For the first time since the beginning of the protracted “crypto winter”, the digital asset market is giving quite mixed signals for recovery. And this, of course, is connected with the geopolitical crisis and putin's invasion of Ukraine. As expected, for many small and medium-sized investors, crypto is now the only available and reliable hedge asset. In times of crisis, digital money has become a real advantage for the Ukrainian side in the fight against putin's occupying troops, thanks to which their attractiveness for the international community of investors has grown significantly. At the same time, one of the factors behind the influence of the crypto was the sanctions against the RF, which clearly hinted at the potential of digital money as a tool to bypass traditional financial systems. And this is not surprising, because any significant advantage has a downside. In this case, the market wins, but the moral aspects of this victory will remain unaccounted for. And now let's look at the "protagonists" of the crypto market this week and evaluate their prospects, taking into account the new realities of the digital asset industry.
The price of BTC received two tangible boosts during the week and the asset continued to rise above the key resistance zone at $43,500. At the time of writing, crypto-gold is worth $44,817 and continues to show bullish signals, so cryptocurrency analysts almost unanimously talk about testing the $45,000 mark soon. If the bulls manage to keep the price above the $44,500 level during the weekend, BTC could accelerate and reach $45,000 as early as next Monday. This task seems quite doable, as the next major resistance is near the $46,500 level, and that's where the bears will have to compete seriously.
On the other hand, with the bullish grip easing, the price of BTC could find support around the $43,800 level. The next serious support is around $43,500. But if Bitcoin falls lower, this can almost certainly be considered bearish momentum. However, it’s important to understand that crypto gold is now in buying season. Due to this, the total market capitalization of the soared above $2 trillion and continues to grow, and the trading volume during the day jumped by 5.77% to more than $105.03 billion. Therefore, investment support is unlikely to dampen the bullish rally. At least for the next few days.
Ethereum caught up with Bitcoin, turning to the old tactics of symmetrical growth (we are talking about both price and capitalization). Over the past 24 hours, the coin has shown consistent growth at 4.9% and is trading at $3,177 at the time of writing. Market experts say that even before Monday, the price of ETH could reach $3,200.
However, if the crypto-silver fails to overcome the nearest resistance at $3220, the trend may reverse and the nearest support will consolidate at $3050, i.e. just below the $3080 level, where strong resistance was recorded until recently.
As for the Solana (SOL), it’s clearly firmly entrenched above the pivot level at $100. The next key resistance on the coin chart is near the $105 level, above which the price could start a rally to $112. Some experts do not rule out that SOL could jump over the $120 mark next week.
The current price of SOL is $103.65. Its daily growth was 5.4%, and it’s very likely that the current bullish stimulus will help the coin return to the “former glory” that has cemented it as the most promising digital currency of 2021.
Terra (LUNA) is signaling some profit taking from higher levels, but at the moment the coin is trading in a very tight range without any meaningful action. According to experts, the next price movement will depend on whether the bulls hold the critical $90 level.
And briefly about the main indicators. RSI in the daily range fluctuated below the average line. The current value is 56, which means buying and selling are relatively balanced. But a drop in the current value will increase the likelihood of a bearish forecast. The convergence and divergence of the MACD moving averages indicates a receding bullish momentum. But the balance volume (OBV) consolidated near the overbought zone, but still indicated that the market was not overheated a bit. In general, the market is giving strong bullish signals, so next week will be promising. Peaceful sky and stable profit!