The cryptocurrency market advances this Sunday, Bitcoin has stabilized around the $ 50,000 price level, but investors should be aware that the risk of another drop is not over yet. The prices of Zilliqa, UMA and Monero weakened from recent highs recorded in April, but these three cryptocurrencies still remain in a bull market.
If the price of Bitcoin falls below the $ 45,000 support level, it would be a firm ‘sell’ signal, and this would add further pressure to the entire cryptocurrency market. Trader Peter Brandt recently warned that the Biden administration may negatively affect Bitcoin and the cryptocurrency market.
Looking for quick news, tips, and market analysis? Sign up for the Invezz newsletter today.
Going forward, the Biden presidency may turn out to be a huge negative for Bitcoin. A great deal of BTC will hit the market to overcome capital gains taxes that will exceed 55% in some US states, ”said Peter Brandt.
Zilliqa (ZIL) is trading above the $ 0.10 support level again
Zilliqa (ZIL) has weakened last week below the support level of $ 0.10 and the current price is hovering around $ 0.15.
Data source: tradingview.com
On this chart, I marked significant levels of resistance and support. Critical support levels are $ 0.12 and $ 0.10; $ 0.20 and $ 0.25 represent the resistance levels.
If the price exceeds $ 0.20, it would be a signal to buy Zilliqa (ZIL), and we have the way open to $ 0.23 or even $ 0.25. On the other hand, if the price falls below $ 0.10 again, it would be a strong “sell” signal and probably a trend reversal signal.
UMA remains in a bull market
Uma (UMA) has advanced from $ 10.8 above $ 44 since early February 2021, and the current price is around $ 22. Critical support levels are $ 20 and $ 15, $ 25, 30, and $ 35 represent resistance levels.
Data source: tradingview.com
There are some obvious risks when it comes to buying Uma (UMA) this April, but if the price breaks above $ 25, it will likely hit the $ 30 resistance level again.
Monero (XMR) remains in a buy zone
According to the rules of technical analysis, the main trend of this cryptocurrency is still bullish.
Data source: tradingview.com
Current resistance levels are $ 400, $ 425, and $ 450; $ 350 and $ 300 represent the important support levels. If the price jumps above $ 400, it would be a signal to buy Monero (XMR), but if the price falls below $ 300, it would be a strong “sell” signal.
Resume
Zilliqa, UMA and Monero remain in the bull market, but investors should note that the risk of another drop is not over yet. Peter Brandt recently warned that the Biden administration may negatively affect Bitcoin, and if Bitcoin falls below $ 45,000, it would add pressure to the cryptocurrency market.