The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Cryptocurrencies to look out for: BTC, ADA

4 min reading

Federal Reserve Chair Jerome recently stated that the central bank will begin to reduce its $120 billion monthly bond purchases by the end of the year.

Federal Reserve Chair Jerome recently stated that the Central bank will begin to narrow its $120 billion monthly bond purchases by the end of the year, but the interest rates increase will need to be halted up until the job market and inflation pass a stricter test.

Due to this the U.S index (DXY) fell, the S&P 500 index increased to a new record and Bitcoin (BTC) increased about $1,500 within an hour. This indicated the market participants saw the speech as “peaceable”. According to analyst Ryan Clark the present consolidation in Bitcoin is somewhat same to the one seen under $24,000 before the breakout in December 2020, but TraderXO believes that BTC may correct to the $39,000 the to 42,000 zone to September. 

BTC/USDT

Bitcoin rebounded off the 20-day exponential moving average ($46,823) on Aug. 27 but the bulls have not been able to increase the price above the overhead resistance zone at $50,000 to $50,500. This means that bears have not decided to quit just yet. If the price goes down from the present level and goes under the 20-day EMA it means that the short-term traders are booking profits. This may pull the price down to $43,927.70 and then to $42,451.67. if the price rebounds off this support, the BTC/USDT pair may end up being range-bound between $42,451.67 and $50,500 for a few more days.

However, if the price changes from the present level or rebounds off the 20-day EMA, the bulls will try to push the price above the over head zone. If they can handle that, the pair may try to reach its goal of $60,000. The moving averages on the 4-hour chart have dropped out and the relative strength index (RSI) is close to the midpoint, pointing out a range-bound action in the near term. The price may remain stuck between $46,200 and $49,500 for some time. 

If bulls can increase the price above $49,500, the pair may challenge the $50,000 resistance. A breakout and close above this level mean the beginning of the next part of the uptrend. But if the bears decrease the price below $46,200 the pair may drop to $44,000. 

ADA/USDT

Cardano (ADA) is currently linking between $2.97 and $2.47. The price decreased down to the breakout level at $2.47 on Aug. 26 but it bounced off on Aug. 27 and this suggests that bulls have changed the level into support. 

A consolidation near the record high is a positive attribute as it depicts those traders continue to buy on dips. Both the moving averages are increasing and the RSI is near the overbought territory, pointing out that the path of least resistance is to the upside. If the buyers drive and sustain the price higher than the psychological disruption at $3, the ADA/USDT pair can continue its uptrend. The next target objective on the upside is $3.50. nonetheless, if the price decreases down from the $2.97 to $3 resistance zone, the pair may extend its saty inside the range for a few more days. The RSI on the 4-hour chart has created a negative distraction, pointing out that the upward momentum may be slowing down. If bears pull and sustain the price below the 50-simple moving average, the pair may decrease down to $2.47. The bears might have to sink the price down the $2.47 to $2.31 support zone to get ahead of the race. However, at the end this uptrend may continue if bulls drive and sustain the price higher than $2.97.

Currency Exchange rate Buy cryptocurrency

The new DEFI platform enters the market! Earn passively - token sale 0.25 $

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.