Top 5 Cryptocurrencies: BTC, UNI, THETA, VET, LUNA | Empirex Capital
 

Top 5 Cryptocurrencies: BTC, UNI, THETA, VET, LUNA


Bitcoin’s (BTC) fundamentals received a boost as the U.S. Senate passed the $1.9 trillion stimulus bill on March 7. If traders react to this bill in the same way as they had done to the first stimulus package in April 2020, then the crypto markets may witness a strong rally. The stimulus package also intensifies the focus on the devaluation of the U.S. dollar. These concerns could lead some investors to park their money in hard assets or Bitcoin instead of keeping them in fiat currencies, according to veteran trader Peter Brandt. In addition to investors, a growing number of listed companies are choosing to protect their fiat reserves by buying Bitcoin. After the high-profile purchases by MicroStrategy, Tesla, and Square, a Chinese listed company called Meitu revealed that it had acquired $40 million worth of Bitcoin and Ether. If other companies across the world also follow this lead and invest a portion of their treasury reserves in Bitcoin, that could create a massive supply and demand imbalance, sending prices through the roof

Let’s study the charts of the top-5 cryptocurrencies that may resume their uptrend in the short term. -BTC/USD Bitcoin dipped below the 20-day exponential moving average ($48,484) on March 5 and March 6 but the long tail on each candlestick shows buyers are ready to jump in at lower levels. The bulls have currently pushed the price toward the $52,040 overhead resistance. -UNI/USD After consolidating near $29 for three days, Uniswap (UNI) has broken out of the overhead resistance today. If the bulls can sustain the price above $29, it will enhance the prospects of the resumption of the uptrend. -THETA/USD THETA is in a strong uptrend. Although the altcoin turned down on March 7, the long tail on the March 8 candlestick shows buying at lower levels. Corrections in a strong uptrend generally last for one to three days after which the main trend resumes. -VET/USD VeChain (VET) is currently stuck in a large range between $0.0345 and $0.060774. The price had reached the resistance of the range, but the long wick on today’s candlestick shows profit-booking near $0.060774. -LUNA/USD Terra (LUNA) is currently consolidating in a large range between $5 and $8.50 for the past few days. Both moving averages are sloping up and the RSI is near the overbought territory indicating the path of least resistance is to the upside

Created on 10th Mar 2021

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