31 Mar 2022

Bitcoin, Zilliqa, and Dogecoin 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 is looking very good, moving out of the lower $38k support zone and moving all the way up and above the resistance zone around $45k. This is a really strong signal for Bitcoin, that just a few weeks ago looked like it might have been headed for the $30k range, spelling danger for many investors and crypto fanatics. While it's still quite early to jump to any conclusion regarding the continuation of this trend and the outlook for BTC over the next few months, this move could be the beginning of something bigger and could turn out to be more significant than people realize.

At the moment, it's still unclear how the recent crypto news is affecting the overall markets, with the sanctions on Russia, and the recent crypto hack of Ronin Network, the second biggest ever, both being really big news that would be expected to have some effect on the pricing of the coin. However, markets seem to have reacted positively and priced this news into their price actions, as we did not see major changes in trend when the news originally got released. We will have to wait and see how the news develops and how the markets react subsequently.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
On weekly and daily time frames Bitcoin price today looks really bullish, having pushed up from the $40k support all the way through the $45k resistance level. What's particularly positive is that at the current resistance Bitcoin USD broke straight through and above this level, making a break and retest scenario quite likely and ideal. We can also notice how both the 20EMA and 50EMA levels coincide with the lower bound of the current resistance level and how bitcoin price action moved straight ahead of these levels, another really positive sign. We can now expect the Bitcoin price to move even further and target the $52k resistance as the next key area. It's still not clear if we will see a direct move or a break and retest, meaning the price falls back on the support level before bouncing further upwards.
BTC/BUSD 4H candles chart with supports and resistance
BTC/BUSD 4H candles chart with supports and resistance
On the 4h timeframe, we can see a clear bullish move, with Bitcoin today continuing the trend it has been following for the last few weeks of moving upwards, and then gradually adjusting by bouncing on the 20EMA, and occasionally on the 50EMA. This is a signal of a strong upwards move that can also be sustained as there are bounced along the way. Recently prices have retraced and bounced only on the 20EMA, so it wouldn't be unusual to see a further correction with prices dropping to the 50EMA. This would coincide with the resistance now turned support around $45k and would highlight the possibility of a break and retest. If this occurs, entering with long positions on the move would be a great positioning for low-risk profitable trades.

Bitcoin prediction would suggest a continuation of this bullish move that as the weeks go by is starting to look like a reversal in the market trend from bearish to bullish. As previously suggested, a break and retest would be the ideal scenario, however, as long as bitcoin remains above the $45k support level, it is likely to see the trend continue and other coins, such as Ethereum, move upwards as well.

ZIL/BUSD Market

Currently, Zilliqa is one of the hottest cryptocurrencies, rising by hundreds of percentages in just a few days, fueled by the Zilliqa news that the crypto is teaming up its Metaverse as a Service platform Metapolis with Agora. After several months of a declining trend, it seems that ZIL has found its bottom, and sharply reversed its trend. The crypto was trading at below $0.04 just a few days ago before a sharp upwards move that saw it rise by more than 320% and breakthrough all the significant resistance levels in its way. Zilliqa coin, originally launched on Binance in mid-2020, saw its biggest growth early in 2021, with its prices rising as high as above $0.24, after starting the year below $0.02. After such exponential growth, ZIL was one of the hottest coins in 2021. However, after reaching its peak in May 2021, the coin retraced and spent several months gradually declining until reaching its latest lows in March 2022 at below $0.037.
ZIL/BUSD weekly candles chart with supports and resistance
ZIL/BUSD weekly candles chart with supports and resistance
On the monthly time frame, and similarly, on the daily, we can see the overall declining trend on the Zilliqa coin, with prices breaking below the significant support level of $0.06 in early 2022. This seemed quite catastrophic as levels as low as $0.035 were reached, prices that haven't been touched since early 2021. However, the coin did not seem to stay at this level for long and just a few days later a huge price spike saw the coin rise all the way to its 20EMA and 50EMA levels, around the $0.07 resistance level. This looked like a strong and significant level, however, prices skyrocketed through it and broke also the next two resistance levels, and reached a price level above $0.16.This is such a bullish trend for traders and investors of this coin, making it one of the hottest coins of the past month.
ZIL/BUSD daily candles chart with supports and resistance
ZIL/BUSD daily candles chart with supports and resistance
On the 4h time frame and other short-term frames, it's hard to determine what the next move might be. All these time frames look really bullish, as the coin has moved exponentially upwards over the last few days. We could observe a sort of bullish pennant around the $0.11 resistance level, but this only lasted a few days and prices are now 2 resistances above that said level. It's unclear if the move will continue to push upwards towards the next resistance level or whether we will see a short-term retracement. With moves so sporadic and immediate it's really hard to predict the short-term movements of these coins. For anyone holding this coin it might be a good idea to slowly take profit and deleverage its position, however, for people that do not have open active trades, this current moment poses too much risk to trade either way as it's really unpredictable what the price action of this coin might do.

Zilliqa prediction is still looking really bullish in the long term with the push making the trend bullish once again. However, it's hard to determine the next moves in the short term, as sharp and quick upwards moves are usually followed by a retracement of some sort. If Zilliqa prices manage to remain above the $0.14 support level it's likely to see a continuation of this trend and see prices push towards the next resistance level at $0.175 or even towards new all-time highs.

DOGE/BUSD Market

Dogecoin is continuing its downwards trend, after breaking below a significant support level in early 2022 and struggling to gain any significant momentum to move back above it. DOGE saw a major spike in its price last year, mainly fueled by Elon Musk tweets and the growing popularity online for the meme coin. After Musk tweets where he alleged that he had several holdings of DOGE, and where he said that the company of which he is CEO, Tesla, would accept Dogecoin as a payment currency, the coin rose by hundreds of percentages and reached an all-time high of nearly $0.75. However, following this move prices retraced and crashed by over 76% dropping as low as below $0.17 and subsequently closer to $0.10 in the months following. After the initial drop, we can see the Dogecoin price bouncing between the lower support and the resistance level around $0.27, breaking these levels but subsequently coming back between the range.

On the weekly and daily time frames, we can see the continuation of this downward trend, where the price is still trying to regain some of the key levels in order to reverse the trend. After reaching the local low of $0.11 DOGE has slightly bounced and is headed for the $0.15 resistance level. This is a key level for the trend to reverse, as it also coincides with the 20EMA and 50EMA, key moving averages levels to regain in order for the crypto to move back towards upwards resistances.
DOGE/BUSD weekly candles chart with supports and resistance
DOGE/BUSD weekly candles chart with supports and resistance
On the 4h time frame, Dogecoin price looks more bullish, as it is moving towards the upper resistance at $0.15, and forming somewhat of a bottom. We can see the price dipping below the 20EMA, 50EMA, and 100EMA for several days, before making a run and moving above them over the last few days. Doge has already touched the $0.15 resistance level but struggled to move above it. Another stronger move where price action pushes the coin above the resistance is a key move that would ensure a continuation of the move upwards. It is likely that if DOGE manages to make a push back towards the resistance, we could see a lateral range where the coin consolidates within this level. While this is not the most ideal scenario, as a break above the resistance would be, it's still a really positive move for the coin that would consolidate its position and build a stronger bottom.
DOGE/BUSD 4H candles chart with supports and resistance
DOGE/BUSD 4H candles chart with supports and resistance
Dogecoin prediction would suggest that it's still too early to predict DOGE's next move. Regardless of other coins like Ethereum and SHIBA moving upwards, Dogecoin move has been weaker and does not clearly indicate a change of trend yet. For the trend to turn bullish we still need the coin to move above the current resistance and perhaps towards the one above it. At the moment the coin is bouncing on the 20EMA and 50EMA, which is a good sign in the short term, however, the move needs to continue and consolidate in order to generate further upward movement.
BTC/BUSD, ZIL/BUSD, and DOGEBUSD 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