Here Is The List Of This Week's Leading Three Cryptos To Monitor: BTC, DOT and SAND

2022-03-14 | Selina Mathew

Here Is The List Of This Week's Leading Three Cryptos To Monitor: BTC, DOT and SAND

Bitcoin (BTC) has been fairly quiet over the weekend, signalling that traders are being cautious and not placing significant wagers ahead of the forthcoming Federal Open Market Committee conference on March 15 and March 16. The magnitude of the rate rise might be the next catalyst for the cryptocurrency industry.

Bitcoin's present impartial arrangement has left observers wondering. Material Signals, an analytics site, cautioned that Bitcoin may fall, however they recommended investors to be prepared to purchase the dip since they think the "bounce can transform your life."

The Sports Outlook 2022 study from Price Waterhouse Coopers for North America outlined three applications for nonfungible tokens that might affect the future of sports. NFTs and digital assets, according to the consultancy, are one of the top ten main developments in the sports sector.

Could the cryptocurrency marketplaces begin to shift in a directional way in the short future? 

BTC/USDT

BTC

BTC/USD 1 DAY PRICE CHART - SOURCE - coinmarkercap.com

On March 12 and Sunday, Bitcoin produced a Doji candlestick pattern, signalling hesitation amongst bulls and bears. The price is trapped between the 20-day exponential moving average ($39,810) as well as the $37,000 horizontal support.

The 20-day EMA is relatively flat, as well as the relative strength index (RSI) is slightly underneath the midpoint, suggesting that supply and demand are in equilibrium.

Bulls would seek to move the BTC/USDT pair beyond $42,600 if the price climbs and breaks over the 50-day simple moving average ($39,978). If they are successful, the pair might rally to $45,400 and then to the channel's resistance line.

In contrast, if the price falls and falls under $37,000, the bears would see an advantage. The sellers would next attempt to drag and maintain the pair underneath the channel's support line. A move like this might pave the way for a decrease to $30,000.

The pair is building a falling triangle pattern that will finish on a break and close below the solid support at $37,000. The pair may then fall to $34,322 before resuming its march forward towards the pattern goal of $29,250.

Conversely, if bulls take the price over the 50-SMA and keep it there, the pair might advance to the declining line. A break and closing above this level will render the bearish pattern worthless. This might entice buyers, and the pair could then climb to $45,400.

DOT/USDT

DOT

DOT/USD 1 DAY PRICE CHART - SOURCE - COINMARKETCAP.COM

Polkadot (DOT) has been in a decline for multiple months, however the bulls are attempting to establish a bottom in the $16-$14 range. The price increased over the 20-day EMA ($17), however the bulls were unable to break through the 50-day SMA ($18).

Nevertheless, the bulls haven't yet decided to give up any territory from the 50-day SMA, which is a good indicator. This shows that the traders are keeping their strategy in anticipation of a breakthrough over the barrier. If this occurs, the DOT/USDT pair might rally to the overhead resistance level of $23, where the bears may once again present a hard challenge.

The flattish 20-day EMA as well as an RSI around the middle signal to range-bound trading in the immediate term. If the price falls underneath the 50-day SMA, the bears would attempt to push the pair under $16. If they are successful, the pair may revisit the important support level of $14.

The pair is bouncing between $16 and $19 on the 4-hour graph. Short-term traders may have profited since purchasers were unable to push the price over the overhead barrier. This pushed the price up to the 50-day simple moving average.

If the price increases over the 200-day simple moving average, it indicates that bulls will persist to purchase on dips. Buyers would then aim to push the stock over the overhead resistance level of $19. If they succeed, the two might surge to $20 and then make a run at $23.

A breach and closure underneath the 50-SMA, on the other hand, may enhance the likelihood of a decline to the solid support at $16.

SAND/USDT

SAND

SAND/USD 1 DAY PRICE CHART: SOURCE - CONMARKETCAP.COM

For numerous weeks, the Sandbox (SAND) has been trading in a narrow range between $2.55 and $4.86. On March 4, the bears dragged the price underneath the 200-day SMA ($3.15), but they were unable to breach the support at $2.55.

This suggests buildup around the range's support. The RSI is suggesting a positive split, implying that the negative momentum is fading. Bulls will attempt to force the SAND/USDT pair over the 200-day SMA if the price climbs from its present level. If this occurs, the pair may advance to the 50-day simple moving average ($3.51). A break and closing beyond this resistance level might pave the way for a rally to $4.50 and perhaps $4.86.

This optimistic outlook will be rendered worthless in the brief term if the price falls under $2.55. This might indicate a restart of the decline.

On the 4-hour chart, the 50-SMA has already been serving as a strong barrier. If bears push the price under $2.70, the pair might fall to the strong support level of $2.55. A break and closing underneath this level might give bears an advantage.

To refute this viewpoint, the bulls must drive the price beyond the zone between the 50-day moving average and $3. If this occurs, the pair might rise to $3.42, where the bears may make another robust defence.

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