How Will Bitcoin Rate Affect ADA, THETA, XMR and AMP?
In the coming days, if the price of Bitcoin stays in the current range, ADA, THETA, XMR and AMP may jump.
On June 18, following a statement by the President of the United States Federal Reserve Bank in St. Louis, James Bullard, to raise the interest rate by the end of 2022, Bitcoin and other financial assets plummeted in value.
After that, analysts were divided in their predictions about the future movement of Bitcoin.
Josh Rager believes the $ 64,500 price tag was the peak for Bitcoin. And Robert Kiyosaki, author of Rich Dad Poor Dad, believes cryptocurrency could still plummet to $ 24,000.
But the PlanB analyst predicts that Bitcoin will both raise the rate to $ 450,000 and a lower limit of $ 135,000 by the end of 2021.
Other analysts indicated that long-term holders have been buying Bitcoins in the past few days.
Over the course of several weeks, Bitcoin’s price ranged from $ 31,000 to $ 42,451.67. And on June 18, the bears pushed the price below the 20-day exponential moving average of $ 37,439.
Now sellers will try to push the price down to support the $ 31,000 range. The 20-day EMA has started to turn down and the relative strength index (RSI) below 41 suggests that the bears have an edge.
However, on May 23 and June 8, the BTC/USDT pair bounced off $ 31,000 in the previous two cases. This means that the bulls will try to defend this level again. If successful, the couple can extend their stay within the range for a few more days.
Conversely, if the bears drop below $ 31,000, the pair could drop to $ 28,000 and then to $ 20,000. Such a movement may delay the start of the next stage of the uptrend.
Cardano (ADA) has traded between $ 1.33 and $ 1.94 over the past few days. The rebound from June 12 support ended at the 20-day EMA ($ 1.52) on June 15.
Now the bears will try to push the price below the support zone of $ 1.33-1.24. If they succeed, the ADA / USDT pair could fall to critical support at the $ 1 level. The downtrend 20-day EMA and the RSI below 42 indicate that the bears are in control.
However, if the bulls defend the support zone, there will be demand at lower levels. This could keep the pair in range for a few more days. A break to $ 1.94 would indicate that the bulls are back in power.
The THETA trading market also features bear and bull fights. On June 17, THETA took off from the bulls, but failed to break the $ 10.47 barrier.
On June 21, the price dropped below the 20-day EMA ($ 8.65). This means that the short-term trend has changed in favor of the bears. However, the bulls will try to stem the fall at $ 7.33.
If the price bounces off this support and rises above the moving averages, it will indicate strong demand at lower levels. Buyers will then make another attempt to break the $ 10.47 barrier. If successful, the THETA/USDT pair could start rising to $ 13.20.
On June 19, Monero (XMR) deviated from the downtrend line. This means that the bears will now try to push the price down to $ 225. This is something to beware of as bulls have defended this level on several occasions over the past few days.
If the price bounces off $ 225, buyers will make another attempt to raise the price above the downtrend line. Thus, the XMR/USDT pair could challenge the 50-day SMA ($ 312) and then rally to $ 347.
But if the bears push the price below the $ 225 support, the pair will complete the descending triangle pattern. This could lead to further sales and lead to a drop first to $ 175, and then to $ 124.69.
On June 14, Amp broke the upper resistance at $ 0.076 and hit an all-time high at $ 0.12 on June 16. However, on June 17, it fell again to $ 0.076.
If sentiment remains positive and the $ 0.076 level lasts long enough, traders will be able to save up on the downturns. Then they will try to bring the rate to the all-time high of $ 0.12. Then the AMP/USDT pair could rise to $ 0.185.
But if the bears push the price below $ 0.076, the pair could fall to the 20-day EMA ($ 0.07). This level can also be a strong support. But if support fails, the pair could drop to the 50-day moving average ($ 0.05).