The cryptocurrency market is advancing this Sunday, Bitcoin has stabilized around the $50000 price level, but investors should have in mind that the risk of another decline is still not over. Zilliqa, UMA, and Monero’s prices weakened from the recent highs registered in April, but these three cryptocurrencies still remain in a bull market.
If the price of Bitcoin falls below the $45000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market. Trader Peter Brandt has warned recently that the Biden administration may negatively affect Bitcoin and the cryptocurrency market.
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“Going forward, the Biden presidency may become a big negative factor for Bitcoin. Large BTC supply will come to market to get in front of capital gains taxes which will exceed 55% in some U.S. states”, said Peter Brandt.
Zilliqa (ZIL) is trading again above the $0.10 support level
Zilliqa (ZIL) has weakened last week below the $0.10 support level, and the current price stands around $0.15.
On this chart, I marked significant resistance and support levels. The critical support levels are $0.12 and $0.10; $0.20 and $0.25 represent the resistance levels.
If the price jumps above $0.20, it would be a signal to buy Zilliqa (ZIL), and we have the open way to $0.23 or even $0.25. On the other side, if the price falls again below $0.10, it would be a firm “sell” signal and probably a trend reversal sign.
UMA remains in a bull market
Uma (UMA) has advanced from $10.8 above $44 since the beginning of February 2021, and the current price stands around $22. The critical support levels are $20 and $15, $25, $30, and $35 represent the resistance levels.
There are some obvious risks when it comes to buying Uma (UMA) this April, but if the price jumps above $25, it will probably reach again $30 resistance level.
Monero (XMR) remains in a buy zone
According to the rules of technical analysis, the main trend of this cryptocurrency remains bullish.
The current resistance levels are $400, $425, and $450; $350 and $300 represent the important support levels. If the price jumps above $400, it would be a signal to buy Monero (XMR), but if the price falls below $300, it would be a strong “sell” signal.
Summary
Zilliqa, UMA, and Monero remain in the bull market, but investors should have in mind that the risk of another decline is still not over. Peter Brandt has warned recently that the Biden administration may negatively affect Bitcoin, and if Bitcoin falls below the $45000, it would add pressure to the cryptocurrency market.
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