Markets continue to be volatile with inflation worries and the escalating situation between Russia and the Ukraine. With the looming possibility of a Russian invasion, Bitcoin prices dropped to an all-time low of $38,000 and then gained some ground to reach the $39,600 level. There still seems to be some hope for the crypto investing community. Data gathered by Glassnode shows that over 60% of the supply of BTC hasn’t been tapped in over a year. Those interested in long-term holding are staying put and riding out the downturn.
Here’s what you need to know about the top 5 cryptos and why you should track their progress this week.
1. BTC/USD: BTC is facing strong headwinds and buyers are not cashing in despite the $39,600 price. The bear market has a strong hold because the EMA is in a downward trend for BTC. The longer the price stays down, the higher the possibility of BTC losing value.
2. LEO/USD prices have undergone many corrections and now at an all time high of $8.14. This level was reached on February 8th, and it seems like the bulls are hanging on to this level for the foreseeable future.
3. MANA/USD – The Decentraland (MANA) price has declined further since Feb 16th, which indicates a strong bearish trend and traders are selling fast. The resistance level for MANA is very stiff and looks unlikely to move soon.
4. KLAY/USD – the native crypto for Klaytn is also going below the downtrend line. Selling is the trend and the bears have kept the 20-day EMA price steady at $1.23.
5. XTZ/USD: Tezos or XTX has also stayed below the downtrend line since February 10. This is a good indicator that the bears are selling off during rallies. It remains to be seen whether the prices will reach the uptrend line.