Crypto Market Analytics March 24th | Dex-Trade
It seems that the outgoing week for the crypto industry will remain in history as a symbol of global protest against regulatory lawlessness. Of course, institutionalists are aware of the risks of large investments in digital assets, especially after the dramatic events of last year, when the collapse of FTX led to a cascading bankruptcy of large crypto companies (including the recent failure of Silvergate Bank). However, the uniqueness of today's situation is that, despite the global drop in macroeconomic indicators, the suppression of spot trading on Kraken and Coinbase, as well as yesterday's accusations against Justin Sun because of “trading in unregistered securities”TRX and BTT, market capitalization is growing, and bulls begin to dominate even at short distances.
The general state of the market can be characterized by recovery. The key coins from the TOP-10 on CoinMarketCap do not show symmetrical growth, however, ETH and BTC have strengthened their interdependence with the only difference being that the growth rate of the main altcoin is noticeably lower than that of the market flagship. Perhaps only Cardano remained the only "outsider" in the TOP (ADA), which seems to have hardly been touched by the bullish wave. However, today our attention is focused on slightly more mobile coins.
Should We Expect $40,000 from BTC This Year?
There is nothing more sobering than a pinch of realism in a bowl of hyper-optimistic predictions. While the headlines are rippling with BTC predictions of $250,000, $500,000 and so on, the most optimistic predicted price move for the flagship crypto is a possible surge to $40,000, which will most likely occur in several stages. According to the current trend line, the first two “steps” of Bitcoin growth will be $28,720 and $31,045. The key for the current bullish model will be resistance at $34,259. If buyers manage to gain a foothold above it, the next “big production” will be just $40,000.
Bollinger Bands indicate that there is a strong current resistance at $30,324. The same level could become consolidative if the price bounces off the key resistance at $34,259. If the bulls lose strength before reaching $30,000, the next pivot positions will be $27,651, $26,584 and $24,679. A bearish bet in the long term suggests a fall in the $19,526 rate. In this case, the main support will be the $18,800 zone. Although this is an unlikely scenario , but it should be taken into account.
ETH Bulls in the Fight for Growth Momentum
Crypto-silver, as we have already reported, is a little behind the flagship in terms of growth dynamics. In the long term, the asset remains bullish, but its direct dependence on side markets and traded instruments naturally affects the course. Since the beginning of 2023, the asset has been forming a classic wedge with a growing gap between support and resistance. In fact, such a pattern usually ends up with either a bullish breakout or a loss of buyer dominance in the long run. Thus, the bearish forecast for ETH in the current model is $1,287, although the main support for the coin remains around $1,400 for now.
However, most analysts agree that Ethereum will remain bullish at least in the wake of a market thaw. Therefore, the bullish forecast for the current model is $2,110. ETH continues to trade above the MA50, while the RSI remains indicating the neutralization of market participants and, in a sense, is a sell signal. Recall that the main task of ETH bulls a couple of weeks ago was to consolidate above $1,700. At the moment, it has been successfully completed and it is expected that the asset will hold positions above $1,750.
BCH Targets $130
The asset managed to form strong support around $125 during the week and test it several times in an attempt to strengthen above $130. At the peak of the bullish rally this week, BCH reached $139.8, but so far, any attempts to regain ground lost in February have been futile. Thus, the current range of the price movement of the coin is limited to the positions of $139.8 and $123.4. For now, the asset is once again testing the weak support around $127, but the low trading volume as of the end of the week indicates that the bulls may have lost their dominance in the short term.
The main resistance is now concentrated in the short range between $129 and $130. Overcoming it will indicate that it may lead to another run to $135, but will not guarantee a fixation above $130. A surge to $142 will help strengthen this position, but it is too early to talk about such a rally. However, the MA55 is at $130 and the RSI registers a drop in buying interest in BCH. These factors combined point to a traditional drop in activity closer to the weekend. Early next week, the bull run could recover.
