Bitcoin whales make notable entrance into the market. Bitcoin whales have been returning massively to the market after a protracted hiatus. Whale wallets, specifically wallets holding over 1000 BTC, are returning in their droves to the market. Cryptocurrency market cap now above $2,1 trillion. Bitcoin’s Price Could Target $54,000 according to Bloomberg
After the BTC sellers marked their current lower low at $33000, the coin price has been rising with an upcoming ascending trendline. The new higher lows are trying to minimize the sellers’ attempt to go all out, but the buyers struggle to close the candle above $45000. Currently, the BTC price retests the overhead resistance zone for the fifth time in nearly three months. Furthermore, the high tail rejection attached to the past daily candle with lowering volume activity suggests another reversal. The potential correction has a higher chance to plunge 10% and retest the confluence support of the ascending trendline and $40000. The traders could grab a good dip opportunity if the coin chart shows a sign of reversal at this support.
Moreover, as per on-chain data from the into the block platform, the Addresses holding bitcoin have surpassed 40 million for the first time. On a contrary note, if sellers manage to breach the dynamic support trendline, the BTC price could revisit the January low of $33000.
The trend defining 200-day EMA intensifies the sellers’ defense at $45,000 and assists for a bearish reversal. This resistance confluence adds more weightage on how important it is for buyers to reclaim it. The gradual rise in the Relative Strength index suggests the bulls are gaining momentum. Moreover, the RSI slope is distancing higher from the 14-SMA and midline.
- Resistance level- $45,000, $52,000
- Support level- $40,000, $36,000
The two-month consolidation phase in Ether price favored the bulls with a bullish breakout from the descending trendline of the symmetrical triangle. The post retest rally initiated a four consecutive green candle which pumped the altcoin by 11.26%. The symmetrical triangle breakout kick starts a new Ethereum(ETH) price recovery. The buyers have surged the altcoin by 12.5%, hitting the $3200 mark. However, the 200-day EMA prevents any further price rally, suggesting a minor pullback is needed before the bull run could continue. Conversely, if sellers slip the altcoin below the $3000 mark, the resulting downfall could meet the support trendline.
The 200-day EMA line restricts buyers from rallying beyond the $3200 mark. On the other hand, the recently flipped 50-day EMA should assist in forming the dip support.
The MACD indicator escapes its consolidation below the neutral zone and reenters the bullish territory. A significant spread between the MACD and signal shows sustain buying from traders.
- Resistance level- $3,300, $3,700
- Support level- $2,880, $2,400
The parabolic rally has pumped the Cardano(ADA) price by 45% within a fortnight. The coin retested a monthly resistance of $1.2 and is still struggling to overcome it. Therefore, a potential correction may stabilize the quick bull run provide a dip opportunity to traders. The rising recovery sentiment across the crypto market has rebounded the coin price from $0.78 and breached the flipped $1 resistance. Along with the horizontal level, the coin chart also showed other important levels getting poked, like a long-coming resistance trendline and 50- DMA. Alternatively, the higher price rejection at this resistance hints the sellers could pull the ADA price back to the $1 mark, giving a retest to the breach resistance.
The recent recovery has breached two strong dynamic resistance of 50 and 100 DMAs. Moreover, the 100 DMA line is currently bolstering the coin price to breach the $1.2 without a correction. The On-Balance-Volume (OBV) slope curving up highlights that the buyers are getting active in increasing the price higher.
- Resistance levels- $1.2, and $1.6
- Support levels-$1 and $0.78
The surging ThorChain(RUNE) price approaches the psychological mark of $10 after making multiple bullish engulfing candlesticks in the daily chart. The rally continues to intensify and showcases a boom in buying pressure, but the higher price rejection shows an active selling pressure which could result in a retracement in the upcoming sessions. Can buyers continue to maintain trend control? The present daily RUNE candle shows higher price rejection near the 50% Fibonacci level close to the $10 mark, adding points to the retracement dogma. However, if bulls resurface by any chance and achieve the previous trading volume range, a bullish rally to the $11 mark is plausible.
With the remarkable recovery, the EMAs showcase a bullish crossover of the 50 and 100-day, with the 200-day EMA reversing the trend. The daily-Relative Strength Index showcases a boom in the underlying bullishness, with the RSI slope retesting the overbought boundary to bounce back higher above the 75% mark. Furthermore, the 14-day SMA supports sudden dips and helps maintain the uptrend.
The Polygon(MATIC) price is up against a weekly resistance of $1.65, teasing a temporary pullback of 6-12% before the buyers could step in again. A successful bullish reversal from bottom support levels would positively switch traders’ sentiment. A descending triangle pattern governed the current downtrend in the MATIC/USDT pair. However, the buyers prevented the sellers from extending loss below the $1.3 mark, which forms the neckline support of this price pattern. The rising RSI slope indicated the bulls are strengthening their grip over each retest to the $1.3 bottom support. As a result, on March 16th, the altcoin gave a strong breakout from the dynamic resistance trendline, providing a recovery opportunity for MATIC holders.
The MATIC price retests the 200-day EMA along with $1.65 resistance. Therefore, a reversal from this resistance suggests the sellers continue to defend this level. On the other hand, the 50-day EMA tries to defend the buyers from facing excessive loss. The Vortex indicator provides a bullish crossover among the VI+ and V- lines. The increasing spread within these lines suggests strong buying from traders.
- Resistance levels- $1.65 and $1.9
- Support levels- $1.54 and $1.44
Bitcoin is tracing a pattern that suggests the world’s largest digital token could build on its recent gains – which suggests a momentum tailwind for Bitcoin..
Bitcoin adoption driving up the price.
The network just set a new record in holders, reaching 40 million wallets per data from IntoTheBlock. The adoption growth rate has been positively correlated with price movements the on-chain analysis firm points out. This is a confirmation of the expectations of multiple market opinion leaders including Galaxy Digital’s CEO Mike Novogratz.
Why India can be hit with crypto brain drain?
Sandeep Nailwal, Co-founder of Polygon, who had to relocate to Dubai in 2020, told Bloomberg ‘the brain drain is crazy’. He Hinted that he wanted to promote the Web3 ecosystem in India but it didn’t make sense for the team to expose their protocols to local risks.
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