Consumer attitudes are changing towards banknotes and credit cards as reports suggest that the deadly coronavirus can spread by their utilise. The Bank of International Settlements (BIS) has, therefore, urged the primal banks to consider developing fundamental banking concern digital currencies (CBDCs). BIS believes that under the current circumstance, CBDCs will apace gain prominence. All the same, information technology has warned that this move could accept a "severe impact on unbanked and older consumers."

Chamath Palihapitiya, the billionaire CEO of venture capital firm Social Capital, believes that the setting is right for Bitcoin (BTC) to shine. All the same, he does non observe Bitcoin as the right candidate to replace the U.S. dollar or other global currencies due to its volatility. Over the next ten years, Palihapitiya said that Bitcoin could be seen as a hedge confronting the failure of the traditional framework.

Crypto market data weekly view

Crypto market information weekly view. Source: Coin360

A contempo report by Acuiti management intelligence platform showed a depression level of adoption among the traditional trading firms (17%) compared to the sell-side service providers (26%). The report also institute that security vulnerabilities of exchanges and fears of hacking were the biggest concerns that were belongings back the trading institutions.

Withal, at that place is hope for the future equally 97% of the traditional trading firms that took function in the survey said that they are considering trading in digital avails within the next two years.

For at present, the retail traders seem to be belongings the fort for cryptocurrencies. This early entry into a nascent asset class can turn out to exist a massive wealth generator for the retail traders later on institutions eventually leap in.

XMR/USD

This is the second calendar week that Monero (XMR) has been among the superlative performers. The privacy coin rallied about xviii% in the by vii days and leads among altcoins but volition XMR continue to rally into side by side calendar week?

XMR-USD daily chart

XMR-USD daily chart. Source: Tradingview

History suggests that the XMR/USD pair tends to find support or faces resistance at the twenty-week exponential moving average (EMA), marked equally ellipses on the chart. Nosotros conceptualize the current relief rally to again face selling at the 20-week EMA, which is shut to $61.6219, the fifty% Fibonacci retracement level of the nearly recent downturn.

Both moving averages are flattening out and the relative force index (RSI) is simply beneath the midpoint. This suggests that the selling force per unit area has reduced. Therefore, nosotros expect the pair to either consolidate close to the 20-week EMA or dip to $44.fifty, which can be a proficient buying opportunity

After a small-scale dip or consolidation, we conceptualize the pair to resume its relief rally and scale above the fifty-week unproblematic moving average (SMA), which is close to the 61.8% Fibonacci retracement level. Above this level, a move to the downtrend line is possible.

Our bullish view will exist invalidated if the pair turns downwardly from the 20-week EMA and plummets below the $44.50-$38.30 support zone. Even so, nosotros give this a low probability of occurring.

BNB/USD

This calendar week media outlets reported that Binance, the world's biggest cryptocurrency exchange, acquired CoinMarketCap in an undisclosed bargain. In a separate announcement, Binance said that it plans to hire more than 100 new employees.

This shows that the crypto manufacture is growing in force while the traditional industries are struggling during the economic downturn acquired past the coronavirus pandemic.

Binance also announced its entry into the Korean market for the kickoff time and has also hinted at launching Bitcoin options trading. While the fundamentals are strong for Binance Coin (BNB), does its technicals too indicate strength?

BNB-USD daily chart

BNB-USD daily chart. Source: Tradingview

The BNB/USD pair is in a downtrend every bit it has been trading inside a descending aqueduct for the past few months. The 20-week EMA is sloping down and the RSI is in the negative zone, which suggests that the path of to the lowest degree resistance is to the downside.

Recently, the bulls defended the support line of the aqueduct and are currently attempting to carry the pair to the resistance line of the channel. Withal, nosotros await the bears to mount a potent resistance at the twenty-week EMA.

If the price turns down from the 20-week EMA, a retest of the long-term trendline support, just above $viii is likely. If this support holds, it might offering a ownership opportunity for more ambitious traders.

On a break to a higher place the 20-calendar week EMA and a move to the resistance line of the aqueduct is likely. A breakout of the aqueduct will indicate an end of the downtrend.

HT/USD

Major cryptocurrency exchange Huobi has partnered with crypto lending platform Cred to offer its clients monthly interest payments on their pledged crypto avails. This could be an attraction as the central banks take been reducing interest rates across the world. Later on supporting China via its donation, Huobi's clemency arm has announced an aid bundle of $50,000 in Huobi Token (HT) to Indonesia to fight against the coronavirus.

HT-USD weekly chart

HT-USD weekly chart. Source: Tradingview

The HT/USD pair is trading inside an ascending triangle. Later on sustaining the cost to a higher place $iii for the past ii weeks, the bulls take made a decisive movement higher this week. Hence, in our earlier analysis, we had suggested that traders turn bullish after the toll sustains in a higher place $iii.

This week, the bulls take pushed the toll above both the 20-week EMA and the fifty-week SMA, which is a positive sign. The pair can now move up to $five.3506, which is likely to act as a stiff resistance.

A pause and shut (UTC time) above $5.3506 will consummate the ascending triangle setup that has a target objective of $10.1812.

Our bullish view will be invalidated if the pair turns down from the electric current levels and breaks beneath the support line of the ascending triangle. Such a move will invalidate the pattern, which will be a negative sign. Therefore, traders can shut their positions if the price sustains beneath the triangle.

CRO/USD

Crypto.com Coin (CRO) has been among the summit performers for the third consecutive week. The payments and cryptocurrency platform has waived off the 3.5% credit/debit menu fees charged for cryptocurrency purchases for the next three months. Additionally, for the aforementioned fourth dimension menses, the company has increased rewards on the purchase of groceries.

CRO-USD weekly chart

CRO-USD weekly chart. Source: Tradingview

The bulls are struggling to sustain the CRO/USD pair higher up the fifty-week SMA at $0.0485. This shows that the bears are aggressively defending this level.

The xx-week EMA and the 50-week SMA have flattened out and the RSI is just to a higher place the midpoint, which suggests a balance between buyers and sellers.

If the toll turns down from the current levels, the pair is likely to remain range-spring between $0.0245 and $0.05 for a few days. A break below $0.0245 will be a huge negative.

On the other manus, if the bulls can propel and sustain the pair above the l-calendar week SMA, a move to $0.060 and above it to $0.080 is possible.

BSV/USD

Bitcoin SV (BSV) rounded up the list of the top five performers of the by vii days. The altcoin will undergo a block reward halving in less than five days. Coin Metrics believes that this will drive the miners to direct more hash power to Bitcoin as its halving is still more than than a calendar month away.

BSV-USD daily chart

BSV-USD daily chart. Source: Tradingview

Currently, the bears are aggressively defending the overhead resistance at $185.87. The 20-calendar week EMA and the 50-week SMA have flattened out and the RSI is at the midpoint. This points to a consolidation in the brusk-term.

If the toll turns down from the electric current levels, it might remain range-bound between $146.96 and $185.87 for a few more days. A breakdown of the support at $146.96 will signal weakness and can extend the fall to the next support at $78.506.

Conversely, if the pair closes (UTC fourth dimension) above $187.87, a rally to $233.314 and $268.842 is possible. Both levels are at the 50% and 61.eight% Fibonacci retracement levels of the about recent correction. Traders could turn bullish if the price sustains in a higher place $187.87 and they are likely to remain bearish if the toll breaks below $146.

The views and opinions expressed here are solely those of the writer and do non necessarily reverberate the views of Cointelegraph. Every investment and trading movement involves risk, you should conduct your own inquiry when making a decision.

The market data is provided past the HitBTC commutation.