18 Mar 2022

Bitcoin, Chiliz and Origin Protocol Market Analysis from the past week.

Market Analysis from the last week of the most influent markets in the cryptocurrency world.

BTC/BUSD Market

Over the last few weeks, there has been a lot of uncertainty surrounding global markets, mainly due to the current war in Russia, and the sanctions that several countries are imposing on Russia. It has been feared that this could fuel a chain reaction on a global scale if Russia in fact were to default on its debt. Surprisingly, Bitcoin, Ethereum, and crypto, in general, do not seem to have been majorly affected by these events. Initially, it was expected that this global turmoil would positively affect the crypto sphere, but currently, a correlation seems to be unlikely.

Bitcoin price today seems to have continued its pattern of uncertainty over the last few weeks, in what looks to be a sideways move, signaling investors' uncertainty in predicting its price over the next few months. On lower time frames, Btc has been bouncing quite consistently between the support level $37.8-40k and the resistance level of $43-45k, in a move that seems to be converging around the moving average on lower time frames. This could certainly be a positive signal, as Bitcoin has been falling for several months, and an accumulation phase, with prices making small high-lows but holding a certain support level, could forecast upwards movement in the following weeks.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
On higher time frames the uncertainty of Bitcoin USD price can be even more clear, as we can see the $43-45k resistance range, which also coincides with the current 20EMA and 50EMA, getting rejected almost every week. This seems to be followed by a retest of the lower support, which has seemed to hold strongly every time. We can also notice how the 100EMA is slowly rising, likely to eventually converge with the $38k price level. With all the moving averages converging and prices lateralizing, the current support level is getting stronger and more likely to hold. It cannot be excluded an upwards movement following the current sideways one.

Bitcoin price prediction would suggest a positive outlook for Bitcoin and the rest of the crypto market. It is currently unclear whether the current situation will be at play for several weeks or for months, but some positivity can be seen in the current price action. As several weeks go past and BTC is still holding the $38k support, it's signaling that many investors are ready and willing to enter at that price. It cannot be excluded a drop to a lower level but based on the historical data, it does not seem very likely. However, what seems to be more likely at play, is a few more weeks of lateral movement, before a bounce in prices upwards, trying to test the $45k range. If this level is broken, a change in trend could be seen and it is likely that BTC will move towards higher prices.

Relevant BTC News

In recent news, the newly elected South Korean president vows for a crypto push. The new president Yoon Suk-yeol , elected on the 14th of March, has expressed his approval and support in favor of the crypto. Yook plans to make a u-turn for crypto in South Korea, once a leader in the crypto world, that for years had taken a step back in a not-so-friendly approach towards cryptocurrencies. This could be extremely positive news for Bitcoin, which has already seen its price increase by over 2% since president Suk-yeol has been elected.

CHZ/BUSD Market

In recent months, a blockchain project called Chiliz crypto has gained popularity. Chiliz is a digital currency for blockchain-backed products & services aimed towards mainstream consumers. It operates the blockchain-based sports entertainment platform Socios.com, which enables users to participate in the governance of their favorite sports brands, for example, sports clubs and associations can release their own Fan token as a way to share ownership or to offer a way of connecting with their fans and unlocking new revenue streams. Chiliz has developed partnerships with some of the biggest sporting institutions in the world to develop the team's own Football fan token: FC Barcelona, Manchester City, Juventus Turin, and PSG.

Chiliz token (CHZ) has not been performing as many expected lately, with prices seeing a steady decline over the last few months. When CHZ first launched, at around $0.51, prices increased by over 100% over the first week, a move that didn't last long as prices crashed in the following weeks all the way down to below $0.18. This was followed by a subsequent rise in prices back to the strongest resistance level of $0.65, the same level where the first weekly candle had eventually closed at. Following this, prices retraced again to the lowest levels, once again going as low as $0.18, where they currently sit. Overall on these higher time frames, CHZ does not look really positive and looks like it is either in a consolidation phase or risking falling lower, to prices below historical lows.
CHZ/BUSD weekly candles chart with supports and resistance
CHZ/BUSD weekly candles chart with supports and resistance
On lower time frames (daily) prices levels seem to look a little bit better. We can see a bounce on the lower support level around $.018 twice, a move that could signal the formation of a double bottom. This move would be extremely positive for Chiliz price and could signal a trend reversal, seeing prices moving back higher towards previous resistance levels. For this to occur, the low time-frame resistance level of $0.25 needs to be broken first and prices need to consolidate above this level. However, if prices fail to regain the $0.25 level, and fall back to the support level, the third re-test of this level might not hold, and prices might fall into a price discovery towards lower resistance levels.

Chiliz (CHZ) news

In recent news about Chiliz, Socios has been accused of crypto price manipulation. The company owning CHZ and the Chilliz exchange, has been accused of withholding payments in order to maintain the price of Chiliz. It has been reported that CHZ CEO failed to pay some of his advisors an agreed-upon share of Chiliz in exchange for endorsing the cryptocurrency. It has been speculated that the reason for this is to avoid the price of the coin tasks even further, making the project as a whole questionable and damaging the future of the company. The CEO denied the accusation, but the markets do not seem to have reacted in a positive way to the news, as can be seen in the price action of the coin.

OGN/BUSD Market

Origin Protocol is a new crypto project whose aim is to bring (OGN) NFTs and DeFi to the masses. Their main products are Origin Story, a platform with numerous high-profile Origin protocol NFT drops, and Origin Dollar (OUSD), the first stablecoin that earns a yield automatically in users' wallets. The governance token used on their platforms is OGN coin. Origin was originally founded in 2017 by successful Silicon Valley entrepreneurs and has a team of experienced engineers from iconic tech companies like YouTube, Google, PayPal, and DropBox.

Since its launch in September 2021, Origin (OGN crypto) has struggled to gain some positive momentum, and this has been reflected in its price action. As we can see on higher time frames, after launch OGN saw its prices rising from $1.15 all the way above $1.40, marking an increase of 20%. This didn't last long and the following week prices fell below launch prices all the way to $0.72, before stabilizing around this level. The following move saw the OGN crypto try to regain the upper resistance level, in particular the $1.40, but failed to hold and fell below this level once again. Subsequently, prices tested the lower support and failed to hold, falling to even lower support of $0.54, before falling further to an even lower level around $0.26. This is currently the lowest support level and prices seem to have consolidated above it and are pushing back up. This has caused the crypto to fall several places in the ranking of OGN market cap related to the overall crypto market.
OGN/BUSD weekly candles chart with supports and resistance
OGN/USDT weekly candles chart with supports and resistance
Origin protocol has looked better on lower time frames (daily) and seems to have formed somewhat of a bottom around the $0.27 support level. This level was originally reached in early January before the prices touched it again in early March, consolidating above it and making a bounce on the daily chart. In the last few days, we can see strong correlations on lower time frames with the moving average levels, with prices mostly holding below the 20EMA and 50EMA before breaking above them last week, and pushing towards the 100EMA, in a move that seems really bullish for the coin. This level has currently been rejected, but if prices manage to hold around this level and move above it, it could be really positive for the crypto and we could see more upper momentum to follow in the next few days.

OGN price prediction suggests a positive outlook for Origin protocol over the next few weeks. Just a few days ago the outlook was not so positive and many feared lower prices could be reached. However, with recent price action, the momentum has changed and things are looking much better for the crypto. If prices manage to hold over the $0.45 level, it's likely to see the momentum change, and a potential move towards higher resistances becomes less likely. This would be essential to confirm the current bottom and for prices to push higher, potentially igniting the next bull run for the coin.
BTC/BUSD, CHZ/BUSD, and OGN/BUSD are available for trading on yanda.io dApp, together with hundreds of different market pairs.

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Author: Matteo Poole
info@yanda.io