Bitcoin (BTC) rallied for the third week out of five, supported by changing sentiment towards Fed monetary policy. Ethereum’s Merge and Cardano’s Vasil hard fork updates have given the broader crypto market a further advantage. The change in sentiment was evident in technical indicators, according to analyst Bob Mason. EMAs for ADA, AXS, BTC, ETH and LDO have given bullish signals. Here are the altcoin analyzes…
What’s next for Bitcoin (BTC)?
Last week, Bitcoin increased 8.62 percent, closing the week at $22,585. The week had a bullish start. BTC rallied from a one-week low of $20,761 to a Wednesday high of $24,276. This week, BTC will likely continue to be the broader crypto market barometer. Last week, the Bitcoin Fear and Greed Index moved into the “Fear” zone. He gave the clue to hit rock bottom. However, the Fed will announce its much-anticipated monetary policy decision on Wednesday. According to the analyst, a 100 basis point increase could cause BTC to drop below $20,000. A 75 basis point increase would be neutral in the market, while a 50 basis point increase would support a return to $25,000.
Looking at the EMAs and the 4-hour candlestick chart (below), this was a bullish signal. This morning, Bitcoin settled above the 50-day EMA, which is currently $22,391. The 50-day EMA has withdrawn from the 200-day EMA. The 100-day EMA is approaching the 200-day EMA. According to the analyst, both are bullish BTC signals. The uptrend of the 100-days EMA over the 200-days EMA will support a $25,000 run to target the elusive $30,000 target. However, BTC will need to stay above the 50-day EMA to avoid the 200-day EMA currently at $22,167 and a reversal of last week’s gains.
Popular altcoin ADA may retest June highs
Last week, Cardano (ADA) rose 14.41 percent to $0.5121. Contributing to the broader market rally, ADA rallied from Monday’s low of $0.4457 to Wednesday and July’s high of $0.5487. Tesla news has tested buyer demand. It dropped to $0.47 levels before recovering over the weekend. For ADA, news updates on the upcoming Vasil hard fork will continue to be the key driver. However, price volatility will increase before the Fed policy decision.
Looking at the trends, a break from the July high of 0.5487 could bring the June high of 0.6688 into the spotlight. Downside risks remain if developers announce a last-minute delay to this week’s fork or if the Fed raises 100 basis points. At the time of writing, ADA is down 1.50 percent to $0.5044. Looking at the EMAs and the 4-hour candlestick chart (below), this was a bullish signal. This morning, ADA settled above the 50-day EMA, which is currently at 0.4909.
The 50-days moved away from the 200-days EMA, the 100-days EMA narrowed to the 200-days EMA. According to the analyst, both are bullish ADA signals. A bullish break of the 100-days EMA over the 200-days EMA would support a run of $0.60 to target June high. However, ADA will need to stay above the 50-day EMA to avoid the 200-day EMA currently at $0.4845 and last week’s low of $0.4457.
Axie Infinity: What levels will the altcoin see?
Last week, Axie Infinity (AXS) rose 18.61 percent to $17.21. Finding support from the broader market, AXS surged from Monday’s low of $14.38 to Sunday’s July high of $18.83. Tesla news tested buyer demand on Wednesday and fell below $15 before rebounding over the weekend. Looking at the trends, a break from the July high of $18.83 could bring the June high of $23.92 into question.
Downside risks include announcing last-minute delays by ADA or ETH developers or a 100 basis point hike by the Fed. At the time of writing, AXS is down 1.22 percent to $17. Looking at the EMAs and the 4-hour candlestick chart (below), this was a bullish signal. This morning AXS settled above the 50-day EMA, currently at $16.16. 50-days pulled from 200-days EMA, 100-days EMA narrowed to 200-days EMA, both bullish AXS signals.
A bullish break of the 100-day EMA over the 200-day EMA would support a $20 run to target June high. However, AXS will need to stay above the 50-day EMA to avoid the 200-day EMA currently at $15.77 and last week’s low of $14.38.
What’s next for Ethereum (ETH)?
Last week, Ethereum rose 19.43 percent to $1,598. Supporting the broader market, ETH rallied from Monday’s low of $1,336 to Sunday and July’s high of $1,664. As Tesla news tested buyer demand, ETH avoided a significant turnaround as investors focused on the September Merge. For Ethereum, news updates about Merge will continue to be the key driver, according to the analyst. However, price volatility is expected to increase before the Fed’s policy decision.
Looking at the trends, a break from the July high of $1,664, the June high of $1,972 and $2,000 could indicate. Downside risks remain if the developers announce a delay to the September Merge or the Fed raises 100 basis points. Looking at the EMAs and the 4-hour candlestick, this was a bullish signal. This morning, ETH settled above the 50-day EMA, currently at $1,496.
50-days EMA pulled from 100-days EMA, 100-days EMA pulled from 200-days EMA, both are bullish ETH signals. Expanding the 50-day EMA from the 100-day EMA would support a $1,750 run to target the elusive $2,000 target. However, ETH will need to stay above the 50-day EMA to avoid the 100-day EMA currently at $1,400 and last week’s low of $1,336.
Next levels for Lido DAO (LDO)
Last week, LDO closed the week at $1,634, up a modest 0.49 percent after gaining 155 percent the previous week. A choppy start to the week saw LDO climb to $2,046 on Monday before dropping to $1,396 Tuesday’s low. However, finding midweek support, LDO revisited the $1.81 levels before pulling back on Sunday.
Progress towards ETH Merge continued to be the key driver for LDO and the wider market. While LDO may not see similar gains to ETH, the consolidation of the previous week’s breakout was significant. Away from specs and Merge news updates, Ether staking numbers will also provide direction. Stakes numbers will determine the correlation of ETH to LDO, which could leave LDO in the hands of Merge news updates.
Looking at the 4-hour chart and the EMAs, the signal was bullish. On Monday, LDO continued to stay away from the 50-day EMA, currently at $1,5050, to target a return to $2.00. The 50-day EMA has moved away from the 100-day EMA and the 100-day EMA has diverged from the 200-day EMA, both of which are positive LDO indicators. Further expansion of the 50-day EMA from the 100-day EMA would support a run of $2.00. However, a drop in the 50-day EMA would reveal levels below $1.40.
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