This week, Bitcoin (BTC) traded in a tight range and is likely to form the third consecutive Doji candlestick pattern on the weekly chart. The US stock markets did not provide any support to the crypto markets, with the S&P 500 Index declining by 1.3% and the Nasdaq closing down by 1.9%.
The bearish sentiment of Bitcoin has had a knock-on effect on altcoins, with many testing multi-week lows. This indicates that the crypto market is in a firm bearish grip. When markets are negative, it is difficult for buyers to identify short-term bullish trades as rallies are not sustained. However, it could be a good opportunity for long-term investors to build a portfolio.
A recent Amberdata report has revealed that 24% of asset management firms are appointing senior executives to implement digital strategies. In addition, 13% more firms plan to adopt a digital assets strategy, which shows “seriousness about implementation as well as senior management buy-in,” according to the report.
Will Bitcoin break out to the upside, stimulating buying interest in altcoins? Let’s study the charts of the top-5 cryptocurrencies which are showing promise in the near term.
What is the Difference Between Web 1.0, 2.0, 3.0, and 4.0?
Web 1.0 was the first generation of the World Wide Web, which focused on providing static webpages and limited user interactivity. Web 2.0 was the second generation of the web, which allowed for more interactive websites and user-generated content. Web 3.0 is the third generation of the web, which focuses on providing more personalized and interactive experiences through the use of artificial intelligence, machine learning, and natural language processing. Web 4.0 is the fourth generation of the web, which is the next step in the evolution of the internet and will focus on the Internet of Things (IoT) and the development of the metaverse.
What is the Difference Between Web 3.0 and the Metaverse?
Web 3.0 is the third generation of the web, which focuses on providing more personalized and interactive experiences. The metaverse, on the other hand, is the concept of a virtual world where users can interact with each other and access content in a virtual environment. The metaverse is based on Web 3.0 technology, but it is a much more immersive and interactive experience.
Bitcoin price analysis
Bitcoin has been trading near the $26,000 level for the past few days, indicating a tussle between the bulls and the bears. The downsloping moving averages indicate advantage to bears but the positive divergence on the relative strength index suggests that the selling pressure is reducing. The indicators are not giving a clear advantage either to the bulls or the bears.
Therefore, it is better to wait for the price to either sustain above $26,500 or dive below $24,800 before placing large bets. If bulls overcome the obstacle at $26,500, the BTC/USDT pair could soar to the overhead resistance at $28,143. On the other hand, a fall below $24,800 could clear the path for a collapse to $20,000.
The price has been trading near the moving averages on the 4-hour chart, indicating a lack of interest from both the bulls and the bears. This tight-range trading is unlikely to continue for long and may lead to a range expansion within the next few days.
On the upside, a rally above $26,500 will indicate that the advantage has tilted in favor of the buyers. That may start an up-move to $27,600 and eventually to $28,143.
Alternatively, if the price breaks below $25,300, the selling could pick up and the pair may retest the Aug. 17 intraday low of $25,166.
It is important to note the difference between Web 1.0, 2.0, 3.0 and 4.0. Web 3.0 is also known as the Metaverse, and it is the next generation of online business. Cryptocurrency is an integral part of Web 3.0, and it is essential to understand the differences between Web 2.0 and Web 3.0.
Toncoin price analysis
Toncoin (TON) has pulled back to the 20-day exponential moving average ($1.69). In an uptrend, a correction to the 20-day EMA usually offers a low-risk entry opportunity.
The 20-day EMA is likely to act as a strong support. If the price snaps back from the 20-day EMA, it will indicate that the sentiment has turned positive and traders are buying on dips. The TON/USDT pair could first rise to $1.89 and thereafter attempt a rally to $2.07.
Instead, if the price continues lower and plummets below the 20-day EMA, it will suggest that the bulls are bailing out of their positions. That could open the doors for a possible drop to $1.53 and next to the 50-day simple moving average ($1.45).
The 4-hour chart shows that the bears are trying to sink the price below the immediate support at $1.72 but the bulls have held their ground. The downsloping 20-EMA and the RSI in the negative territory increases the risk of a downside breakdown.
If the $1.72 support cracks, the pair could skid to $1.66 and later nosedive to the strong support at $1.53. Contrarily, if bulls propel the price above the moving averages, it will suggest the start of a stronger recovery to $1.90 and subsequently to $2.
It is important to understand the difference between web 1.0, 2.0, 3.0 and 4.0. Web 3.0, also known as the metaverse, is the next generation of online business, with cryptocurrency being a major component of it. Web 2.0 and 3.0 are different in that the latter is more decentralized, with a greater emphasis on user-generated content and data privacy.
Stellar price analysis
Stellar (XLM) has seen a notable recovery in recent days, suggesting the buyers are attempting a comeback.
The XLM/USDT pair broke above the 20-day EMA ($0.12) on Sep. 4 and the bulls prevented the bears from pushing the price back below it on Sep. 5 and 6. This indicates that the bulls are trying to turn the 20-day EMA into support.
The price has risen to the 50-day SMA ($0.13), which is acting as a roadblock. A minor positive for the buyers is that the losses have been minimal. This implies that the bulls are not in a hurry to leave. If the price breaches the 50-day SMA, the pair could increase to $0.15 and later to $0.17.
This bullish outlook will be invalidated in the near term if the price dips and falls below the 20-day EMA.
The bears are attempting to halt the recovery at the overhead resistance at $0.13 but the bulls have not given up much ground. The rebound off the 20-EMA shows that the lower levels remain attractive to buyers. If the price stays above the overhead resistance, the pair could start an uptrend to $0.15.
If the bears want to stop the uptrend, they will have to quickly drag the price below the 20-EMA. That could intensify the selling pressure and pull the price down to the 50-SMA.
Monero price analysis
Monero (XMR) has been supported by the uptrend line for the past few days, indicating buying at lower levels. The price has reached the 20-day EMA ($143), which is an important level to keep an eye on.
If bulls drive the price above the 20-day EMA, it will suggest the start of a sustained recovery. The XMR/USDT pair could then climb to the 50-day SMA ($151), where the bears may again mount a strong defense. If this obstacle is cleared, the pair could surge to $160.
The bears are likely to have other plans. They will try to protect the 20-day EMA and pull the price below the uptrend line. If they manage to do that, several stops may be hit. That could sink the pair to $130.
The price action on the 4-hour chart shows the formation of a symmetrical triangle pattern. The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.
If the price slips below the 50-SMA, the bears will try to pull the pair to the support line of the triangle. Contrarily, if the price rises above the 20-EMA, the pair could reach the resistance line. A break above or below the triangle could signal the start of a trending move.
When it comes to web technologies, there is a big difference between Web 1.0, Web 2.0, Web 3.0 and the Metaverse. Web 3.0 is the next generation of online business, which is powered by cryptocurrency and blockchain technology. Web 3.0 is different from Web 2.0 in terms of scalability, privacy, interoperability, and user experience. Additionally, the Metaverse is different from Web 3.0 in terms of its decentralized virtual world.
Maker price analysis
The MKR/USDT pair has been trading in a range between $1,083 and $1,170, as indicated by the flat moving averages and the RSI in the negative zone, suggesting a slight advantage to the sellers. If the price turns up and breaks above the moving averages, it will suggest that the bulls are on a comeback and the pair may then rally to $1,170.
On the downside, the important support to watch out for is $1,102 and then $1,083. However, the bulls may be able to propel and sustain the price above the 50-day SMA ($1,157) to signal the start of an up-move to $1,227. This positive view could invalidate in the near term if the price re-enters the downtrend line, and the MKR/USDT pair could then slump to the strong support at $980.
The 20-day EMA ($1,119) is moving up gradually but the RSI near the midpoint suggests a lack of bullish momentum. Maker (MKR) has been stuck between the moving averages, indicating indecision between the bulls and the bears. Nevertheless, a minor positive in favor of the bulls is that the price has been trading above the downtrend line.
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