Analysis of digital currency prices; 5 currencies to watch this week



The candle for the price of bitcoin in the one-week market view closed for the second time in a position up and at the highest level since early 2022. According to internal data from the analysis platform Golsnood, the recent upward trend of bitcoin is driven by growing demand for immediate markets. This encourages buyers, as the history of bitcoin shows that increased demand for purchase in immediate markets leads to continued growth.

Another upward trend for Bitcoin is the growing demand for ProShares Bitcoin Stocks (ETFs) over the past two weeks. Meanwhile, the number of clients of this bitcoin-based fund has recently reached its highest level in its history. Arcane Research says the increase in cash flow shows that the desire to invest in bitcoins is growing through traditional markets.

5 digital currencies to watch this week
Map of the digital currency market on arz.watch

Other digital currencies, along with bitcoins, are attracting new investors. In the last three weeks of February, venture capitalists have invested $ 4 billion in digital currency, according to the research institute Fundstrat.

Despite all these problems, can buyers of bitcoin and digital currencies follow the upward trend of recent days? To answer this question, we examine the state of the 5 currency charts, which may perform better in the short term than other digital currencies.

bitcoin (BTC)

Analysis of digital currency prices;  5 currencies to watch this week
Bitcoin price chart (click on the image to see the original size)

Kendall Long Shadow March 25 (April 5) shows that bitcoin shows that traders have been very active at $ 45,500. The positive thing now is that buyers have not given up after the last jumps and are in no hurry to leave the market.

The slope of the 20-day moving average (EMA) is quite upward, and the relative strength index (RSI) is in the positive range; Situation that represents the best buyers. As buyers have already pushed the price above the resistance of $ 45,400, they will continue to face the resistance of the uplink chart at $ 47,500.

This level may reappear as a barrier, but crossing it will pave the way for a bitcoin jump to $ 50,000.

On the other hand, if the price continues to fall below $ 45,400 again, sellers will try to lower bitcoin to the level of $ 42,594. If the market continues to decline, it is necessary to monitor this level, as the return of the price from this level may push bitcoin again above $ 45,400.

To say that the market is out of the hands of buyers, sellers must bring the price below the moving averages on the chart.

Analysis of digital currency prices;  5 currencies to watch this week
Bitcoin price chart (click on the image to see the original size)

As can be seen from the 4-hour market view, the price crossed the $ 45,400 resistance and extended its distance with a moving average of 20 candlesticks.

The upward slope of the moving averages and the placement of the relative strength index in the saturation zone with purchase indicate that there is little resistance to bitcoin. Falling below the moving average of 20 candlesticks can dispel this upward prospect, after which we should expect the price to fall to the level of $ 42,594.

gimbal (ADA)

Cardano has maintained its position above $ 1 in the last few days, indicating that buyers expect the upward trend to continue and therefore do not leave the market.

5 digital currencies to watch this week
Cardano price chart (click on the image to see the original size)

Moving averages have recently formed an upward trend, and the index of relative strength is in the saturation zone, which is a sign of superiority of buyers. If buyers continue to push the price above $ 1.26 and maintain their position at this level, the upward acceleration of the price will increase and Cardano will have a chance to rise to the level of $ 1.60.

On the other hand, if the price drops after reaching the resistance of $ 1.26, but the support of $ 1 remains intact, it means that Cardano is likely to fluctuate in the channel between these two levels in a few days. Even if sellers reduce the price below the moving averages and maintain their position at this level, this upward perspective will be nullified.

5 digital currencies to watch this week
Cardano price chart (click on the image to see the original size)

The 4-hour market view shows that sellers have already strongly defended the resistance of $ 1.20, but on the other hand, buyers did not allow the price to remain below the moving averages on the chart. As prices jump from current levels, buyers will again try to cross $ 1.20 and $ 1.26.

On the other hand, if the market continues to fall and the price falls below the moving average of 20 candlesticks, it means that the upward acceleration of the price has weakened. Then we have to wait for the price to fall to the key support of 1 dollar.

Oxy Infinity (AXS)

Oxy Infinity has been hovering between $ 72 and $ 44 on the channel for the past few days. Buyers raised the price to the ceiling of the canal on March 25, but failed to maintain their position at that level; An event that confirms the strong resistance of sellers.

Analysis of digital currency prices;  5 currencies to watch this week
Oxy Infiniti Price Chart (click on image to see original size)

The moving averages on the chart have recently formed an upward trend and the relative strength index is in the positive area, which clearly shows the superiority of buyers.

If the price continues to move above current levels or after reaching the 20-day moving average, buyers will try to cross the $ 72 level again. If they succeed, the acceleration will increase and Oxy Infinity will have a chance to increase to $ 100.

The credibility of this upward perspective is lost if the support of the moving average is lost. This may be accompanied by limited price fluctuations in the channel between $ 44 and $ 72 for a few more days.

Analysis of digital currency prices;  5 currencies to watch this week
Oxy Infiniti Price Chart (click on image to see original size)

In the four-hour market view, failed attempts by buyers to keep the price above $ 72 suggest that short-term traders may have traded at that level, and therefore the price has reached below the 20-candlestick moving average.

If the price of Oxy Infiniti continues to exceed $ 68, it means that the demand for a purchase will increase when the price reaches the price threshold. Buyers will then try to break the $ 72 barrier and follow the uptrend.

On the other hand, if the price remains below the moving average of 20 candlesticks, the price will be more likely to adjust to the ordinary moving average of 50 candlesticks (red risk on the chart).

Link to China (LINK)

China Link has fluctuated between $ 13 and $ 36 in the last few months on a high channel. The sellers had pushed the price in support of this channel for some time, but failed to maintain their position. This means that the market is not inclined to further reduce prices.

Analysis of digital currency prices;  5 currencies to watch this week
China connection price table (Click on the image to see the original size)

The moving averages on the chart have recently formed an upward trend and the relative strength index is in the positive area, which means that the market is in the hands of buyers. This upward trend may continue to face downward resistance on the chart, but crossing it may be the key to China’s jump to $ 20.

On the other hand, if the price moves down from current levels, we must first wait for the support of moving averages. If the price rises again after reaching these levels, the chances of China Link crossing the line of resistance on the chart increase; But if sellers push the price below these moving averages, this upward perspective will be nullified. This could be followed by a drop in China Link to $ 13.

Analysis of digital currency prices;  5 currencies to watch this week
China connection price table (Click on the image to see the original size)

In the four-hour view of the Chinese market, sellers’ ties showed strong resistance in the $ 16.50 range, but buyers also maintained their position above the moving averages. If the price rises from current levels or after reaching moving averages and moving away from $ 16.50, we should expect China Link to rise to $ 17.50.

On the other hand, if the price falls below the ordinary moving average of 50 candlesticks, it means that short-term buyers are out of the market. The next price support is also at $ 15 and $ 14.

FTT

The FTT, the FTX digital currency token, crossed a key resistance of $ 49 on March 24, completing the chart’s ascending triangle pattern. The next day, buyers pushed the price above the psychological resistance of $ 50, but failed to maintain their position.

Analysis of digital currency prices;  5 currencies to watch this week
PhotoFix price chart (click on the image to see the original size)

As it turns out, sellers have not yet given up and continue to sell at high prices. Now they are trying to push the price back below $ 49, and if they succeed, buyers who have entered the market after breaking the resistance of the upward triangle of the trend will be trapped by sellers. This can push FTX to a moving average of $ 45.

If the price returns after the meeting of this support, buyers will try to break the resistance of $ 49 and $ 52 again and then follow the upward trend.

On the other hand, falling prices below the moving average mean that sellers have entered the market by force. Interrupting the support of the uptrend line of the chart will also destroy the validity of the triangle model. $ 39 then acts as a price support.

Analysis of digital currency prices;  5 currencies to watch this week
PhotoFix price chart (click on the image to see the original size)

As can be seen from the 4-hour market view, the passage of the price above $ 51 largely pushes the index of relative strength in the saturation zone. Such a move is usually accompanied by a sharp adjustment or stabilization of the price within certain limits. If the market faces an adjustment option and the price falls below $ 49, the downtrend could be extended to the usual moving average of 50 candlesticks.

Returning from this level will encourage buyers to pass the $ 52 level and resume the uptrend. On the other hand, if the price falls below the ordinary moving average of 50 candlesticks, this may be accompanied by an increase in sales pressure and a reduction in the price to $ 45.

Post Analysis of the price of digital currency; 5 currencies to watch this week first appeared in Digital Currency.

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