On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Select altcoins are looking to capitalize on Bitcoin’s range-bound trading below the 20-day moving average.
Bitcoin (BTC) is attempting to stage a relief rally but analysts at JPMorgan Chase believe that the short-term setup looks challenging. However, the analysts also pointed out that the crypto markets had started a healing process.
A sign of this 'healing process' was seen when the crypto markets did not react negatively to the news that the United Kingdom’s Financial Conduct Authority banned Binance Markets Limited from undertaking “any regulated activity in the UK.”
When a market reacts negatively to bad news, it is a sign that weaker hands are panicking and dumping their positions. On the other hand, a muted reaction to negative news indicates that investors are not falling prey to FUD, which is a sign of strength.
The crypto sentiment may have received a boost due to the strong support for Bitcoin from Mexico’s third-richest man Ricardo Salinas Pliego. The billionaire tweeted that he recommended the use of Bitcoin and was also working with his bank to make it the first in Mexico to accept Bitcoin.
With the sentiment turning positive, can Bitcoin pull the crypto sector higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin is again facing resistance at the 20-day exponential moving average ($35,252) but the positive sign is that the bulls have not given up much ground. The positive divergence on the relative strength index suggests that the bears may be losing their grip.
If buyers propel the price above the 20-day EMA, the BTC/USDT pair could rise to the 50-day simple moving average ($38,603). This level may act as a resistance but if the bulls can push the price above it, the pair may rise to $42,451.67.
The bears are likely to defend the $42,451.67 level aggressively. If the price turns down from this resistance, the pair could drop to the 20-day EMA. A strong bounce off this support will suggest that the sentiment has turned positive and that will increase the possibility of a break above $42,451.67.
Conversely, if the price turns down from the current level, the bears may pull the price to the $31,000 to $28,000 support zone. A break and close below this zone could intensify selling and clear the path for a decline to $20,000.
ETH/USDT
Ether (ETH) again bounced off the $1,728.74 support on June 26, indicating accumulation at that level. The bulls will now try to push the price above the 20-day EMA ($2,178). If they manage to do that, the biggest altcoin could rally to the downtrend line.
However, this is not going to be easy because the downsloping moving averages and the RSI in the negative territory suggest that bears are at an advantage. The failure to break and sustain the price above the 20-day EMA could attract another round of selling.
If bears sink the price below $1,728.74, the selling could pick up momentum as traders who may have purchased the recent dips could rush to the exit. The ETH/USDT pair could then start the next leg of the downtrend that may reach $1,536.92.
BNB/USDT
Binance Coin (BNB) turned down from just below the 20-day EMA ($320) on June 25 but the bears could not pull the price down to the critical support at $211.70. This suggests that bulls are trying to form a higher low at $264.26.
However, the downsloping moving averages and the RSI below 42 suggest that the bears have the upper hand. If the price turns down from the current level or the 20-day EMA, the bears will try to pull the price below $264.26. If they do that, the pair could drop to the critical support at $211.70.
A break and close below this support may start the next leg of the downtrend that could stretch to $126.75. On the other hand, if the bulls thrust the price above the 20-day EMA, the BNB/USDT pair could rise to the 50-day SMA ($383) and then to $433.
ADA/USDT
Cardano (ADA) has been trading between the 20-day EMA ($1.39) and $1.20 for the past four days. This suggests that the bulls are attempting to form a higher low at $1.20.
If the bulls can drive the price above the 20-day EMA, the ADA/USDT pair could rise to the 50-day SMA ($1.58). This level may act as a resistance but if the buyers can propel the price above it, the pair may rally to $1.94.
The 20-day EMA is flattening out and the RSI is above 45, suggesting that bulls have a good chance to make a comeback. This positive view will invalidate if the bears sink the price below $1.20. That could pull the price down to $1.
DOGE/USDT
Dogecoin (DOGE) could not rise above the 20-day EMA ($0.27) on June 25 but the positive sign is that the bulls have not given up much ground in the past two days. This suggests a lack of aggressive selling by the bears.
If the bulls do not allow the price to drop below $0.21, the possibility of the DOGE/USDT pair breaking above the 20-day EMA increases. The pair will again face stiff resistance at the neckline of the head and shoulder pattern.
A break above it will be the first indication that the correction may be over. On the contrary, if the price turns down from the current level and breaks below $0.21, a retest of $0.15 is likely. A break below this level could start the next leg of the downtrend to $0.10.
XRP/USDT
The bears do not seem to be willing to wait for XRP to reach the 20-day EMA ($0.74) before shorting. This suggests that the sentiment is bearish and traders expect further downside from the current levels.
If the bears sink the price below the psychological support at $0.50, the selling could intensify and the XRP/USDT pair could drop to the support line of the descending channel. This level may act as a support but the extent of the pullback will give clarity whether the correction is over or not.
Contrary to this assumption, if the bulls push the price above the $0.75 resistance, it will signal strong buying at lower levels. The pair could then move up to the 50-day SMA ($0.96) and then to $1.07.
DOT/USDT
Polkadot (DOT) is currently stuck in a tight range between $13 and $16.93. A tight consolidation near a critical support indicates weakness and it usually resolves in favor of the bears.
Both moving averages are sloping down and the RSI is in the negative zone, indicating that bears are in control. A break and close below $13 could open the doors for a further decline to $10 and then to $7.50.
On the other hand, if the bulls can push the price above the 20-day EMA ($18.72), it will suggest accumulation at lower levels. The DOT/USDT pair could then rally to the overhead resistance at $26.50.
UNI/USDT
Uniswap (UNI) has been trading in a tight range of $15.10 to $18.60 for the past few days. The bulls are currently trying to push the price above this range and the 20-day EMA ($19.86), but it is not going to be easy.
The downsloping moving averages and the RSI in the negative zone suggest that bears are in control. If the price turns down from the overhead resistance, the bears will try to sink the UNI/USDT pair below $15.
If that happens, the pair may challenge the critical support at $13. A break below this level could extend the downtrend to $10 and later to $7.
Alternatively, if the bulls propel and sustain the price above the 20-day EMA, the pair could rally to the 50-day SMA ($25.24). This level may act as a resistance but if the bulls can push the price above it, the rally may reach $30.
Related: Biggest ever mining difficulty drop: 5 things to watch in Bitcoin this week
BCH/USDT
The bulls are attempting to push Bitcoin Cash (BCH) to the breakdown level at $538.11. This is an important resistance to watch out for because the 20-day EMA ($543) is just above it. Therefore, the bears will try to defend the resistance aggressively.
The downsloping moving averages and the RSI below 43 indicate that bears have the upper hand. If the price turns down from the overhead resistance, the bears will once again try to pull the BCH/USDT pair to $370.
This is an important support and if the price rebounds off it, the pair may consolidate between $370 and $538.11 for a few days. Conversely, a break below $370 could start a decline to the next support at $300.
LTC/USDT
Litecoin (LTC) rebounded off the $118 support on June 26 but the bounce lacks strength. This suggests a lack of aggressive buying by the bulls at the current levels.
Both moving averages are sloping down and the RSI is in the negative zone, suggesting that bears have the upper hand. If the price turns down from the 20-day EMA ($148), the sellers will try to pull the price below the $118 to $104.92 support zone.
If they succeed, the LTC/USDT pair will complete a descending triangle pattern, which could result in a fall to $70. Contrary to this assumption, if the bulls can push the price above the downtrend line, the bearish setup will be invalidated. That could start an up-move to the 50-day SMA ($192) and later to $166.45.
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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