The cryptocurrency market is advancing this trading week, and this situation also supports the price of Tezos, Waves, and UMA. Bitcoin continued its surge and reached a new all-time high above $57,000, which helped this cryptocurrency to the sixth most valuable global asset by market cap.
Bitcoin has found strong support above the $50000 level, and for now, everything indicates that the price could reach $60000 very soon. The cryptocurrency market continues to attract institutional funds, but the Federal Reserve Bank of Boston remains unimpressed with the digital asset.
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“I would suspect, down the road, that a number of central banks will have digital currency. “When there is a digital currency available, other than the underground economy, it’s not clear why people would use Bitcoin,” said Federal Reserve Bank of Boston’s President Eric Rosengren.
Eric Rosengren said that Sweden and China are on the way to implement their own central bank digital currency while the United States is not far behind.
Tezos (XTZ) has found strong support above $4.50
Tezos is an open-source platform for assets and applications which is designed to provide safety and code correctness. Tezos price has skyrocketed since the beginning of January, and for now, there is no sign of the trend reversal.
Tezos (XTZ) price has advanced from $1.8 above $5.5 in less than several weeks, and the current price stands around $4.9. The critical support levels are $4.50 and $4.00; $5.50 and $6.00 represent the resistance levels.
If the price jumps above $5.50, it would be a signal to buy Tezos, but if the price falls below $4.00, it would be a firm “sell” signal and probably a trend reversal sign.
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Waves (WAVES) remains in a buy zone
Waves is an all-encompassing gateway blockchain platform that allows you to trade any pair of tokens without conducting a transaction through an intermediate currency. There is still a level of uncertainty surrounding this project, but this crypto price could advance even more in the ongoing bull market.
The current resistance levels are $14 and $15; $11, $10, and $9 represent the strong support levels. If the price jumps above $14, it would be a signal to trade Waves (WAVES), and the next price target could be around $15.
On the other side, if the price falls below $11, it would be a firm “sell” signal, and the next target could be around $10.
Uma (UMA) could advance to $30 this February
UMA price is currently trading above the $27 level, and the technical picture implies that the price may advance above $30 this February. UMA is a truly unique DeFi project with big potential, the fundamentals of this cryptocurrency are improving, but there’s still a level of uncertainty surrounding the project.
If the price jumps above $30, it would be a signal to buy UMA, but if the price falls below $20, it would be a firm “sell” signal and a trend reversal sign.
Summary
The cryptocurrency market is advancing this trading week, Bitcoin continues its surge and reaches a new all-time high above $57,000, and this situation also supports the price of Tezos, Waves, and UMA. Altcoins are usually more volatile than the rest of the market because of their small market cap, and traders should also have in mind that the price could weaken from the current levels.
