+ 4.89
+ 1.53%
+ 2.80
+ 0.82%
+ 4.55
+ 1.11%
+ 0.65
+ 0.48%
+ 0.96
+ 0.56%

3 Cryptocurrencies To Watch Today

April 16, 2021 9:00 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
3 Cryptocurrencies To Watch Today

Support has formed at the $40 level for Polkadot (DOT-USD).

The chart shows what is a common occurrence in the financial markets: Levels that had been resistance can convert into support. It happens because of seller’s regret.

Investors who sold their DOT at $40 in February and March were feeling good when it trended lower after. They think they made the right decision to sell.

But in early April, DOT broke this level and made a significant move higher. Now, these investors aren’t so sure. Many come to think they made a mistake.

See Also: How $500M Token Burn Will Impact Binance (BNB) Cryptocurrency's Price

A number of these regretful sellers decide to buy their DOT back, but they will only do so if they can buy it for the same price they sold at. Then they can erase their mistake.

As a result, they place their buy orders at their previous selling price. If there are enough of these buy orders, the level will convert into support. This is the case here with the $40 level.



A similar dynamic may occur in Cardano (ADA) at the $1.35 level. This level was resistance in February and March.

If a stock or a cryptocurrency is in a downtrend, there is a good chance it will end at a price level that had previously been resistance.


A major reversal pattern has formed in cryptocurrency XRP (XRP). The recent uptrend has ended and a new downtrend may form.

On the following chart, the blue rectangles are up days; On these days the bulls were in charge.

The red rectangles are down days; On these days the bears were in control.

The large red rectangle for today’s price action shows a significant move lower. XRP has dropped from $1.80 to $1.55.

The bulls have been in control of XRP since April 5, when it was trading around 65 cents. But today’s action could mean the bears may be about to take over.



Cryptocurrency Markets

Related Articles

Bitcoin Gets a Carbon Black Eye from Musk, but Draper Stands by Price Predictions

Elon Musk brought the environmental concerns of Bitcoin mining to the fore, but supporters believe that the impact can be mitigated. Tim Draper Stands by $250k in 2023 read more

Increasing Crypto Use Cases: How Fish.Pro Plans to Fuel the Next Cycle of Cryptocurrency Adoption

In the past few months, the cryptocurrency industry has experienced an interesting shift in how digital assets are perceived. To a large extent, cryptocurrencies such as Bitcoin and Ethereum are no longer viewed as a bubble waiting to burst. read more

What Is Arweave (AR) Crypto And Why It's Up 98%

Arweave (CRYPTO: AR) — a cryptocurrency project dedicated to permanent data hosting — saw significant price growth earlier today ahead of its listing on the world's top crypto exchange. read more

Crypto.com Becomes Official Crypto And NFT Sponsor For IIHF Ice Hockey World Championship

Hong Kong-based cryptocurrency exchange Crypto. com announced an official two-year sponsorship deal with the Ice Hockey World Championships What Happened: According to the sponsorship agreement, Crypto.com will be the exclusive cryptocurrency and NFT sponsor of the 2021 IIHF Ice Hockey World Championship in Latvia this May and in Finland next year. read more