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Analysis – Coin Journal
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https://coinjournal.net/news/litecoin-ltc-price-seeks-breakout-from-consolidation-near-200/
LTC is facing pressure near $190 as bears look to extend the breakdown below…
The post Litecoin (LTC) price seeks breakout from consolidation near $200 appeared first on Coin Journal.
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Litecoin price continues to trade near $190 as bulls target a breakout towards $200 and a possible rally to another multi-year high. The cryptocurrency looked to have picked an uptrend on 28 and 29 March, but buyers could not sustain the momentum above $200 as profit booking kicked in.
While it looks like bears have plans heading into April, Litecoin’s price could benefit from the overall optimism in the market. This outlook could strengthen if Bitcoin price manages to retest $60k and rally higher.
The market is also likely to react positively to PayPal’s announcement that its US customers can now pay with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) at any of the merchants that accept cryptocurrency.
If the optimistic view holds and LTC/USD breaks above the psychological $200 level, a fresh surge in the next few weeks could see bulls target a new peak.
As of writing, bulls face a battle to keep prices above $190, with the cryptocurrency down 1.2% and 2.3% on the day and over the week, respectively.
Litecoin price market outlook
Litecoin has traded within a symmetrical triangle since breaking lower from highs of $247 on 20 February. Bears managed to send prices below the lower trend line on 28 March, with a swift reaction from bulls blindsiding bears as prices rebounded off lows of $171 to reach intraday highs of $200 on 30 March.
Today, LTC/USD came close to breaching the psychological resistance once again, touching intraday highs of $199.
If bulls push higher and successfully settle above $200, a new leg up could see them target $208. A bullish flip from this resistance line will highlight a potential run to $247 and then multi-year highs above $250.
On the downside, further losses loom if bulls fail to recover and keep prices above the 20-day exponential moving average ($191).
While the MACD suggests a hidden bullish divergence, it remains within the negative zone. The daily RSI is also below 50 to suggest bears still hold the upper hand. This could jeopardise bulls’ recovery efforts, with immediate declines likely to pull LTC/USD towards $177. The next support zone could be at $152.
The post Litecoin (LTC) price seeks breakout from consolidation near $200 appeared first on Coin Journal.
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https://coinjournal.net/news/cardano-price-analysis-ada-could-explode-to-4/
Cardano (ADA) price reached an all-time high of $1.48 but has since struggled for…
The post Cardano price analysis: ADA could explode to $4 appeared first on Coin Journal.
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Cardano’s price remains capped below critical resistance at $1.23, having failed to establish support near recent highs of $1.28. The decline to lows of $1.15 has since seen ADA prices become range-bound between $1.15 and $1.23.
At the time of writing, Cardano is trading near $1.18 as bulls struggle to retest the upper level of the aforementioned range. While a breakdown will likely see ADA risk losses towards $1.00 or lower, one analyst thinks a bullish setup for the coin could see it triple its value in the mid-term.
According to pseudonymous trader and crypto analyst Capo, ADA’s parabolic rally isn’t finished yet and the current bull market could see it trade at $3—$4. In a recent tweet that he used to share the chart below, the analyst noted:
“ADA, Ngl [not going to lie], it looks very bullish for the mid and long-term.”
ADA traded at around $0.018 in March 2020 but exploded over the last quarter of the year with a massive 8,100% rally to reach its all-time high of $1.48 on 27 February 2021.
Cardano price 4-hour chart
Cardano’s price is struggling for an upside near $1.20 and has broken below support at the 100 SMA at $1.18 (4-hour chart). The MACD is increasing within the bearish zone and the RSI has dropped below 50 to give bears an upper hand.
If the price turns lower and breaks below the 61.8% Fibonacci retracement level ($1.12), sellers could target $1.03 and then $0.97.
Conversely, ADA is likely to strengthen above the 50% Fib level of the move from $1.03 low to $1.28 high, which is where the coin has seen a rebound off intraday lows of $1.16. Increased demand above the 100 SMA could then help bulls target an immediate retest of recent highs near the critical 23.6% Fib level at $1.22 and the horizontal line at $1.23.
If bulls bounce higher and manage a clear break above the $1.300 resistance level, they could target the all-time high of $1.48. From here, a bullish flip over the next few weeks could propel ADA prices towards $2.00 and probably bring into focus the $3—$4 forecast.
The post Cardano price analysis: ADA could explode to $4 appeared first on Coin Journal.
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https://coinjournal.net/news/bitcoin-reclaims-58k-as-bulls-eye-historically-bullish-april/
BTC price could rally higher in April and record new highs above $60k Bitcoin…
The post Bitcoin reclaims $58k as bulls eye historically bullish April appeared first on Coin Journal.
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Bitcoin has jumped above $58k after holding off sellers near $57,700, with analysts suggesting BTC/USD could rally much higher in April.
A positive price movement now suggests a higher monthly close could see investors head into historically bullish April with targets much higher than the all-time high of $61,683.
Bitcoin price to rally in April
The price of the world’s largest and most popular cryptocurrency has managed to retain its bullish outlook despite coming so close to the $50,000 threshold in March.
According to industry expert Danny Scott, BTC prices are likely to rally higher as the market heads into April. According to the CoinCorner CEO, Bitcoin price has gained on average 51% in April over the last ten years.
In comments made to Forbes, Danny Scott highlights that only in 2014 and 2015 did BTC price post a negative April. However, the 4% and 6% dips for April 2014 and April 2015 respectively came during a bear market.
The outlook is supported by another analyst, Willy Woo, who points to increased buying as a signal that the bull run is yet to go into full gear.
While on the podcast “What Bitcoin Did,” Woo notes that Coinbase had seen an influx of institutional purchases, with equally massive outflows suggesting major holders are not planning on selling just yet. According to him, Bitcoin’s price could continue higher to mirror the historical four-year cycle that previously saw prices peak in 2013 and 2017.
Bitcoin price outlook
Bitcoin is trading just above $58,000 after breaking above the resistance line of a descending parallel channel on the daily chart.
According to crypto analyst Ali Martinez, Bitcoin only needs to break above one more resistance line to retest prices above $60k. As per IntoTheBlock’s In and Out of the Money Around Price (IOMAP) data, Bitcoin price faces just one major overhead resistance level at $58,900 where close to 300,000 addresses purchased 88,000 BTC.
If the upside momentum seen over the past 24 hours holds, BTC/USD could retest prices around $60k. From here, bulls can target prices around new all-time high levels of $62,000, with further gains set at $64,990 and $68,981.
On the downside, the IOMAP cohorts suggest BTC price has a floor between $52.9k and $56.4k. The zone offers robust support with more than 1.40 million addresses seen to have purchased 1.22 million BTC.
The 20-day simple moving average offers the initial support at $56,617. If the price turns lower and breaches the 23.6% Fib level at $53,039, the decline could extend to the 50 SMA at $52,630.
The post Bitcoin reclaims $58k as bulls eye historically bullish April appeared first on Coin Journal.
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https://coinjournal.net/news/ethereum-price-retests-1850-heres-what-eth-could-do-next/
Ethereum price trades around $1,820 as it turns green and a breakout could see…
The post Ethereum price retests $1,850: Here’s what ETH could do next appeared first on Coin Journal.
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Ethereum has rallied higher over the past 24 hours, breaking above $1,800 and extending intraday gains to touch highs above the $1,850 resistance level on some exchanges (ETH/USD reached $1,858 on Binance).
After a slight retreat to the support level at $1,785, ETH price has started a fresh increase against the US dollar and is up 7% on the day.
Sentiment in the crypto market has turned north after Visa announced support for a pilot program set to see the adoption of stablecoin USDC via the financial firm’s Ethereum address. The optimism around mainstream acceptance of cryptocurrencies is likely to inject positivity in the market, with prices rallying during a historically bullish April.
At the time of writing, Ethereum was trading at $1,820 against the US dollar.
Ethereum price outlook
ETH/USD rose above $1,750 as Bitcoin price resumed its uptrend above $55k. As the benchmark crypto broke above $58,000, Ethereum took the cue and rallied past resistance at $1,800 to retest the $1,850 zone.
After weathering bearish pressure near $1,785 today, ETH/USD has climbed above $1,800 and is currently looking to break above $1,820.
Notably, Ethereum’s price is near the upper trend line of a symmetrical triangle. The pattern typically suggests trend continuation, which is an outlook that could aid bulls’ plans for further gains towards the main resistance at $1,850.
The daily chart also shows that buyers have managed to keep ETH/USD above the 20-day exponential and 50-day simple moving averages. This technical perspective is supported by the daily RSI that has climbed above the midpoint and currently prints 56. If the upside momentum holds ETH prices could breach the resistance of the symmetrical triangle pattern’s downtrending line.
The next hurdle could be at $2,041, with bulls likely to seek further gains that could extend past $2,200. If we take into account the symmetrical pattern’s height, the target price in an uptrend is $2,565.
On the flip side, failure to extend gains above $1,800 will allow bears the opportunity to target a fresh dip. If selling pressure forces bulls beyond the $1,780 support zone, ETH/USD could retreat to the key support zone marked by the 20-day EMA ($1,732) and 50 SMA ($1,730).
If Ethereum price fails to rebound off the moving averages, bulls might be forced to defend recent gains at $1,680. There’s also strong support at $1,575, with further declines likely to increase the downward pressure and bring into focus recent lows in the $1,350-$1,280 range.
The post Ethereum price retests $1,850: Here’s what ETH could do next appeared first on Coin Journal.
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https://coinjournal.net/news/bitcoin-and-ethereum-prices-recovering-after-a-week-long-drop/
On March 26th, over $6 billion worth of Bitcoin options contracts expired. However, over…
The post Bitcoin and Ethereum prices recovering after a week-long drop appeared first on Coin Journal.
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Experts expecting a new bull run
The expiring BTC options were one of the biggest topics for days, but now that they have expired, traders started looking ahead again and seem optimistic about what they see. A new set of April contracts indicates that options traders expect a major new surge — one that will result in a new ATH. In fact, the contracts suggest that Bitcoin might soar to $80k next.
It appears that institutional investors are also feeling positive about the future of Bitcoin, as they continued buying the coins despite the recent price dip, that took BTC down by 14%. Financial institutions believe that there is about to be a surge in interest, as retail wealth management companies are starting to offer Bitcoin to their clients. The move mirrors what Morgan Stanley did recently, and indicates that crypto adoption is continuing to flourish.
However, one investor fears that the US government might decide to put a stop to it. Ray Dalio recently warned that the government might move to ban Bitcoin, just as they did with gold nearly a century ago, back in the 1930s.
For now, however, there are more and more things that BTC holders can do, such as buy a new Tesla, according to Elon Musk’s recent announcement. Musk said that Tesla will now officially start accepting Bitcoin payments for their electric cars.
Interestingly enough, Ethereum’s price has been recovering also, despite a recent piece of bad news. Namely, Ethereum’s upcoming scaling solution, Optimism, was supposed to go live this week, until developers announced that it will be delayed. Now, they believe that the mainnet will not be able to launch before July of this year. The fact that Ethereum price is recovering despite this news can only indicate that the second-largest crypto is following Bitcoin’s lead.
BTC and ETH prices on the rise
As mentioned, this was a difficult week for Bitcoin and Ethereum, at least until yesterday, when prices finally started to rise again. According to CEX.IO data, BTC dropped from a weekly high of $58,417 to $50,500 in only three days. After the contracts expired yesterday, however, the price surged again, reaching $55,518.
Ethererum’s chart looks fairly similar, with a gradual decline between March 22nd and March 24th, followed by a sharp drop late March 24th, from $1746 to $1549.
Since then, the coin started seeing recovery that took it to $1717, before a minor correction.
What is coming next for BTC and ETH?
Originally, I expected Bitcoin to hit $50k per coin by the end of Q1, which is on March 31st. For a long while, it appeared that the coin has seriously overperformed and that it might end the quarter significantly higher. The drop caused by the expiring options then hinted that the forecast might be correct after all, only for the price to start correcting and once again head towards $60k.
However, judging by the new set of contracts, it might be that the forecast regarding Q2 might still hold, as Bitcoin’s stock-to-flow model did indicate that the coin will end the quarter at $80,000 per coin. Of course, there are still months before we reach that point, and a lot can still happen in the meantime.
Ethereum has overperformed also, as I expected it to be at $1,300 by the end of the first quarter. However, the coin sits at $1687 at the time of writing, which is significantly higher, and it promises to move even further up in days to come. As for Q2, I expect to see it hit $2,200. After that, I expect an even larger surge as developers continue down their way to ETH 2.0 upgrade, with the coin ending the year at $4,900.
The post Bitcoin and Ethereum prices recovering after a week-long drop appeared first on Coin Journal.
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https://coinjournal.net/news/zcash-price-analysis-zec-chart-suggests-a-fresh-rally-above-150/
Zcash saw its price recover nearly 18% after crashing to lows of $116 The…
The post Zcash price analysis: ZEC chart suggests a fresh rally above $150 appeared first on Coin Journal.
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The price of Zcash (ZEC) has increased by over 7% in the past 24 hours to see the privacy focussed coin trade around $144. Although it remains in the red over the week, the current technical outlook suggests further gains.
If this happens, ZEC/USD is likely to turn green and allow bulls to retest resistance around $150.
The uptick in sentiment for Zcash follows a similar perspective for several other altcoins. Stellar (XLM) is up 4%; Litecoin (LTC) has gained 4.8%; Polkadot (DOT) is up 3% and Theta (THETA) remains positive among the top 10 cryptocurrencies with an upside of 8%.
ZEC price
Zcash has been trading higher over the past three days. The coin’s price reached a low of $116 on 25 March, having seen a sharp decline from highs of $141 over 24 hours.
The last three days have however seen bulls push higher. If we chart the higher lows and lower highs using trend lines, we have ZEC trading within a rising channel on the 4-hour chart.
Yesterday, Zcash gained 5% and broke above the channel’s upper limit to touch highs of $145. The presence of bears nonetheless meant a swift retreat to support near $140. Bulls have sought to rally higher today, but seller congestion in the $144—$145 region continues to cap immediate action.
The technical picture slightly favours the buyers. It’s an outlook informed by the hourly RSI that hovers above 60 and an hourly MACD that remains within the bullish zone, despite a hint of negative divergence.
If Zcash’s price rallies above the $145 resistance line, a new high near the 127.2% Fibonacci retracement level could open up a run to $150. From here, bulls can target the 161.8% Fib level of the decline from $141 to $116.
On the downside, ZEC/USD has an initial anchor at its previous resistance-turned-support level at $141. Below this, further selling could allow sellers to target prices near the 78.6% Fibonacci retracement level ($136) and then the 100 SMA ($131).
The 23.6% Fib level ($122) and $115 are the key price levels to watch, in case there is further damage below $130.
The post Zcash price analysis: ZEC chart suggests a fresh rally above $150 appeared first on Coin Journal.
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https://coinjournal.net/news/dogecoin-doge-shows-weakness-as-bears-restrict-action-below-0-055/
DOGE price is vulnerable to a fresh downside if bears breach $0.050 The Dogecoin…
The post Dogecoin (DOGE) shows weakness as bears restrict action below $0.055 appeared first on Coin Journal.
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The Dogecoin price has slid nearly 8% over the past week to see it trade below $0.055. The popular meme-coin remains among the top 20 cryptocurrencies by market cap but could lose its spot if its value against the US dollar continues to see downward action.
At the time of writing, Dogecoin’s price was $0.053 and had dipped 2.2% on the day. Its market cap stood at $6.8 billion, ranking it 19th on CoinMarketCap ahead of VeChain that has a market cap of $5.8 billion.
Dogecoin price outlook
Dogecoin’s price has been range-bound over the last several days, with recent action seeing bears battle for control below two key support levels.
DOGE/USD is trading below the 20-day exponential moving average. Crucially, the cryptocurrency’s price has broken below the middle line of a horizontal parallel channel that has capped price action between $0.065 and $0.047.
The technical picture for DOGE/USD suggests sellers are likely to seek prices near the channel’s lower range.
The MACD remains within the negative zone after a bearish crossover, while the RSI is below 50 to suggest immediate advantage is with the bears.
There’s also a bearish trend line formation that currently caps DOGE prices near the channel’s middle line at $0.055 and the 20-day EMA at $0.054.
If prices turn lower, sellers will likely push DOGE towards the major support at the $0.051 level. This is a critical support area that could see bulls stage a swift rebound. However, if that fails, the coin’s price could correct to the support line of the channel at $0.047.
In case of further losses, levels to watch for would be $0.041, $0.035 and $0.028.
On the upside, buyers need to be aggressive and push for further gains above the 20-day EMA ($0.054). A bullish flip is likely for DOGE/USD if it makes a clear break above the bearish trend line and the middle line of the horizontal channel.
Keeping DOGE above $0.055 might call for increased buying, which could then see bulls seek $0.065 and then $0.080.
The post Dogecoin (DOGE) shows weakness as bears restrict action below $0.055 appeared first on Coin Journal.
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https://coinjournal.net/news/iota-price-analysis-could-2-be-next-in-sight-for-iota/
Bulls could push higher if they break above $1.55, with next target near $2.00…
The post IOTA price analysis: Could $2 be next in sight for IOTA? appeared first on Coin Journal.
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IOTA’s price continues to face sell-off pressure as bulls attempt to settle above $1.50. The cryptocurrency currently trades near $1.49, having failed to hold gains above $1.60 and $1.55.
Although bears could still send prices to recent lows of $1.27, a change in sentiment across the broader crypto market is likely to favour the bulls.
In this case, IOTA’s price action in the next few days could include increased buying towards $2.00.
IOTA price outlook
Earlier this week, IOTA prices jumped to $1.84 as the market reacted to the cryptocurrency’s Chrysalis upgrade. The upside momentum, however, faded as bears quickly pushed IOTA/USD lower amid widespread crypto sell-offs triggered by Bitcoin‘s rejection.
The pair then retraced further when BTC price dipped to lows of $50,360 on 25 March, with the IOTA/USD pair tanking to $1.27.
IOTA bulls have since recovered and even retested support at $1.60, touching intraday highs of $1.66. A key bullish trend line has formed on the 1-hour chart, with support near $1.47.
On the upside, IOTA’s price is likely to see fresh gains after breaking above a descending triangle pattern. If the technical picture suggested on the hourly chart holds, bulls can push towards the 100 SMA at $1.51.
The MACD and RSI both suggest an upward continuation for IOTA/USD, with the former poised to increase within the bullish zone. The RSI on its part is slightly curved upwards and is above 60 to suggest bulls are in command.
If buy-side pressure takes prices above horizontal resistance at $1.55, the next target would be $1.80. A retest and successful navigation of this supply zone could see bulls cross the $2.00 mark.
On the downside, bears can push prices to initial support at the $1.42 level. If bulls fail to take control above this zone, a fresh decline towards $1.40 would put IOTA/USD at risk of further losses to $1.30.
The post IOTA price analysis: Could $2 be next in sight for IOTA? appeared first on Coin Journal.
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https://coinjournal.net/news/bitcoin-price-recovers-above-53k-as-6-billion-options-expire-whats-next/
Bitcoin (BTC) price has corrected higher and is trading above $53k as of writing…
The post Bitcoin price recovers above $53K as $6 billion options expire: what’s next? appeared first on Coin Journal.
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Bitcoin is trading around $53,300 level at the time of writing, largely unchanged over the past 24 hours. This follows buyers’ attempts to push higher after sellers failed to puncture support at the crucial $50,000 level.
Bitcoin’s recovery towards $55k comes as a record $6 billion worth of Bitcoin options are set to expire this Friday. The expiration in the options contracts is the largest in the crypto derivatives market and could lead to increased volatility in the short term.
According to industry analyst Ran Neuner, bears failing to break below $50k illustrates that “shorts are out of the money”.
Fresh volatility accelerated by aggressive buying could thus see BTC and alt prices pump to new highs, he added.
Bitcoin price outlook
BTC/USD broke below $53,000 and continued the downward action to touch lows of $50,360 yesterday. Breaking below multiple support levels threatened to send BTC/USD beneath the $50k mark.
However, BTC/USD has managed to rebound to intraday highs of $53,355. Bulls are trying to break above the resistance line of an ascending triangle pattern on the hourly chart.
If bulls breach resistance at $53,803 level—the 0.5 Fib retracement level of the move from $57,257 to $59,360, then the next target will be the 100 hourly simple moving average at $54,370. A clear break above this resistance level could allow buyers to attack targets above $55k.
The hourly MACD remains bullish after a crossover, while the hourly RSI is above the 50 level to suggest bulls have the upper hand.
Jan and Yann, the co-founders of analytics platform Glassnode note that the short squeeze could help Bitcoin price climb higher in April. According to the analysts, some investors are placing bets on BTC/USD reaching $80k in April.
“This Friday $6 billion in options contracts are set to expire. #Bitcoin price expectations for April are high with lots of investors placing their new bets on $80k.”
On the contrary, Bitcoin could see fresh declines towards $51,000 and $50,000 if bulls fail to break the horizontal resistance of the triangle. This scenario will unfold if BTC/USD corrects lower and breaks below the trend line and the 0.236 Fib level ($51,985).
Any extended downward pressure could sink BTC/USD to support at $48,000, with maximum pain projected to lie near $40,000.
The post Bitcoin price recovers above $53K as $6 billion options expire: what’s next? appeared first on Coin Journal.
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