The conflict in Ukraine is affecting all aspects of the world economy. Cryptocurrencies are no exception. The volatility is heightened by the constantly changing situation on ground. First the reports of Russia putting its nuclear forces on stand-by and then the news of talks is helping check volatility. Crypto came into focus also because Ukrainians appealed for donations through crypto.
An examination of the top five cryptocurrencies would be instructive of the effect of the conflict on their value:
Between Feb 24 and Feb 26 the bears resisted the downward trend. BTC’s RSI is rallying in a signal that bullish trends are returning. If the bulls maintain the trend BTC/USDT could touch the resistance level of $45,821.
If the price falls below the moving averages, the price will settle between $39,600 and $36,250. A rise above $39,600 could push the price even to $41,000. But a fall below $38,200 will push it down to $36,250.
The LUNA token showed a general bullish trend. Strong buying helped push it above $70. LUNA’s RSI signals over buying. If the price holds at $70, it s likely to rise further to $90. The pair has consistently been trading between $47 and $60. The RSI is positive. There is a possibility of a rise to between $84 and $87. However, if there is a fall below $70, the pair might fall to $64.
AVAX has been in the downward channel. Even though it fell below the EMA initially, the bulls again raised the level. This is indicative of strong buying action. Analysts expect the price to rise to $100 and then to $120.
The pair has been trading at around $83 and the EMA. The bullish view would have been proven wrong if the current upward trend reverses. If the price falls to $76, the trend will turn bearish.
It appears that traders are trying to maintain the pair’s price between $20 and $45. If the bulls are able to maintain the upward momentum the price may reach $37. The bulls have maintained the price above the moving averages. The RSI is also positive. If this sustains the price is likely to touch $34.
FTM’s price has been between $1.24 and $3.38. However, there has been strong buying action. The EMA of $1.82 has proved to be a strong resistance. If this level is breached it could rise to $2.60. A fall below $1.24 will strengthen the downward fall.
Buyers will strive to keep the price above the downtrend level. If they succeed, the pair could reach $2.40.