14 Apr 2022

Bitcoin, Near, and Stepn Market Analysis from the past week.

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

BTC/BUSD Market

Bitcoin has had a tough last few weeks, failing to continue what seemed to be an upwards trend and instead of getting rejected and falling below major resistance. Just a couple of weeks ago when BTC broke above the $45k resistance level, it seems that the crypto was heading all the way towards the next resistance, at around $51.8k. However, the upwards movement seems to have lost some momentum and the move was short-lived, reversing just above a significant area of interest and potentially just being a fake-out move. What seemed to give more validity to the move was that the prices moved steadily above both the 20EMA and the 50EMA, ignoring these levels and pushing above. This did not seem to be the case when prices came back down and failed to use these levels as significant supports on which to bounce.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
On the weekly time frame, Bitcoin today does not look great, especially after failing to maintain its price above the broken support now turned to resistance. To make things worse, prices seem to be unresponsive to the moving averages, after failing to hold above them and dropping below the 20EMA and the 50EMA. Currently, we can notice that prices are heading back to the next area of interest, being the $40k support area. This will be a particularly important area as its one of the last significant supports; if this area fails to hold, it's likely to see prices drop significantly, all the way to the $30k support area, or nearly an additional 20% drop, after already seeing Bitcoin USD fall from ATH over 60%.
BTC/BUSD 4H candles chart with supports and resistance
BTC/BUSD 4H candles chart with supports and resistance
On lower time frames, mainly the daily and the 4h, Bitcoin price today looks a bit more positive as it seems to be forming a bottom. It is still early to tell, mainly due to the fact that prices are approaching a support zone, meaning that they could easily fluctuate within this zone before either direction is taken. Currently, the Bitcoin price has touched the $40k support twice and is still lateralizing above it. It can't be excluded that after testing this level several times, it might break and fall within the support range previously mentioned. This wouldn't be ideal, as a lateralization above this level would make a bounce in the mid-short term more likely. A small bounce for Bitcoin would likely cause a few of the main altcoins, such as Ethereum and Ripple, to have a short-term rally too, and see their prices partially recover.

Bitcoin prediction suggests that the next few weeks will be particularly important for determining the next few months' market trends. There are three likely scenarios at this point: the first one involved bitcoin holding above the support level, and seeing a short-term bounce back upwards towards the upper resistance level and moving averages. The second scenario is similar but involves Bitcoin falling within the support range and lateralizing before moving upwards. The third and last scenario is not as positive and it sees the coin fluctuating within the support zone, before failing to hold the lower bound, causing it to fall all the way below $38k and towards the low 30s. This still remains the least likely scenario but cannot be excluded at this stage.

NEAR/BUSD Market

Near Protocol had a really good last few weeks, as it does not seem to follow the overall crypto market and its current downtrend. NEAR coin reached new all-time highs just a few weeks ago, as it approached and went to the $20 level, seeing a price increase of over 175% from early December, making it one of the most profitable coins since the beginning of 2022. After reaching this ATH, prices retire-traced accede significantly, falling back around $8 dollars, or by nearly 60%. This move was somewhat of a correction, and prices seemed to correct back to key relevant price levels, mainly matching the 20EMA and the 50EMA, first around the $11 support level, and following, prices went as low as the $8 support level. This was a great correction as it fueled a consequence move that saw prices rise all the way back to ATHs in early April, reaching as high as $20, before moving back around $15 right now.
NEAR/BUSD weekly candles chart with supports and resistance
NEAR/BUSD weekly candles chart with supports and resistance
On high time frames, mainly the weekly, Near protocol price is maintaining its trend, recently breaching the $15 resistance level and briefly touching the $20. Currently, prices are fighting to stay above the $15, as the immediate move was likely going to be short-lived. Overall, the trend still remains quite bullish, after retracing over the last few months we can see strong correlations with the 20EMA and the 50EMA, signaling a strong bullish pattern. It can't be excluded that other corrections might occur, but as long as the price remains above the moving averages, and continues this upwards trend, the outlook for Near remains bullish and likely to continue.
NEAR/BUSD 4H candles chart with supports and resistance
NEAR/BUSD 4H candles chart with supports and resistance
On lower time frames, mainly the 4h and daily, the trend also continues to look really bullish. We can notice, similarly to higher time frames, the strong correlation between the price and the moving average levels, with prices, often correcting on the 20EMA, 50EMA, and even on the 100EMA on the 4h. This is a signal of a healthy upwards move, as upwards momentum is balanced with selling pressure, whilst maintaining the upwards trend. Currently, we can see that prices are trying to lateralize above the $15 support level, and this seems to be holding quite well even on lower time frames. As overall crypto markets are falling it will be key to see how NEAR reacts as a consequence. If prices manage to stay above the $15, we are likely going to see another upwards move toward new ATH levels.

NEAR protocol price prediction would suggest that the current trend is likely to continue. At the moment the trend is strong and all of the indicators are still really bullish. As previously mentioned, the key to the continuation of the trend will be whether the current price manages to hold above the support level of around $15. If this is the case, it is likely to see prices back above $20 in the next few weeks. However, if prices fail to hold this level, or get really affected by the dropping prices of the overall crypto market, it's likely to see a drop that could go as low as the $12 support level. This is still highly unlikely but at times it's better to be prepared either way.

GMT/BUSD Market

Stepn GMT is a coin that has grown in popularity and in price over the last few weeks, seeing exponential growth since launching in early March 2022. Stepn is a web 3 lifestyle app with social-fi and game-fi elements, trying to mix the social and game aspect of crypto by using Defi technology. GMT is the governance token of the Stepn platform, a web-3, or metaverse app, that focuses on the social elements and gamification design of NFT Sneakers and other digital collectibles. Users can choose to lend or sell their NFT Sneakers on the in-app Marketplace; earnings GMT tokens (Stepn token) are stored in the in-app Wallet, which has a built-in Swap function.
GMT/BUSD daily candles chart with supports and resistance
GMT/BUSD daily candles chart with supports and resistance
Since launching at around $0.12, Stepn coin has grown to above $3.10, or around 42000%, overmatching all the best coins in the crypto market. After launch, in the following days, Stepn crypto increased to $0.44, before having a small correction to $0.28, which was followed by another pump to $0.84. Similarly, this was followed by some lateral movement with lows of $0.58. After the continuation of the later move, prices spiked dramatically, increasing all the way to over $3.14 in just a few days. After reaching these new highs in early April 2022, it has cooled down and has gradually lateralized in an attempt to consolidate the current move.

High time frames such as the weekly one can be ignored for this coin as it is really new and does not have enough historical data to give any validity to higher trends. Nevertheless, as time goes on these time frames can also be analyzed.
GMT/BUSD 4H candles chart with supports and resistance
GMT/BUSD 4H candles chart with supports and resistance
On lower time frames, mainly the daily and the 4h, we can see the continuation of what seems to be a really strong trend. The daily chart shows the continuation of the pattern that is now forming something that looks like a pennant, probably to absorb some of the upward momentum from such an abrupt price increase. The price level to break above to continue upward move is the $2.60 level, whilst it seems that the $2.10 has formed local support on which prices have already bounced upon.

On the 4h graph, we can also see similar trends as the daily. Prices are lateralizing above the support level and are matching quite well the 20EMA and the 50EMA, a great sign of strength and that the current move might continue. If prices manage to stay above the $2.3 price, it is likely to see the upper resistance being retested and a continuation of the upward trend.

Price prediction for Stepn would suggest a continuation of the trend. Currently, this coin is looking very strong and there are no signs to believe a change in trend. Unless prices start dropping, and close below $2, the current trend is more likely to continue. However, it cannot be excluded that prices might continue to move sideways whilst this level gets consolidated.
BTC/BUSD, NEAR/BUSD, and GMT/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