Last week was one that most traders will like to quickly forget in terms of market performance for many cryptocurrencies. Bitcoin shed almost 20% of gains since its all-time high, while many top cryptocurrencies also saw high double-digit losses.
Welcome to March and a new week. Will this week be better than the previous?
Here is the market outlook for today.
Bitcoin sank below $44k yesterday, another all-time low in months. At the time of writing, BTC is on the rebound as prices surged as it hit rock bottom. Based on price movement, with current market performance BTC may test the $50k resistance today.
With the current pivot point set at $48,533 and BTC trading above $47k, it is only a matter of time before prices hit the pivot point and test the $50k resistance. Traders must defend the pivot point for bitcoin to fully signal a sustained upward trend.
Ether also suffered from the bears’ capitalization as fell short of its $2,100 goal. After a downward price pattern, the upward price pattern is in view as ETH is on a recovery path.
Based on the current price trend, Ethereum may end the day above the $1,551 pivot point. At the time of writing, Ether is trading at $1,487. To secure the day’s close above the pivot point, traders will flip and defend the $1,500 mark.
As most coins are recovering from the dip, XRP is no exception. Last week, Ripple sank as low as $0.39 before the rebound. Traders are hoping for the best this week as it unfolds.
Going with the bullish sentiment, traders are looking for a close at or above $0.477. To achieve the close, traders must look to push prices further. One of the strongest resistance to this crusade lyes at $0.45. Flipping the $0.45 resistance will give a clear shot at $0.47.
The 99th coin by market cap, Pundi X is set to test the $0.002 resistance level after overcoming the $0.0019 range. With the pivot point set at $0.003, traders will put more effort to see the coin cross the $0.003 mark today.
In its bid to cross $0.002, traders must fight tooth and nail to keep prices above $0.0018. Failure to keep prices above $0.0018 will result in a further slip of the coin to as low as $0.0017.
If all the outlined coin crosses their pivot points. It will mean that the bullish run for most cryptocurrencies is back on track, and a wave of capital that has been on the sidelines can flow back into the market.
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Author: Gideon Geoffrey