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Waves, Celo, and Injective Protocol (INJ) breakout as DeFi reawakens

Bitcoin (BTC) extended its relief rally on Tuesday, reaching a market capitalization of over $1 trillion again.

While many traders panicked during bitcoin’s recent drop below $47,000, fund manager Dan Tapiero said he noticed a rare signal of consistent TD buying during that low. This signal was last seen in March 2020, when the price of bitcoin was trading around $3,600. Tapiero thinks bitcoin will stay at $100,000 this year.

However, even after the recent spike above $55,000, bitcoin’s market dominance remains at 49.5%, according to CoinMarketCap. This shows that cryptocurrency investors are turning to altcoins, many of which are reaching new highs.

Daily review of cryptographic market data. Source : coin360

The alternative stock season is not all about retail investors. A recent report from crypto advisory firm Two Prime Digital Assets points to an eighty-fold increase in Ether (ETH) options from $50 million to $4 billion annually as an indication that institutional fund managers are hedging to protect their net long portfolios from excessive volatility. Even the futures market for Ether rose 20 points, boosting institutional investor participation.

Let’s focus on algorithms and look at the fundamentals and specifications of three tokens that have performed well in recent days.

WAVES/USDT

Many crypto-enthusiasts are interested in investing in digital assets, but lack the necessary trading experience. In this way, they miss opportunities or miss out on money. Others work full time and therefore cannot devote time to trading. A well-designed algorithmic trading product may be suitable for these investors, but at their own risk.

Waves a at 15. April has launched a new algorithmic trading investment product called Lambo Investments. The leading stock market platform has announced that it is offering the Lamborghini Huracan to a casual investor that could attract traders.

In addition to decentralized finance (DeFi) and algorithmic trading, Waves has also made a name for itself in the area of non-disruptive tokens (NFT). Although general enthusiasm for NMT has waned, it remains a priority for some investors. The first Waves Duck NFT, called Perfection, was launched on the 12th. April on Sign Art was sold for 1 million Neutrino USD (USDN) – an algorithmic stubcoin pegged to the US dollar and backed by Waves’ native token, WAVES.

To further drive growth, Waves founder and CEO Sasha Ivanov recently outlined ambitious plans to reach a total value of $10 billion by October and an average of 10 million transactions per day by February 2022. Traders are likely to follow this development closely as it may determine investor interest in the project.

WAVES climbed from an intraday low of $11.09 on April 23 to an all-time high of $21.09 on April 27. April, up 90% in five days. The long wick of the candle on the 27th. However, April suggests profit taking at higher levels.

Daily chartWAVES/USDT. Source: TradingView

The WAVES/USDT pair could regain some of its gains and fall into the $16-17 range. If the bulls manage to turn this area into support, it would mean that sentiment remains positive and traders are on the downside.

The 20-day exponential moving average (EMA) at $14.64 has begun to rise and the Relative Strength Index (RSI) is in positive territory, suggesting that the path of least resistance is up.

A strong rebound from the support zone could lead to a retest of the $21.09 level. If buyers are able to push the price above this resistance, the pair could resume its upward trend and reach the $25 level.

This bullish view will be debunked if the bears fall below the 20-day EMA. Such a move could push the price towards the 50-day simple moving average (SMA) of $12.65.

INJECTION/USDT

It was recently announced that he had received $10 million. The company has received $500,000 from several investors, including Panther Capital and billionaire Mark Cuban, to fund its DeFi protocol, which it says has the best capabilities of both centralized and decentralized exchanges. The injection is intended to create a decentralized rival to Robinhood.

In terms of development, the protocol of 15. April announced that Trezor has gained support for the EIP-712 signing standard, allowing Trezor users to access Ethereum-based applications.

Injective has partnered with several blockchains to improve the user experience. So far in April, collaborations have been announced with API3, Harmony, Staked, Litentry, Persistence, Big Data Protocol and Klaytn.

Moreover, the occasional drop in chips at Equinox Strike may have been an additional incentive for investors.

INJ’s native token went from $10.91 on the 20th. April to a record high of $21.55 on April 22, up 97% in three days. The Bulls were unable to reach even higher levels on the 20th. April to maintain, as evidenced by the candle’s long wick.

Daily chartINJ/USDT. Source: TradingView

This encouraged the bears to try to trap the bulls and initiate a correction. Buyers, however, bought the decline to the 50-day SMA ($13.40) and defended the 20-day EMA ($15.26) on the 23rd. April. This suggests that sentiment remains positive and the bulls are benefiting from the declines.

The buying impulse strengthened on the 26th. April and the bulls have cleared the first hurdle at $18.15. If the bulls manage to keep it above $18.15, INJ/USDT could rise to $21.55. A break above this resistance could initiate the next step in the bullish move, which could lead to $26.44.

If the bears pull the price below $18.15, a drop to the 20-day EMA is likely. A breach of this support indicates weakening momentum and the pair may drop back to the 50 SMA.

CELO/USDT

CELO was previously reported on Cointelegraph on the 26th. In January, the price was $3.24. From there, the chip reached a record high of $7.23 on the 21st. April – 123% in just under three months.

On the 20th. In April, Celo announced that Deutsche Telekom had made a significant purchase of CELO tokens through its strategic investment fund, the Telekom Innovation Pool. While the size of the investment was not disclosed, it is likely a key part of building token sentiment.

On the 21st. In April, a new parsimonious bridging standard called Optica was announced, linking Celo and Ethereum. This is the first step in creating an open and connected blockchain ecosystem, which will eventually include Cosmos, Polkadot and others.

The payments platform announced the launch of Celo Euro (cEUR) on 22. April on the Mainnet. It is the second stable currency after the Celo dollar (cUSD), which was launched in Celo in June 2020. This increases the user base of Celo for sending or receiving money from family and friends.

KELO has consolidated in a range of $3.50 to $5.76 in recent days. The bears pushed price below the support of the March 25 range, but the bulls recovered from the March 26 level, indicating buying at lower levels.

Daily chartCELO/USDT. Source: TradingView

A strong recovery on the 20th and 21st. April pushed price above the upper resistance in the range, but the bulls were unable to consolidate their advantage. The bears have brought the price down to the 22 zone. April.

Although the CELO/USDT linkage at 23. April broke the 20-day EMA ($5.01), bulls bought the dip to the 50-day SMA ($4.39). Buying momentum resumed and the bulls crossed the line at the April 25. $5.76, but could not sustain the breakout.

The candlestick in doji on the 26th. April and the day model on the 27th. April results indicate uncertainty for both bulls and bears. If the bulls stay above $5.76, a retest of $7.23 could occur. A break of this resistance could lead to a rally towards $8.02.

Conversely, if the bears push the price below the 20 EMA, this suggests that the pair could stay in the range for a few more days.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. There are risks associated with all investments and business transactions, and you should do your own research before making a decision.

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