CRYPTO NEWS

Bitcoin Loses Critical Level Below $23,000, Bears Prepare For New Assault?

Bitcoin has been slowly trending to the downside over this week. The first cryptocurrency by market cap seems to have lost momentum as uncertainty spills into the crypto market from legacy markets.

At the time of writing, Bitcoin trades at $22,600 with a 4% loss in the last 24 hours and a 1.2% loss over the past seven days.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

The cryptocurrency has lost its 200 days simple moving average (SMA) at $22,800. In the short term, recapturing this level is crucial to maintain the bullish momentum.

Bulls need to sustain BTC’s price current levels and push beyond its 200 SMA to prevent the cryptocurrency from re-testing previous support levels. Analyst Caleb Franzen presented the chart below to show how BTC’s price was rejected at a critical level.

Source: Caleb Franzen via Twitter

The cryptocurrency managed to hit the top of the channel shown above and now seems poised to re-test the lower level at $21,200. This level should operate as support in order to stop a downside trend below $20,000.

Data from Material Indicators (MI) show over $20 million in bid (buy) orders for Bitcoin between $22,200 to $22,400. Remains to be seen if these orders will be able to push the bears back, below those levels, the order book looks thin until $19,000.

At the time of writing, there are $16 million in buying orders at $19,000 which should act as the final line of defense in case Bitcoin continues to trend to the downside. Franzen said the following on BTC’s potential to see further losses in the short term:

Whether you want to call this a parabolic trendline or a curved trendline is irrelevant to me. Based on what I’ve heard from the analysts who use them, should we be concerned about short-term momentum reversing for Bitcoin? I don’t know (…). Markets can swing between both extremes of sentiment/trend. (…) I think the magnitude & velocity of this move has been too large.

Will This Time Be Different For Bitcoin?

A different perspective for the price of Bitcoin shows that it is currently trading just above its 200 weekly moving average (WMA) at $22,300. The cryptocurrency has only lost this level 7 times since its inception, said Yassine Elmandjra analyst at Ark Invest.

Once the cryptocurrency has reclaimed this level after a pronounced loss, it often tends to the upside. On average, Elmandjra said, Bitcoin records a 240% increase when this happens.

However, BTC might not follow a similar trajectory immediately, the cryptocurrency might face some bearish and sideways price action in the meantime. The analyst said:

On a relative basis, if this bear market is as severe as the 2018 bear market, bitcoin could see more downside. Bitcoin has corrected 72% relative to its all-time high. Bitcoin usually finds global cyclical bottoms with a correction greater than 80%.

Anti-Inflation Cryptos To Watch Out For – Cardano And Dogeliens

Have you ever questioned why the cost of various goods increases during certain seasons of the year or over time? That slow shift sneaks up on you as you strive to buy new items every few days. It happens every time there is a transaction involving purchases, trades, or currencies and is known as inflation.::Listen

Anti-Inflation Cryptos To Watch Out For - Cardano And Dogeliens

Have you ever questioned why the cost of various goods increases during certain seasons of the year or over time? That slow shift sneaks up on you as you strive to buy new items every few days.

It happens every time there is a transaction involving purchases, trades, or currencies and is known as inflation. Every financial system encounters inflation on a regular basis, and it can also have an impact on the economy of the traditional financial markets in different nations and states at different times.

As many crypto enthusiasts sought to mitigate the effects of inflation, cryptocurrencies attracted many more investors in 2020. The digital finance market shields investments from inflation in the traditional industry.

For this reason, several cryptocurrencies are seen as being anti Inflation, such as Cardano (ADA) and Dogeliens (DOGET).

How Cardano (ADA) Could Replace Crypto Giant Ethereum

A well-known open-source project called Cardano has drawn various investors, including game-changers, innovators, and investors who have an eye on the future.

By enlisting the aid of numerous software engineers, this movement seeks to distribute the power of all opaque businesses and organisations to the general public. In 2017, the market witnessed the launch of Cardano.

Charles Hoskinson started the project, which was managed by a sizable workforce. Hoskinson gained fame for his co-founding work on Ethereum with Vitalik Buterin. To reach his objective with ADA, he could build on the successes and vision he had attained with his prior efforts.

The ADA token is the blockchain’s native cryptocurrency. Users may have the opportunity to take part in staking with this cryptocurrency token, ADA, and receive incentives. Several popular cryptocurrency wallets are also compatible with ADA.

Dogeliens (DOGET) Has The Potential To Come The Most Profitable Token

The decentralised finance sector has various projects ranging from decentralised exchange platforms to plain DeFi projects with different utilities. One of them is Dogeliens.

As a DeFi project, Dogeliens is a community-centred project created from the concept of dogs, similar to Dogecoin but it is not a meme token project.

The Dogeliens ecosystem was created to focus on community improvement and participation without discrimination. With the Dogeliens universe being opened to everyone from any part of the world, the Dogelien universe is building a positive community that’s bound to be one of the most significant communities in the cryptocurrency market. 

The Dogelien universe is the pup-pet master of the Decentralised Finance (DeFi) world. Dogeliens is simply a decentralised platform built for users, holders and investors.

With the Dogelien universe, users have access to an open-source platform that allows them to trade and exchange cryptocurrency assets without scrutinising eyes of the government or other central authorities in the financial world. Users also have access to trade anonymously and securely without any hassles. 

The DOGET token runs the Dogelien universe. It serves as a utility token with multiple use cases in the ecosystem. For example, it can be used to pay for all transactions on the platform. DOGET is also used for swapping, staking, farming and many more. 

ADA has survived the volatility of the crypto market, but with DOGET out on presale, everyone should keep an eye on the next best-decentralised platform.

Presale: https://ufo.dogeliens.io  

Website: http://dogeliens.io/ 

Telegram: https://t.me/DogeliensOfficial 

Bitcoin Loses Critical Level Below $23,000, Bears Prepare For New Assault?

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