On Aug. 27, U.S. Federal Reserve Chair Jerome Powell said that the central bank will start narrowing its $120 billion monthly bond purchases by the end of the year, but the interest rates are very much so that it has to wait until the job market and inflation will pass a little harder line test.
The U.S. dollar index (DXY), fell the S&P 500 index rises to an all-time high. Also, BTC going upward by about $1500 in an hour. This will show that the market participant’s speech showed very “pacific”.
BTC unbelievably goes near the $50000 mark. Ryan Clark the analyst believes that centralizing Bitcoin is like one it was near $24000 before the breakdown of December 2020.
But on the other perspective Trader XO believing that BTC will correct to $39000 to $42000 zone in September. Will Bitcoin centralizing near $50000 attract buyers to buy altcoins? So lets the charts of the Top 5 cryptocurrencies to view this week: BTC, ADA, LUNA, VET, XTZ.
BTC is now $50005 which is bounded in 20 days exponential moving average on Aug 29. Bulls can’t able to push the price zone from $50000 to $50500.
If in a case price will go down from the current level price and goes down below the 20 days EMA, it will have suggested that short term traders are booking the profits. This may pull the price down to $43000 and then it will also go $42900.
But in a case price will be rebound, if BTC/USDT price range may range-bound between $43298and $50500 for a few more days.
If the price goes upward from the current level and goes upward from the 20-days exponential moving average. In that case, bulls will try to boost the price from the current level. If they oversee to do that then the pair of BTC will start its journey from $60000.
The moving average of the 4-hour chart is started from the lowest point is $43934 and it goes higher to its current price is $47965 and now $50005.
Cardano ADA is centralizing between $2.78 to $3.10. ADA price breakdown to $2.482 on Aug 26 and become rebound with a higher price on Aug 27 which started from $2.5439.
The price of ADA is currently $3.03 USD with a 24-hour trading volume of $97,422,295,146.
A centralization around the all-time high is a good indication since it indicates that traders are still buying on dips. The RSI is near the overbought zone, and both moving averages indicating that the path of least resistance is upward.
If the buyer drives will support the price psychological barrier at $3 then the price will go up ADA/BUSD resume its higher rhythm.
An assumption is that if the price will go down from $3 then it will go $2.98. So in that case will go down below that of $2.43.
A prediction is that the price will go upward if the bulls will sustain the price above $2.93. In the zone of $2.43 to $2.31.
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Terra is an algorithmic stablecoin platform, operating on a Proof of Stake (PoS) blockchain infrastructure built with Tendermint.
LUNA is the token of the Terra platform and is used in the issuance of stablecoins (TerraSDRs), as a price stability mechanism, as well as for staking and network governance.
Basically, Terra protocol’s LUNA token is in a high upping coin. In few days of centralization, the price rebounded off the 20-days EMA ($33.13), ensuring that sentiments remain positive.
So its assumption is that the first target will be on the upside which is going to move to $43 and if that level is crossed, the LUNA/BUSD pair may rally to $50.
LUNA/BUSD is a good coin to invest in in the coming few days.
Another perspective is, if the price falls below the moving averages, the pair may fall below the triangle’s support line. If the bears break and close below this support, it means the bulls have won the battle. The pair may then fall to a support level of $22.40 to $20.81.