Weekly Cryptocurrency Update from Blocker

Weekly Cryptocurrency Update from Blocker

The current price activity in cryptocurrency is examined in this article. We also talk about Bitcoin, Ethereum, and Chainlink’s short-term support and resistance levels. Finally, we look at whether cryptocurrencies will become a significant asset class. blockster.com

Recent Price Action

Chart #  2

Bitcoin – Bitcoin’s first month in 2022 was a catastrophic disaster. BTC lost nearly 10,000 points in January. BTC went below the critical support level of $39,713 on January 21 (Chart #1). The short-term chart pattern will remain bearish as long as Bitcoin remains below $39,713. The bears have a distinct advantage in terms of momentum. The next level of support is $31,710.

Chart # 3

The weekly chart remains optimistic despite the recent dramatic fall. On the other hand, the bears might quickly shift the momentum in their favor in the coming weeks. The weekly support level of $28,383 is seen in. If the price closes below $28,383 on Friday, the chart will negatively. Bitcoin appears to be headed for a plunge below this critical support level in the coming weeks based on recent market movement.

Chart #4

depicts Bitcoin trade activity over nine months. The OBV is shown at the bottom of the graph (red line). As you can see from the chart, OBV did a fantastic job predicting important Bitcoin turning moments. On June 21, 2021, for example, on-balance volume dropped significantly. OBV was at one of its lowest points in 2021. The sharp drop in volume resulted in a significant low in BTC on June 22, at $28,957. This was a fantastic purchase indication.

Chart # 5

Ethereum — On January 24, the intermediate-term chart pattern became bearish when the price of ETH fell below $2,807. The bears have a distinct advantage in terms of momentum.

Chart # 6

The following critical support level is $1,998. ETH needs to close above $3,888 every week to reverse the negative trend. The most likely scenario is a trading range for the next few days.

Chart #7

shows the activity of ETH trading over the last nine months. At the bottom of the chart, there is an oscillator. The RSI ranges from 0 to 100. On the other hand, it rarely rises over 75 or below 25. A rating of more than 75 indicates that the market is significantly overbought. A reading of less than 25 is deemed highly oversold.

Chart # 8

Solana (SOL) was one of the most significant gainers in 2021, with a gain of 11,216 percent. Like the rest of the crypto ecosystem, SOL has seen a substantial correction in the first month of 2022. In January, Solana lost 42 percent of its value.

Chart # 9

The long-term chart pattern remains positive, despite the recent downturn. The bulls have momentum as long as Solana is above $66.36 on a weekly closing price.

Chart # 10

The crypto trading industry shows Fibonacci support and resistance levels for SOL; the Fibonacci indicator is one of the most often used tools. Fibonacci has correctly predicted big tops and bottoms in various cryptocurrency over the last few years. Solana temporarily violated the Fib support level at $88.22, as shown in the chart. On the other hand, the bears have been unable to produce a daily close below this critical level. This is fantastic news for bullish investors. If SOL can close above $124.51 every week, the short-term trend will shift from negative to bullish.

Cryptocurrencies Will They Become A Major Asset Class?

What is the definition of an asset class? It is a collection of financial instruments with comparable economic characteristics and behavior worldwide. From a macro perspective, these financial instruments are classified into tangible assets and financial assets. Commodities and real estate are examples of tangible assets. Stocks, bonds, and cash are examples of financial support. As a result, there are five key asset classifications to consider.

A growing number of investors have argued that cryptocurrency should be classified as a significant asset class within the world of financial assets. Their premise is that cryptocurrencies are becoming increasingly important in global investment. Are cryptocurrencies on their way to becoming mainstream?

Solana vs. PolkaDot

Click here Solana and Polkadot are both speedier and more efficient than Ethereum, and each is distinctive in its way. Polkadot promotes interoperability and scalability through cross-chain transactions, whereas Solana handles the same issue with lightning-fast transaction speeds.

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