Top 5 Cryptocurrencies to Watch This Week: ETH, XLM, ADA, XMR, CRO
Top 5 Cryptocurrencies to Watch This Week: ETH, XLM, ADA, XMR, CRO
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Besides Bitcoin, several major cryptocurrencies are consolidating close to their overhead resistances and could offer buying opportunities in the short-term.
The coronavirus pandemic has crippled the United States’ economy, which is staring at its worst recession since the Second World War. To counter this, the U.S. Federal Reserve has pumped trillions of dollars into the economy. These measures are may result in hyperinflation in the future. Therefore, investors are buying gold and Bitcoin (BTC) to hedge their portfolios.
Crypto market data daily view. Source: Coin360
The top-ranked cryptocurrency by market capitalization has generated increased participation from institutional investors, according to numbers reported by the Chicago Mercantile Exchange.
Contrary to the expectations of a few analysts, BTC has remained strong post-halving and is attempting to break above the psychological resistance of $10,000. If successful, it is likely to pull several altcoins higher. Let’s look at the top five cryptocurrencies that could offer trading opportunities this week.
ETH/USD
Ether (ETH) is trading inside the ascending channel, which suggests that the trend is up. The bulls have pushed the price above the downtrend line, which had been acting as stiff resistance for the past few days.
ETH-USD daily chart. Source: Tradingview
This suggests that the bulls have overpowered the bears and the uptrend is likely to resume. If the second-ranked cryptocurrency on CoinMarketCap sustains above the downtrend line, a rally to $227.097 is possible.
A break above $227.097 could result in a rally to the resistance line of the ascending channel at about $240. Although the 20-day exponential moving average is still flat, the relative strength index has broken out of the downtrend line, which suggests that bulls are at a slight advantage.
However, if the bulls fail to sustain the price above the downtrend line, the bears will attempt to sink it below the support line of the channel. If successful, it will signal weakness. On a break below the channel, a drop to $176.103 is likely.
ETH-USD 4-hour chart. Source: Tradingview
After consolidating near the downtrend line, the bulls have made a decisive breakout, which is a positive sign. The 20-EMA is sloping up and the RSI is close to the overbought zone, which suggests that bulls have the upper hand in the short-term.
Therefore, traders can buy at the current levels and on any retest of the downtrend line. The stop-loss can be kept at $196 and the target objective on the upside is $227.097. At this level, partial profits can be booked and the stops on the rest of the position can be trailed higher.
On the other hand, if the bears mount a stiff resistance at $215-$220 resistance, the stops can be trailed higher to breakeven to reduce the risk. The short-term trend will turn weak if the ETH/USD pair turns down from the current levels and sustains below the downtrend line.
XLM/USD
Although Stellar Lumens (XLM) dipped below the 20-day EMA ($0.067) on May 10 and 11, the bears could not capitalize on this weakness. This suggests strong demand at lower levels.
XLM-USD daily chart. Source: Tradingview
Currently, the bulls are attempting to drive the 11th-ranked cryptocurrency on CoinMarketCap above the downtrend line. If successful, the uptrend is likely to resume and a move to $0.076994 and then to $0.088311 is possible.
The 20-day EMA is gradually sloping up and the RSI is in the positive territory, which suggests that bulls are at an advantage.
This bullish view will be invalidated if the price turns down from the current levels and breaks below the 20-day EMA. If this support cracks, a drop to the uptrend line and below it to the recent lows at $0.06 is possible.
XLM-USD 4-hour chart. Source: Tradingview
After turning down from the downtrend line on two occasions, the bulls have finally managed to propel the price above it. This is a positive sign that could result in a rally to the $0.075-$0.076994 resistance zone.
Therefore, traders can buy after the pair sustains above the downtrend line for 4-hours. The stop-loss for this trade can be kept below the recent lows at $0.066.
The failure of the bulls to sustain the price above the downtrend line will indicate a lack of demand at higher levels. A break below the downtrend line can drag the XLM/USD pair to the uptrend line.
If the pair bounces off the uptrend line, it might again offer a low-risk buying opportunity with a close stop-loss kept just below $0.060. If this level breaks, the trend could reverse downward.
ADA/USD
Cardano (ADA) is currently consolidating in an uptrend. Both moving averages are sloping up and the RSI has risen above the 60 levels, which suggests that the bulls have the upper hand.
ADA-USD daily chart. Source: Tradingview
For the past four days, the 12th-ranked cryptocurrency on CoinMarketCap has been consolidating near the downtrend line. This is a positive sign as it shows that the bulls are not closing their positions as they expect higher prices in the next few days.
If the bulls can propel the price above the downtrend line, the uptrend is likely to resume. There is a minor resistance at $0.0543484, above which the up-move is likely to pick up momentum.
The critical levels to watch on the upside are $0.062 and then $0.072. This bullish view will be invalidated if the price turns down from the current levels and breaks below the 20-day EMA ($0.048). Below this level, a retest of $0.0427288 is possible.
ADA-USD 4-hour chart. Source: Tradingview
The ADA/USD pair has roughly been trading between $0.050 and $0.052 for the past few days. A breakout of the downtrend line can result in a move to the overhead resistance at $0.0543484.
The bears are likely to defend this level aggressively. However, if the bulls can propel the price above $0.0543484, the pair is likely to pick up momentum. The short-term target level to watch on the upside is $0.0615-$0.063.
Therefore, the bulls can buy on a breakout and close (UTC time) above $0.0543484. The initial stop-loss can be kept at $0.049, which can be trailed higher as the pair moves up. As the pair nears the target levels, the stops can be tightened further to protect the paper profits.
XMR/USD
Monero (XMR) is in an uptrend. The bulls purchased the drop below the 20-day EMA ($62) on two occasions. This suggests demand at lower levels. For the past four days, the price has been trading above the 20-day EMA and near the overhead resistance zone of $66.1545-$68.4175.
XMR-USD daily chart. Source: Tradingview
A tight consolidation near the resistance increases the possibility of a breakout. The gradually upsloping moving averages and the RSI in the positive zone also suggest that bulls have the upper hand.
If the 14th-ranked cryptocurrency on CoinMarketCap breaks above the resistance zone, it is likely to pick up momentum and rally towards its next target objective of $82.3912, which is the 78.6% Fibonacci retracement of the recent down leg.
Conversely, if the price again reverses direction from the current levels and breaks below the 20-day EMA, it will indicate weakness. The bears are likely to have a firm grip if the price dips below the recent lows of $54.0463.
XMR-USD 4-hour chart. Source: Tradingview
The 4-hour chart shows an inverse head and shoulders formation, which will complete on a breakout and close (UTC time) above the neckline. This setup has a target objective of $78. Therefore, traders can buy 50% of the desired allocation on a close above the neckline and keep an initial stop-loss of $62.
The bears might again offer stiff resistance at $68.4175 but if the bulls can drive the price above it, the XMR/USD pair is likely to pick up momentum. Therefore, the remaining 50% of the position can be added if the price sustains above $68.5 for four hours.
If the bulls struggle to clear the minor resistance zone of $70-$72, partial profits can be booked and the stops can be trailed higher. The pair will weaken if it turns down and plummets below $62.
CRO/USD
Crypto.com Coin (CRO) is an uptrend. The bulls purchased the dip below the 20-day EMA ($0.06) on May 10 aggressively. This suggests strong demand at lower levels.
CRO-USD daily chart. Source: Tradingview
Both moving averages are sloping up and the RSI has been trading above the 60 levels, which suggests that bulls are in command. If the bulls can propel the 15th-ranked cryptocurrency on CoinMarketCap above $0.0692, the uptrend is likely to resume.
There is a minor resistance at $0.0736, above which the momentum is likely to pick up. The first target to watch on the upside is $0.0787 and then $0.0816. This bullish view will be negated on a break below $0.062.
CRO-USD 4-hour chart. Source: Tradingview
The 4-hour chart shows that the bulls are attempting to retest the recent highs at $0.0692. The bears might defend this level aggressively but if the bulls can keep the CRO/USD pair above the uptrend line, the possibility of a breakout of $0.0692 increases.
Therefore, the bulls can initiate long positions on a breakout and close (UTC time) above $0.0692. The initial stop-loss can be placed at $0.061, which can be trailed higher as the price moves northwards.
Conversely, if the price turns down from $0.0692, it can dip to the uptrend line. A strong bounce off the uptrend line will signal strength and can offer a low-risk buying opportunity. However, if the bears sink the pair below the uptrend line and the recent lows at $0.062, the short-term bullish trend may be at risk.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
Government
Low Iron Levels In Blood Could Trigger Long COVID: Study
Low Iron Levels In Blood Could Trigger Long COVID: Study
Authored by Amie Dahnke via The Epoch Times (emphasis ours),
People with inadequate…
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Authored by Amie Dahnke via The Epoch Times (emphasis ours),
People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.
A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.
Long COVID Patients Have Low Iron Levels
Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.
In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.
According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.
But it can jeopardize a person’s recovery.
“When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”
The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.
“It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”
The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.
1 in 5 Still Affected by Long COVID
COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.
Uncategorized
February Employment Situation
By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…
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By Paul Gomme and Peter Rupert
The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.
Temporary help services employment continues a steep decline after a sharp post-pandemic rise.
Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.
The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.
The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.
Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.
As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.
Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.
The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.
unemployment pandemic unemploymentSpread & Containment
Another beloved brewery files Chapter 11 bankruptcy
The beer industry has been devastated by covid, changing tastes, and maybe fallout from the Bud Light scandal.
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Before the covid pandemic, craft beer was having a moment. Most cities had multiple breweries and taprooms with some having so many that people put together the brewery version of a pub crawl.
It was a period where beer snobbery ruled the day and it was not uncommon to hear bar patrons discuss the makeup of the beer the beer they were drinking. This boom period always seemed destined for failure, or at least a retraction as many markets seemed to have more craft breweries than they could support.
Related: Fast-food chain closes more stores after Chapter 11 bankruptcy
The pandemic, however, hastened that downfall. Many of these local and regional craft breweries counted on in-person sales to drive their business.
And while many had local and regional distribution, selling through a third party comes with much lower margins. Direct sales drove their business and the pandemic forced many breweries to shut down their taprooms during the period where social distancing rules were in effect.
During those months the breweries still had rent and employees to pay while little money was coming in. That led to a number of popular beermakers including San Francisco's nationally-known Anchor Brewing as well as many regional favorites including Chicago’s Metropolitan Brewing, New Jersey’s Flying Fish, Denver’s Joyride Brewing, Tampa’s Zydeco Brew Werks, and Cleveland’s Terrestrial Brewing filing bankruptcy.
Some of these brands hope to survive, but others, including Anchor Brewing, fell into Chapter 7 liquidation. Now, another domino has fallen as a popular regional brewery has filed for Chapter 11 bankruptcy protection.
Image source: Shutterstock
Covid is not the only reason for brewery bankruptcies
While covid deserves some of the blame for brewery failures, it's not the only reason why so many have filed for bankruptcy protection. Overall beer sales have fallen driven by younger people embracing non-alcoholic cocktails, and the rise in popularity of non-beer alcoholic offerings,
Beer sales have fallen to their lowest levels since 1999 and some industry analysts
"Sales declined by more than 5% in the first nine months of the year, dragged down not only by the backlash and boycotts against Anheuser-Busch-owned Bud Light but the changing habits of younger drinkers," according to data from Beer Marketer’s Insights published by the New York Post.
Bud Light parent Anheuser Busch InBev (BUD) faced massive boycotts after it partnered with transgender social media influencer Dylan Mulvaney. It was a very small partnership but it led to a right-wing backlash spurred on by Kid Rock, who posted a video on social media where he chastised the company before shooting up cases of Bud Light with an automatic weapon.
Another brewery files Chapter 11 bankruptcy
Gizmo Brew Works, which does business under the name Roth Brewing Company LLC, filed for Chapter 11 bankruptcy protection on March 8. In its filing, the company checked the box that indicates that its debts are less than $7.5 million and it chooses to proceed under Subchapter V of Chapter 11.
"Both small business and subchapter V cases are treated differently than a traditional chapter 11 case primarily due to accelerated deadlines and the speed with which the plan is confirmed," USCourts.gov explained.
Roth Brewing/Gizmo Brew Works shared that it has 50-99 creditors and assets $100,000 and $500,000. The filing noted that the company does expect to have funds available for unsecured creditors.
The popular brewery operates three taprooms and sells its beer to go at those locations.
"Join us at Gizmo Brew Works Craft Brewery and Taprooms located in Raleigh, Durham, and Chapel Hill, North Carolina. Find us for entertainment, live music, food trucks, beer specials, and most importantly, great-tasting craft beer by Gizmo Brew Works," the company shared on its website.
The company estimates that it has between $1 and $10 million in liabilities (a broad range as the bankruptcy form does not provide a space to be more specific).
Gizmo Brew Works/Roth Brewing did not share a reorganization or funding plan in its bankruptcy filing. An email request for comment sent through the company's contact page was not immediately returned.
bankruptcy pandemic social distancing
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