Bitcoin price is struggling to flip $48,000 to support, but the steady protocol developments taking place in DeFi projects could lead to further upside from DOT, LUNA and ATOM. Bitcoin and most major altcoins have been consolidating in the past few days as investors await a trigger to start the next directional move. Some consider that the rising inflation in the U.S. could prove to be bullish for Bitcoin.
BTC
Bitcoin is seeing a hard battle between the bulls and the bears near the 20-day exponential moving average of $47,362. Although the price rebounded off this support the bulls could not sustain the higher levels. The flat 20-day EMA and the relative strength index near the midpoint suggest a balance between supply and demand. If bears pull the price below the 50-day simple moving average ($46,489), the BTC/USDT pair could slide to $44,000.
DOT
Polkadot rebounded off the 20-day EMA to $32.39 on the18th but the bulls could not build up on the bounce. This showed that the bears are active at higher levels. The rising moving averages shows an advantage to the buyers but the negative divergence on the RSI indicates that the bullish momentum may be fading. A break and close below the 20-day EMA could intensify the selling and pull the price down to the breakout level at $28.60.
LUNA/USDT
The LUNA token is correcting in an uptrend. The bulls have held the 20-day EMA at $34.08 support for the past few days but they have not been able to achieve a strong rebound. This shows that the demand dries up at higher levels. If bears pull the price below the 20-day EMA, the LUNA/USDT pair could drop to the 50-day SMA $27.21.
ATOM/USDT
ATOM broke above the stiff overhead resistance at $32.32 on the 12th. The bears tried to pull the price below the breakout level for the past few days but the bulls did not relent. This suggests strong demand at $32.32.
