On Monday, Visa announced that it had launched a pilot program with Crypto.com to allow its partners to settle fiat transactions by sending stablecoin USD Coin (USDC) to Visa’s Ethereum address at digital bank Anchorage. This step from Visa shows that legacy finance companies are increasing their adoption of cryptocurrencies.
According to a PwC report reviewed by Bloomberg, cryptocurrency mergers and acquisitions soared to $ 1.1 billion in 2020 compared to $ 481 million in 2019.The rise in these deals is likely to exceed 2020 figures on each metric with the arrival of large investors and institutions. players according to PwC’s global crypto leader Henri Arslanian.
Daily performance of the cryptocurrency market. Source: Coin360
Several investors who had previously been critical of cryptocurrencies are gradually taking the plunge. The latest to join is Norwegian billionaire investor Øystein Stray Spetalen, who went from a Bitcoin (BTC) basher to a cryptocurrency adopter in a month. Spetalen recently announced that it has joined the board of directors of Norway’s leading national crypto exchange, MiraiEx, and has also purchased an undisclosed amount of Bitcoin.
The arrival of new investors has increased the demand, while the HODLers who remain firm with their stakes have reduced the supply. Could this result in the resumption of the uptrend? Let’s take a look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin has broken out of the resistance line of the descending channel. If the bulls can sustain the price above the channel, it improves the outlook for a retest of the all-time high at $ 61,825.84.
BTC / USDT daily chart. Source: TradingView
The 20-day exponential moving average ($ 55,090) has started to appear and the Relative Strength Index (RSI) has risen above 59, indicating that the bulls have the upper hand. A breakout and close above $ 61,825.84 could open the doors for a rally to $ 69,279 and then $ 79,566.
However, bears are unlikely to give up easily. They are likely to pose a stiff challenge at $ 61,825.84. If the BTC / USD pair turns down from this level but remains above the 20-day EMA, it will suggest that the sentiment remains bullish as traders are buying the dips.
A break below the 50-day simple moving average ($ 52,376) will be the first sign that the bears are returning.
ETH / USDT
Ether (ETH) continues to trade within the symmetrical triangle, which generally acts as a continuation pattern. The bulls have pushed the price above the moving averages today, indicating a strong buying at lower levels.
ETH / USDT daily chart. Source: TradingView
Buyers will now try to push the price above the downtrend line of the triangle. If they manage to do that, the ETH / USD pair could move up to $ 2,040.77 and then to the pattern’s target at $ 2,618.14.
Conversely, if the price falls from the downtrend line, the pair could extend its stay within the triangle for a few more days.
The indicators are giving a mixed signal. While the flat moving averages suggest a few more days of action inside the triangle, the RSI above 57 suggests that momentum is picking up in favor of the bulls.
BNB / USDT
The bulls pushed Binance Coin (BNB) above the downtrend line on March 27. The 20-day EMA ($ 256) has started to appear and the RSI is in positive territory, which suggests that the bulls are trying to gain the upper hand.
BNB / USDT daily chart. Source: TradingView
There is minor resistance at $ 280, but the bulls are likely to push the price above it. If they do, the BNB / USD pair could rise to $ 309.50, where the bears can mount stiff resistance. If the price drops from this resistance, the pair may spend a few more days in consolidation.
Conversely, if the bulls can push the price above $ 309.50, a retest of the all-time high at $ 348.69 is possible. A breakout of this resistance will suggest the resumption of the uptrend, which has a target of $ 430.
ADA / USDT
Cardano (ADA) continues to consolidate in the range of $ 1.03 to $ 1.48. The bulls have held the price above the 20-day EMA ($ 1.15) for the past three days, which is a positive sign.
ADA / USDT daily chart. Source: TradingView
The 20-day EMA is gradually increasing and the RSI is in positive territory, indicating a small advantage for the bulls. If the bulls can push the price above $ 1.30, the ADA / USD pair could rally to $ 1.48. A breakout of this resistance could initiate the next leg of the uptrend which can hit $ 2.
This positive view will be reversed if the price turns down and breaks below the $ 1.03 support. Such a move could open the doors for a drop to $ 0.80.
DOT / USDT
The Polkadot (DOT) bounce from the $ 26.50 support has risen above the 20-day EMA ($ 34) today. This suggests that the bulls have dominated the bears and will now try to bring the price to the downtrend line.
DOT / USDT daily chart. Source: TradingView
If the bulls can carry the price above the downtrend line, the DOT / USD pair can retest the all-time high at $ 42.28. A breakout of this resistance could open the doors for a rally to $ 53.50.
On the other hand, if the price turns down from the downtrend line, the pair could remain stuck within the $ 26.50 to $ 40 range for a few more days. A breakout and close below $ 26.50 could initiate a deeper correction.
XRP / USDT
XRP formed an internal daylight candlestick pattern on March 27 and a Doji candle formation on March 28, both indicating indecision between the bulls and bears. Today, the bulls are trying to resolve the uncertainty in their favor.
XRP / USDT daily chart. Source: TradingView
If the bulls can propel the price above $ 0.58, the XRP / USD pair could rally to $ 0.65. There is minor resistance at $ 0.60, but it is likely to be crossed. The ascending moving averages and the RSI above 61 suggest that the bulls have the upper hand.
The pair is likely to pick up momentum after breaking above the $ 0.65 resistance. Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, a drop to $ 0.42 is possible.
UNI / USDT
The bulls faced stiff resistance at the 20-day EMA ($ 29.31) on March 27 and 28, but the positive was that they did not allow the price to fall below the 50-day SMA ($ 26.91). . Today, the bulls try again to push Uniswap (UNI) above the 20-day EMA.
UNI / USDT daily chart. Source: TradingView
If buyers can sustain the price above the 20-day EMA, it will suggest that the recent break below $ 27.97 on March 24 was a bearish trap. The UNI / USD pair could then gradually move up to the overhead resistance at $ 35.20.
A break out of the overhead resistance zone of $ 35.20 to $ 36.80 could start the next stage of the uptrend. Alternatively, a break below $ 25.52 may signal the start of a deeper correction. Until then, volatile trading within the range is likely to continue.
THETA / USDT
THETA is consolidating between $ 14.96 and 10.35. In an uptrend, when the correction stops at the 38.2% Fib retracement level, it shows that traders are not rushing to the exit, but rather buying on dips.
THETA / USDT daily chart. Source: TradingView
The ascending moving averages and the RSI in the overbought zone suggest that the path of least resistance is to the upside. If the bulls can propel the price above $ 14.96, the THETA / USD pair can start its journey towards $ 19.
Conversely, if the price falls below $ 14.96, the pair can extend its stay within the range. The bears will have to sink the price below the 20-day EMA ($ 9.81) to gain the upper hand.
LTC / USDT
Litecoin (LTC) broke below the symmetrical triangle on March 24, but the bears were unable to capitalize on this advantage. The bulls pushed the price back into the triangle on March 26 and this could have caught several aggressive bears.
LTC / USDT daily chart. Source: TradingView
After defending the triangle trend line on March 27 and 28, the bulls have pushed the price above the 20-day EMA ($ 190.68) today. The price could now move up to the resistance line of the triangle where the bulls are likely to face strong resistance from the bears.
If the price turns down from the resistance line, the LTC / USD pair could extend its stay inside the triangle for a few more days.
However, if the bulls carry the price above the triangle, the pair can rise to $ 246.96 and then to the pattern’s target of $ 309. This bullish view will be invalidated if the price turns down and falls below $ 168.
LINK / USDT
Chainlink (LINK) remains stuck in a range between $ 24 and $ 32. The bounce from the range support has reached the 50-day SMA ($ 29) where the bears may offer some resistance.
LINK / USDT daily chart. Source: TradingView
The flat moving averages and the RSI just above the midpoint do not project a clear advantage for either the bulls or the bears. The indicators suggest the continuation of the limited range action for a few more days.
If the LINK / USD pair turns down from the 50-day SMA, the bears will make another attempt to sink the price below $ 24. If successful, the pair may drop to $ 20.11 and then to $ 18.
On the other hand, if the bulls can carry the price above the moving averages, the pair can rise to $ 32. A break above this level will increase the possibility of the uptrend resuming.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision.
Market data is provided by the HitBTC exchange.