THETA, LIDO, KLAY and EGLD flash bullish signs as Bitcoin recaptures $23K
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The cryptocurrency markets and the United States equities markets witnessed profit-booking this week as the macroeconomic data
THETA/USDT
The bulls are trying to arrest Theta Network’s (THETA) pullback at the 20-day EMA ($1.15). Both moving averages are sloping up and the RSI is in the positive territory, indicating advantage to the bulls.
If buyers thrust the price above the downtrend line, the THETA/USDT pair could climb to the overhead resistance at $1.34. This is a formidable resistance and a break above it could open the gates for a possible surge to $1.70.
Instead, if the price turns down and plunges below the 20-day EMA, it will suggest that the short-term bulls may be rushing to the exit. That may start a deeper correction to the 50-day SMA ($1.05) and then to the psychological support at $1.
The four-hour chart shows the formation of a symmetrical triangle pattern. Both moving averages have flattened out and the RSI is oscillating near the center, indicating a balance between supply and demand.
A break below the triangle could tilt the short-term advantage in favor of the bears. The pair could first fall to $1.12 and then to $1.
If bulls want to prevent the decline, they will have to quickly propel the price above the triangle. That could start a journey to $1.27 and later to $1.30.
KLAY/USDT
Klaytn (KLAY) is attempting to break out from a basing pattern. The price rebounded off the 20-day EMA ($0.26) on Feb. 25, indicating solid buying on dips.
The bulls will try to pierce the overhead resistance at $0.34. If they do that, the KLAY/USDT pair could pick up momentum and soar to the psychological resistance at $0.50. Such a move will signal a potential trend change.
If the price turns down from $0.34, it will indicate that bears are fiercely protecting the level. That could again pull the price down to the 20-day EMA. A break below this level could indicate that the pair may spend some more time in the basing pattern.
The bulls arrested the pullback near the 61.8% Fibonacci retracement of $0.26 and started a recovery. There is a minor resistance at $0.32 but if this level is crossed, the pair could attempt a rally to $0.34 and thereafter to $0.37.
On the other hand, if the price turns down from the overhead resistance, it will suggest that bears are selling on rallies. That may enhance the prospects of a break below $0.26. If that happens, the pair may slide to $0.22.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
