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Road Ahead for Cryptocurrency

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IRAN CRYPTO
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With the global economy working constantly to come back on its feet, the prospects of Bitcoins touching a saturation point is getting hotly debated. Experts feel that Bitcoins have gone past its prime and prices will stabilise soon. This could be an indication that perhaps other options may start gaining like Ethereum, but these are only speculations and performance of other sectors will determine the direction of the entire crypto market.

Let’s analyse the individual performance against the USD:

BTC/USD

Bitcoin has been on an upswing as traders are making bargain purchases while waiting for deeper adjustments. The below candlestick indicates that bears are entering to prevent massive gains but the bulls seem to be buying aggressively.

[Source: BTC/USD]

The extended rise has pushed the Relative Strength Index (RSI) in the overbought zone which indicates that BTC could settle around the $30,000 mark. On the contrary, if the prices continue to rise it may touch the heights of $37,000 but then the risk of prices falling drastically will also multiply.

ETH/USD

Ether has been facing resistance at the $750 mark since a few days but the bulls are still optimistic indicating the uptrend will continue and traders are not aggressively booking profits. The prices are anticipated to reach $800 before the bears enter at a faster pace. The moving averages are on the rise and the RSI is in the overbought category indicating a bullish dominance.

On the contrary, if prices are falling below $717, adjustments could proceed to the 20-day Exponential average of $663 and if there is a rebound from this level, traders wil continue the bullish statement and make a bargain purchase.

https://s3.cointelegraph.com/uploads/2021-01/91f65da4-56ad-4792-aabf-4f94e539e96e.png
[Source: ETH/USD]

XRP/USD

The XRP Ripple has formed a candlestick pattern in end of December strongly indicating that the bulls and bears are fiercely competing with each other with the bears gaining control.

https://s3.cointelegraph.com/uploads/2021-01/c4239ff9-db34-4d1b-b632-97a335ad425f.png
Source: [XRP/USD]

In a downtrend scenario, traders will use the price movements to either close long positions or establish new short positions. The falling moving averages and the RSI in overbought category indicates the bears are in control.

Thus, the present uptrend since the commencement of January may face resistance at the 20 day EMA of $0.357. If the XRP price falls back from here, bears will try to resume the downtrend that can push the price to $0.10. On the flip side, if bulls do manage to invalidate the 20 day price, the prices will again rise northwards making it tougher for the bears to break in.

LTC/USD

Litecoin (LTC) has been consistently above the $124.1278 mark for a few days now. The rising moving averages and positive RSI indicate that bulls are controlling the game and are perhaps trying to reserve the level $124.1278 as the support price.

If the bulls can push the prices above $140, there is an opportunity to touch the heights of $160. Conversely, if the bears can sink below $124.1278, the downfall maybe free flowing and reach as low as $91.96.

[Source: LTC/USD]

The above are an indication of how the overall crypto market is bullish but certain bearish anticipate a fall and want to cash in on the same. Thus, multiple aspects are involved in the overall performance and the support and resistance levels will keep on changing as per the actions by the players. Speculations will keep on increasing and the prediction of future performance would also become highly dynamic.

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