22 Apr 2022

Bitcoin, Polkadot, and SuperFarm 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 been quite unpredictable over the last few weeks, dropping after reaching key levels and signaling overall that there might be still a lot of uncertainty regarding the direction in which it might be headed. Just a few weeks ago, Bitcoin price breached the $45k resistance level, a clear sign that would suggest a continuation upwards of the trend and a flip to a bullish outlook. However, this did not seem to be the case, as the coin quickly dropped back down to the lower support of $39k. At the moment, this lower support seems to be holding, as we saw a short-term bounce over this level, and prices are back above $42k, a positive and clear sign that the bull run that we thought was occurring is in fact occurring. Moreover, it can't be excluded that Bitcoin USD might continue a lateral move before actually making a move in either direction.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
On higher time frames, in particular the weekly one, we can see clearly that Bitcoin today is moving sideways, as we can see that over the weeks since the beginning of 2022, prices are oscillating between the lower support of $39k and the upper resistance of $45k. Usually, when price keeps on touching key support or resistance, it's just a matter of time before either key level gives up and prices break above or below. However, it's not as clear in this instance as both levels have been touched several times signaling that there might be uncertainty in the outlook of Bitcoin price today. To support this view, we can also notice that in this time frame both the 20EMA and the 50EMA are coinciding with the resistance level around its lower bound of $43k, signaling, even more, its importance. If prices manage to break above this level and turn it into a support it will be a really bullish sign for BTC and likely suggest that higher levels will be reached sooner rather than later.
BTC/BUSD daily candles chart with supports and resistance
BTC/BUSD daily candles chart with supports and resistance
On the daily and 4h time frames, we can see more evidence supporting the above outlook. Bitcoin price is still currently between the support and resistance levels, however, it is making a push upwards in what could be the final move to break above this level. Currently, on the daily chart, the BTC is approaching the EMA levels, moving above the 20EMA and the 50EMA. This is the initial consolidation in its price that we want to see before key levels are gained on higher time frames. Currently, if its price manages to regain the $43k range and start moving within this support range it is likely that we will see it try to break above this level. This would be extremely bullish and potentially trigger another price wave if prices can move above and close around this level. It is likely to see a rally by many other coins, such as Ethereum follow if this happens.

Bitcoin prediction would suggest that BTC is on track to recover and move back upwards potentially changing trend and outlook for the remaining of the year. It is currently unclear what the timeframe for this might be as key levels still need to be reached. However, the recent move suggests this might be quite likely and occur sooner rather than later. If BTC price manages to regain the $43k in the short term, it would be a great first sign that could suggest that there is more to come in the following months.

DOT/BUSD Market

Polkadot coin has been one of the most popular coins over the last two years mainly due to its use-cases as well as its price action, increasing by hundreds of percentages and establishing itself as a main crypto here to stay. Polkadot is a multichain protocol based on open-source sharding that enables connectivity and security of specialized blockchains, facilitating the cross-chain transfer of any data or assets, and therefore allowing blockchains to be interoperable with each other. Polkadot was developed with the idea of providing a foundation for a decentralized internet of blockchains, also known as Web3.

Since its launch in 2020, the Solana competitor, Polkadot (DOT) saw a rise in its prices in what seem to be different waves, typically a highly exponential growth in a bear market, followed by a similar decrease during subsequent bear markets. We can observe how its price increased exponentially in 2021, growing from $6 to above $48, in a price increase of 840%. This was followed by a correction where prices fell below the $31 support and subsequently reached levels below $12, marking an overall drop of over 70%. After dropping to a yearly low, the bear market got exhausted and prices bounced from the $12 bottom, gaining momentum and breaking the $17, $31 and $40 resistance levels and moving towards new all-time highs. It was in late 2021 that prices had printed a new all-time high over $53 dollars, marking a price increase of over 360% from previous lows. This of course was followed by another correction that saw prices drop back down to around $17, where they currently sit, bouncing between the $17 support and the $25 resistance.
DOT/BUSD weekly candles chart with supports and resistance
DOT/BUSD weekly candles chart with supports and resistance
On the weekly time frame, Polkadot 2022 price seems to have bottomed out and is slowly creating a lateral trend, trying to consolidate above the $17 resistance and potentially making further upwards moves. Polkadot price is currently moving back towards the $25 resistance level which also coincides with the 20EMA and the 50EMA, both key levels that need to be regained in order to move back upwards and towards the mid-$30s.
DOT/BUSD daily candles chart with supports and resistance
DOT/BUSD daily candles chart with supports and resistance
On lower time frames, such as the daily and the 4h, the consolidation trend can be seen even further as prices are trying to regain the moving averages and are trending in the right direction. If Polkadot prices manage to regain these levels on the lower time frames, it is likely to also translate to higher times frames in the following weeks. Prices have struggled to move above these levels over the last few weeks as they were forming a bottom and consolidating above the current support levels. However, as this lateralization move continues it seems more likely that prices will move above this level and try to push the resistance level around $25.

Polkadot price prediction would seem to be really positive for Polkadot. If the crypto manages to regain its current moving averages levels it is likely to pursue the $25 resistance level. This currently seems to be very much in play and we can expect prices to fluctuate around that level once reached, by either rejecting the resistance or breaking above it. The former can't be excluded, but it could also involve a test and a correction before the level is broken. Following the initial move, if DOT managed to get above the $25 level, it's really likely that the overall trend has reverted and that it has now turned bullish, spelling higher prices in the short term for Polkadot.

SUPER/BUSD Market

Superfarm crypto, or simply SUPER, is a cross-chain DeFi (decentralized finance) protocol that was built to facilitate the launching of new non-fungible tokens (NFTs) without the need for any programming expertise, whilst allowing for a marketplace and an innovative set of tools allowing any project to deploy a farm with its own rules. Its token, the Superfarm coin, is the utility coin of the platform and it allows to reward liquidity providers, stimulate long-term stakes, or give access to a project's services through an NFT with utilities.

Since being launched in Mid-2021, Super experiences a brief success, before turning to a downtrend for the remainder of the year, similarly to many other cryptocurrencies during that period. Super initially launched around $2, and saw a rise in its price to reach levels above $4.5. However, this wouldn't last long, as just a few weeks later, the prices would drop to $1.50 first and subsequently to as low as below $0.50, marking a decrease of nearly 90% from its ATH prices earlier in the year. Since the initial drop to $0.50, Super moved sideways for the following weeks, bottoming out around this level and establishing its price above the newly formed support range.
SUPER/BUSD weekly candles chart with supports and resistance
SUPER/BUSD weekly candles chart with supports and resistance
Following the bottoming out, SUPER made a push to higher levels towards the end of the year, breaching the $1 resistance level and moving as high as above $2, marking an over 100% increase in just a few months. However, after reaching this level, prices corrected and dropped back around the $1 support level and subsequently back towards the $0.50 one. Currently, prices are still above the current support level and ranging between this level and the $1 resistance. On higher time frames, such as the weekly, we can see that the price seems to be continuing to lateralizing, making it unclear what direction it might be moving towards after. It is certainly not a good sign that prices seems to have been keeping below the 20EMA level and slowly dropping. To see a trend reversal it would be key to see prices move back above this level before being able to push back towards the $2 resistance.
SUPER/BUSD daily candles chart with supports and resistance
SUPER/BUSD daily candles chart with supports and resistance
On the daily and 4h charts, we can see a similar trend than in the higher time frames. Price can be clearly seen lateralizing and still showing a low uncertainty on its direction. Similarly, on these timeframes we can notice how the price is staying below all of the moving averages, often struggling to get above the 100EMA and being rejected. To see SUPER regain some momentum, it will be really important to regain some of these key moving averages before being able to turn the trend around on higher time frames.

Superfarm price prediction would suggest that there is still a lot of uncertainty around this crypto and it is still not clear what direction it is moving towards. Currently, it can be seen how the price is moving sideways and has really solid support at around $0.50. However, this is not enough to determine whether it will move upwards, as several months of continued sideways movement can't be excluded either. If SUPER manages to regain the $1, move above it, and lateralize consolidating this level, it would be a great initial move that could suggest higher prices to come in the following month. However, until that happens a lot of uncertainty will still surround this coin.
BTC/BUSD, DOT/BUSD, and SUPER/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