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EOS, STX, IMX and MKR Show Bullish Signs as Bitcoin Searches for Direction

This week, US stocks rallied, while Bitcoin $22,399 did not. Cryptocurrency investors remained away, maybe concerned about Silvergate bank’s issues. The crypto market capitalisation dropped to roughly $1 trillion due to these worries.

On March 5, Santiment reported a “large rise of pessimistic sentiment” in their bullish vs bearish word comparison Social Trends chart. “Kind of massively pessimistic mood might lead to a big rally to quiet the critics,” the business noted. The U.S. Dollar Index (DXY) dropped 0.70 in the previous week, which is good for crypto markets. Crypto markets may rebound in the coming days. Certain cryptocurrencies may outperform the markets if Bitcoin stays over $20,000.

Bitcoin fell below $22,800 on March 3. On March 5, buyers sought to push the price above the breakdown level, but the extended wick on the candlestick implies bears are attempting to turn $22,800 into resistance. The 20-day exponential moving average ($23,159) is falling and the relative strength index (RSI) is below 44, suggesting bears are seeking to consolidate. Sellers aim to break $21,480 support. If successful, BTC/USDT may retest $20,000.

Bulls must swiftly get over the 20-day EMA to avoid a decline. This indicates aggressive purchasing at lower levels. Beyond $24,000, it may jump to $25,250. Breaking this barrier might signal a trend shift. The RSI is approaching 39 and the four-hour moving averages are falling. Bears lead. The pair may retest $21,480 if it falls below the 20-dayEMA and $21,971.

If bulls push the price over the 20-EMA, the bears may be losing control. The duo might reach the 50-day SMA. If bears fail to defend this level, a rally to $24,000 may follow.

On March 3, EOS $1.22 broke over $1.26, but bulls couldn’t hold it. Positively, the price has not dipped below the 20-day EMA ($1.17).

Bulls benefit from rising moving averages and a good RSI. A break and closure over the $1.26 to $1.34 resistance zone will complete the EOS/USDT rounded bottom pattern. This reversal setup targets $1.74. The 50-day SMA ($1.10) is the key downside support. Since Jan. 8, buyers have not allowed the price to go below this support. A breach below it may escalate selling. $1 and $0.93 provide help.

Bulls prevented the pair from falling to the 50-SMA after bears pushed the price below the 20-EMA. Buyers seem to prefer lesser prices. Bulls will attempt again to break $1.26 if the price goes over the 20-EMA. It might boost the pair to $1.34.

If the price drops below the 50-SMA, this bullish view may be invalidated. That could drop to $1.11. Stacks $0.74 rose 246% from $0.30 on Feb. 17 to $1.04 on March 1. As usual, steep rises ended with abrupt drops.

STX/USDT fell to the 20-day EMA ($0.69), where it found buying support. Bulls will defend the $0.67 50% Fibonacci retracement line, which is nearby. Bears will sell rallies between $0.83 and $0.91. Sellers will attempt another correction if the price falls from this overhead zone. If $0.67 breaks, $0.58 is the 61.8% retracement.

Buyers can push the price above $0.91 to $1.04, contrary to this assumption. Breaking over this level might restart the upswing. $1.43 may follow.

The 20-EMA is trending down and the RSI is negative on the four-hour chart, suggesting bears have a minor advantage. Sellers will defend moving averages during pullbacks. They’ll strive to keep the price down to $0.65 and $0.56. Bulls will fight for this support zone.

A break and closing above the 50-SMA will signal strength. The pair may increase to $0.94 and $1.04. On March 3, ImmutableX (IMX) bounced from the 50-day SMA ($0.88) and closed above the 20-day EMA ($1), showing strong demand at lower levels.

Bears will attempt to stop the comeback at $1.12 if the IMX/USDT pair rises. Buyers might push the pair toward $1.30’s strong overhead resistance. Breaking and closing above this level might initiate a fresh upswing. The duo might reach $1.85. If the price falls below $1.12, the bears may not have given up. Sellers will attempt again to push the pair below the 50-day SMA and grab control. If successful, the pair may fall below $0.63.

The four-hour chart shows price fluctuations between $0.92 and $1.12. In ranges, traders purchase near support and sell near resistance. Price action inside the range may be unpredictable.

Bulls win if price breaks resistance. The pair may rise to $1.30. If bears push the price below $0.92, the pair may turn negative. Downside support is $0.83 and $0.73. Maker $937 is attempting to recover after a little drop. Traders see losses as buying opportunities, indicating optimistic mood. The upsloping moving averages and positive RSI suggest the path of least resistance is up. MKR/USDT may reach $1,150 to $1,170 if buyers keep the price above $963.

Bears must drop below the 20-day EMA ($807) to stop the bullish trend. If they succeed, some short-term traders may lose their stops. The pair may fall to the 50-day SMA ($731).

Bulls are seeking to push the pair over $832–963. The 20-EMA has risen and the RSI is positive, signaling bullishness. The pair may climb to $1,094 if it stays above $963. If the price falls drastically below $963, the breakthrough may have been a bull trap. That could prolong consolidation.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.