BTC/USD (as of Feb 26, 2021, 12.05 p.m., GMT +8)
Source: Yahoo Finance
ETH/USD (as of Feb 26, 2021, 12.10 p.m., GMT +8)
Source: Yahoo Finance
DOGE/USD (as of Feb 26, 2021, 12.10 p.m., GMT +8)
Source: Yahoo Finance
It continues to be an eventful week for cryptocurrencies! Both BTC/USD and ETH/USD has managed to record new all-time highs in the past week, but the momentum was not sustained. Meanwhile, in the DOGE/USD space, the bears appear to be taking over the reins. Let’s take a closer look at how this week has been for these three cryptocurrencies.
BTC/USD
The Bitcoin bulls managed to surge past $57,000 to make yet another new all-time high. However, since then, the price pulled back and experiencing volatility.
Currently, the price of Bitcoin has dipped below the $50,000 mark and now stands at $47,210.61. At the time of writing, data from Coin Market Cap shows Bitcoin’s market capitalisation is at 61.59% out of a total global cryptocurrency market capitalisation of $1.44 trillion.
Microsoft Strategy and Square Inc. has recently joined the list of Bitcoin’s institutional investors, alongside Tesla, but Rakesh Upadhyay from Coin Telegraphs cautions for traders to remember that ‘for every buyer, there is seller’.
Furthermore, data from Glassnode also suggested a sell-off of more than 140,000 Bitcoin in February from Bitcoin whales and ‘humpback whales.’ Bitcoin whales hold between 1,000 and 10,000 Bitcoin while ‘humpback whales’ hold more than 10,000 Bitcoin.
ETH/USD
Following in a similar pattern to Bitcoin, Ethereum bulls seem to have lost some of their momentum and ETH/USD has experienced pullback after breaking through the $2,000 levels. It even spent some time trading sideways. Over the past seven days, Ethereum has experienced more than 20% of dip in its value, as per data from Coin Market Cap.
Analyst John Isige from FX Street believes that a key support level lies at $1,400 and if the bears conquer this, it will then pave the way to $1,100.
At the time of writing, ETH/USD has been trending downwards towards that support level. It is currently at $1,477.72 and trading below its 50-day Simple Moving Average (SMA), as denoted by the purple line in the chart above. The Relative Strength Index is at 32, which is close to an oversold territory.
DOGE/USD
At the time of writing, DOGE/USD holds a market capitalisation of approximately $6,586,853,925 against a total market capitalisation of $1.44 trillion.
The cryptocurrency, which has an endearing Internet meme featuring a Shiba Inu dog, seeming rose into prominence overnight, and has even earned tweets from Elon Musk.
But what lies ahead in the coming days for Dogecoin? On Feb 25, FX Street reported that the U.S. Securites and Exchange Commission (SEC) will be opening investigations against Elon Musk, the Chief Executive Officer (CEO) of Tesla, regarding his tweets about Dogecoin.
DOGE/USD has been moving downwards and at the time of writing, currently stands at $0.0494. while the RSI is at 36, reaching oversold territory.
Analyst Lorenzo Stroe from FX Street pointed out that a green ‘8’ candlestick has been presented by TD Sequential indicator on the weekly chart, and this represents a sell signal.
He also reported that if a breakdown happens below the critical support level of $0.049 on the symmetrical triangle pattern spotted on the daily chart, DOGE/USD could be heading towards $0.016 in the long-term.
CONCLUSION
Volatility was experienced in these cryptocurrencies this week, which is not surprising given the eventful week which included testimonies from the chairman of the U.S. Federal Reserve (Fed), Jerome Powell, progress in the Biden Stimulus Package as well as Covid-19 vaccinations.
In November 2020, Powell made this profound statement, "We're not going back to the same economy. We're going back to a different economy." And so, even as the world struggles to break past the aftermath of the pandemic on the economy, the cryptocurrency bulls must work hard to ensure that it has a rightful place once the dust has settled.
FOLLOWME BTC/USD Overall User Sentiment (as of Feb 26, 2021 at 12.05 p.m.)
Short – 58.44%
Long – 41.56%
BTC/USD (as of Feb 26, 2021, 12.05 p.m., GMT +8) - $ 47,210.61
ETH/USD (as of Feb 26, 2021, 12.10 p.m., GMT +8) - $ 1,477.72
DOGE/USD (as of Feb 26, 2021, 12.10 p.m., GMT +8) - $0.0494
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