Investor interest strong, Bitcoin hits $52,000
"Cointelegraph" senior analyst Rakesh Upadyay pointed out that between February 12 and 16, funds flowing into Bitcoin spot ETFs reached US$2.2 billion, indicating strong investor interest. Although Bitcoin's gains have paused after rising above $52,000, it may face pressure from the selling of bankrupt platform Genesis $GBTC.
However, Upadyay believes that if Bitcoin enters a consolidation trend in the short term, it may be beneficial to the rise of Altcoin, and named 4 cryptocurrencies that are expected to continue the upward trend, providing short-term analysis. It should be noted that analysts' opinions are for reference only and cannot be used as investment basis.
Analyst: “These 4 coins” are all bullish
Binance Coin ($BNB)
Upadyay pointed out that Binance Coin ($BNB) was in an upward trend but found resistance at $360, but the correction was not significant, indicating that the bulls have not yet given up ground to the bears.
As of early this morning (19th), $BNB’s 20-day exponential moving average (EMA) is still in an upward trend, and the relative strength index (RSI) is also close to the overbought area. If the closing price breaks through $360, $BNB may Further challenge to the round figure of $400.
Upadyay said that $400 may prove to be a difficult hurdle to overcome, but if overcome, it will be expected to reach $460; conversely, if the closing price is below $348, short-term traders may take profits and fall back to $20. The daily EMA ($328) is near the 50-day EMA ($313). If it falls below the 50-day EMA, it means a change in the short-term trend.
Kaspa ($KAS)
Upadyay pointed out that Kaspa ($KAS) surged to the resistance level above $0.15 on February 17, US time, indicating that the upward trend has resumed, and the upward 20-day EMA also means that bulls have an advantage.
However, it should be noted that the RSI on the daily line of $KAS has entered the overbought zone, which means that the recent rebound may be too fast. If the currency price falls back from the current level, $0.15 will become an important support level. If it can rebound strongly from here, it is expected to further challenge $0.2.
On the other hand, if $KAS falls sharply and falls below $0.14, it means that the short-term upward trend may end. Subsequently, and increasing the possibility of a plunge to near the 50-day EMA ($0.11).
VeChain ($VET)
Upadyay pointed out that VeChain ($VET) broke through the 50-day moving average ($0.03) on February 12, US time, and the increase strengthened, indicating that bulls were actively increasing buying orders.
On February 15th, US time, $VET further broke through the resistance level above $0.04, starting the next stage of the upward trend. However, a long upper shadow line appeared on the K line on February 16, indicating that there is still strong selling pressure around $0.05.
Upadyay predicts that if $VET the correction is modest, the chances of a continuation of the rally will increase. On a close above $0.05, a further surge to $0.07 is possible.
On the other hand, if $VET continues to move lower and falls below $0.04, it means that bulls are eager to exit the market and may fall back to the vicinity of the two moving averages, namely the 20-day EMA ($0.03521) and the 50-day moving average (0.03119 Dollar).
Render($RNDR)
Upadyay pointed out that Render ($RNDR) broke through and closed above the $5.28 resistance on February 15, US time, indicating that the upward trend had resumed. Currently, $RNDR is capped at $5.785, the level broken out on February 17, but the pullback is not much, which means the bulls are trying to convert $5.28 into support. If successful, $RNDR could explode towards the $7 target.
It is important to note that $RNDR’s daily RSI has entered overbought territory following the rally over the past few days, indicating the possibility of a minor correction or consolidation. A break below and a close below $5 would be a sign of trend weakness, and $RNDR could push it back toward the 50-day moving average ($4.34).
This article is reproduced with permission from: CryptoCity
Review editor: Shao Yuanting
