Cryptocurrency has been growing in popularity over the past decade. Bitcoin is currently being traded at a price of $11,000 and most altcoins are valued around $100 or more. These coins offer highly lucrative returns for investors with many people considering them as an alternative to traditional investments like stocks and bonds.,
The “tezos vs algorand vs cosmos” is a question that has been asked many times. It’s not easy to answer, but I will try my best. Tezos is a blockchain platform that was created in 2017 by Arthur Breitman and Kathleen Breitman. Algorand is an algorithm-based network that was created by Silvio Micali and Robbert van Renesse in 2018. Cosmos is a decentralized network of independent parallel blockchains with the ability to interact with each other through smart contracts, built on top of Ethereum.
The S&P 500 and the Nasdaq have declined for five consecutive weeks, indicating that traders continue to reduce exposure to risky assets. Bitcoin’s (BTC) close correlation with United States equity markets has resulted in its price remaining under pressure.
Bitcoin’s slide continued over the weekend, putting it on course for its sixth consecutive weekly loss, the first since 2014. Bitcoin’s decline has dragged down the whole crypto sector, which now has a market valuation of less than $1.6 trillion.
A daily glimpse of the cryptocurrency market. Coin360 (source)
Traders sell on every piece of bad news when the mood is pessimistic. The de-peg of Terra’s stablecoin TerraUSD (UST) to the US dollar looks to be creating sale pressure throughout the crypto market.
Is it time for Bitcoin to rebound after six consecutive weekly closures in the red? Let’s look at the charts of the top five cryptocurrencies that seem to be stabilizing in the near future.
On May 5, Bitcoin fell below the ascending channel’s support line and fell below the 20-day exponential moving average ($38,268). The bullish divergence on the relative strength indicator was also negated by this move (RSI).
Daily chart of BTC/USDT. TradingView (source)
The moving averages have begun to fall, and the RSI is approaching the oversold zone, indicating that the bears are in charge.
The BTC/USDT pair has a modest support level of $34,322, but if bulls fail to maintain it, the slide might continue to $32,917. This is an important level to watch because if it breaks, the pair might see panic selling, with the next stop possibly being $28,805.
The rebound might confront selling around the 20-day EMA if the price rises from $34,322. If the price falls below this level, it indicates that mood is still negative and that traders are selling rallies. This might increase the chances of the slump resuming.
If the bulls push and maintain the price above the 20-day EMA, this bearish view will be invalidated in the near term. The pair might move to the 50-day simple moving average ($41,466) if this occurs.
4-hour chart of BTC/USDT. TradingView (source)
Bears are in control, although oversold levels on the RSI imply that a relief rally or consolidation is conceivable in the short term. The bears may retain their selling pressure if the rebound fails to climb over the 20-EMA, and the pair might drop below $32,917.
A break and close above the 20-EMA, on the other hand, might herald the commencement of a big relief rally. After that, the pair might advance to the 50-SMA. To signify that the slump may be finished, buyers will have to lift the price over $40,000 and keep it there.
For the last several days, Algorand (ALGO) has been trading within a falling channel pattern. On May 1, the price rallied off the channel’s support line, and the bulls passed the obstacle at the 20-day EMA (Algorand (ALGO) has been trading inside a descending channel pattern for the past few days. The price bounced off the support line of the channel on May 1 and the bulls have cleared the hurdle at the 20-day EMA ($0.69) indicating that the selling pressure could be reducing..69), signaling that selling pressure may be easing.
Daily chart of ALGO/USDT. TradingView (source)
The ALGO/USDT pair might climb to the channel’s resistance line if buyers keep the price above the 50-day SMA (If buyers sustain the price above the 50-day SMA ($0.76), the ALGO/USDT pair could rally to the resistance line of the channel. This is an important level for the bulls to overcome. If they manage to do that, it will suggest the start of a new up-move. The pair could first rise to $1.10 and later to $1.25..76). This is a crucial level for the bulls to clear. If they succeed, it will signal the start of a new upward trend. The pair might increase to $1.10 before settling at $1.25.
If, on the other hand, the price falls below the resistance line, the pair’s stay within the channel may be extended for a few more days. To signal a restart of the downtrend, the bears must descend and hold the price below the channel.
4-hour chart of ALGO/USDT. TradingView (source)
The 20-EMA has risen and the RSI is in positive zone, suggesting a buyer’s edge. A modest resistance level of The 20-EMA has turned up and the RSI is in the positive territory, indicating advantage to buyers. There is a minor resistance at $0.80 and if bulls clear this hurdle, the pair could rise to the resistance line of the channel..80 exists, and if bulls overcome it, the pair might climb to the channel’s resistance line.
The 20-EMA is the crucial level to watch on the downside. If the price rises beyond this level, it means that the market attitude has shifted in favor of buyers. This might boost the chances of a break over On the downside, the 20-EMA is the critical level to keep an eye on. If the price rebounds off this level, it will suggest that the sentiment has turned in favor of buyers. That could increase the likelihood of a break above $0.80. Alternatively, if the price slips below the 20-EMA, the next stop could be the 50-SMA..80. If the price falls below the 20-EMA, the 50-SMA might become the next stop.
For the previous several days, Monero (XMR) has found support around psychological support at $200. The buyers have refused to let the price go below the downtrend line, indicating that they are striving to turn the level into support.
Daily chart of XMR/USDT. TradingView (source)
To signal that the corrective phase is done, the bulls must push the price above the 20-day EMA ($223) and keep it there. The XMR/USDT pair faces slight resistance around $240, but if bulls overcome it, the pair might climb to $289.
If the price falls below the present level or the 20-day EMA, however, it indicates that the bears have not yet given up. This might boost the chances of a break below $200. If this occurs, selling might become more intense, and the pair could tumble near $150.
4-hour chart of XMR/USDT. TradingView (source)
The pair has produced a symmetrical triangular pattern, indicating that the bulls and bears are undecided. If bulls are able to push the price over the triangle’s resistance line, the downtrend may be ended. The pair may then rally to the 200-SMA before rising to the pattern goal of $252 if the pattern holds.
If, on the other hand, the triangle’s uncertainty resolves to the downside, it indicates that the triangle was a continuation pattern. This might indicate that the downward trend has resumed. On the downside, the pattern goal is $164.
LUNA loses 20% in a day as a whale sells Terra’s UST stablecoin – is a selloff imminent?
On April 29, Tezos (XTZ) fell below the long-term uptrend line, and bears successfully defended the breakdown level on May 5. The bears attempted to initiate a decline but are having difficulty maintaining lower levels.
Daily chart of XTZ/USDT. TradingView (source)
If bulls can bring the price above the uptrend line and keep it there, it means the markets have rejected the collapse. Between the 50-day SMA ($3.18) and $3.40, the XTZ/USDT pair may try a rally to the upper zone.
This optimistic outlook might be shattered if the price falls below the rising line again. If this occurs, it means the uptrend line has been converted into resistance by the bears. A break and closing below $2.39 might signal the start of a fresh decline that could take the price below $2.
4-hour chart of XTZ/USDT. TradingView (source)
On the 4-hour chart, the 20-EMA has flattened out and the RSI has created a positive divergence, indicating that the negative momentum is weakening. The pair might now try to rise to $2.90, where the bears could provide heavy resistance. A break and closing above this level might pave the way for a move up to $3 and perhaps $3.30.
If the price falls below the present level or the above resistance, this indicates that bears are selling on rallies. This might keep the pair trading in the $2.90 to $2.39 area. If bears push the stock below $2.39, the downturn might escalate.
For the previous several weeks, Theta Network’s THETA token has been trading between $2.27 and $4.40. On May 6, this range closed to the negative, suggesting that bears had gained the upper hand.
Daily chart of THETA/USDT. TradingView (source)
The RSI is trying to create a positive divergence, suggesting that the selling momentum is waning, despite the fact that the 20-day EMA ($2.57) is sloping down. If bulls can drive the price back over the $2.27 breakdown level, it might capture numerous aggressive bears who may have taken short positions on the range’s break.
After that, the THETA/USDT pair might advance to the 20-day EMA. This is a crucial milestone to watch because if bulls can break through, the pair might rise to the 50-day SMA ($3.10).
This optimistic outlook might be shattered if the price falls below $2.27 from its present level or the breakdown level.
4-hour chart of THETA/USDT. TradingView (source)
Bulls are buying falls at $2, which is a psychological threshold. If buyers push the price above the downtrend line, the bears’ hold on the market may be slipping. The pair might then rise to $2.64, which is the overhead barrier. This level might operate as a solid barrier once again, but if buyers can overcome it, the bullish momentum could ramp up.
Contrary to popular belief, if the price falls below the 20-EMA or the downtrend line, it indicates that bears are still selling on rallies. This might raise the chances of a breach below $2 and the downturn resuming.
The author’s thoughts and opinions are purely his or her own and do not necessarily represent those of Cointelegraph. Every investing and trading choice has risk, so do your homework before making a decision.
Monero is a cryptocurrency with a total market cap of $2.3 billion. It has been around for 6 years and is one of the most secure cryptocurrencies in the world. Monero’s value at the time of writing was $159, which means it has grown by 8% in the last 24 hours. Reference: monero value.
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