Week 51 Crypto Market Update: BTC, ETH, AVAX, XRP, and LUNA

The crypto market, replete with discussions concerning the Metaverse, NFTs, Bitcoin Mining limit, DeFi, and Elon Musk’s welcoming stance towards Dogecoin, didn’t show a lot of movement over the past week.

At the time of publishing, the market was down by almost 1%, courtesy of the global fear and mixed trading sentiments. 

Conversion Standard: 1$ = ₹75.92

Fear-Greed Index: Not so Positive

As we speak, the Crypto’ Fear & Greed’ index is firmly placed at 25, which is still 3 points below what it was a week earlier. The current index level shows that global investors are still fearful and not exactly willing to take new positions. HODLers might have a different take but the overall market breadth, for now, seems to be neutral and cautionary. 

Crypto-Index

Outlook-Bearish

A lot of credible indications reveal the bearish stance of the Crypto market. Firstly, the daily chart’s 20-EMA line (Black) has recently crossed below the 50-EMA line (Pink), hinting at a short-term downtrend. Also, the daily trading volumes are tepid and not as high as we would like.

Source: Trading View

*EMA- Exponential Moving Average

Coming to the levels, the CIX is currently trading at $310706(₹2,35,88,799.5), which is still above the strong support line of $295511.80(₹2,24,35,255.9).

For movements higher than this, CIX will find resistance at $336868(₹2,55,75,018.6) and then at $355363(₹2,69,79,159), which coincide with 23.6% and 38.2% Fib retracement levels, respectively.

Disclaimer: Insights mentioned above are speculative—kindly DYOR for being safe.

Bitcoin (BTC)

Outlook-Bearish

If you look closely at the daily charts, there is some bearishness in the Bitcoin-USD counter. The daily trading volumes are quite low, showcasing trading skepticism. Also, the 20-EMA line has again crossed below the 50-EMA indicator, thereby marking a death crossover and some consolidation.

Source: Trading View

Note: We referred to daily charts instead of hourly charts as the market remained flat across hourly trading sessions. And the daily chart gives a better indication of the market outlook. 

Coming to the levels, the BTC-USD pair is trading at $46272(₹35,12,970.24) after breaching the immediate support level of $48626(₹36,91,685.92). However, for any movement lower than this, there is some support at $42333(₹32,13,921.36).

On the upside, which BTC might find hard to assume, there are multiple resistance levels to account for, with one at the previous support of $48626(₹36,91,685.92) followed by another one at $52520(₹39,87318.40). 

Disclaimer: Insights mentioned above are speculative—kindly DYOR for being safe.

Ethereum (ETH)

Outlook: Neutral

When it comes to the trading trends exhibited by top crypto players, ETH looks slightly more promising than BTC. On looking closely at the 4-hour ETH chart, which gives more credible indications than the hourly chart, ETH is trading at $3820(₹2,90.014.40), which is quite close to the nearest support zone of $3829(₹2,90,697.682), placed at the 61.8% Fib retracement level.

Source: Trading View

If ETH moves lower from here, depending on market conditions, there might be some support at $3771(₹2,86,294.32) and then at $3699(₹2,80,828.08).

For an upside expectant, resistance levels might be at $3869(₹2,93,734.48) and then at $3909(₹2,96,771.28). Also, the ever-reliable RSI indicator has entered the oversold region, thereby hinting at the neutrality at the counter. 

Disclaimer: Insights mentioned above are speculative—kindly DYOR for being safe.

Avalanche (AVAX)

Outlook: Volatile

After moving up by close to 20% over the past week, AVAX seems to be shedding some gains for now. On the hourly chart, the 20-EMA line has recently crossed below the 50-EMA line, thereby signaling a correction of sorts. The RSI has bottomed out under 30 and seems to have flattened out for now, which further validates the consolidation. 

Source: Trading View

Coming to the trading levels, AVAX is currently placed at $104.72(₹7,950.34). And if it starts eroding gains further, the following support levels to look at might be at $100(₹7,592) and $92(₹6,984.64), respectively.

Also, if AVAX resumes the onward journey, it might find strong resistance at $106.82(₹8,109.77) and then at $109.32(₹8,299.57), which coincide with 0 and 23.6% Fib levels. 

Disclaimer: Insights mentioned above are speculative—kindly DYOR for being safe.

Ripple (XRP)

Outlook: Marginally Bullish

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XRP gained close to 5% over the past few trading sessions (at the time of publishing), is now consolidating. XRP is currently trading at $0.87(₹66.05), which is still above the ascending trendline, marked in black. As far as other indicators are concerned, the 20-EMA line is placed well above 50-EMA, signaling some bullishness at the counter. 

Source: Trading View

The RSI is hovering close to 60, which is termed as a demand zone. Also, if XRP corrects further, it might find multiple support zone at the EMA lines, trendline, and even the $0.77(₹58.45) support line. And if the up move continues, it might encounter resistance at $0.933(₹70.83).

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Disclaimer: Insights mentioned above are speculative—kindly DYOR for being safe.

Terra (LUNA)

Outlook: Bullish

After realizing gains of almost 26% over the past week, especially when the broader crypto market was trading in a range, LUNA seems to be cooling off a bit. As per the hourly chart, the trading pattern somewhat resembles an ascending channel. At present, LUNA is priced at $75.45(₹5,728.16) and quite close to the lower band of the ascending channel.

Source: CoinSwitch

Source: Trading View

If it chooses to move down, the 50-EMA line might act as immediate support, followed by the $72.30(₹5,489) level. For any speculative move on the upside, there might be some immediate resistance at the 20-EMA line followed by one at $77.41(₹5,876.97).

Disclaimer: Insights mentioned above are speculative—kindly DYOR for being safe.

Caution: As per the chart, LUNA did give some false breakouts on the upside and, therefore, must be looked at with caution. 

Well, that’s a wrap for now. Also, if any of the mentioned patterns or insights have convinced you enough to take a look at the market, download the CoinSwitch app right away to get started.