Traders Should Look Out for BTC, MATIC, THETA, CRO and LEO This Week
If the price of Bitcoin remains above $30,000 this week, the MATIC, THETA, CRO and LEO cryptocurrencies may grow.
Bitcoin bulls have been able to hold the rate at $30,000 in the past few days. But Ecoinometrics believes that the current correction in the course is repeating the scenario of 2013 when Bitcoin took 197 days to establish a new all-time high, and the bottom formed after a 69% correction from that high.
Since Bitcoin only fell 54% from its all-time high at $30,000, a 69% correction like it did in 2013 could bring its value down to $20,000.
How will the Bitcoin exchange rate affect MATIC, THETA, CRO and LEO?
Since the beginning of the week, the bears have been trying hard to push the Bitcoin rate below the $31,000 level. If successful, the BTC/USDT pair could drop to the next support at $28,000.
If the $31,000 to $28,000 zone splits in the coming days, market sentiment will deteriorate and could trigger an increase in sales and a drop to $20,000.
But if the bulls not only hold but push the price above $34,925, it could increase the likelihood of a break above $36,670.
Over the past few days, the price of MATIC has fluctuated between $0.74 and $0.68. The bulls are likely to aggressively defend this area.
The first resistance for the growth of the MATIC rate is the level of 1 US dollar. If the price turns down and breaks the support zone, the MATIC/USDT pair may fall first to $0.54 and then to $0.34.
But if the bulls bring the price above $1, the pair could rise to $1.26, and in the long term even to $1.71.
The THETA rate has been in a downtrend since reaching a peak at $15.88 on April 16. So far, strong support has been established at $4.57–3.85.
But the growth of the exchange rate may resume, the obstacle to which is still the resistance at the level of 5.68 dollars.
If the price reverses down from this level, the bears will try again to lower the THETA/USDT pair below the support zone. A break below $3.85 would mark the start of a new downtrend that could reach the $2.60 level. But if the bulls raise the price above $5.68, a trend change is possible.
Crypto.com Coin (CRO) has been trading in a range of $0.14 to $0.08 over the past few days.
At the time of writing, both moving averages have levelled off and the RSI is just below the midpoint, indicating a balance between supply and demand. If the price falls below $0.10, the pair could slide towards $0.08.
But if the bulls push and hold the price above the moving averages, the CRO/USDT pair could rise to the upside resistance zone of $0.13 to $0.14.
The Unus Sed Leo (LEO) has traded in a range of $2.03 to $2.95 over the past few days. It looks like the bulls are not taking profit and are looking for a breakout.
Both moving averages turned up and the RSI is above 63. If the bulls keep the price above $2.96, the LEO/USD pair could start on its way to the next resistance at $3.32.
But if the price turns down from the current level and falls below the 20-day EMA of $2.78, the bulls may abandon the breakout and start fixing their profits. This could bring the price down to $2.59.