8 Apr 2022

Bitcoin, Luna, and Moonbeam Market Analysis from the past week.

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

BTC/BUSD Market

Overall, Bitcoin has had a very good last few weeks, rising from low $30k all the way to above $45k and signalling that the downtrend bear market might have come to an end. This move was particularly strong as it saw BTC bounce on the lower support level ($39k) before making a move towards its upper resistance, a level that it broke above pretty quickly suggesting it might have a break and retest of this significant level before moving further up. However, the way that last week closed and this week started suggests that this might not be the case, as Bitcoin price is seen pulling back towards the moving averages (both 20EMA and 50EMA) and currently is in the previous resistance area, turned support.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
On the weekly timeframe, we can see that Bitcoin today is currently sitting above the 20EMA and 50EMA, a really significant level, especially on high timeframes. This is a key level to hold, even more so as it currently sits on a major support level. After this pullback, if BTC manages to maintain above this level we could see a bounce and a continuation of the bullish trend, in what originally was thought as a break and retest of this level. However, if this level doesn't hold, it could be quite bearish for Bitcoin USD, which would very likely head back downwards towards the next significant support level around $39k. This would not be a great scenario at all, as the price retesting this lower support might end up dropping even further to the lower $30k. This will likely trigger a sell-off in many other cryptocurrencies, such as Ethereum, and likely result in the market losing a high amount of capitalisation.
BTC/BUSD 4H candles chart with supports and resistance
BTC/BUSD 4H candles chart with supports and resistance
On lower time frames, in particular, the daily and the 4h, Bitcoin price today looks a little more positive. Bitcoin drop would seem to have stopped on the lower bound of the support range and is making an attempt to bounce over this level. This level would seem to be significant as it also coincides with the 50EMA on the daily, suggesting a bounce would be more likely as well as significant. On the 4h however, it seems that BTC is still trying to consolidate a bottom as its prices are currently flirting with the 200EMA, another significant level in this timeframe. It would be really essential for Bitcoin to be able to stay above the $43k lower bound range of the support over the next few hours, as it would indicate that a bounce is likely to occur and that this sell-off might be temporary. At this moment it's risky to trade in either direction as the market is really unclear, and further immediate drops cannot be excluded. Similarly, a move upwards would only be significant if Btc managed to close above $45k.

Bitcoin prediction would suggest that this is a crucial moment for Bitcoin and its outlook over the next few months, regardless of the direction it takes over the next few hours. The first scenario would suggest that after this initial drop Btc will lateralise and slowly move back upwards. We will have confirmation of this only when the $45k range is broken. This would be a really bullish scenario and would see bitcoin heading back towards $52k by mid-2022. The second scenario, the bearish one, would suggest that the current support level of $43k fails to hold and we see BTC fall even further, initially to $38k and if this level doesn't hold, to low $30k-s. While it's hard to determine which of the two scenarios is going to occur, at the time both remain very likely to occur and are still in play.

LUNA/BUSD Market

Terra LUNA crypto has been one of the hottest coins throughout the last two years and it keeps on being, pushing for higher price levels regardless of the overall market showing uncertainty and drops in price levels. Terra is a protocol that uses fiat-pegged stablecoins to enable users to use a price-stable global payments system, by using its own Tether-like stable coin, UST (USDollar Terra). All of the transactions and stacking rewards of this blockchain can be monitored on the Terra station dashboard. Additionally, other applications add even more use cases to Terra, such as Anchor protocol, a lending and borrowing protocol that provides crypto investors with a stable high-interest rate, as well as Prism protocol, a decentralized exchange that allows earning Prism Tokens by holding Luna.
LUNA/BUSD weekly candles chart with supports and resistance
LUNA/BUSD weekly candles chart with supports and resistance
Over the last few weeks we saw many coins drop significantly as a consequence of Btc price also dropping, however, the same can't be said for Luna, which has continued its push into the all time high range and has reached a new level above $112. Just in late December 2021, Luna's price retraced back to the $43 support level, where it bounced on the 20EMA but never reached the 50EMA, before continuing its upward trend, breaching ATH of $100 by April and reaching the current price ceiling of $112, last week. What makes Luna even stronger is that it is really solid from a fundamental point of view, meaning that there is always more space for upwards move in price, due to its extensive amount of use-cases. On high timeframes, such as the weekly, Terra still looks really solid, as it continues to move upwards. It can't be excluded that prices in the short term might retrace, but as long as we see bounces on the 20EMA or 50EMA, it is likely to see the trend continue even further and new all time high prices being explored.
LUNA/BUSD 4H candles chart with supports and resistance
LUNA/BUSD 4H candles chart with supports and resistance
LUNA on lower time frames, such as the daily and the 4h trend, also looks really bullish. On the daily, we can also see a perfect correlation with its 20EMA level, where prices seem to be following this supporting line, and continuing to move upwards every time they touch this level. Similarly on the 4h where prices are bouncing on the 100EMA and other lower moving averages and continuing the bullish move. As long as the price action remains above these levels, it cant be excluded that the trend will continue and prices will move even further, regardless of the conditions of the overall market.

LUNA price prediction remains really bullish as until we see a breakdown in the fundamentals on the market trend, there is no reason to assume a change in trend. Prices have increased quite significantly over the last few weeks, so it can't be excluded that there might be a short term retracement. However, the overall trend on high time frames remains really positive and is likely to continue even further until proven otherwise.

GLMR/BUSD Market

Moonbeam, or GLMR coin, is an Ethereum-compatible smart contract para chain on Polkadot, that only recently launched on Binance. Moonbeam is a tool used by developers to build or deploy Solidity projects in a Substrate-based environment. Moonbeam is a specialized para chain that mirrors Ethereum's Web3 RPC, accounts, keys, subscriptions, and logs; extending additional features such as on-chain governance, staking, and cross-chain integrations. As Moonbeam is based on Polkadot's nominated proof-of-stake consensus mechanism, it allows users to stake GLMR and earn interest on it.
GLMR/BUSD weekly candles chart with supports and resistance
GLMR/BUSD weekly candles chart with supports and resistance
After launching in early January 2022, GLMR saw its price spike by hundreds of percent before dropping the next day. Following the days after the launch, GLMR price started to steadily decline, falling all the way close to the launch price only 2months later. After launch price increased to $16, a move that was short-lived as just a month later in early February, a new low of $4.6 was established. Following this we saw a couple of days of lateralise movement before the price fell even further, creating new lows below $2. This was followed by more lateralise movement, before the price actually spiked briefly, reaching nearly $6. It's still not clear whether this signals an upward trend, as community members online suggest that around mid-April the seed funding tokens unlock, and therefore, this 'artificial' pump was to create some false momentum before seed funds will be dumped. This is just speculation but cannot be excluded.

Not much information is available on high time frames for GLMR, such as the weekly, mainly due to the fact that the coin has not been in circulation for long enough. However, the daily timeframe can be considered its highest time frame at the moment, and some market trends can already be seen. Overall, GLMR coin does not look good, having just steadily declined and not yet found a significant floor level. However, the recent bounce in price could end up being significant, as it could be signalling the formation of a bottom. Price has currently broken back above the $3.50 level, and as long as it keeps above, it could be likely to move back further upwards. Currently, its bounce is fuelled also by the fact that the price is above both the 20EMA and the 50EMA, making this move somewhat more significant. After the short correction that its price is seeing, it would be positive to see the continuation of the upwards move towards the $5 resistance level, and consequently see the level be breached.
GLMR/BUSD 4H candles chart with supports and resistance
GLMR/BUSD 4H candles chart with supports and resistance
On the 4h timeframe, GLMR also seems positive as we saw an initial price increase, followed by a bounce on the 100EMA. It will be interesting to see if this level holds as it would then most likely see the price move back upwards. However, if this level fails to hold it's likely to see prices test the lower support level around $3.50.

GLMR price prediction would suggest if Moonbeam manages to remain above the 20EMA and 50EMA, it will more likely continue its upward movement. It would be likely to see a bounce after a lateralise move that would probably push prices towards the $5 resistance level and above it. However, if this level doesn't hold, it's likely to see prices drop back down and likely test the $2.2 support level. This would be really bad as it could cause a drop even further below this level, into a price exploration trying to find a new price floor.
BTC/BUSD, LUNA/BUSD, and GLMR/BUSD are available for trading on BmyBit.com dApp, together with hundreds of different market pairs.

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Author: Matteo Poole
info@yanda.io