Digital Asset Insights Digital Asset Insights #107


This post was originally published on Trademakers

courtesy of trademakers

Interested in cryptocurrency, then you should definitely read this. This Newsletter discusses the recent movements in the leading digital currencies and presents technical indicators, such as bullish market structures and buy signals, to help readers make informed investment decisions.


Bitcoin (BTC)

On Monday of last week, traders closely watched Bitcoin’s price as it consolidated near the lower $23,000 range. Even though trading sideways, the technical indicators suggested that the peer-to-peer digital currency was facing a crucial turning point. At the opening of last week, Bitcoin’s price was $23,185.

As of March 2, the daily chart showed a bullish market structure for Bitcoin’s price. The buy signal indicator has proven successful in the past, leading to rallies of 24% and 16%, respectively. If history repeats itself, Bitcoin’s price could rise another 7% to 26%, reaching $25,211 and $30,000, respectively, in the coming days.

On March 4, Bitcoin’s price consolidated in neutral territory, remaining close to the upper bounds of the recent winter rally. At $23,352, some traders used a buy-stop trading strategy to participate in the next trending phase of the market. A breach above the weekly high at $24,000 would confirm the continuation of the winter rally, with the next targets being the liquidity zones at $26,500 and $27,000. This bullish scenario would result in a 16% increase from Bitcoin’s current price.

Despite the recent dip, the price of Bitcoin has remained relatively stable in the last 24 hours, with a minor decline of just 0.08%. Moreover, in the past hour, Bitcoin has shown positive signs by growing 0.01% in value. The current price of $22,371.70 per BTC offers an excellent opportunity for those who are interested in investing in this popular cryptocurrency. It’s worth noting that while Bitcoin is currently 67.48% below its all-time high of $68,789.63, it’s important to remember that the market is constantly changing, and there is always the potential for growth in the future. Overall, the current price of Bitcoin provides a unique chance for investors to buy in at a lower price and potentially reap significant profits in the future.


Ethereum (ETH)

On February 28, the decentralized smart contract token showed stability by consolidating within the 8-day exponential and 21-day simple moving average while testing support from above a recently breached trendline. Although the Ethereum price faced resistance near the $1,700 zone on the first day of March, the current market shows signs of an uptrend move underway with the potential for a market reversal at any time. A break above the previous resistance zone near $1,650 would leave traders justified in opening a long position targeting the $2,100 level.

On March 2, Ethereum price formed a bullish triple tap setup, indicating a forecasted bullish move with the potential to reach the immediate liquidity pool. There is little buy-side liquidity resting around $1,680, but the range’s midpoint at $1,687, coinciding with the fair value gap, would be the best place to book profits.

As of March 4, Ethereum price traded at $1,622 and continued to find resistance near the $1,700 zone, but with support coming in at higher price levels. Additionally, similar to BTC’s technicals, the Relative Strength Index hovers above the median line after finding crucial support near the 40 levels during February 12’s decline towards the $1,500 region.

Despite the recent decline in price, Ethereum remains a highly valuable and sought-after cryptocurrency. It has demonstrated a track record of consistent growth and has the potential to continue to increase in value in the long run. The fact that the price has only declined by a small amount in the past 24 hours and past hour suggests that the market is relatively stable.

Furthermore, the current price of $1,563.83 per ETH is still significant and represents a considerable value for investors. While the price may be lower than the all-time high, it is important to note that cryptocurrencies often experience fluctuations in value, and a temporary dip in price does not necessarily indicate a long-term decline.

Overall, Ethereum is still a strong investment opportunity with significant potential for growth, and investors should view this recent dip in price as a potential opportunity to buy in at a lower price point.


Ripple (XRP)

At the opening of last week trade, XRP price exchanged hands at $0.37. Between February 13 and February 16, the XRP price rallied 10%. When reviewing the wave structure, the rally looked impulsive. Based on the bullish price action, the digital remittance token set up a 4:1 trade idea targeting the $0.44 level. The bullish scenario created the potential for a 20% rise from Ripple’s current market value.

On March 2, Ripple price showed a potential for an inverse head-and-shoulders setup. This bullish technical formation forecast a 27% upswing to $0.558, obtained by adding the distance between the head’s lowest point and the neckline. While the pattern is bullish, it was not confirmed as the right shoulder did not tag the neckline. After this move, Ripple price had to produce a decisive close above the neckline at roughly $0.445.

At the end of last week, XRP price experienced a downtick as bears induced a 3% decline since the New York session’s opening bell. Still, the bearish Influence had not been enough to all the market structure as the Ripple price showed higher lows produced this week near the $0.37 zone.

As of March 4, XRP price auctioned at $0.375. Despite experiencing a decline in value, XRP remains a promising investment opportunity. With a current price of $0.36 per XRP, it presents an affordable entry point for potential investors. While it is true that XRP has experienced a decline of 2.68% over the past 7 days and 2.65% in the last 24 hours, it is important to consider that market fluctuations are normal and can provide opportunities for astute investors.

Furthermore, the fact that XRP is currently trading at 90.58% below its all-time high of $3.84 could indicate that it has the potential for significant growth in the future. As the cryptocurrency market continues to evolve and mature, it is reasonable to expect that XRP could experience an upswing in value.

Ultimately, it is important to approach any investment with a long-term perspective and a measured approach. While short-term market fluctuations can be concerning, they are not necessarily indicative of the long-term prospects of an investment. XRP’s current price and potential for future growth make it an exciting opportunity for investors who are willing to approach it with patience and strategic thinking.


Cardano (ADA)

At the beginning of last week’s trading session, Cardano experienced a temporary price decline due to some disagreements online. However, as the week progressed, ADA managed to recover, demonstrating its resilience in the market. Moving forward, if the bulls continue to lead the way, Cardano’s price could potentially be in a better position to weather any market turbulence. While $0.39 may not return immediately, it is reasonable to set a short-term price target of $0.36 for ADA to achieve some profits.

Despite the recent fluctuations in the price of Cardano, it remains a popular and promising cryptocurrency with a current price of $0.33 per ADA. While the price has fallen by 8.13% in the past 7 days and 1.95% in the last 24 hours, this presents an opportunity for investors to buy at a more affordable price. Additionally, fluctuations in the price of any asset are normal and can be influenced by a variety of factors, such as market trends and global events.

Although the current price is 89.28% below the all-time high of $3.10, this provides an exciting opportunity for growth and investment in the future. Cardano has been gaining popularity due to its innovative technology and eco-friendly approach to mining, which makes it a strong contender in the cryptocurrency market. As Cardano continues to develop and expand its network, there is potential for its value to increase in the long term.


Solana (SOL)

On Monday, last week, Solano price auctioned at $22.60. The moving average indicators suggest that shorter-term traders are building momentum to the downside. A Fibonacci retracement tool surrounding Solana’s winter rally from the low at $8 into the high at $27.12 showed a substantial amount of cushion space . It is common for strong impulses to retrace between 50 and 61.8% of a move. The Solana price could decline to the $10.30 zone before the winter rally continues its next leg up. This leaves the potential for a 55% decline in Solana’s price from the current market value.

On March 1, Solana price took another step back and was caught between a rock and a hard place. Positive news will soon kick in as decentralized cryptocurrencies will gain renewed focus with Solana as the frontrunner. Several people close to the US regulatory crackdown on cryptocurrencies have mentioned that decentralized coins fall outside the scope of any rules.

Although the price of Solana has experienced some fluctuations recently, it’s important to focus on the positive aspects of the current situation. Despite the 9.04% drop in the past 7 days, Solana’s price has shown some resilience by increasing by 0.05% in the past hour. Furthermore, the current price of $20.75 per SOL still represents a significant opportunity for investors, especially considering that Solana is 92.02% below its all-time high of $260.06.

This dip in price could also be seen as a potential buying opportunity for those who missed out on investing in Solana previously. As with any investment, there will be ups and downs, but the long-term potential of Solana’s technology remains strong. Solana’s blockchain platform is known for its scalability, speed, and low transaction fees, making it an attractive option for developers and businesses looking to build decentralized applications.

Overall, the recent fluctuations in Solana’s price should be viewed in a positive light as it presents an opportunity for investors to buy in at a lower price and potentially reap the benefits of Solana’s promising technology in the future.

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Digital Asset Insights

Digital Asset Insights #107

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