The cryptocurrency market digest (BTC, LUNA, XRP). Overview for 11.04.2022

April 11, 2022

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The BTC still looks quite disappointing. Over a week, the leading cryptocurrency lost 7%. The capitalisation of the BTC dropped to $803 billion.

The BTC quotes are depressed because of American stock exchanges: at the nearest meeting, the Fed might raise the interest rate by 50 basis points. This is a serious impact on the capital market and, hence, on the BTC which has a strong correlation with the NASDAQ index.

Technically, on D1 there seems to be forming a new pattern resembling a Triangle, but for the BTC, this is a rare occasion. Hence, there is not much of a chance that it will work. The volatility of the BTC has shrunk, and the price is stabilizing. In such circumstances, any long-term planning is complicated. Let us take $32,920 as the key trend level. The current price is $42,205; the nearest goal for growth, if it is ever to happen – is $45,550 through $43,440. A more ambitious goal is $46,000, while $51,000 can be neglected for now.

If things go negatively, the goals of the decline will be $42,000 and then – $40,500.

Bitcoin chart online

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Springtime: Bitcoin wallets are waking up

Last week, three Bitcoin wallets demonstrated some activity, though they had been inactive since 2009. Users transferred 150 BTC in three transactions, which equals $6 million.

In 2009, 1 BTC cost less than $1. This proves that investments are for the patient.

Luna: still buying the BTC

The Luna Foundation trust keeps buying the BTC. Over the last couple of days, the trust bought the cryptocurrency for $173 million. Now the company owns the BTC for $1.67 billion. Previously, the founder of Terra mentioned that the company planned to invest about $10 billion in the BTC. What does this mean? Firstly, the trust keeps working on creating guaranties for the TerraUSD stable coin. Secondly, market dreadnoughts are kin on the BTC, which is definitely a thing to think about.

XRP: to the moon and back

An interesting thing happened to the XRP. At the PancakeSwap exchange, the price of the cryptocurrency sky-rocketed to $239 thousand and then dropped to the normal price of $0.76. Clearly, there was no miracle about it, just a technical issue with the DEX pricing mechanism.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.