“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss which are the top coins to buy in a bear market.
But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.
Next up, the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which are the top coins to buy in a bear market. Going up first will be Bourgi, he’s decided to go with Monero (XMR), initially launched in 2014, it focuses on keeping your finances confidential and secure. His second pick is Flux (FLUX) which is a cloud based decentralized Web3 application and for his third pick he’s gone with Stacks (STX) which as of January was the #1 Web3 project on Bitcoin. Apps built on Stacks inherit all of Bitcoin’s advantages, marketability and network effects.
Yuan is next with his first pick of Dai (DAI), of course someone had to pick a stablecoin. It’s main advantage however is that it is a multicallateral stablecoin, which means there is more than one asset backing it. His next pick is Tomb.finance (TOMB) which is an algorithmic stablecoin that is pegged to the price of Fantom (FTM). His last pick for the week is The Sandbox (SAND) which has proven to be a massive player in the metaverse space with major partnerships with Adidas, Snoop Dogg, Atari to name a few. Seems like Yuan has done his homework, will it be enough to win your vote though?
Last but not the least we have Finneseth whose first pick is going to be Algorand (ALGO) which boasts fast transaction speed, low costs and a simplified staking experience and managed no major network outages or technical problems, quite the achievement. His second pick is DeFi Chain (DFI), a blockchain dedicated to fast, intelligent and transparent decentralized financial services, accessible by everyone with a total value locked (TVL) approaching $1 billion. His third and final pick of the week is The Graph (GRT) which has released modules designed to help companies easily create data graphs and get started with their Web3 experience. The competition is going to be tough this week so stick around till the end to cast your vote in the live poll and find out who comes out on top.
After the showdown, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Biswap (BSW) and Origin Protocol (OGN) token.
Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100.
The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.
Digital asset manager Grayscale Investments has unveiled a new cryptocurrency fund dedicated to smart contract platforms excluding Ethereum, underscoring growing investor appetite for alternative blockchain networks.
The Grayscale Smart Contract Platform Ex-Ethereum Fund, also known by the ticker symbol GSCPxE, is the company’s 18th investment product. The fund will provide exposure to seven smart contract platforms at the following weightings:
Grayscale said the new fund is now open for daily subscription by accredited investors.
Ethereum’s dominance as the premier smart contract platform is being challenged by competitors that claim to offer superior transaction speeds, lower costs and higher throughput capacity. While Ethereum continues to dominate the decentralized application space, the DeFi industry is becoming a more level playing field. Currently, Ethereum accounts for just over 55.4% of the total value locked on DeFi protocols, down from over 96% in January 2021, according to DeFi Llama.
Ethereum remains the largest DeFi platform by total value locked, but its dominance has eroded over the past year. Source: DeFi Llama
Grayscale is by far the world’s largest digital asset manager with over $36 billion in assets under management as of March 22. Assets under management reached north of $60 billion in November 2021 during the height of Bitcoin’s (BTC) record-breaking rally.
The Grayscale Bitcoin Trust, also known as GBTC, is the largest offering with over $26.4 billion in assets. As Cointelegraph reported, institutional investors have increased their exposure to GBTC in recent months as its discount to Bitcoin’s spot price widened.
The pair had already gained thanks to encouraging macro signs from China, but it was news from within that really set the pace on the day.
In a Twitter Spaces conversation with infamous Bitcoin pundit Udi Wertheimer, Do Kwon, co-founder of Blockchain protocol Terra, revealed that he planned to back his new TerraUSD (UST) stablecoin with BTC in addition to Terra’s LUNA token.
“Haven’t been following up with the exact numbers ’cause transactions we generally do this over OTC, but the current clip that we have to buy big coin is about $3 billion and will will add to that,” he told Wertheimer about Terra’s BTC acquisition plans.
“But out of that 3 billion, most of it we haven’t bought yet.”
Those comments set the market alight as word spread, as sleuths eyed $125 million in Tether (USDT), seemingly tied to Terra already on the move.
A $3 billion purchase would equate to around 69,850 BTC at current prices. That would make Terra a larger Bitcoin holder than every corporate investor except MicroStrategy, with its 125,051 BTC stash, data from monitoring resource Bitcoin Treasuries reveals.
“I said more than I shoulda,” Kwon conceded at the weekend after the conversation.
Reacting, meanwhile, Luke Martin, host of the WAGMI podcast, argued that the Terra’s was a “narrative worth paying attention to.”
>3 days ago @stablekwon shares plans to buy $3B in $BTC as a reserve asset in Udi’s twitter space >tweets “I said more than I shoulda” >traders notice the first $125million has been moved
The mood among Bitcoin traders was thus buoyant March 22, with all-out bullishness still hard to come by following months of relentless sideways price action.
“If Bitcoin can sustain those levels, it seems to me that we’re getting a period of some relief rallies across markets. Would be good,” Cointelegraph contributor Michaël van de Poppe concluded.
Fellow trader Anbessa, meanwhile, delivered the immediate outlook for BTC/USD based on a bullish or bearish next reaction.
The crypto ecosystem houses some devoted followers who got the logo of their favorite cryptocurrency etched on their skin for life.
According to the latest data from Crypto Head, more than 900 people worldwide have inked themselves with the Bitcoin (BTC) “B”, while Dogecoin (DOGE) tattoos and Ethereum (ETH) tattoos are on the rise.
The research analyzed “Instagram hashtags and Google search volumes,” revealing crypto tattoo searches have increased by 222%. Despite lackluster price action, more and more crypto enthusiasts seek to get inked with a crypto logo.
Anita Posch, a Bitcoin author and podcaster, has a lightning bolt tattooed on her forearm. She explained in a German language Bitcoin documentary called “Human B” that to people that don’t know, the tattoo “represents energy.” A recipient of a recent Human Rights Foundation grant distributed in Satoshis, Posch is a passionate advocate for the lightning network.
Anita Posch’ lightning tattoo on her right forearm. Souce: “Human B”, Youtube
While Dogecoin is deep outside the top five cryptocurrencies, it remains the second most popular cryptocurrency tattoo search with 700 average monthly searches. However, the Dogecoin hype of 2021 is clearly on the wane.
A huge peak in searches for Doge tattoo in early 2021 has since dropped off, (in red) despite Doge’ biggest fan, Elon Musk, continuing to popularize the currency.
Google trends for crypto tattoo searches. Source: Google
Plus, some of the Dogecoin tattoos on Instagram are a stretch from the logo of the original Shiba Inu dog.
Dogecoin tattoo. Source: Instagram
As for cryptocurrency tattoos, Ethereum’s logo of an octahedron, a diamond-shaped geometric figure is less inked with only 6 instagram posts. However, NFT tattoos–which were popularised on the Ethereum blockchain have been gaining in popularity.
During the peak for NFT tattoos in late 2021 –as shown on the Google Trends graph– one Lazy Lion NFT collector said that if the floor price for the Lazy Lions reached 2 ETH, they would tattoo themselves.
The action contrasted with the lack of volatility since the weekend, and neatly fitted with the more bullish predictions surrounding near-term trajectory.
For popular trader Crypto Ed, who had previously given $43,000 as a low-timeframe target, all was going to plan.
#BTC Been showing red box at $43k for a couple of days now….
Fellow analyst Matthew Hyland meanwhile eyed a potential breakout scenario for Bitcoin’s relative strength index (RSI) on the daily chart — a phenomenon which has often preceded price strength.
BTC/USD 1-day chart (Coinbase) with RSI. Source: Matthew Hyland/ Twitter
“BTC is a few hundred bucks away from the first higher high we’ve seen in a long time. Will it happen?” crypto market analyst Kevin Svenson added.
Bitcoin had already sealed an impressive weekly close Sunday, its highest since early February, and now, macro cues were adding to the positive momentum once again.
Trading was brisk for Asian markets on the day, the Hong Kong Hang Seng index up 3.15% at the time of writing.
In Europe, however, there was little sign of a knock-on impact, while U.S. futures were likewise trending down prior to the Wall Street open.
The push higher nonetheless did manage to squeeze out some short positions across cryptocurrency, as evidenced by data from on-chain monitoring resource Coinglass.
Total 24-hour liquidations stood at $168 million at the time of writing.
Crypto liquidations chart. Source: Coinglass
Ethereum returns to $3,000 in altcoin copycat rally
On altcoins, the picture likewise turned more rosy overnight.
Other major tokens fared almost as well, including Polkadot (DOT) and XRP.
Ether (ETH), the largest altcoin, tapped $3,000 in step with Bitcoin’s rally before consolidating immediately under that psychologically significant level.
Convex Finance rallies as more DeFi protocols integrate it.
Convex is also benefiting from increased bullish momentum in the broader market.
Convex has broken through a key resistance level, indicating rising bullish momentum.
Convex Finance (CVX) has been one of the best cryptocurrency performers in the last 24-hours. This was triggered by the growing number of projects that are integrating Convex and offering investors a chance to earn a passive income off their Convex tokens.
For instance, On March 16th, Rari Capital announced the launch of the Tribe Convex Pool. This pool leverages some of the latest technologies, such as Flywheel and ERC-4626 plug-ins. Thanks to these technologies, investors will be able to use their Convex Finance tokens as collateral in the Fuss protocol when borrowing.
This came just days after another protocol, Enzyme, announced that Enzyme users could now use Convex to stake their Curve Finance tokens and grow their earnings. This is a big deal as it has increased the number of investors using Convex, which could translate to higher prices in the long run.
However, it is not just the integrations driving investor interest in Convex Finance. Convex is also in a market currently on an exponential growth path. DeFi is on a growth trajectory as investors take advantage of the space’s passive income opportunities. This means projects like Convex Finance, which offers investors a chance to increase their bags without trading, will only get more popular.
Convex is particularly interesting to investors because it is a relatively new project with a relatively small market cap. This means it has the potential to give an above-average return once the market turns bullish again.
Convex Finance breaks through key resistance
Source: TradingView
Convex Finance has been on an uptrend since March 20th, and bullish momentum is rising. Bulls are so strong that, Convex has broken through $20.26, a price level where it experienced significant resistance over the weekend. If it sustains the current momentum, then $25 would be within reach in the short term.
Summary
Convex is gaining momentum after a series of critical integrations with multiple DeFi protocols. Convex Finance is also benefiting from growing interest in DeFi, and the fact that bullish momentum is on the rise in the broader market.
Shiba Inu is trading in the direction of Bitcoin and the broader market. This is a good indicator as buying volumes are rising across the market.
Shiba Inu also has the support of its growing fundamentals, such as its Metaverse project.
Shiba Inu has already crossed the 100-day MA resistance, a pointer to rising buying volumes.
Shiba Inu (SHIB) made history in 2021 after it recorded gains of 48,000,000% just a year after launch. Today, anyone who put in just $100 in SHIB in early 2021 is a multi-millionaire. However, with the market heavily bearish, it is only natural to wonder, is SHIB still a good investment in 2022? The answer is yes.
Like the rest of the market, Shiba Inu prices have been depressed for the past few months, so it is nothing unique to Shiba Inu. Besides, Shiba Inu’s price has been moving in tandem with the rest of the market, so you can expect SHIB to rise if the broader market gains upside momentum.
The best part is that bullish momentum seems to be on the rise in the broader market. For instance, Bitcoin has been gaining upside momentum in the last few days. While buying volumes are still relatively depressed, Bitcoin has managed to hold above the $40k support. This has also seen SHIB, and a host of other altcoins, gain upside momentum as well. If Bitcoin takes off from its current price, SHIB could rally as well.
Besides, the Shiba Inu team is working hard to add to the project’s intrinsic value. For instance, the team is currently building a Metaverse, a factor that will significantly add to the intrinsic value of SHIB going into the future.
SHIB breaks the 100-day MA resistance
Source: TradingView
In the last 24-hours, SHIB has been in a bullish reversal and has pushed through the 100-day MA resistance at $0.00002284. If bulls can sustain momentum and push through the 50-day MA at $0.00002348, Shiba Inu easily hit prices above $0.00002700 in the short term.
Summary
With buying volumes rising in the broader market, Shiba Inu has good prospects of rallying in the short term. Besides the price action, the Shiba Inu team is working on a Metaverse, which could help drive up the value of SHIB long term.
On Monday, Euroclear, a securities clearing firm that claims it has over 37.6 trillion euros in assets under custody, announced an investment into Fnality, a consortium of financial institutions focused on the regulated adoption of tokenized assets and marketplaces, for an undisclosed amount. Meanwhile, Euroclear is also focusing on developing its distributed ledger technology, or DLT, to settle digital securities against digital cash through the partnership.
The solution aims to increase the speed and efficiency of post-trade operations in areas such as market issuance, collateral trades and servicing interest payments. Founded in 2019, Fnality International said that it seeks to improve the efficiency of central banks for payment settlements. Its notable shareholders include Barclays, CIBC, Credit Suisse, ING, Mizuho Bank Nasdaq and UBS. Regarding the development, CEO of Fnality International Rhomaios Ram said:
“Welcoming Euroclear Group as an investor into the Fnality International consortium will significantly enhance the diversification of Fnality’s network and expand our footprint around Financial Market Infrastructure.”
Meanwhile, Lieve Mostrey, CEO of Euroclear Group, added: “We are pleased to be working with Fnality and our clients in shaping a solution on wholesale digital cash and digital securities settlement for the benefit of the whole industry.” Previously, Euroclear had led a central bank digital currency, or CBDC, experiment to settle French government bonds on the DLT in a partnership with the Banque de France. The Euroclear Group settled the equivalent of 992 trillion euros (roughly $1.09 quadrillion) in securities transactions in 2021 across 295 million transactions.
Data security and accessibility have become important issues of the modern age as the world slowly progresses towards a Web3 future that establishes blockchain technology as the underlying infrastructure for the new internet.
One project that is looking to capitalize on this growing trend by establishing tools for the new Web3 data economy is Ocean Protocol (OCEAN), a blockchain ecosystem that helps individuals and businesses unlock the value of their data and monetize it through the use of datatokens.
Data from Cointelegraph Markets Pro and TradingView shows that, over the past two weeks, the price of OCEAN has rallied 86.4% from a low of $0.40 on March 7 to a daily high of $0.748 on March 21 amid a 562% surge in its 24-hour trading volume to $321 million.
OCEAN/USDT 4-hour chart. Source: TradingView
There are three main reasons for OCEAN’s price rally: the upcoming launch of Ocean v4, the addition of new projects to the Ocean protocol, thanks to the ongoing OceanDAO grant program and an expanding list of data partners that bring real-world use cases to the ecosystem.
The upcoming launch of Ocean v4
One of the biggest developments boosting OCEAN’s momentum in March is the upcoming launch of Ocean v4, which is currently in public testing and is expected to go into production in the second quarter of 2022.
.@oceanprotocol is launching Version4 in the next weeks and it will get really interesting for data management and monetization.
Data X Defi =
Data IP: managed by NFTs (ERC721) Data consumption: managed by datatokens (ERC20)
According to the project, Ocean v4 will include several upgrades including a mechanism that purports to solve rug pulls in the datatoken pools by eliminating the initial datatokens provided to publishers. The new protocol upgrade will also see the introduction of data NFTs, which add nonfungible token capabilities to base intellectual property (IP) as a way to help increase revenue streams, as well as the addition of new ways for the community to monetized data.
Ocean v4 will initially be deployed on the Ethereum Virtual Machine (EVM) chains that currently support v3, including the Ethereum mainnet, Polygon, BNB Smart Chain, Moonriver and Energy Web Chain, and will be deployed on additional EVM chains over time.
OceanDAO grants
A second factor helping to strengthen the outlook for OCEAN is the ongoing OceanDAO grant process, which helps new projects launch on the network.
The Ocean Protocol Foundation originally announced its $140 million grant initiative back in October 2021 as a way to help fund projects in the Web3 data economy that were interested in using Ocean’s data markets and data unions.
OceanDAO recently completed the 15th round of grant rewards, which was won by TalentDAO, a protocol designed to address the lack of scientifically validated surveys for studying organizational health in the context of DAO contributors.
We continue with introducing the winning projects of the recently concluded @OceanDAO_ Round 15 to the Ocean Community @talentDAO_ is the latest grantee to have joined the Ocean ecosystem! pic.twitter.com/Qe9YHjRFgY
The addition of new data partners to the Ocean Protocol ecosystem is a third factor helping to boost the overall outlook of OCEAN as they represent real-world adoption of the Open Data Economy.
Dimitra Technology is the latest company to partner with Ocean as a way to help agricultural producers leverage blockchain technology and data to produce higher yields.
In this partnership, Ocean’s Web3 capabilities will be employed to enable data sharing and monetization so that small farmers can benefit from an extra layer of revenue.
The protocol has also announced the launch of Ocean Shipyard, which is designed to help fund entrepreneurs who are looking to build open-source Web3 solutions on Ocean Protocol and create value for the Ocean ecosystem.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OCEAN on March 19, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. OCEAN price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for OCEAN climbed into the green on March 19 and hit a high of 78 around 14 hours before the price increased 54% over the next day.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bitcoin (BTC) and most major altcoins are attempting to start the new week on a positive note by bouncing off their respective support levels.
Goldman Sachs became one of the first major banks in the United States to complete an over-the-counter “cash-settled cryptocurrency options trade” with the trading unit of Michael Novogratz’s Galaxy Digital. This could encourage other major banks to consider offering OTC transactions for cryptocurrencies.
It is not only select nations that are showing growth in crypto adoption. A report by cryptocurrency exchange KuCoin shows that crypto transactions in Africa have soared by about 2,670% in 2022. Bitcoin Senegal founder Nourou believes that Africa could continue its thousand plus percent growth rates in the next few years.
Analyst Willy Woo speculated that Bitcoin’s four-year price cycle, based on the block subsidy halving, may not work as a predictive tool in the future as the price action is likely to be determined by supply and demand.
Could Bitcoin and altcoins climb above their overhead resistance levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin is facing stiff resistance at $42,594, indicating that bears continue to sell at higher levels. The bears are attempting to pull the price below the moving averages while the bulls are trying to sustain the price above it.
BTC/USDT daily chart. Source: TradingView
Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, suggesting a balance between supply and demand. If the price slips below the moving averages, the BTC/USDT pair could drop to $37,000. Such a move will suggest that the pair could spend some more time inside the $42,594 to $37,000 range.
Conversely, if the price rebounds off the moving averages with strength, it will suggest that the sentiment has turned positive and traders are buying on minor dips. That may improve the prospects of a break above $42,594. If the price sustains above this resistance, the pair could rally to the overhead zone between $45,400 and the resistance line of the ascending channel.
ETH/USDT
Ether (ETH) turned down from the overhead resistance at $3,000 on March 19 but the bears could not pull the price below the moving averages on March 20. This suggests that bulls are buying on minor dips.
ETH/USDT daily chart. Source: TradingView
The bulls will attempt to push the price above $3,000 and challenge the resistance line of the symmetrical triangle. This is an important level to watch out for because a break and close above it will signal a possible change in trend. The ETH/USDT pair could then rally to $3,500.
Alternatively, if the price turns down from $3,000 or the resistance line of the triangle and breaks below the moving averages, it will suggest that the pair may extend its stay inside the triangle for a few more days.
BNB/USDT
Binance Coin (BNB) broke and closed above the 50-day simple moving average ($390) on March 17 but the bulls could not build upon this advantage. The long wick on the March 19 candlestick indicates selling at higher levels.
BNB/USDT daily chart. Source: TradingView
The BNB/USDT pair turned down and dipped to the 20-day exponential moving average ($386) on March 20. A minor positive is that the bulls have not allowed the price to slip below this level. This indicates that bulls are buying on dips.
If the price rises and breaks above $407, the up-move may continue and the pair could rally to $425. This level may act as a barrier but if crossed, the next stop could be $445.
On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest a lack of demand at higher levels. The pair could then slide toward $350.
XRP/USDT
XRP bounced off the 20-day EMA ($0.77) on March 18 and reached the downtrend line on March 19. The bears again defended this level but could not pull the price below the 20-day EMA. This suggests strong buying on dips.
XRP/USDT daily chart. Source: TradingView
Both moving averages have started to turn up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside.
If bulls push and sustain the price above the downtrend line, the buying could pick up further and the XRP/USDT pair may rally to $0.91. If this level is also conquered, the next stop could be the psychological barrier at $1.
The bears will have to pull and sustain the price below the 50-day SMA ($0.75) to gain the upper hand.
The buyers have pushed the price to the stiff overhead resistance at $96 where the bears are mounting a strong defense.
If bulls overcome this hurdle, the LUNA/USDT pair could retest the all-time high at $105. The bulls will have to push and sustain the price above this level to signal the resumption of the uptrend. The rising 20-day EMA and the RSI in the positive territory indicate advantage to buyers.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, several short-term traders may close their position. The pair could then drop to the strong support at $70.
SOL/USDT
Solana (SOL) attempted to break above the downtrend line on March 19 but the bears had other plans. They defended the level and pulled the price down to the 20-day EMA ($87) on March 20.
SOL/USDT daily chart. Source: TradingView
The buyers have successfully defended the 20-day EMA and will again attempt to push the price above the downtrend line.
If they manage to do that, the descending triangle pattern will be invalidated. The failure of a negative setup is a positive sign as it traps several bears who may have sold in anticipation of a breakdown. The SOL/USDT pair could then attempt a rally to $106 and later to $120.
Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest strong selling at higher levels. The pair could then gradually dip to the support at $81.
ADA/USDT
Cardano (ADA) rose above the 20-day EMA ($0.86) on March 19 and the bulls held off attempts by the bears to pull the price back below the level on March 20. This suggests that the buyers are attempting to start a relief rally.
ADA/USDT daily chart. Source: TradingView
The bulls will now try to push and sustain the price above the overhead resistance at $1. If they succeed, it will suggest a possible change in trend. The ADA/USDT pair could then rally to the next overhead resistance at $1.26.
Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that the pair may remain range-bound between $1 and $0.74 for a few more days.
Avalanche (AVAX) closed above the descending channel on March 18 and the bulls successfully defended the breakout level on March 20 and 21.
AVAX/USDT daily chart. Source: TradingView
The 20-day EMA ($78) has turned up and the RSI has jumped into the positive territory, indicating advantage to buyers.
If bulls drive and sustain the price above $93, the AVAX/USDT pair could rally to the psychological level at $100. The bears may attempt to stall the rally at this level but if bulls do not give up much ground, the likelihood of a break above it increases.
This bullish view will be negated if the price turns down from the current level and breaks below the moving averages.
DOT/USDT
Polkadot (DOT) broke and closed above the overhead resistance at $19 on March 19 but the bulls could not build upon this advantage. The bears used this opportunity and pulled the price back below $19 on March 20.
DOT/USDT daily chart. Source: TradingView
A minor positive is that the bulls have not allowed the price to break below the moving averages. The flattish moving averages and the RSI just above the midpoint suggest that the bears may be losing their grip.
If the price rises from the current level, the bulls will attempt to clear the overhead hurdle at $20. If they manage to do that, the DOT/USDT pair could rally to $23 where the bears may again pose a strong challenge.
This positive view will invalidate in the short term if the price breaks and sustains below the 20-day EMA ($18). That could open the doors for a possible drop to $16.
DOGE/USDT
Dogecoin (DOGE) broke and closed above the 20-day EMA ($0.12) on March 19 but the bulls could not sustain the higher levels. The bears pulled the price back below the 20-day EMA on March 20.
DOGE/USDT daily chart. Source: TradingView
The 20-day EMA is flattening out and the RSI is just below the midpoint, indicating that the selling pressure could be reducing. If buyers push and sustain the price above the 20-day EMA, the DOGE/USDT pair could rally to the 50-day SMA ($0.13). The bulls will have to clear this hurdle to open the doors for a possible rally to $0.17.
Alternatively, if the price turns down from the current level and closes below the intraday low formed on March 20, the pair could drop to the strong support at $0.10.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
