The total capital market capitalization reached the significant milestone of $ 2 trillion on April 5th. As cryptocurrencies increase in value, they are likely to attract further investment from institutional investors because they can no longer afford to neglect them.
Less than three months ago, the crypto market reached the $ 1 trillion in market capitalization for the first time ever. This growth rate shows that investors are very positive about the potential of the sector and that those who delay their investment decisions may need to enter at much higher levels.
Arkie’s founder and CEO, Cathie Wood, is known for identifying disruptive technologies, and the firm supports Bitcoin (BTC) to do so. Yassine Elmandjra, a crypto-asset analyst at Ark, said that Bitcoin is ‘100 times better’ than gold, and therefore he believes that Bitcoin will increase tenfold from the current market capitalization of $ 1 trillion to match gold’s $ 10 trillion market capitalization.
For Bitcoin to continue its northward journey, the institutions must continue to pump money into it. Target Bitcoin ETF, the first licensed Bitcoin exchange traded fund (ETF) launched two months ago, and currently owns 16,462 BTC.
If a Bitcoin ETF gets the approval of the regulators in the United States, it can attract large investments, which will dwarf the inflow to the Target Bitcoin ETF.
The crypto story has expanded beyond Bitcoin. Data from industry analytics firm CB Insights showed that cryptos and blockchain technology-oriented startups received $ 2.6 billion in funding in the first quarter of 2021. This is much higher than the total funding of $ 2.3 billion received in 2020 , which indicates the growing interest in the sector.
The question of most investors is therefore whether the crypto market will be able to maintain its current momentum. Let’s examine the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin today jumped the exponential moving average of 20 days ($ 56,750), indicating that sentiment remains positive and buys the bulls at every small dive.
Buyers will now try to push the price above the $ 60,000 to $ 61,825.84 above resistance zone. If they succeed, it could open the doors for a rally to $ 69,540 and then $ 79,566.
The bears are unlikely to give up easily. They will try again to stop the rally in the resistance zone. If this happens, the possibility of a 20-day EMA interruption increases.
This could lead to a drop in critical support at the simple moving average of 50 days ($ 53,978). If the bears drop the price below the 50-day SMA, the pair could drop to $ 50,460.02 after the next support.
ETH / USDT
Ether (ETH) reached a new high of $ 2,144.59 on April 2, but the bulls could not continue on this step as the bears sold aggressively and the price on April 3 to $ 2,040.77 below the outbreak level withdrawn.
Since then, the bulls and bears have been fighting it for $ 2,040.77. While the bulls try to support this level, the bears try to pull the price down and catch the bulls.
The rising EMA of 20 days ($ 1,872) and the relative strength index (RSI) above 65 indicate that the bulls have the upper hand. If buyers manage to push the price above $ 2,144.59, the ETH / USDT pair could start the next leg of the uptrend that could reach $ 2,618.14.
Contrary to this assumption, if the bears pull the price below $ 1,977, the pair could drop to the 20-day EMA. A break below this level indicates that the strong momentum has weakened and could lead to a decline in the trend line.
BNB / USDT
Binance Coin (BNB) today cleared the box resistance zone from $ 348.69 to $ 356.98 and set a new all-time record. When an asset class reaches a new record, it is a sign of strength, as it shows that traders are buying at higher levels, as they expect the rally to stretch further.
Both moving averages are down and the RSI has risen in the overbought area, indicating that the path of least resistance is upside down. The BNB / USDT pair can now reach their target at $ 400 and then $ 430.
This positive view will be invalid if the price reverses the direction and breaks below the 20-day EMA ($ 297). Such a move suggests that traders are aggressively discussing profits at higher levels and supply is greater than demand.
This could bring the price down to the 50-day SMA ($ 258), and a shrinkage below this support could increase the drop to $ 220.
DOT / USDT
The bears tried to catch the bulls on April 3, seen from the long fuse on the chandelier of the day. However, the bulls were not ready to give up their advantage and they pushed Polkadot (DOT) above $ 42.28 again on April 4.
There is a tough struggle between the bulls and the bears near the $ 42.28 level. Buyers are trying to reverse this level to support and start the next phase of the uptrend, which could reach $ 53.50.
The 20-day rising EMA ($ 37.30) and the RSI near the overbought area suggest the least resistance to the upside path.
This positive view will be invalid if the bears can withdraw the price below $ 40. If that happens, the ADA / USDT pair could drop to the moving averages and a break below the 50-day SMA ($ 35.34) could initiate a deeper correction to $ 26.50.
ADA / USDT
Cardano (ADA) has been trading near the 20-day ($ 1.17) EMA for the past few days. The bulls’ attempts to start an upward movement on 2 and 3 April did not find buyers at higher levels, seen from the long fuse on the chandeliers.
Usually, each low volatility phase is followed by a sharp increase in volatility, but it is difficult to predict the direction of the breakthrough. Therefore, it is better to wait until the breakthrough before starting any transactions.
If the bulls can push the price above $ 1.30 and sustain it, the ADA / USDT pair could challenge the stiff resistance at $ 1.48. This is the third attempt to remove the overhead resistor, and therefore the possibility of a break above it is high. The next target is $ 2.
On the other hand, if the indecision settles the downside, the Bears will try to lower the price below $ 1.03 and start a deeper correction to $ 0.80 and then $ 0.70.
XRP / USDT
XRP broke above the tight overhead resistance at $ 0.65 today, completing an inverted head and shoulders pattern. The altcoin picked up momentum and cleared the low resistance at $ 0.75 and $ 0.78.
The sharp pace of the protest suggests that several bears may have been caught off guard, leading to a massive short-range pressure. This offers the possibility for a rally to the pattern target at $ 1.11.
The rising EMA of 20 days ($ 0.57) and the RSI above 80 indicate that the bulls are back in command.
However, the XRP / USDT pair cannot rise directly to the target target as short-term traders can book profits after the sharp march today. This may reduce the price to the support zone from $ 0.75 to $ 0.65.
The strength of the setback of this support zone will give better insight into the next game.
UNI / USDT
Uniswap (UNI) rose above the 20-day EMA ($ 29.52) on April 2, but the Bears did not allow the price to run away. They sell at higher levels and pull the price back to the 20-day EMA on April 3rd.
The positive sign is that the bulls have successfully held the 20-day EMA for the past three days. If the bulls can hit the price above $ 32.50, the UNI / USDT pair may resist up to $ 35.20 to $ 36.80.
The levels of 20-day EMA and the RSI below 56 indicate a lack of strong momentum in favor of the bulls. This may keep the pair for a few more days. The next trending move could start with a break above $ 36.80 or a break below $ 25.52.
LTC / USDT
Litecoin (LTC) broke out of the resistance line of the symmetrical triangle on April 3, but the bulls could not maintain the higher levels. The altcoin quickly turned from direction and sank back into the triangle.
The positive sign, however, is that the buyers did not allow the price to break below the moving averages. This shows that the bulls are accumulating on declines. They will try again to maintain the price above the triangle.
If they succeed, the LTC / USDT pair could rise to $ 230 and then to $ 246.96. Above this level, the pair may rise to $ 307.42 to the pattern target.
Conversely, if the price falls again from the resistance line, the possibility of a break below the moving averages increases. If this happens, the pair may drop to the support line of the triangle.
SWITCH / USDT
Chainlink (LINK) broke above the $ 32 resistance on April 2, but the bulls could not build on this outbreak, and the Bears withdrew the price in the series on April 3. This suggests that the bear is aggressively defending the $ 32 resistance.
However, the strong setback of the 20-day EMA ($ 29) on April 4 shows that the bulls are buying the declines. The bulls will now try to push the price above the resistance zone from $ 32 to $ 33.17.
If they can achieve that, the LINK / USDT pair could test the everyday high at $ 36.93. If this level is also conquered, the rally can stretch up to $ 40.
On the contrary, if the price falls again from the overhead resistance zone and falls below the moving averages, it would suggest that the series-bound action could continue for a few more days.
THETA / USDT
THETA has been sitting within the $ 10.35 to $ 14 range for the past few days. The bears are trying to lower the price in support of the range, but the bulls have not allowed the altcoin to fall below $ 11.20.
The 20-day EMA ($ 10.81) is gradually flattening and the RSI has fallen below 61, indicating a possible series-bound action in the next few days.
Contrary to this assumption, the THETA / USDT pair could rise to $ 14 if the bulls could bring the price above $ 12.58. The outbreak of this resistance is the first sign that bulls have the upper hand.
However, if the pair goes down from the current level and falls below $ 11.20, a drop to $ 10.35 is possible. A break below this support could increase sales.
The views and opinions expressed here are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risk. You must do your own research when making a decision.
Market data is provided by HitBTC exchange.