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Why is Crypto Going Up – DXY Down, Time to Buy Coins For Altcoin Season?


On Friday, a weaker dollar may have helped propel crypto prices upward as stock market investors remained cautious after U.S. inflation numbers came in at historically high levels despite a slight easing, and uncertainty around the upcoming FOMC meeting next week.

Meanwhile, the cryptocurrency market made a significant recovery yesterday as it bounced 2.30% off the 0.382 Fibonacci retracement level of support. Today markets are continuing to rally so far, with Bitcoin up 1.49% and Ethereum up 2.02% as of writing. As the market cap tries to find its way back above the $860 billion range, is the market once again attempting to break this key resistance area?

Cryptotal Market Cap and Technical Analysis



EMA

In the long run, prices remain bearish as the market continues to trade below both EMA 50 and 100. But for now, a bit of optimism may be setting in as the market stays steady above the EMA 20 for the last couple of days.

RSI

Yesterday, the Relative Strength Index (RSI) broke past the RSI 50 mark at RSI 50.03 and is now hovering around RSI 50.44. It’s essential to maintain this level over the next few days in order for us to see a potential market uptick.

MACD

The MACD’s bullish crossover with the climbing moving averages is a sign of potential upward movement, however, the shrinking gap between them may be cause for concern. To sustain this promising trend we need to experience further growth in market momentum.

Supports and Resistances

Fib 0.236 and Fib 0.382 has been proven significant for the past couple of weeks. Therefore, the levels of $789 billion to $804 billion are the immediate supports for the Crypto Total Market Cap. If the price successfully breaks out from the range of $800 billion to $830 billion, it may be time to think about taking some positions, but only with proper risk management in place since market volatility remains high. The next potential targets are the daily EMA50 at $837 billion and the previous support area, now turned resistance, of $850 billion to $860 billion. 

Shield Yourself From Financial Risks: Diversify Your Investment Portfolio

Protecting your capital from potential risks is essential for any investor, both through using stop losses and being cautious in volatile markets, as well as by diversifying investments. By diversifying your portfolio, you’re dispersing risk across multiple investments that may respond differently to different market conditions instead of putting all your eggs in one basket.

For example, besides investing in asset classes like stocks, bonds, commodities, and high-cap cryptocurrencies, it’s also a good idea to carefully buy into crypto projects in their presale stage to get in on ground floor pricing. With this in mind, we have handpicked 4 cryptocurrency projects with strong fundamentals and high investor interest that are now available for presale.

IMPT.IO (IMPT)

Eco-crypto IMPT is committed to combating climate change by harnessing the transparency and efficiency of the blockchain. The platform provides individuals with access to thousands of brands that support climate action with a percentage of their profits from each sale. 

You can buy, sell, or retire carbon credits on the platform. The IMPT token presale is currently in its final days, so investors should take advantage of this opportunity to get in early. So far IMPT has raised nearly $17 million during its presale period, with over $1 million raised in the past 24 hours alone, and it shows no signs of slowing down despite the current crypto bear market conditions.

Visit IMPT Now

Dash 2 Trade (D2T)

Dash 2 Trade is much more than just another crypto analytics tool. It’s an intelligence and analytics platform that provides forecasts, social analysis, and trading signals to help traders make informed decisions. Dash 2 Trade seeks to serve the requirements of all investors–beginner or experienced, big business, or small time trader.

It’s the perfect solution for any level of trader who wants to better their strategies. The platform will provide an array of services, like formulating and analyzing trading strategies, reading up on current cryptocurrency news, and gleaning information from blockchain analysis. Thus far, D2T’s presale has raised $9.2 million through 4 stages and is currently in its final stage with 70% of its target funds raised.

Visit Dash 2 Trade Now

Calvaria (RIA)

Calvaria is a Web3 game that allows players to collect, trade and battle strategically with NFT-based cards. Unlike other Web3 games, you don’t need to hold any cryptocurrency, which could make it more popular with crypto newbies. RIA can be used to trade in the game’s marketplace and can be staked–providing users with an extra incentive to hang on to the token. So far, the presale has raised $2.38 million USDT and is currently in Stage 5, the final stage before launch.

Visit Calvaria Now

Robot Era (TARO)

RobotEra, an Ethereum-based metaverse gaming project centered around robots, allows users to buy land and partake in various interactive experiences. Its key advantage is that it doesn’t require coding knowledge from creators wanting to design their own games or experiences. Users will also be able generate income inside the game through different means as well as by staking $RIA tokens.

Currently, RobotEra’s first phase of the TARO token presale has amassed a total of $465K.

Visit RobotEra Now

 

 

 

 

 

 





Read More: Why is Crypto Going Up – DXY Down, Time to Buy Coins For Altcoin Season?

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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