The crypto market experienced some stability on March 23 as prices recovered from the earlier decline. According to CoinMarketCap, the highly volatile environment became less explosive, with the total market capitalization increasing by 0.64% and reaching $2.45 trillion.
Coin Edition had reported that the previous swing had resulted in a lot of liquidations. However, according to Coinglass, the total liquidation in the market was double compared to the previous report. But how are prices currently developing?
Bitcoin (BTC)
Bitcoin price changed hands at about the same level as 24 hours ago. However, the narrative painted by the Commodity Channel Index (CCI) suggested a period of indecision among both bears and bulls.
The negative value of the CCI suggested underlying bearish dominance. On the 4-hour chart, the Moving Average Convergence Divergence (MACD) shrank against the CCI signal as its value was positive.
However, the long (orange) and short (blue) EMAs shown on the MACD were below the zero center. This highlights the cautious behavior of traders as buyers and sellers remain on the sidelines.
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More broadly, this could lead BTC to a week-long consolidation where the price could fluctuate between $63,649 and $64,982. However, increased trading activity could change this forecast. From a bullish stance, Bitcoin could rise towards $68,695, while strong selling pressure could push the value towards $61,650.
Ethereum (ETH)
The ETH/USD 4-hour chart reflected a dominant neutral position and traded at $3,323. At press time, the Relative Strength Index (RSI) was around 42.10, slightly below the midline. This key oscillator suggested a slight bearish dominance that could drag ETH price lower.
However, a drop in the price of ETH could be of great benefit to traders looking to purchase the altcoin at a discount. This was because the supertrend signaled a buy signal at $3,201. If ETH falls to this point and buying pressure occurs, a rally towards $3,833 could be next.
On the other hand, a lack of bids could lead to capitulation and the cryptocurrency could continue to decline.
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Solana (SUN)
Solana (SOL) has erased a large portion of its previous gains. However, the 4-hour SOL/USD chart showed that bulls were determined to defend the price action at $170.03. Building support at this level could prevent the price from falling to $150.60.
On the upside, resistance was at $181.61. A break above this resistance could see SOL retest the highs reached on March 18th. However, if the bears thwart the attempts, Solana price could fall below $160.
Additionally, the Directional Movement Index (DMI) showed how sellers and buyers were breathing down each other's necks.
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At press time, the +DMI (green) was at 14.87, while the -DMI (red) was at 19.57. With this position, SOL could be exposed to a further downturn or sideways move as the Average Directional Index (ADX) also reflects weakness.
Shiba Inu (SHIB)
Unlike the assets mentioned above, SHIB appeared to be gaining strength as shown by the RSI. At the time of this writing, the RSI was at 53.98, suggesting that there could be buyers of the token that could trigger a significant increase.
If this is the case, SHIB could lead the meme coin mania that the market experienced a few weeks ago. Coin Edition also examined the Fibonacci extension, which showed how the token could rise towards $0.000046.
Despite the optimistic outlook, traders may need to be cautious. If the price of BTC falls, the forecast could be invalidated.
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Ripple (XRP)
XRP was another cryptocurrency that showed more bullish signals than bearish ones. On March 23, the price of the token fell to $0.60, as Coin Edition originally predicted. However, the bulls came to XRP's rescue and pushed the price to $0.62 in the process.
Evidence from the Awesome Oscillator (AO) reflects increasing bullish momentum. If this continues, the price of XPR could rise to $0.64.
But the token might face some kind of resistance at this point. A rejection at $0.64 could push XRP back below $0.60. However, a successful close above could help the token move closer to $0.70.
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dogwifhat (WIF)
At press time, WIF was 58.35% below its all-time high. This decline could be related to selling pressure as market participants who bought the token early booked profits. The Money Flow Index (MFI) showed that WIF was previously oversold as the value was below 20.
But a rebound to 32.83 was a sign that traders could buy the dip. If this buying pressure increases, WIF could reach $2.60 again in a few days. However, On Balance Volume (OBV) suggested that the bullish thesis could be overruled as buyers stall.
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In the short term, the bearish outlook for WIF could see the price fall near $2. However, if the OBV strengthens the MFI signals, the price could rise.
Avalanche (AVAX)
AVAX’s rise to $65.45 led to predictions that the token could reach $100 within a short period of time. However, this momentum was halted as the value changed hands at $53.11. Coin Edition also examined the state of the Exponential Moving Average (EMA).
At press time, the 9-EMA (blue) was at $53.90, while the 20-EMA (yellow) closed at $54.40. A trend like this is bearish, especially since AVAX traded below both points.
Failure to rise above the short-term EMAs could cause AVAX to undergo a stronger correction and the price could fall to $47.64. From a bullish perspective, the token’s value could attempt to retest $57.01.
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Dogecoin (DOGE)
The 4-hour chart showed DOGE forming a golden cross at $0.14 as the 9-EMA crossed the 20-EMA. Such a move could be bullish for the coin. At press time, Dogecoin was the biggest gainer among the top 10 cryptocurrencies, up 24.28% over the past seven days.
Given this trend, DOGE’s price could be set for another extension. Aside from the technical outlook, Coinbase's listing of the meme coin on its futures market on April 1 could provide further buying pressure.
If this is the case, the price could drop to $0.19. In addition, “Doge Day” is coming up on April 20th, a special day for the Dogecoin community. Ahead of this event, the coin price could rise towards $0.21.
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Floki (FLOKI)
The price of FLOKI has increased by 575.98% in the last 30 days. However, between March 14 and March 20, the 4-hour chart showed the token forming a descending channel. However, bulls identified a buying opportunity at $0.00018 as sellers were exhausted.
Moments later, FLOKI rose to $0.00025. However, at the time of this writing, the price had fallen to $0.00022 as the RSI reflected a decline in buying momentum. With the current momentum, FLOKI could see a further decline.
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In a very pessimistic case, the token's value could fall to $0.00019, where the supertrend has identified another buying opportunity.
pepper (PEPPER)
The negative value of Chaikin Money Flow (CMF) on the 4-hour PEPE/USD chart explains how the token has faced net selling pressure. At press time, the CMF was at -0.13 – a sign that a lot of capital has been withdrawn from the meme coin.
Therefore, it was no surprise that the value fell to $0.0000072. Despite the retracement, the Fibonacci extension showed that the price of PEPE could rise in the coming days.
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From the analysis, the first target could be around $0.000010 (0.786 Fibonacci level). However, further demand for PEPE could push the price up to $0.000018.
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