the possibility of a break below the triangle increases.
The AVAX/USDT pair could then decline to the $75.50 support where the bulls will try to arrest the decline. This negative view will invalidate if the price turns up and breaks above the triangle. The pair could then rise to $128.
DOGE/USDT
Dogecoin (DOGE) dipped below the $0.15 support on Jan. 5 but the long tail on the candlestick shows that bulls defended this level. That was followed by a Doji candlestick pattern on Jan. 6, indicating indecision among the bulls and the bears.
DOGE/USDT daily chart. Source: TradingView The bears tried to resolve the uncertainty to the downside today but the bulls are not willing to relent. However, unless buyers quickly push the DOGE/USDT pair above the 20-day EMA ($0.17), the risk of a break and close below $0.15 increases.
If that happens, the pair could slide to $0.13 and then to $0.10. Alternatively, if bulls push the price above the 20-day EMA, it will suggest that buyers are attempting a comeback. The pair could then rise to $0.19 and if bulls clear this hurdle, the rally may extend to $0.22.
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 move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
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Price analysis 10/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI
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Bitcoin remains strong above its recent breakout level, but several major altcoins are still under pressure until BTC reveals its next move.
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Animoca Brands and Brinc setup new NFT accelerator: Launchpad Luna
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Animoca Brands, a provider of digital entertainment, blockchain, and gamification technologies, along with venture accelerator Brinc, today announced the launch of Launchpad Luna, a new accelerator program to identify, mentor, and invest in promising blockchain and non-fungible tokens (NFT) startups.
Launchpad Luna will also accept high-potential startups seeking to adopt blockchain and NFTs into their core business. The Launchpad Luna accelerator will identify and foster NFT innovation in the fields of culture, art, entertainment, media, gaming, streaming, collectibles, insurance, finance, and data management; DeFi and additional verticals will be added in the future.
High-potential early-stage projects and startups that are accepted into the acceleration program will receive training, a launchpad, and a monetary investment of up to USD $500,000 (or equivalent) in exchange for equity and tokens.
The Program
Admission to the program will be prioritized for climate-conscious projects that drive digitalization that place emphasis on proof-of-stake protocols and sidechains instead of proof-of-work, and that have lower overall physical footprints. Accepted entrants will receive training in optimizing a blockchain business to minimize energy use and carbon emissions. This is in line with Brinc’s plan to invest and support the development of more than 1,000 climate-conscious startups in the next five years.
Startups accepted into the Launchpad Luna program will benefit from a unique combination of technical resources on product development, token design, fundraising, marketing, research, analytics support, and data management. Startups will also receive support to help them scale all aspects of their businesses; including access to world-class mentors in the crypto world along with key exchanges, chains, marketers, and investors within the networks of Animoca Brands and Brinc.
“Launchpad Luna is an initiative that furthers our mission to enable a more inclusive digital economy and we are honored at the level of enthusiasm and support we have received from the global NFT community. We are thrilled to be doing this with Brinc, the number one accelerator in the region. Brinc’s presence and network significantly increase our pathways into Europe, the Middle East, and China. And we look forward to establishing a new ecosystem of accelerators and startups at the epicenter of regional start-up activity that will allow us to contribute to the shape of the future.”
– Yat Siu, Co-Founder & Chairman of Animoca BrandsBackground
In early 2021, Brinc took over management of the investments into 50 AI-focused companies from Zeroth.ai; Animoca Brands’ accelerator for artificial intelligence startups. This collaboration laid the foundation for the new accelerator program; as both organizations recognized a broader opportunity to scale value creation by leveraging each other’s expertise.
Brinc and Animoca Brands bring together leading experts in their respective fields. Brinc has made over 160 investments and is one of the world’s leading venture accelerators. Animoca Brands has invested in more than 60 businesses that are built around the use and/or trade of NFTs and has launched various blockchain projects including The Sandbox metaverse and the REVV Motorsport token and platform.
“As we bring Launchpad Luna to market, we could not think of a better partner than Animoca Brands; which has proven successes with projects like REVV Motorsport and The Sandbox. Given the rapid evolution of this market; startups need a support system to navigate the shifting landscape of platforms, chains, and go-to-market strategies. While investors need confidence that the projects they are backing have solid foundations and are ready for growth and scale.”
– Manav Gupta, Founder & CEO of BrincThe accelerator has support from various mentors and partners with an interest in the NFT space including AppWorks, Blockparty, Dapper Labs (the company behind CryptoKitties, NBA Top Shot, and Flow Blockchain), EllioTrades, Featured by Binance, Gabby Dizon (co-founder of Yield Guild Games), Harmony (ONE), Hedera Hashgraph (HBAR), Mai Fujimoto (Miss Bitcoin), Mateen Soudagar (DCLBlogger), Metakovan (Metapurse), Mindfund, Sebastien Borget (co-founder of The Sandbox and chairman of the Blockchain Gamer Alliance), Virtually Human Studio (creators of ZED RUN), WhaleShark, and others.
For those interested, Launchpad Luna is now accepting applications.
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