Although there’s spring in the air, there is still fierce competition in the market near the $4200 level. This goal has been achieved but not yet surpassed.
It’s too early to talk about further growth until the price is established. Remember, the more time the price spends under the resistance level, the higher the probability of devaluation.
The position of EMA50 above EMA100 is a signal to buy. MACD is also in a positive zone. The incline is still performing its support function – it is clearly visible how the recent sharp decline stopped just above the line. Local support levels are at $4166 (EMA50) and $4120 (EMA100). The strong resistance at $4200 is restraining growth towards $4280-4300 and $4380-4400 levels.
The situation on the 4-hour timeframe is similar to the 1-hour timeframe. EMA50 and EMA100 moving averages still maintain a signal to buy. MACD is in the positive zone. Support levels are fixed at $4115 (EMA50), $4080, $4037 (EMA100).
Things get heated on the daily chart – moving averages are set to meet if EMA50 ($3988) manages to surpass EMA100 ($4197). At present, moving averages define the range of movement for the price. EMA100 strengthens the current resistance at $4200, which might make it more difficult to surpass, but if this happens, it will serve as a strong signal to buy with goals at $4400 and $4600. Technically, the situation is much more encouraging on the daily chart. MACD is in a positive zone. EMA50 is below the price, serving as a support in case of devaluation.
Alright, friends! What can we expect this week and how should we act in the market? It’s simple – you shouldn’t jump to conclusions, and you definitely shouldn’t open any buy orders with goals above $4280. There is a high probability of a devaluation to $4000. Delayed orders can be allocated across the levels on our chart.
The head of the Huobi crypto exchange in Russia, Andrei Grachev, believes that the market has entered the first stage of an upward trend. According to him, at present, instead of an aggressive short-term growth, we are dealing with a gradual increase, which will eventually have every chance to transform into a full-fledged price rally. The head of Huobi in Russia believes that the price could reach $4800 by the end of April.
Meanwhile, the SEC is still delaying its decision on futures. This time, the commission has delayed the decision on futures from VanEck and Bitwise Asset Management. The SEC has been processing the application from VanEck since February 20. The decision on the application from Bitwise has also been delayed. The decision needs to be made by May 16.
Yet another price manipulation attempt has been registered on Binance. Before IOST was listed, a large transfer was discovered – $2 million into IOST on the exchange wallet. Almost instantly, new trading pairs were formed: IOST/BNB and IOST/USDT. Since the beginning of the month, experts have noticed 3 similar transfers before listing, followed by a sharp price increase.
We are keeping our fingers crossed for positive changes in the market and an upcoming ascending trend. Let’s hope that EMA50 manages to cross EMA100 from below! So far, everything has been following our predictions.