April 21, 2022
Cryptocurrencies: Daily Update
Bitcoin (BTC) is still holding up around $41,500 for the time being, but a new trade opportunity appears to be presenting itself for anyone looking for a crypto market entry.
Bitcoin is dabbling with a close at or above its 50-day moving average (MA) which is currently at $42,069. As both price and momentum improve according to the long-term 50/200 Real Motion indicator, we’ll expect BTC to keep trading like a sine wave within its ascending trading range.
A close above the 50-day MA would set up the support to retest range highs near the 200-day MA at/around $48,000. From current prices, that would be about a +16% move in the event that BTC does continue on to retest the top of its range.
In Altcoin news, our call on LUNA from earlier in the week looks to be coming to fruition, having reestablished support above its 50-day MA on Wednesday and moving up another 3.5% on Thursday to around $98. Clearing $101 on a closing basis will be the next obstacle for LUNA before it is able to hopefully test highs at $119.
Although unlikely, a breakdown from here would be fairly limited with support at the 10-day MA, the $77 price area, and solid long-term support at its 200-day MA.
Another altcoin that isn’t talked about as much as other big names is Near Protocol (NEAR). In reality, this is a Defi that is not far from other big players like AVAX, MATIC, and DOT when it comes to market cap, as NEAR is currently ranked as the #18 largest cryptocurrency and #14 if you exclude stablecoins.
NEAR is building in popularity amongst NFT traders and other web3 service users and happens to be resting at a pretty interesting technical spot. NEAR has been rangebound between $14.59 support and $17.95 resistance since the beginning of April, and is currently directly in the middle of that range. With the benefit of increased adoption and new NEAR NFT traders, one could suspect a breakout of this range to the upside, including a likely retest of all-time highs just above $20.
**If we discussed a cryptocurrency that you would like to trade but isn’t offered on your current crypto exchange, please see coinmarketcap.com in order to view a profile on any tradable cryptocurrency, as well as a list of exchanges that do offer the coin for trading.**
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