Analyses

Messi Becomes First Player to Receive PSG Fan Tokens – Analysis, 16 Aug

One Dollar Bill Technical Analysis Bitvalex 16 August 2021

Last week Lionel Messi became the first player in football history to receive Paris Saint-Germain (PSG) fan tokens as part of a bonus payment for signing a contract.

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Source: Twitter

The news has triggered a price hike of the PSG Fan Token. On Tuesday, August 10th, the price of one PSG more than doubled and hit $50, according to CoinGecko:

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Source: Twitter

The crypto community has welcomed the news. This event signals that the crypto world is starting to build bridges with other industries, and cryptocurrencies are nearing the critical point for the beginning of mass adoption.

Another noteworthy event that took place last week relates to the recent hack of Poly Network. That has been the most substantial cryptocurrency heist ever, with nearly $600 million stolen. However, the attack on Poly Network turned out to be conducted by a white hat hacker who returned almost all of the stolen funds:

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Source: Twitter

Interestingly, the hacker even explained the flaws of the Poly Network allowing the hack and declined a $500K bounty. This event has strengthened the crypto community’s trust in the existence of good hackers in the crypto world who are trying to bring the blockchain industry to a higher level.

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Source: Twitter

After another week of a solid price increase, the Monday market continues to plow ahead. According to Coin360.com, one Bitcoin costs €40,172.11 (+3.39%), one Ethereum – €2,779.36 (+3.34%), one DOGE – €0.2816 (+14.72%), and one UNI – €26.15 (+6.75%): 

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Source: Coin360.com (Daily crypto market performance)

Now, let us look at the price charts of the leading cryptocurrencies against the euro in the most noteworthy time frames.

BTC/EUR

In the weekly time frame (1W), BTC/EUR has formed another bullish candlestick with a local low above the previous one and a local high above the previous one:

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The sequence of these four bullish weekly candlesticks increases the chance of uptrend renewal. Also, the daily chart (1D) confirms the change in sentiment from bearish to bullish – a bullish Moving Average Crossover took place. The 30-day Moving Average (MA 30) has crossed and surpassed the 90-day Moving Average (MA 90):

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Both key time frames (1D and 1W) show that the bulls are regaining control over the market, which means that this is probably the beginning of the uptrend resumption.

ETH/EUR

Similar to the weekly price chart of Bitcoin, the price chart of ETH/EUR has formed another bullish candlestick with a local high above the previous one and a local low above the previous one as well:

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The sequence of the bullish weekly candlesticks indicates that the buying pressure is intensifying and confirms the potential change in direction. That will attract the Ethereum bulls, and we expect another wave of buyers to join the Ethereum ecosystem.

Also, we would like to underline that, in the daily time frame (1D), ETH/EUR has returned to the Ascending channel (uptrend):

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As can be seen from the chart, right now, ETH/EUR is testing the upper line of the channel. In our view, if the price drops to the lower line (support line) and then rebounds, many traders will open long positions to catch the next wave of ‘price hikes’ within the channel.

DOGE/EUR

As we already know, in the 4-hour chart (4H), DOGE/EUR has overcome the resistance – a breakout has taken place:

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We consider this breakout as a small bullish signal pointing to a potential continuation of the rebound. To figure out the closest price target, in case the price continues to increase, we are going to apply the Fibonacci retracement level to the last wave on the price chart. As can be seen from the chart, right now, DOGE/EUR is slightly below the 38.2 Fibonacci retracement level or approximately €0.3122. We consider the 50.0 Fibonacci retracement level or approximately €0.3683 as the next price target and the 23.6 Fibonacci retracement level or around €0.2429 as the closest solid support for the price.

UNI/EUR

Similar to the weekly price charts of Bitcoin and Ethereum, UNI/EUR has formed another bullish candlestick with a local high above the previous one and a local low above the previous one:

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The sequence of bullish weekly candlesticks is a clear signal that the bullish sentiment is returning to the market. That is why we think it is worth keeping an eye on the shorter time frames to spot the right moment to open a long position. For example, in the 4-hour chart (4H), UNI/EUR has formed a Double Bottom (common trend reversal pattern):

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If a pullback takes place and the price drops to the neckline of the Double Bottom, many traders will wait for a rebound from the neckline to open a long position.

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The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.


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