Crypto news today: BTC down 4%, setting worst record of the year

Crypto news today, February 28, 2023 talks about the rise of several cryptos such as THETA, LIDO, KLAY and EGLD showing their bullish signs.

The price of BTC is chasing around $24,000 again and increases the likelihood for THETA, LIDO, KLAY and EGLD to reach new highs this year. Crypto and equity markets in the U.S. watched the week's profit books as macroeconomic data hinted at further interest rate hikes by the Federal Reserve. cointelegraph.com BTC is down more than 4% and S&P 500 stocks are also down about 2.7% to record their worst week of the year. The CME FedWatch Tool showed a 73% probability of a 25 bps rate hike by the Fed at its March meeting but after a two-week warm-than-expected inflation reading, the odds of a 50 bps rate hike are starting to slow down.

Berita Kripto Hari Ini - BTC/USDT

BTC plummeted below the 20-day exponential moving average around $23,391 on February 24, but the bearish trend was unable to capitalize on this advantage and kept the price below the support level around $22,800. The price bounced off the $22,800 position as of February 25 and tried to rise to push the price above the 20-day EMA. If BTC manages to rise, it will indicate that the BTC/USDT pair is consolidating between $25,250 and $22,800 in a few days. 

LDO/USDT

Lido DAO did not hold below the 20-day EMA around $2.75 during the recent correction, which is a positive sign. Another bullish sign is the formation of a pennant near the local high. Bulls will try to push the price above the pennant resistance line. And if successful, then the LDO/USDT pair can start the next upward move. The pair can first rise to $3.90 and after that try to rally at $4.24.

EGLD/USDT

Multiverse (EGLD) dropped and was pushed off the resistance line, but an encouraging sign is bulls trying to defend the 20-day EMA. The moving averages of both are facing upwards and the RSI is above 54. Indicating that buyers are slightly ahead, bulls will try to push the price towards the resistance line where they will most likely face strong opposition from the bears. This bullish view could be invalidated in the near future if the price reverses and slumps from the 20-day EMA. That would indicate a sell-off by the bears in any small rally. The EGLD/USDT pair could then fall to the 50-day SMA around $44 and then to $40.

THETA/USDT 

Bulls are trying to catch Theta Network, pulling back at the 20-day EMA around $1.15. And the moving averages are both sloping upwards and the RSI is in positive territory, indicating a profit for buyers.

KLAY/USDT

KLAY is trying to break out of the basic pattern. The rebound from the 20-day EMA was around $0.26 on Feb. 25, indicating solid buying on the downside. Bulls will try to break the overhead resistance at $0.34. If they manage to do so, then the KLAY/USDT pair could pick up momentum and bounce to psychological resistance at $0.50. Such a move signals a potential change in the trend.

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Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading.

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