QNT climbed over 10% during today’s session, as RUNE and ALGO both rose by as much as 15% on Friday. This comes as cryptocurrency markets were trading nearly 4% higher as of writing this, as markets began preparing for the weekend’s action. Thorchain (RUNE) Thorchain (RUNE) was one of the biggest gainers on Friday, and […]
Enjin Coin price has seen three green days with a nice run-up. This move comes after ENJ bulls breached a declining trend line that subdued it since 25 November. The recent uptick in bullish momentum suggests that ENJ is leading the Metaverse coins like MANA or SAND. Metrics forecast more gains Enjin Coin price crashed […]
From its ATH, the king alt has been on a downslide over the last four months. However, the bulls finally breached this long-term bearish trend after their recent rally. Now, a fall below the $2,994-mark could pull the alt towards the 20 EMA support near the $2,800-level. Owing to the northbound direction of its near-term […]
Trading cryptocurrencies and turning your Bitcoins into money requires the ability to read crypto charts. For making good crypto trades you need to know Dow Theory and Japanese candlestick charts. Every historical price, volume, and time interval is available in cryptography. A chart is used to observe investment opportunities in a digital currency based on its past price movements. By reading cryptocurrency charts, investors can identify market trends and predict the future price movements of an asset. Cryptocurrency Chart Patterns Only a few chart patterns have stood the test of time. There is no “proven” chart pattern that works better than another, unlike less subjective analytical tools. Following are the chart patterns available. Price Channels Create a series of highs and lows by creating two ascending or descending parallel lines. Prices tend to bounce between these levels of support (lower) and resistance (higher). While most traders buy lower and sell higher, breakouts and breakdowns can be influential. Ascending & Descending Triangle One horizontal line connects highs or lows, and a second sloped line connects rising highs or falling lows. In a right triangle, the price tends to break out or break down from the horizontal line in the direction of the sloped line. Head & Shoulders The Head and Shoulders chart pattern is characterized by a temporary high or low, followed by a big move higher or lower, followed by an equal move higher or lower. It looks like a head with two shoulders that are either upside down (bullish) or right-side-up (bearish). Triple & Double Top & Bottom It is called a triple or double top and bottom chart pattern when the market bounces off the same resistance or support level two or three times in a row. Bullish signals are considered double bottoms, while bearish signals are considered double tops. Double and triple patterns both indicate that prices are about to reverse directions. Rising Wedge & Falling Wedge The slopes of the upper and lower lines of rising and falling wedges are the same (although they still converge). Rising and falling wedges are reversal patterns unlike ascending and descending triangles. Rising wedges are bearish while falling wedges are bullish. Candlestick Chart In cryptocurrency candlestick charts, time is shown on the horizontal axis, while private data is shown on the vertical axis. It’s important to note that candlesticks show whether the price movement of a market was positive or negative, and to what degree. Candlesticks consist of a body and wicks. The body of each candlestick represents the opening and closing prices, while the top wick represents how high or low the price of a cryptocurrency was during that period. Candlesticks provide users with a great deal of information through their simple structure. Candlestick patterns, for example, can be used to identify potential trend reversals. The bullish and bearish candlestick patterns should be recognized by cryptocurrency traders. Technical Analysis Statistical analysis refers to the study of trends gathered over time to determine how supply and demand affect a particular asset’s future price. Crypto market charts can help investors make informed decisions by letting them know when bullish and bearish movements will end. Bulls, the buyers of an asset, push the price up through bullish movements. It is the downward price movement caused by sellers or the bears. By analyzing price trends and patterns on charts, traders can find trading opportunities. Although crypto charts help monitor market movements, there are some caveats. To better understand technical analysis, one must be aware of the Dow Theory. Here are some key ideas: At the time of pricing, the market considers everything. Existing, prior, and upcoming details have already been accounted for in current asset prices. The crypto market is impacted by a number of variables, including current, past, and future demands and any regulations that may impact the market. Prices do not move at random. Most people follow trends, whether they are long-term or short-term. Analysts focus on the price of a coin rather than every single variable that influences its value. Dow Theory rests on six fundamental tenets: Markets move in three directions A market’s primary movement is called its primary movement. Market trends can last anywhere from a year to several years. They can be bullish or bearish. Medium swings refer to the second or intermediate movement of a market. A medium time frame is between ten days and three months. A medium swing is based on the primary price change. A short swing is a minor movement of the market. It is short-term speculation. Market trends have three phases During the accumulation phase, investors buy and sell the coin against the general perception of the market. In the public participation phase, also known as the absorption phase, the rest of the market follows knowledgeable investors. After the absorption … Continued
Ethereum rebounded during Thursday’s session to recapture the $3,000 level, climbing to a fresh one-month high in the process. This comes as BTC rose back above $43,000, hitting a 20-day high as a result. Bitcoin On Thursday, BTC rose to its highest level since March 3, as prices of the world’s largest cryptocurrency gained for…
Cardano soars as Coinbase added the staking rewards for the coin, and ADA is up by 13% on the day as we are reading further in today’s latest Cardano ADA news. The price of ADA as the native cryptocurrency of the blockchain of Cardano soars to a seven-week high of $1.13 which is a level […]
GALA bulls are upbeat, adding 11 percent in the previous week of trading against the USDT. The token could break above $0.27 and rally to February 2022 highs. Past Performance The GALA price remains in consolidation inside a bull flag considering gains over the past few months. GALA has been stable in the past 24 hours but is up 11 percent in the previous trading week. Overall, bulls are in a commanding position, sustaining prices inside the broader ascending wedge with clear support at $0.21 marked by March 16 lows. GALA Technical Analysis The path of least resistance is northwards based on the recent price performance. Technically, GALA prices are consolidating, trading inside a narrow $0.07 trade range with caps at $0.27 and $0.20 on the upper and lower ends. There has been confirmation of the bullish engulfing bar of March 16, suggesting strength. Aggressive traders can load the dip inside the March 16 trade range above $0.20 with targets at $0.27 and later $0.38—marking February 2022 highs. What to Expect Blockchain gaming and NFTs are finding widespread adoption—a fundamental factor supporting GALA bulls in the long haul. The immediate resistance level is at $0.27. However, if prices crash below $0.20, the token may drop towards 2022 lows of $0.17.