Crypto Market Analytics March 31th | Dex-Trade

Contrary to the expectations of many analysts, the outgoing week in the cryptocurrency market has become even less clear-cut than the last one. To the increasing volatility of assets from the TOP-10 on CoinMarketCap, there was also a “swing” of fundamental factors, so the optimism of some crypto-influencers was quickly replaced by the panic of others. The main "alarming" factor remains the banking and financial crises in the United States, which, however paradoxical it may sound, also have a beneficial effect on the industry. At least Charles Hoskinson, Mike Novogratz and Mark Yusko see the current bull run in the market as a sign of industry autonomy and hedging appeal.

However, it is worth talking about a bull run very carefully. For example, InTheMoneyStocks.com Chief Market Strategist, Gareth Soloway, believes that BTC has already become bearish in the current model and could soon drop to $13,000. in general. However, the industry has become so polarized that the extremes are very close to each other. For example, the former CTO of Coinbase, Balaji Srinivasan, who three weeks ago predicted that BTC would “run” to $1 million per coin in 90 days, decided to stake $2 million of his own funds on this (it is not clear why not 2 BTC). How to deal with this chaos? Only by disassembling it into "details".

Are BTC Bulls Really Capable of Conquering $30,000?

Let's start with the good. It seems that the crypto flagship still managed to gain a foothold above $28,000 and buyers continue to form support at this level. However, the neutral and bearish forecasts for BTC indicate that the coin’s growth momentum may decrease soon. In the worst case, it will be possible to talk about a trend reversal. What global events can prevent this? Analysts are betting on the US Federal Reserve. As the Federal Reserve eased interest rate policy after tightening last year, the country's labor market has been losing investment for a variety of reasons. Thus, unemployment is growing in the United States, and the dollar is gradually declining. Accordingly, BTC becomes more expensive amid this fall.

However, crypto gold remains above $28,000 and buying pressure is supported by the incentive to seek “investment haven”. RSI is neutral in this model, although day traders can consider the current figure as a sell signal. The MACD also suggests that the bears are actively trying to seize the initiative. However, the coin is still trading above MA50 and there are still enough forces to hold back its price. And do not forget that the weekend is “on the nose” and the decline in the intensity of trading can play in favor of sellers. So, growth to $30,000 over the next couple of days should not be expected.

ETH Bounces off $1,769 to Stay Above $1,800

Yesterday, buyers were unable to keep the price of crypto silver at $1,837 and the coin fell to $1,769. However, it took only 7 hours for ETH to recover and be back at $1,800. However, a number of analysts argue that the bears may stay in the crypto-silver market for a long time. Indirect reasons for this scenario may be data on a global drop in trading volume and investor uncertainty about the effectiveness of the company's investment in regular improvement of the PoS model.

However, even with a hint of a bearish pattern at the beginning of the day, the bulls continue to re-fight for the restoration of the rate above $1,800 and are very effective. They seem to be ready for a short-term bearish boost, as we see a hint of it on the MACD. This is evidenced by the narrowing of the Bollinger Bands, so we will soon see trading in a narrow range. In particular, because of this, analysts do not count on a quick collapse. Current support continues to be around $1,700, and resistance is around $1,827. If the market is stirred up by a large-scale event, then a possible fall will be limited to the $1,700 zone, and a sharp rally may stop around $1,839.

XMR Bulls Successfully Defend $152, But What's Next?

It is noteworthy that XMR has been very ambiguous since the beginning of the year. After a 40% increase in January, to $187, a consolidation phase began, which in mid-March dropped the price of the coin to $135. But at this level, demand for it began to rise sharply, so by the end of the month, XMR soared to $165, fell back to $150, recovered at $162, and is now actively protecting the $152-$160 zone. How can you predict anything at all? In fact, Monero is now very dependent on general market movements. Analysts suggest that if Bitcoin bulls can defend the $29,000 level, XMR could gain a foothold around $169.

In the current model, the $152 level remains the main "bait" for buyers, so the bears cannot overcome it. But as long as the coin is trading below the MA50, its balance sheet volume remains stable, and the RSI indicates a loss of buyers' interest. The current major resistance is at $165. At the same time, key resistances continue to remain at $179 and $187. As for the supports, today we have already seen the effectiveness of one of them at the $152 position. If it does not work, XMR will actively resist at the $145 and $135 levels.