Digital Asset Insights 14.03.23
This post was originally published on Trademakers
courtesy of trademakers
Whether you are a seasoned crypto trader or a novice investor, this newsletter provides valuable insights that can help you make informed decisions about your investment strategy. Find out the latest developments in the cryptocurrency market with the overview of recent price movements, technical analysis, and potential future trends.
Bitcoin, the world’s largest cryptocurrency, is showing resilience despite facing overhead pressure from the 50-day and 200-day EMAs. The current circulating supply of Bitcoin stands at 19,316,381 BTC, and the bulls are looking to bypass the 50-day EMA at $22,319 and make a run for the major resistance at $25,242. This move would result in a significant 16% climb from the current price level.
Even though the recent dip in Bitcoin’s price, the cryptocurrency market remains optimistic. The price of Bitcoin has fallen by 1.05% in the past seven days but has increased by 7.46% in the last 24 hours. The current price remains at $22,090.12 per BTC.
On the upside, if the bulls defend their position above the channel’s lower boundary, the price of Bitcoin could increase, as seen on January 14 when they overcame resistance due to the 200-day EMA at $21,790. With the right foot forward, the bulls are in a good position to make this happen.
Despite being 67.89% below its all-time high of $68,789.63, Bitcoin remains a solid investment option for those who believe in the potential of cryptocurrencies. As long as the bulls remain in control and the price of Bitcoin continues to climb, investors can expect to reap the benefits of this promising asset.
The price of Ethereum (ETH) has shown signs of a potential upward trend despite trading with a bearish bias at the beginning of last week. The currency has witnessed a 1.17% increase in the past 7 days and an impressive 8.05% increase in the last 24 hours. As of now, the price of Ethereum stands at $1,579.88 per ETH, which is a positive sign for investors.
The RSI (Relative Strength Index) has just tipped upward, indicating that more buyers are entering the market. This is a positive sign as it suggests that the price of Ethereum may increase in the coming days. If this trend continues, the Ethereum price will have to overcome overhead pressure and cross the 200-day EMA at $1,546 before confronting the 50-day EMA at $1,567. In case the currency manages to close above the aforementioned EMA, it will invalidate the bearish narrative and indicate a potential upward trend.
In highly ambitious cases, the Ethereum price could ascend to the $1,727 resistance level and run towards the major resistance at $1,853. Such a move would denote a 20.55% increase from the current price, which is a significant positive development for investors.
Ethereum has been a popular investment choice among cryptocurrency enthusiasts due to its potential for decentralized applications and smart contracts. The currency has also been touted as a potential alternative to Bitcoin due to its unique features and potential use cases. The recent positive developments in the Ethereum market suggest that the currency is here to stay and has potential for significant growth in the future.
Overall, the recent increase in the price of Ethereum is a positive sign for investors, and it will be interesting to see how the market develops in the coming weeks and months. With the potential for a significant upward trend, it is a good time for investors to consider adding Ethereum to their portfolios.
Ripple (XRP) has made a bullish move, breaking free from its descending parallel channel during the Tuesday trading session. This positive development can be attributed to the perceived positive ruling in the Ripple vs. SEC case. On Wednesday, March 9, XRP was trading at $0.3868 after gaining 2.62% in the last 24 hours. The Ripple market saw a significant increase in trading volume, recording a 30% surge to around $1.945 billion in the same period.
Although selling pressure was building up, Ripple price managed to hold its ground, trading with a bullish bias. Investors collected early profits as the supplier congestion level at $0.3933 and the 100-day EMA at $0.3878 were providing resistance.
While XRP has fallen by 0.27% in the past 7 days and 0.15% in the last 24 hours, the current price is $0.36 per XRP, presenting a buying opportunity. XRP is 90.67% below its all-time high of $3.84, but the cryptocurrency is showing signs of a potential upward trend.
On the upside, Ripple price is currently confronting the immediate resistance level at $0.3878, which is offered by the 100-day EMA. A daily candlestick close above this level would invalidate the bearish case and increase buying momentum. A further increase in buying momentum could set XRP to fight off the next roadblock at $0.3933. Beyond this level, the next obstacle for Ripple price stands at $0.4085, presented by the 200-day EMA. Flipping this hurdle would set XRP on course to confront the $0.4233 resistance level, which would constitute a 9.36% increase from current levels.
In conclusion, despite the recent dip in XRP’s price, the cryptocurrency is showing potential for a bullish move. With the perceived positive ruling in the Ripple vs. SEC case and increasing trading volume, XRP could present a buying opportunity for investors.
Cardano, a popular cryptocurrency, has seen some ups and downs in recent times. While there have been some setbacks in the market, there is no need for alarm as Cardano is still a strong contender in the crypto space. Although it is true that the current trend of Cardano price is bearish, there is still hope for the future as the market is constantly evolving.
Despite the current bearish trend, there has been a slight increase in the price of Cardano by 0.18% in the past 7 days. This demonstrates that even in the midst of a difficult market, Cardano still has potential to gain ground. In addition, there has been a 6.66% increase in the last 24 hours which is a positive sign for investors.
Although the price of Cardano has decreased by 1.02% in the past hour, it is still hovering around $0.33 per ADA which is a good indication that it has stabilized at this level. With a few cents to go to hit $0.30, this could be a pivotal level for the cryptocurrency. Expect to see enormous pressure on that area as bears reluctant to start buying and cash in on their profit.
While it is true that Cardano is currently 89.38% below its all time high of $3.10, this should not discourage investors from seeing the potential that this cryptocurrency holds. With its strong fundamentals and unique features, Cardano is poised to make a comeback in the crypto market. Although the bearish trend may continue for a while, investors can rest assured that the market is cyclical and will eventually bounce back.
In conclusion, while the current trend of Cardano may seem discouraging, it is important to look at the bigger picture. With a slight increase in price in the past 7 days and a positive 6.66% increase in the last 24 hours, there is still hope for this cryptocurrency. Although there may be pressure on the $0.30 area, Cardano’s strong fundamentals and unique features make it a strong contender in the crypto space.
Solana is a blockchain platform that has been garnering a lot of attention recently due to its innovative technology and high transaction speeds. Despite experiencing a minor dip in the past 7 days, Solana has continued to demonstrate its resiliency and potential for growth, having increased in value by 5.07% in the last 24 hours.
Moreover, Solana has demonstrated its ability to remain a stable and attractive investment option in the highly volatile cryptocurrency market, as evidenced by its current price of $19.01 per SOL. This is a testament to the confidence that investors have in Solana’s potential to provide long-term value.
While it may be true that Solana is currently 92.69% below its all-time high of $260.06, it’s important to note that this is not a unique phenomenon in the cryptocurrency market. Many cryptocurrencies have experienced significant dips in value, only to rebound in the long run.
In fact, this dip in Solana’s value could be seen as an opportunity for savvy investors to buy in at a lower price and potentially benefit from its future growth. As Solana continues to gain momentum and popularity in the blockchain space, it is likely that its value will increase, making it an attractive investment option for those looking to capitalize on the cryptocurrency market’s potential for growth.
Overall, despite experiencing a minor drop in value in the past 7 days, Solana remains a promising investment option that has the potential to provide long-term value and growth to investors. Its innovative technology, high transaction speeds, and growing popularity in the blockchain space make it an attractive investment opportunity that should not be overlooked.
The post Digital Asset Insights 14.03.23 first appeared on trademakers.
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