Bitcoin’s range trading in the $21,000 to $25,000 range is giving altcoin traders confidence, and LDO, EGLD, THETA and $KLAY could be on the verge of a price breakout.
The CME FedWatch Toola 73% probability of a 25 basis points rate hike by the Fed in the March meeting but after the hotter-than-expected inflation readings in two weeks, the probability of a 50 basis point rate hike has started to slowly gain traction.During periods of uncertainty, some coins enter a deeper correction while a few buck the trend and continue to outperform the markets. Hence, it becomes important to select the right coins to trade.
The flattening 20-day EMA and the relative strength index near the midpoint also suggest a range-bound action in the near term. On the contrary, if the price breaks above the 20-EMA, it will suggest that bulls are buying on dips. That could push the pair to the 50-simple moving average and keep the price stuck inside the range for some more time.Lido DAO did not sustain below the 20-day EMA during the recent correction, which is a positive sign. Another bullish sign is the formation of the pennant near the local highs.The bulls will try to propel the price above the resistance line of the pennant.
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