NZD/USD Slumps to Level 0.7228 as Sellers Emerge at the Overbought Region

Azeez Mustapha
28 February 2021 | Updated: 28 February 2021

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
The Kiwi drops as sellers emerge in the overbought region. The market fell to the low of level 0.7228. If price finds support above the SMAs, the upward move will resume.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bearish
On the 2-hour chart, the NZD/USD pair is in a downtrend. On February 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.272 Fibonacci extensions. That is a low of level 0.7193.

NZD/USD – 2 Hour Chart

2-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. The Kiwi is below the 20% range of the daily stochastic. It indicates that the market is a bearish momentum and has fallen to the oversold region of the market.

General Outlook for NZD/USD
The NZD/USD pair has a sudden breakdown as the price reaches the level 0.7228. The price will continue to fall if the selling pressure breaks below the SMAs.

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XRP/USD price: Will There Be a Bearish Breakout at $0.9 Level?

Azeez Mustapha
28 February 2021 | Updated: 1 March 2021
XRP/USD Market February 02

Should the Bears break down the support level at $0.39, then, $0.28 and $0.21 price level may be tested. In case the support level of $0.39 hold, the price may bounce and face the resistance level of $0.49, $0.63 and $0.73.

XRP/USD Market
Key Levels:

Resistance levels: $0.49, $0.63, $0.73

Support levels: $0.39, $0.28, $0.21

XRP/USD Long-term Trend: Bearish

On the daily chart, XRP/USD is bearish. The Bears are in control of the XRP market. The price action has formed a Double Top chart pattern on the daily chart. The currency pair has been under the control of the bulls. The resistance level at $0.63 was tested on February 14. It pulled back to retest the support level of $0.49. The bulls pushed up the price to test the resistance level of $0.63 second time on February 22. It means the resistance level of $0.63 stands as a strong barrier to the currency. The price falls to $0.39 level before the market close.

XRPUSD Daily chart, February 28

The 9 periods EMA is crossing the $21 periods EMA downside and the coin is trading below the dynamic support and resistance level at $0.39 zone. Should the Bears break down the support level at $0.39, then, $0.28 and $0.21 price level may be tested. In case the support level of $0.39 hold, the price may bounce and face the resistance level of $0.49, $0.63 and $0.73.

XRP/USD Medium-term Trend: Bearish

On the medium-term outlook, XRP/USD is Bearish. The price bounced off the resistance level of $0.63 after testing the mentioned level two times. The bears were able to increase their pressure, the price is currently decreasing towards $0.39 level.

XRPUSD 4-hour chart, February 28

XRP price has crossed down the two dynamic support and support level of $0.49 as a sign of bearish movement. Further decrease in the XRP price is highly envisaged. The Relative Strength Index period 14 is pointing upside to indicate a buy signal. As at the moment, XRP price is trading below the 9 periods EMA and 21 periods EMA. The support level at $0.39 may be penetrated downside and the price continues its bearish momentum.

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Biden’s $1.9 Trillion Stimulus Plan May Lift the Greenback

Azeez Mustapha
28 February 2021 | Updated: 28 February 2021

U.S. President-elect Joe Biden’s proposal to pour $1.9 trillion into a hobbled economy could lay the foundation for a surge in jobs and spending that many economists say is needed to avoid long-term damage from a record-breaking pandemic recession.

On Saturday, the US House of Representatives passed President Joe Biden’s $1.9 trillion coronavirus relief package by 219-212 votes. Republican support was missing, but the bill moved to the Senate, where is expected to pass before March 14, when the previous round of stimulus expires. Also on Saturday, President Biden called on the Senate to pass the stimulus bill.

The greenback appreciated sharply at the end of the week, finishing it with gains against all of its major rivals. Global indexes closed with sharp losses, except for the Nasdaq that managed to post an intraday advance.

US Treasury yields continued to retreat ahead of the weekly close, but that didn’t prevent the dollar from appreciating. The yield on the benchmark 10-year Treasury note settled at 1.40% after peaking at a one-year high of 1.61% mid-week.
US Economy Is Off to a Good Start in 2021
Analysts had already begun marking up their forecasts for economic growth this year after elections delivered control of both houses of Congress to Democrats. The new spending comes at a critical time for the world’s largest economy.

In January, personal spending increased at a robust 2.4% pace, while personal income soared 10.0%. The core PCE deflator rose 0.3% during the month and 1.5% over the year. Fed Chair Powell testified in front of Congress and underscored the FOMC’s commitment to keeping monetary policy accommodative, as the U.S. economy continues to recover from the COVID crisis.

The new package, which must still be voted on by Congress, would bring to $5.2 trillion the total fiscal stimulus delivered to the U.S. economy since the crisis began, equivalent to about a quarter of U.S. annual economic output.

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Silver Price: XAGUSD Stays Distressed Beneath $28.00 Level As Dollar Gathers Strength

Azeez Mustapha
28 February 2021 | Updated: 28 February 2021

XAGUSD Price Analysis – February 28

The XAGUSD pair lost upside momentum under the $28.00 level during the prior session as sellers’ pressure takes a toll to hit the $26.13 low level. In the new week, the pair may stay distressed under the $28.00 level as the U.S dollar may gather further strength on rising yields.

Key Levels
Resistance Levels: $28.90, $27.92, $26.77
Support levels: $26.00, $25.00, $24.00
XAGUSD Long term Trend: Ranging
XAGUSD sellers are once again in medium-term control, as the price continues to attack near term horizontal support zone currently around the $26.00 level. Beneath the level at $26.00 awaits the ascending trendline support which may act as a backstop making it a strong base for the bears.

The white metal had plunged from the horizontal resistance of the moving average 5 and 13 hurdles while breaking below the $26.00 level could open doors for a test of the horizontal support zone at the $25.00 level on surging USD strength. The daily Relative Strength Index (RSI) is trending towards the south allowing for further downside correction.
XAGUSD Short term Trend: Ranging
The XAGUSD was last seen hovering near the lower end of its 4-hour chart, around the $26.67 region. Meanwhile, technical indicators on the 4-hour chart have been gaining negative traction and support prospects for further weakness. That said, the rebound seen on the short-term RSI warrant caution before positioning for a further downfall.

A firm break beneath the horizontal support at the $26.00 level could open the door towards a lower mark at the $24.50 level. On the flip side, the next upside target awaits at the level of $27.50 level. The near-term key support comes at the $25.00 level that holds the gate for silver’s further weakness towards the yearly low of $24.01 level.

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Bitcoin Price Analysis — February 28

Azeez Mustapha
28 February 2021 | Updated: 28 February 2021

Following a bullish performance on Saturday, Bitcoin (BTC) has dropped sharply below the $44k level. The recent BTC decline dragged the altcoin industry along, causing the entire cryptocurrency market valuation to fall by $120 in a few hours. However, Bitcoin has rebounded to the $45k level at press time.

That said, Bitcoin’s market valuation continues to slide, with the benchmark cryptocurrency losing more than $200 million over the past week.

Meanwhile, CryptoQuant, a cryptocurrency analytics firm, recently reported that the crash in Bitcoin price could be because of profit-taking by miners following the several-month-long bull run. The analytics company tracked significant outflows of funds from their wallets into exchanges just before the slump from $58,000 to $45,000 and from the recent $50,000 slump to $45,000.

In other news, the altcoin market recorded an even worse dip. Ethereum (ETH) fell by a whopping 10% and dropped below the $1,350 level. For better understanding, the price of Ethereum peaked at $2,050 just eight days ago.

Cardano (ADA), which has performed exceptionally well before now, fell by more than 12% to $1.2. Meanwhile, Polkadot (DOT), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) all posted significant declines as well at (-9%), (-6.5%), (-10%), and (-9%), respectively.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — February 28

Bitcoin is having a hard time regaining any bullish momentum, as bears appear to be in the driver’s seat of late. The cryptocurrency failed to capitalize on its goodish rebound from the $44k area yesterday and got promptly sent to below the $44k line earlier today.

That said, a bearish trendline has emerged and suggests that more declines could follow in the coming hours or days. Bitcoin has to regain stability above the $48,500 pivot zone to negate the current bearish bias.

Meanwhile, our key resistance levels are at $46,000, $47,500, and $48,500. While our key support levels are at $44,000, $43,000, and $42,000.

Total Market Capitalization: $1.35 trillion

Bitcoin Market Capitalization: $832 billion

Bitcoin Dominance: 61.6%

 

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Ethereum Comes Under Pressure, as Other Blockchains Aim for Dominance

Azeez Mustapha
28 February 2021 | Updated: 28 February 2021

The growing use of DeFi protocols and decentralized applications built on Ethereum appears to have overloaded the network to the point of unsustainable transaction fees. That said, several cryptocurrency ecosystems are now in a race to usurp dominance from Ethereum amid this “slip up,” and Binance CEO, Changpeng Zhao, is rooting for Binance Smart Coin (BSC) to come out on top.

The CEO, popularly called CZ, attacked Ethereum on Twitter recently, highlighting the network’s fees as its “Achilles heel,” adding that only wealthy individuals could afford to trade Ethereum.

CZ’s claims are not unfounded, as the average transaction cost on Ethereum has soared from less than $5 on average last year to about $15 at press time. Just four days ago, the network’s fees peaked at about $40 on average. With that, traders operating on DeFi or yield farming platforms face transaction fees as high as $100 for each trade taken daily.

CZ doubled down on his offensive against Ethereum, tweeting that he was no longer using the network. Binance is currently developing two projects (Binance Chain and Binance Smart Coin) to compete with the two largest blockchains in the industry.

Binance Chain is getting designed to facilitate fast payments with low fees. This project will be a competitor with Bitcoin because of its limited purpose; sending and receiving funds. On the other hand, Binance Smart Chain facilitates the execution of smart contracts in a more efficient and pocket-friendly manner than Ethereum.

The Race to Dethrone Ethereum
The rapid rise of projects like Polkadot, Binance Smart Chain, and Cardano is a telltale sign that there’s an active race for a replacement to Ethereum. Just yesterday, Cardano (ADA) became the third-largest cryptocurrency, overtaking Binance Coin (BNB).

Like BSC, Cardano plans on executing smart contracts cheaply, quickly, and securely. However, Cardano runs a more complex network and a much longer roadmap compared to BSC.

Nonetheless, Ethereum developers are not sitting on their hands amid this jostle for dominance but are working on creating a newer and better version of their existing blockchain. Ethereum 2.0, as it has gotten dubbed, will have several layer-2 implementations. According to the CEO of Ethereum, Vitalik Buterin, the new blockchain will have the ability to facilitate hundreds of thousands of transactions per second once it gets fully deployed.

 

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Ethereum (ETH) Price Analysis: Ether Declines, May Reach the Lows of $1,200 or $1,000

Azeez Mustapha
28 February 2021 | Updated: 28 February 2021

Key Highlights
Ethereum bulls are struggling to hold above $1,300 support
The biggest altcoin will slump again if the current support at $1,400 is broken

Ethereum ETH) Current Statistics
The current price: $1,354.55
Market Capitalization: $156,343,211,173
Trading Volume: $22,578,249,561
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis February 28, 2021
Ethereum bulls are struggling to hold above the $1.300 support as sellers threaten to short. This second round of downtrend was caused by the bulls’ failure to sustain above $1,700 resistance. Following its rejection at $1,700, the coin fell to $1,400 and pulled back. The Pullback was short-lived above the $1,500 high as bears pushed price below $1,400 support. The bears have broken the current support as price falls to $1,364.80 at the time of writing. We expect the price to reach the lows of either $1,000 or $1,200.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto’s price has fallen below the 25% range of the daily stochastic. It indicates that Ether has fallen into the oversold region of the market. In the oversold region, sellers may emerge to push prices down. The crypto is at level 34 of the Relative Strength Index period 14. The coin is in the downtrend zone and below the centerline 50.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum may continue its downward move. The price has fallen into the oversold region. On February 23 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement implies that ETH will fall to level 1.618 Fibonacci extensions or a low of $943.54.

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Dollar Trades Strong, Yields Surge As Stock Market Plunges

Azeez Mustapha
26 February 2021 | Updated: 26 February 2021

US stocks were previously hit by a sharp sell-off on the back of soaring Treasury yields, and the sell-off continued into daytime trading. At the time of this posting, although Treasury yields are slightly down today, stocks remain in the red. US futures are pointing to a recovery, but there is little confidence the recovery can continue until the close.

After rising throughout the week, US bond yields pulled back sharply on Friday, as bond purchases rose towards the close of trading in the US. Selling is most noticeable at the long end of the US Treasury curve, which has flattened sharply; 30-year bonds are down nearly 19bp today. the day to just above 2.10%.

Investors digest comments from central bank officials on real long-term rate hikes and inflation. In particular, the ECB spokesman noted that increased policy incentives may be required if yields could prematurely deprive effective support. The chief economist at the Bank of England also warned that uncontrolled inflation now poses a greater risk.

Despite Friday’s plunge, bond yields appear to end the week a decent amount higher than they started; The 10-year bond yields are up about 6 basis points from Monday’s opening levels of about 1.36%, and the 10-year TIPS yields are up about 7 basis points from just below -0.8% this week’s opening.
US Dollar Index (DXY) Confronts Upside Barrier
The index reverses Thursday’s losses and climbs well above 90.00 on the back of a strong rebound in the US 10-year benchmark.

The move in 10 years Treasury yields to levels last seen about a year ago resulted in a strong return of the index from below 90.00 levels on Thursday and allowed the index to move to multi-day peaks in the 90.75 / 80 area. Friday.

In the register, US inflation, measured by headline PCE and Core PCE metrics, rose 0.3% MoM in January and 1.5% YoY. According to additional data, the outstripping trade deficit, projected at $ 83.74 billion last month, while personal income increased 10.0% MoM in the first month of the year, and personal spending increased 2.4% compared to the previous month.

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Crude Oil: WTI Trades Underneath Bearish Pressure After Plunging Beneath the $63.50 Level

Azeez Mustapha
26 February 2021 | Updated: 26 February 2021

USDWTI Price Analysis – February 26

At the time of writing, WTI remains on the back foot trading at $62.53 after sellers’ pressure pushed the USDWTI pair to a $61.82 daily low. The barrel of West Texas Intermediate (WTI) hit its highest level in more than a year at $63.79 during the prior session, however, staged a rebound on Friday.

Key Levels
Resistance Levels: $70.10, $67.52, $63.73
Support Levels: $60.72, $57.40, $53.90
USDWTI Long term Trend: Bullish
From a technical perspective, USDWTI reflects a clear bullish market on the daily chart. A step above the $63.79 barrier could trigger the next upside breakout. However, the RSI is on a corrective journey before its next leg up. A pullback from the weekly top at $63.79 beneath the MA 5 and 13 threshold may generate additional buying.

The following pullback, however, may not last long as buyers may buy the dip at the $60.72 level. Hence, WTI sellers should keep their eyes on the MA 13 support line, at $60.50 during further declines. However, any further weakness will be probed by the three-week-old horizontal support near the $57.40 level.
USDWTI Short term Trend: Ranging
WTI price action is currently trading around $63.18 and $61.78 intraday levels beyond the near-term lower end of the channel range at the $60.72 level. With the upward level of resistance shown at $63.79 in the near term, analysts expect prices to trade within that range.

On the upside, a break beyond the $63.79 level would see oil prices challenging the $67.52 psychological level of resistance. Prices are somewhat likely to stay subdued in the short term and risk selling pressure, particularly with economic recovery concerns now lingering.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Polkadot and Cardano Will Surpass Bitcoin in Value: FD7

Azeez Mustapha
26 February 2021 | Updated: 26 February 2021

The Dubai-based cryptocurrency investment fund, FD7, believes that the value of Cardano (ADA) and Polkadot (DOT) will surpass that of Bitcoin (BTC) in the coming years. Consequently, the firm has announced that it will offload about $750 million worth of its BTC holdings and increase its exposure in ADA and DOT.

FD7 (Fall Down Seven Times) Ventures describes itself as a cryptocurrency-focused investment fund that “invests in entrepreneurs who stand up an 8th time” and has more than $1 billion in asset under management invested in several crypto assets, including Bitcoin, Ethereum, Polkadot, Cardano, and Cosmos.

The investment firm noted that it has begun to slowly phase-out $750 million worth of Bitcoin while simultaneously increasing its holding in ADA and DOT.

FD7 affirmed that this investment shift would “better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space.”

Meanwhile, the fund’s Managing Director, Prakash Chand, had some not-so-good remarks about the benchmark cryptocurrency following the announcement. He said that: “Aside from the fact that Bitcoin was the first to market and society has given it meaning as a store of value, I think Bitcoin is pretty useless.”

Furthermore, he highlighted the prospects of cryptocurrencies like Ethereum, Cardano, and Polkadot, noting that they “will be more valuable than Bitcoin within the next few years.”

FD7 Lauds ADA and DOT’s Founders
In other news, the press release lauded the founders of Cardano and Polkadot, Charles Hoskinson and Dr. Gavin Wood, describing them as “two of the brightest minds working in the crypto development space today” and highlighted their contributions to the establishment of Ethereum years ago.

The fund noted that its decision to venture into ADA and DOT was based primarily on the reputation of the cryptocurrencies.

Meanwhile, Hoskinson has responded to the news via his Twitter account, saying that FD7 was welcomed to the Cardano ecosystem and that he was ready to offer technical assistance if needed.

 

You can purchase crypto coins here: Buy Coins

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