Chainlink, the pioneering oracle service provider in the blockchain industry, has introduced the Chainlink SCALE program to help boost the growth of its ecosystem users.
The Chainlink Scale program will accelerate access to oracle products and services for both Layer-1 and Layer-2 protocols.
The Chainlink SCALE program has drafted top protocols, including Avalanche, Metis, Moonbeam, and Moonriver, as its partners with the plan to onboard more later on. These partners will contribute to the SCALE program by covering the operating costs of using Chainlink Oracle.
“The Chainlink SCALE program allows us to boost the growth of the Metis developer ecosystem while helping ensure Chainlink oracles operate in a cost-efficient manner on the layer-2 Metis network. By providing enhanced access to Chainlink services, developers on Metis can pioneer the next generation of decentralized applications that serve more complex use cases and scale to meet fast-paced global markets.” – Elena Sinelnikova, Co-Founder and CEO of Metis.
The SCALE program is a mutually beneficial one and will see Chainlink contribute to its partners’ growth by creating custom-made oracle services for the protocols.
This program is a part of the broader Chainlink Economics 2.0, an initiative that seeks to enhance data access and security and at the same time, make accessing oracle services cheaper for everyone.
“We’re excited to introduce Chainlink SCALE as a way to help rapidly accelerate the growth of blockchain ecosystems while putting in place a holistic economic model that is viable for the long-term success of blockchains, dApps, and the Chainlink ecosystem,” said Sergey Nazarov, Co-Founder of Chainlink, adding that “We look forward to collaborating closely with a growing number of blockchain ecosystems in their mission of bringing Web3 to the world.”
As a pioneer in the oracle provision field, Chainlink has continued to set the pace with its innovations to make Web3.0 accessibility faster.
WisdomTree Investments, Inc., a New York-based exchange-traded fund and exchange-traded product provider and asset manager, announced on Monday that it has added Polygon (MATIC) and Avalanche (AVAX) to indices at two physically backed crypto basket exchange-traded products (ETPs), the WisdomTree Crypto Market (BLOC) and the WisdomTree Crypto Altcoins (WALT).
The firm added Polygon and Avalanche to the WisdomTree Crypto Market (BLOC) and the WisdomTree Crypto Altcoins (WALT).
BLOC and WALT are already trading on the German stock exchange Börse Xetra, the France stock exchange known as ‘the Euronext Paris,’ Amsterdam stock exchange and the Swiss stock exchange SIX.
The two crypto ETPs have a sales pass for the whole European Union.
Alexis Marinof, head of Europe at WisdomTree, talked about the development: “Our crypto baskets are designed to give investors exposure to the changing environment of crypto assets. Additional coins such as MATIC and AVAX can be added to the indexes through quarterly resets. Before being included in our indexes, coins are evaluated by a committee, and they must meet several criteria, including sufficient liquidity levels, practical use cases, and significant mass.”
Marinof further elaborated: “Our monitoring and rebalancing allow investors to conveniently allocate some of our largest and most liquid investable crypto assets within a familiar structure without having to open or insure individual portfolios or any individual currency to stake.”
The BLOC is a free-float market capitalization-weighted ETP that offers exposure to a diversified basket of cryptocurrencies representing about 65% of the crypto market capitalization. The product is designed for investors who want broad exposure to the liquid and established assets of the crypto market. With the new additions, the basic BLOC index is now constituted of Bitcoin, Ethereum, Cardano, Bitcoin Cash, Litecoin, Polkadot, Solana, Polygon, and Avalanche.
On the other hand, the WALT is a market capitalization-weighted free-float ETP that enables exposure to a diversified basket of altcoins. The ETP offers exposure to major crypto assets, excluding Bitcoin and Ethereum. It was designed for investors who already have exposure to these major cryptocurrencies and want to diversify their exposure without modifying their current holdings. With the new additions, the basic WALT index now consists of Cardano, Bitcoin Cash, Litecoin, Polkadot, Solana, Polygon, and Avalanche.
WisdomTree said it added MATIC and AVAX to BLOC and WALT on August 19 after rebalancing the indices of the two crypto-basket ETPs.
Crypto ETPs Blossoming in Europe
The crypto ETP market in Europe is becoming more competitive than in North American and Latin America. Firms are issuing more varieties of crypto ETPs because of increasing demand.
In February, Fidelity International listed the Fidelity Physical Bitcoin ETP on Germany’s Deutsche Börse stock exchange and Switzerland’s SIX Swiss Exchange. The product is available to institutional clients and investment firms in Europe.
In 2019, WisdomTree launched its first crypto-asset ETP and has continued to build some diversified crypto baskets since then. WisdomTree has $200 million in assets under management in its crypto asset ETPs.
The digital currency ecosystem has continued to show signs of weakness with the combined crypto market capitalization pegged at $862.19 billion at the time of writing.
The past week was yet another tough one as notable circumstances further dampened the sentiments of investors from stacking up liquidity into the ecosystem.
While MicroStrategy Incorporated and El Salvador bought the Bitcoin (BTC) dip, the bullish gesture was not sufficient to wade off the impacts of the liquidation of Three Arrows Capital (3AC) as ordered by a British Virgin Island (BVI) court.
With most coins trading in the negative, here is a look into the three coins with the biggest weekly losses.
Avalanche (AVAX)
Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is regarded as one of the fastest blockchain protocols as measured by time to finality.
Despite the dip, the Avalanche ecosystem has continued to stay vibrant riding on the $230 million ecosystem fund it launched months ago. However, this has not helped the AVAX coin which is currently changing hands at $15.94, down 1.94% in the past 24 hours and by 23.90% in the past week. AVAX is one of the biggest losers for the week as analysts are advising traders to short the coin.
Polygon (MATIC)
Polygon (previously known as the Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Powered by the MATIC token, the protocol’s future is currently in doubt as The Merge of Ethereum’s Proof-of-Work (PoW) with the new Proof-of-Stake (PoS) is on track to be completed very soon.
The token is trading at $0.4551, down 23.44% in the past 24 hours. The token has lost over 84% of its price value since it recorded its all-time high (ATH) of $2.92 back in December last year.
KuCoin Token (KCS)
KCS is the native token of KuCoin, which was launched back in 2017 as a profit-sharing token that allows traders to draw value from the exchange. At a price of $8.20 and a 25.33% drop in the week-to-date period, the KCS coin ranks as the worst loser amongst the top 100 digital currencies listed on CoinMarketCap.
The fall in the KCS price might be attributed to a FUD spread in its community chances are that the trading platform will halt withdrawals as it is also distressed, a claim that has been debunked by CEO, Johnny Lyu.
The Avalanche Foundation announced via Twitter on Friday that Terraform Labs and the Luna Foundation Guard (LFG) have purchased 3.06m AVAX in total.
The announcement came following an inquiry from members of the Avalanche Community about the details around the AVAX reserves held by Terraform Labs and the LFG.
The Terraform Labs’ AVAX purchase comes with a one-year lockup and the amount represents around 0.5% of last week’s AVAX volume.
While the LFG plans to use the AVAX for the Terra reserve pool and the purchased allocation represents around 0.9% of last week’s AVAX volume.
The Twitter announcement also added that the LFG has not shared any plans on using the AVAX as it is working on a Terra chain fork.
“Given the proposed Terra chain fork, LFG has disclosed no plans to use the AVAX.”
The Avalanche Foundation also added that should any sales be contemplated for the LFG reserves; it is ready to work with LFG “on a sensible trading strategy.”
According to Bloomberg, LFG, which supports public blockchain Terra, chose Avalanche Foundation in April to diversify and expand its stablecoin reserve by acquiring $100 million worth of AVAX from the Avalanche Foundation.
In the latest figure, the total reserve balance of the LFG remains over $232.7 million, and over 66% of the reserves are TerraUSD (UST), whereas AVAX takes nearly a quarter of its reserve, which takes around $58.83 million, trading at around $29.81.
Avalanche and Terra both are layer one blockchains, similar to Ethereum, where users can write codes and build different projects from non-fungible tokens to decentralized finance applications.
The Avalanche received $230 million in funding last September, pushing the price of AVAX to a record high of $68.89. However, subject to negative impacts from LUNA crashes, its price has dropped significantly.
Currently, AVAX was trading at $29.9 during the intraday, slightly up 1.53% on Friday in the Asia trading section.
The digital currency ecosystem experienced mixed volatility that was characterized by an equal dose of bullish and bearish trends last week.
While the growth seen earlier on in the market pushed the combined market capitalization above the $2 trillion benchmarks, however, there was a slip toward the end of the week as the Russo-Ukrainian tension overtook bullish sentiments.
A new week is here, and each digital currency is attempting to take a stance from the others by maintaining a cushion against erratic moves. Amid dramatic twists and turns that we may witness this week, here is a highlight of the top three coins to look out for this week.
Bitcoin remains the undisputed leader in the cryptocurrency ecosystem, both by market capitalization and general correlation with existing traditional markets. Bitcoin’s price currently sits at $42,350.55, after inking a 1.67% growth in the past 24 hours according to data from CoinMarketCap. Bitcoin is worthy of being watched this week as it is the first cryptocurrency that will react to trends in the global market as the tension between Russia and Ukraine intensifies. Should Bitcoin respond in a positive or negative manner, other coins are bound to follow suit likewise.
Avalanche (AVAX)
Avalanche is one of the fastest-growing and most used blockchain networks today. The price of digital currency has been ranging from a low of $77.65 to a high of $94.99 in the past week, and it seems to be stabilizing despite the bearish sentiments that are engulfing the broader market.
Avalanche has an actively growing ecosystem of developers building Decentralized Finance (DeFi), and Non-Fungible Token (NFT) products amongst others. Based on its resilient price trend, AVAX is poised to retest a new weekly high above the previous week, provided the inherent market sentiments apply.
Polygon (MATIC)
Polygon occupies a pivotal position in the Ethereum ecosystem as a scaling tool that is generally reducing the congestion on the latter network. At a price of $1.68 at the time of writing, MATIC comes off as underpriced and awaiting a massive push-up to reclaim the $1.80 resistance level.
Polygon currently has the needed liquidity to stir the growth of its ecosystem following the $400 million raised through private token sales from investors earlier this month. Additionally, the ecosystem growth of the protocols that won parachain slots on the ecosystem is also worth pushing the network into the bigger limelight in terms of token growth in the near term.
The anonymous host of cryptocurrency channel InvestAnswers is listing one altcoin that he expects to “skyrocket.”
InvestAnswers tells his 409,000 YouTube subscribers that Cosmos (ATOM), a network of many independent but interconnected blockchains known as zones, is slated to surge by about 40% in a month or less.
“It’s pretty clear to me that we will hit $45 in probably a month or less. It [ATOM] just looks absolutely perfect and set to skyrocket as we go forward. Not much selling pressure on the horizon and we should be able to get to that level [of] $45 which it hit four or five times in the last couple of months.”
ATOM is trading at $31.08 at time of writing.
Next up, InvestAnswers says that Ethereum (ETH) is currently at the 0.5 Fibonacci level, a key Fibonacci retracement level that represents the halfway mark of a prevailing trend.
The crypto analyst adds that ETH could hit a new all-time high if it manages to break above the 50 and 200-day moving averages.
“We’re now getting close to the 0.5 Fibonacci level, about $3,300. Notice as well we need to break through the 50-day moving average. And then the next is to break through the 200-day moving average. And then we’ll get to hopefully $3,700. After that, $4,150. After that, new all-time high $4,800.”
ETH is trading at $3,146 at time of writing.
Next up is the native token of Terra (LUNA), a blockchain protocol consisting of a suite of decentralized stablecoins.
The crypto analyst says that LUNA is eyeing the $65 price level after bouncing off the 200-day moving age.
“This one [LUNA] is making a nice recovery too…
We are heading back towards the 0.386 Fibonacci level of $65. And then after that, you know LUNA can move very very fast when it wants to.”
LUNA is trading at $55.55 at time of writing.
Next up is the native token of Avalanche (AVAX), a smart contract-enabled blockchain. The crypto analyst says that AVAX is in an overbought zone based on the Relative Strength Indicator (RSI). The RSI indicator ranges from 0 to 100 – where 70 or higher indicates overbought conditions, and potentially the end of a rally, while 30 or lower indicates oversold conditions, and potentially the end of a sell-off.
“Avalanche did get rejected off the $95 level. It’s now at about $87 and the RSI is quickly approaching overbought…
Avalanche chart might be running a little bit out of steam, we’ll see. But hitting $95 was a clear selling point.”
AVAX is trading at $88.85 at time of writing.
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Featured Image: Shutterstock/Natalia Siiatovskaia/NextMarsMedia
It’s been a rough few weeks for cryptocurrencies, but things are finally looking up! Cryptocurrencies that have fallen off their highs over the past three weeks appear to be on an upward trajectory again.
Crypto winter is thawing as crypto markets are showing some signs of life. For example, Bitcoin, which fell 52% from its November highs to a low of around $33,000, has gained 15% in the past seven days, and Ethereum, which dropped 55% from its all-time high, has rebounded 13%.
Related Reading |Bitcoin and Ethereum rebound signals ‘crypto winter’ thaw
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January was a tough month for crypto investors. Still, Bank of America’s global strategist Alkesh Shah says he saw increased interest from people who want to invest or trade cryptocurrencies. He expects prices will rise throughout 2022 and into 2023 as more regulatory clarity emerges about digital assets like Bitcoin.
Bitcoin price is steady at around $44,000. Source: BTC/USD on Tradingview.com
When it comes torisky assets, like equities and real estate Shah says that their prices can fluctuate wildly. But with crypto, there is one additional factor: the Federal Reserve’s announcement about possible rate rises in March could affect its value too.
According to Shah statement;
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The market as a whole, and risk assets broadly, really weren’t expecting how many rate hikes are now being talked about.
Experts Predictions On Rate Hikes In 2022
The economy grows with each passing year, and inflation trends remain stable. This has led some experts to predict even more rate hikes in 2022. For example,Goldman Sachs’forecast of four per season during the year 2022; however, one prediction stands out: Shah’s own bank forecasts seven increases in 2022.
Related Reading |Seven hikes? Fast-rising wages could cause the Fed to raise interest rates even higher this year
The current decline in crypto prices is likely to continue for the next three months, but after that, it’s unlikely unless there are some significant changes.
A recent study done by Shah suggests banks may hike interest rates which would cause even more problems with traders who rely on volatile assets like cryptocurrencies as their sole investment vehicle.
Crypto markets are adjusting to a new reality where risks no longer reap rewards. According to Shah, prices will again start climbing once the market will adjust to the new reality.
During the interview, Shah added:
Then, this group especially (crypto assets), can start to move up more based on the fundamentals of growth and adoption and all of the new applications being built on this ecosystem.
With recent developments in the blockchain space, more investors are beginning to take notice of Ethereum and its various applications. There’s not only one Ether but three different ones worth noting: Binance Coin (BNB) Avalanche (AVA). Each has its unique function that entrepreneurs can use to build on top of these networks or anyone looking into what they do – from security purposes all way down to simplicity.
Additionally, Shah said:
Investors just can’t ignore the sector anymore; It’s gotten too big to ignore.
Featured image from Pixabay, chart from Tradingview.com
The market appears to be finding its feet and as the smoke clears, its easier to see which projects are fundamentally flawed and which are returning to their previous trading range where they were before the recent three-week downturn.
Trader Joe is one of the decentralized finance (DeFi) protocols that continued to push out new developments during the market-wide correction..
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.658 on Jan. 24, the price of JOE rebounded 147% to a daily high of $1.63 on Feb. 1 before entering a new consolidation range.
JOE/USDT 4-hour chart. Source: TradingView
Three reasons for the turnaround seen in the price of JOE are the launch of the Rocket Joe liquidity platform, the addition of new projects and staking pools on Trader Joe and a climbing total value locked (TVL) on the platform.
Rocket Joe blasts off
The biggest development to come out of Trader Joe thus far in 2022 has been the launch of Rocket Joe, a liquidity launch platform designed to facilitate the launch of a new tokens on Trader Joe by providing seed liquidity for the protocol.
JOE token holders are now able to stake their JOE on the Rocket Joe platform to earn rJOE, which is a credit used to enter Rocket Joe Launches. Every 100 rJOE that a user deposits into a Rocket Joe Launch will enable them to unlock a 1 Avalanche (AVAX) allocation towards that pool.
The committed funds are used to help determine the starting price for that token and bootstrap its liquidity on Trader Joe. Users who opt to provide liquidity will have their funds locked in the liquidity pools for seven days. In exchange for helping to provide liquidity, users receive an allocation of the newly launched token
This method of token launch allows Avalanche users to acquire newly issued tokens without needing to compete with bots during other token launches or high gas prices.
New listing and project launches at Trader Joe
A second factor helping boost the value of JOE has been the addition of multiple new tokens and projects on the Trader Joe platform, including the first project to launch out of Rocket Joe, Heroes of NFT (HON).
Registration for @HeroesofNFT is now closed and our community showed up massively!
Registrants: 27,336
XAVA Staked: 15,595,114
TVL: $113.13M
Stay tuned for more content with the team and make sure to claim your guaranteed allocation starting on 1/31. pic.twitter.com/enEugDvOBp
— Avalaunch (@AvalaunchApp) January 30, 2022
Some other new arrivals to the Trader Joe ecosystem include Dragon Crypto Gaming and Domi Online, a pair of play-to-earn gaming projects, as well as integrations with Cook Finance, the Open DeFi Notification Protocol and the cross-chain trading terminal Kattana.
Related:Avalanche correction risk rises after AVAX price soars 80% from January lows
TVL is rising again
As a result of the increase in the price of JOE and the addition of new tokens and liquidity pools to the Trader Joe ecosystem, data from Defi Llama shows that the total value locked on the platform has begun to recover following the recent multi-month market sell-off.
Total value locked on Trader Joe. Source: Defi Llama.
The TVL on Trader Joe is $1.43 billion at the time of writing, up from $957 million on Jan. 28 but still well below its all-time high of $2.59 billion on Dec. 1, 2021.
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) has recovered close to $44,000, indicating that the downtrend could be coming to an end. However, the price may not rally to the all-time high in a straight line. This means bulls are likely to face several hurdles in-between and the price action may remain volatile.
JPMorgan analysts said in a recent investor note that Bitcoin’s boom and bust cycles are hindering further institutional adoption. The analysts estimate that with volatility four times that of gold, Bitcoin’s fair value is about $38,000. If the volatility reduces to three times that of gold, their fair value estimate for Bitcoin rises to $50,000.
Wells Fargo Investment Institute, the research division of Wells Fargo Wealth and Investment Management, in its report titled “Cryptocurrencies — Too early or too late?” said the crypto markets were still in the early days of adoption. The report added that “most of the opportunity lies before us, not behind us […]”.
Could Bitcoin and altcoins extend their relief rally or will profit-booking pull prices lower? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin broke above the 50-day simple moving average ($42,659) on Feb. 7 and reached the overhead resistance at $45,456 on Feb. 8. This level proved to be a strong resistance and the price turned down from it.
BTC/USDT daily chart. Source: TradingView
The BTC/USDT pair formed a Doji candlestick pattern on Feb. 8, indicating indecision among the bulls and the bears. However, the upsloping 20-day exponential moving average ($40,751) and the relative strength index (RSI) in the positive zone indicate that the path of least resistance is to the upside.
If bulls thrust the price above $45,456, the pair could rise to $48,000 and thereafter to the stiff overhead resistance at $52,088. Contrary to this assumption, if the price turns down from the current level and breaks below the 50-day SMA, the pair could drop to the 20-day EMA.
ETH/USDT
Ether (ETH) broke and closed above the resistance line of the channel on Feb. 7 which is an indication that the downtrend could be over. Although bears defended the 50-day SMA ($3,208) on Feb. 8, they have not been able to pull the price back into the channel.
ETH/USDT daily chart. Source: TradingView
This suggests that bulls are attempting to flip the resistance line of the channel to support. The buyers will once again try to drive the price above the 50-day SMA today. If they succeed, the ETH/USDT pair could start a new up-move.
There is a minor resistance at $3,400, but if this level is crossed the next stop could be $3,900. The rising 20-day EMA ($2,924) and the RSI in the positive territory indicate advantage to buyers.
This bullish view will invalidate in the short term if bears sink and sustain the pair below the 20-day EMA.
BNB/USDT
Binance Coin (BNB) turned down from the downtrend line on Feb. 18, indicating strong resistance from the bears. The price has dropped to the 20-day EMA ($409), which is an important support to keep an eye on.
BNB/USDT daily chart. Source: TradingView
If the price rises from the current level, the bulls will again attempt to push the BNB/USDT pair above the downtrend line of the channel and the 50-day SMA ($453). If they succeed, it will suggest that the downtrend could be over. The pair could then start its march to the psychological level at $500.
Alternatively, if the price breaks below the 20-day EMA, it will suggest that the trend remains negative and higher levels are attracting selling by the bears. The pair could then drop to $390 and later extend its slide to $357.40.
XRP/USDT
Ripple (XRP) surged and closed above the 50-day SMA ($0.75) on Feb. 7 which is the first indication that the downtrend could be over. Traders are booking profits near $0.91 which could result in a minor correction or consolidation.
XRP/USDT daily chart. Source: TradingView
The moving averages are on the verge of a bullish crossover and the RSI is in the overbought zone, indicating that the path of least resistance is to the upside. If the price turns up from the current level or rebounds off $0.75, the bulls will try to propel the XRP/USDT pair above $0.91.
If they succeed, the up-move could reach the psychological level at $1 where the bears may again pose a strong challenge. This positive view will invalidate if the price turns down and plummets below the moving averages.
ADA/USDT
The bulls tried to propel Cardano (ADA) above the 50-day SMA ($1.23) on Feb. 8 but the bears held their ground. This pulled the price back to the 20-day EMA ($1.14). The price is now stuck between the moving averages.
ADA/USDT daily chart. Source: TradingView
The RSI is just above the midpoint and the moving averages are flat, indicating a range-bound action in the short term. If buyers push and sustain the price above the 50-day SMA, the pair could rally to the resistance line.
This is the critical level to watch out for because a break and close above the channel will be the first sign that the downtrend could be over.
Conversely, if the price turns down from the current level and breaks below the 20-day EMA, the ADA/USDT pair could slide to $1.
SOL/USDT
Solana (SOL) broke and closed above the overhead resistance at $116 on Feb. 7, but the bulls could not extend the relief rally further. The bears pulled the price back below $116 on Feb. 8.
SOL/USDT daily chart. Source: TradingView
The buyers have not yet given up as they are trying to defend the 20-day EMA ($112). If the price rebounds off the current level, the bulls will attempt to push the SOL/USDT pair above $121.93. If they manage to do that, the pair could rally to the resistance line.
Conversely, if bears pull the price below the 20-day EMA, the pair could drop to the uptrend line. If this level also cracks, the pair could decline to $94. The flat 20-day EMA and the RSI below the midpoint, suggest a range-bound action in the near term.
LUNA/USDT
The relief rally in Terra’s LUNA token hit a wall at the 20-day EMA ($58). This suggests that the sentiment remains negative and bears are selling on rallies to strong resistance levels.
LUNA/USDT daily chart. Source: TradingView
If the price breaks and sustains below $54.20, the LUNA/USDT pair could lose strength and gradually drop to the strong support at $43.44. Such a move will suggest that the current up-move was a relief rally in a strong downtrend.
Alternatively, if the price rebounds off $54.20, it will suggest that traders are not waiting for a deeper correction to buy. The bulls will then attempt to push the pair above the 20-day EMA. If they succeed, the pair could rise to the downtrend line of the channel.
Related:Bitcoin centers on $44K as BTC price MACD delivers long-awaited bull signal
AVAX/USDT
Avalanche (AVAX) soared on Feb. 8 to reach the downtrend line but the long wick on the day’s candlestick shows that bears are defending the overhead resistance aggressively. The bulls regrouped quickly and are attempting to push the price above the 50-day SMA ($88).
AVAX/USDT daily chart. Source: TradingView
The RSI is nearing the 62 level from where it had turned down on Dec. 21 and before that on Nov. 30. If buyers push the RSI above this resistance, it will indicate advantage to buyers. A break and close above the downtrend line could signal a possible change in trend.
Contrary to this assumption, if the price turns down from the current level or the downtrend line, the AVAX/USDT pair could find support in the zone between the 20-day EMA ($77) and $75.50. The bears will have to sink the price below this zone to gain the upper hand.
DOT/USDT
Polkadot (DOT) tried to rise above the zone between $22.66 and the 50-day SMA ($24.05) on Feb. 8, but the bears were in no mood to relent. A minor positive is that the bulls have not allowed the price to break below the 20-day EMA ($21.06).
DOT/USDT daily chart. Source: TradingView
Both moving averages have flattened out and the RSI is close to the midpoint, indicating a balance between supply and demand. A break and close above the 50-day SMA could tilt the advantage in favor of the buyers.
The DOT/USDT pair could then rise to $28 where the bears may again pose a stiff challenge. Alternatively, a break and close below the 20-day EMA could signal that the pair may remain range-bound between $22.66 and $16.81 for a few days.
DOGE/USDT
Dogecoin (DOGE) broke and closed above the 50-day SMA ($0.15) on Feb. 7 but the bulls could not build upon this advantage. The bears pulled the price back below the 50-day SMA on Feb. 8, indicating that they have not given up yet.
DOGE/USDT daily chart. Source: TradingView
The 20-day EMA ($0.15) is the important level to watch on the downside. If the price rebounds off this level, the possibility of a break above $0.17 increases. If that happens, the DOGE/USDT pair could rise to the stiff overhead resistance at $0.19.
The gradually upsloping 20-day EMA and the RSI in the positive territory indicate a slight advantage to buyers. This positive view will invalidate if the price turns down and breaks below the 20-day EMA. The pair could then drop to the strong support at $0.13.
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.
