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Crypto SnippetApril 5, 2021

Crypto Snippet - April 2021

Neeraj Thakur
April 5, 2021
What's in this post?
    Crypto Snippet is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.

    Crypto Pair: UNI-USDT

    Date: 28th April 2021

    DeFi coins have been consolidating over the last two months since hitting ATH in February. UNI has broken out of the ascending triangle pattern at ~36 USDT. UNI reclaimed the breakout zone after market sell-off last week.

    It has hit the price discovery zone and can claim new ATH. Given the price range of the ascending triangle, UNI may challenge 50 USDT in the coming weeks while 28 USDT should act as a crucial support.

    UNI - USDT Perpetuals

    Trade UNI-USDT on Delta.

    Crypto Pair: ETH-BTC

    Date: 22nd April 2021

    We had mentioned about 50DMA being a crucial support for BTC in our last snippet. BTC has slipped below the 50DMA support that it held sacrosanct, through this rally, and looks like there is more downside here. We might see a sharp bounce in Bitcoin but till it moves above 60,000, possibility of a bull-trap cannot be eliminated. We are seeing strong signs in Alts though; Ethereum is the focus here. ETH has outperformed BTC this month and looks all set to challenge its ATH. ETHBTC is getting a lot of attention as it broke above its long term resistance of 0.04. There are no further resistances here and we might see ETH-BTC push through 0.10. Expect sharp moves though, first to 0.06 in the coming weeks and subsequently to 0.1

    ETH-BTC Futures Delta Exchange

    Trade ETH-BTC on Delta.

    Crypto Pair: COMP-USDT

    Date: 16th April 2021

    Traders are keenly looking at the DeFi space after a successful listing of Coinbase on NYSE. Decentralised Exchanges and lending counterparts are in action after a long slumber. Consequently, major DeFi coins have been breaking out of the last 2 month consolidation range.

    After UNI, COMP has also broken out the rectangle pattern at ~570 USDT. If the move sustains over the weekend, COMP can challenge 800 USDT in the coming weeks while 450 USDT could act as a strong support.

    COMP-USDT Delta Exchange

    Trade COMP-USDT on Delta.

    Crypto Pair: XRP-USDT

    Date: 5th April 2021

    XRPhas been missing this rally, in the backdrop of the suit from SEC, but it has started to form some bullish formations on the technical charts. XRP has formed an inverse Head & Shoulder pattern with head at 20 cents and shoulders at 40 cents. Neckline passes through 70 cents. Any breakout above the neckline could bring a large move to 1$ and 1.3$.
    This chart has formed over the 6 month period, therefore, in case of a breakout, move is expected to be quick and sustainable. Any news related to the legal battle of Ripple Labs vs SEC also may lead to higher volatility. Shoulders at ~40 cents should act as a crucial support in case price isn’t able to break out this time as well.

    XRP USDT Futures

    Trade XRP-USDT on Delta.

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