Bitcoin price slipped down below $23,000 and created a wave of uncertainty over the crypto space. The altcoins which had risen above their respective resistance levels have dropped below the levels which could flash the revival of a bearish trend. Additionally, the star crypto is closer to witnessing a great leap but towards the south.
The star crypto is about to witness a death cross in the weekly timeframe for the very first time in history and hence the impact is being expected at a larger scale. The death cross is when the 200-day MA & 50-day MA levels cross each other and the 200-day MA levels head toward the lower support. Usually, the impact in the daily chart is bearish as the BTC price drops by nearly 7% to 10%.
Presently, the price trend is towards the south and hence the 50-day MA levels may cross over the 200-day MA to reach the lower support soon.
The death cross is expected to happen in the next week or 2 as the prevailing bearish formations may impact the price negatively. However, the price may still undergo a bullish divergence due to the below-mentioned reasons,
- BTC price is up by 50% from the November lows. Moreover, throughout history, the price surged by such a margin each time it tests the 200-Week MA level which was the bottom of the cycle.
- The weekly RSI levels whenever reach breaks above 60 after hitting the 50-Week MA, indicate the cycle bottom may be reached. Therefore, a notable upswing may be fast approaching.
- Presently, the weekly RSI is around 56.52 and hence a slight plunge may mark the bottom of the cycle ahead beyond which a notable upswing may be ignited
Collectively, after reaching the lower bottoms, the Bitcoin (BTC) price rally may being and reclaim the lost levels very soon.
Some of the most popular cryptocurrencies are the millionaire-makers that have made the headlines, attracting novice investors who also want to earn their first million from digital currencies. Over the years, earning money from crypto has grown from trading or selling assets to include passive ways of making gains, such as staking, lending, and liquidity pooling.
Today, the market is seeing a new generation of crypto assets that offer passive income in a fixed manner. One example of such an asset is Oryen (ORY), the new crypto gem based on the Binance Smart Chain. As such, holding ORY can deliver weekly gains to token holders just like Pancakeswap (CAKE) and Spookyswap (BOO).
The ORY token stands out from other cryptocurrencies in the market. The minds behind Oryen Network have made passive income generation easy, automatic, and convenient for investors. The protocol utilizes the Oryen Autostaking Technic (OAT) system, which allows automatic staking and compounding to take place inside the investor’s wallet.
With these staking activities, ORY investors receive returns with an impressive annual yield of 90%. More interestingly, this rate does not change even when the market is volatile. Oryen has a buffer value contained in the protocol’s Risk-Free Value (RFV) feature, and it also has a treasury to support the price of ORY and ensure the distribution of rewards to token holders.
Pancakewap (CAKE) also offers an opportunity to generate weekly passive income. This is a DeFi application that allows users to exchange BEP-20 tokens on Binance Smart Chain, provide liquidity through farming, and earn commissions in return. Using an Automated Market Maker (AMM) model, the project allows users to deposit and trade their funds into a liquidity pool and receive liquidity tokens as a reward.
Another passive income maker is Spookyswap (BOO), which is the decentralized exchange and automated market maker powered by the Fantom Opera network. On the surface, Spookyswap offers users a variety of ways to trade without intermediaries. By bridging different blockchains via built-in cross-chain functionality, users can also earn money across various DeFi protocols. This project also expands into the NFT marketplace, allowing users to mint their own unique NFTs.
The bottom line
With the continuing expansion of DeFi, it is now possible to earn from crypto assets every week. It is an especially ideal time to buy Oryen’s ORY token, which is currently in its initial coin offering (ICO).
Find Out More Here:
Join Presale: https://presale.oryennetwork.io/register
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Ethereum, Cardano, XRP Price Weekly Forecast, What’s Awaited for the Top Altcoins During the Weekend?
The crypto space has been experiencing extreme bearish pressure since the beginning of the year as the bulls constantly lacked the momentum required to uphold the assets. While Bitcoin‘s price continues to trade around $20,000, the other altcoins are also believed to display a consolidated trend.
However, the BTC price is expected to undergo a short-term bounce during the weekend. Therefore, popular cryptos like Ethereum (ETH), Cardano (ADA) & Ripple (XRP) are assumed to regain their respective lost levels soon.
Ethereum (ETH) Price Analysis
- Ethereum price continues to trade within the lower bands of the FIB channel between 0 & 0.236 at $1225.84 and $1360.99 respectively
- The second largest crypto is trying hard to surpass the 0.236 FIB levels and surge high to reach $0.38 FIB levels at $1441.61
- The ETH price may eventually rise high and reach levels around $1500 wherein it may face a bearish action as the prices have not regained these levels after the major slump that occurred soon after the Ethereum Merger
- Therefore, during the weekend, the ETH price may find a way out to trade beyond $1400 and secure levels above $1450, but may certainly not make it to $1500
Cardano (ADA) Price Analysis
- Cardano price continues to trade within the same falling wedge but hovers close to the upper resistance
- The asset after a brief consolidation within the crucial lower support could eventually breach through the pattern and rise high
- While the upper target for ADA price is somewhere around $0.48, the asset may encounter a bearish action at $0.457. Therefore, if it sustains the selling pressure at these levels, a notable upswing may make its way out soon
- Therefore, the Cardano (ADA) price during the weekend may trade between $0.428 to $0.436
Ripple (XRP) Price Analysis
- Ripple price is undergoing a parabolic recovery to regain levels beyond $0.63, however, the bears currently seem to have hindered the rally
- The price is constantly testing the lower demand area and rebounding finely, indicating the revival of the bearish trend very soon
- While the XRP price continues to trade within a bullish flag formation, a notable leg-up may uplift the price beyond $0.6 very soon
- Therfore, during the weekend, the XRP price may attempt to rise above the crucial resistance and could test the crucial resistance at $0.65.