The BTC price is returning to the back of $24,000, raising the possibility that LDO, EGLD, THETA and KLAY will target new year-to-date highs.
Cryptocurrency market And the US stock market is gaining this week as macroeconomic data suggests the Federal Reserve will continue to raise interest rates.
It was down more than 4% and the S&P 500 was down 2.7% for its worst week of the year.
The CME FedWatch tool shows a 73% probability that the Fed will raise interest rates 25 basis points at its March meeting. But after warmer-than-expected inflation in the next two weeks. The probability of a 50 basis point rate hike is starting to slowly gain traction.
during times of uncertainty Some currencies enter a deeper correction. While some currencies reverse the trend and continue to jump. Therefore, it is important to choose the right currency for trading.
There are a few coins chosen on this list that either see a correction low or suddenly jump from support. Let’s look at their charts and determine the levels to watch out for.
Bitcoin fell below the 20-day exponential moving average ($23,391) on Feb. 24, but the bears were unable to build on this advantage and supported prices below the strong support at $22,800.
Prices have recovered from $22,800 on Feb. 25 and the bulls are trying to push prices above the 20-day EMA if they can do this. It states that the BTC/USDT pair can consolidate between $25,250 and $22,800 for a few days.
The flat 20-day EMA and the relative strength index (RSI) near the midpoint also suggest some short-term boundary action.
Alternatively, if the price drops below $22,700, the selling may intensify and the pair may drop to the next strong support at $21,480.
The 20-EMA has dropped in the four-hour chart and the RSI is in the negative territory. This indicates an advantage for the bears. Sellers will try to protect the 20-EMA and if the price goes down from this level. The probability of a break below $22,800 will increase if it does. The sell may intensify and the pair may slide to $21,480.
on the contrary If the price breaks above the 20-EMA, it indicates that the bulls are buying on the downside. This can push the pair towards the 50 simple moving average and cause the price to get stuck for the next period.
Lido DAO (LDO) did not fall below the 20-day EMA ($2.75) during the last correction. which is a positive sign Another bullish signal is the formation of a pennant near the local high.
The bulls will try to push the price above the pennant resistance. If this succeeds, the LDO/USDT pair can start the next uptrend. The pair may rise to $3.90 and later try to rise to $4.24.
Vice versa, if the price breaks the resistance This indicates that the bears are selling at the support level. That can keep prices in the pennant a little longer. The bears must keep the price below the pennant if they want to signal a short-term trend reversal.
A strong bounce from pennant support indicates aggressive buying on the decline. Buyers must overcome resistance barriers to gain control. If so The pair may be bullish again.
However, the bears are likely to have other plans. Because they will try to block the resistance. If the price drops from this level Homeostasis may continue for some time.
Stops below the pennant can attract profits from short term traders. This could bring the price to $2.20 and later to $2.
rejected by the resistance line But a supportive signal is that the bulls are trying to protect the 20-day EMA ($47).