How Is the Cryptocurrency Market Doing?

WHAT DIRECTION WILL THE TURBULENT CRYPTOCURRENCY MARKET TAKE?

We will examine the present state of cryptocurrencies, which are going through a fresh phase of turmoil, at this new crypto point of the weekend. The USDC debug, which is now trading at $0.95, was caused by Silicon Valley Bank's failure. Therefore, since the weekend, the bulk of assets have moved in a bearish direction as a result of the stressed Bitcoin market. Without further ado, let's visit TradingView to find out how prices will develop over the next few weeks.

The Market Recovered "ON AN IMPORTANT TECHNICAL LEVEL"

On a daily basis, the price of the whole market capitalization of cryptocurrencies (Bitcoin, Ethereum, and altcoins).

The price swiftly moved towards its daily MA100 by writing a wick on a technical level that we had identified at $875 billion after losing its technical level in confluence with the EMA200 at $970/980 billion. Despite being weak, this rebound does have the virtue of being there.

The price has frequently reacted to the technical level of 920 billion, which the market is currently struggling to maintain above. If it is able to maintain above, the price will probably move toward $980 billion in an effort to make a bullish re-entry into this previous support area.

The price will continue to decline and is likely to move towards $835 billion if the market fails to rebound after a bearish recovery of Bitcoin and ether. This would happen if the technical zone around $920 billion and the MA100 are both broken.

Will Cryptocurrencies Succeed in Standing Out?

Since prices are currently at a technical confluence with the MA100 and slightly below technical support at $330/335 billion, the scenario for cryptocurrencies is not entirely different. The goal is to keep the MA100 at its current level and, in this case, reintegrate the 350 billion dollars, just like with total market capitalization. The EMA200, which is in conjunction with a technical level of around $375 billion, is where altcoins might perform well versus the king of cryptocurrencies in this scenario where a solid bullish recovery would occur.

If we do not observe a new downward bottom, given the current state of the overall capitalization and that of the alternative coins, we may anticipate a beautiful upward advance that will enable the entire market to regain color. Naturally, it is important to preserve the standards by which the courses are maintained.

BTC CONTINUES TO GROW DE CHUTER IN DOMINANCE

The price has in fact supported the negative trend reversal for Bitcoin domination following a double top in confluence with the EMA200 3D. Bitcoin shows that it is entering a period where its strength is less strong by only recording a lower trough than the previous one. The MA100, which is slightly above a technical level at 42.15%, serves as the next support if the price is unable to hold itself at the current level.

These are the two levels to keep an eye on in the event that the price of Bitcoin drops hypothetically over the next several weeks, with the hopes that bullish dominance will return. In this situation, we can only hope that Ethereum and other cryptocurrencies will perform well and move in a favorable direction by soon outperforming Bitcoin.

Until further notice, we can maintain a bearish bias and the asset's inability to register in an outperformance scenario as long as the price of Bitcoin fails to break through the resistance in confluence with the EMA200.

ETHEUM GROWS UP AGAINST CRYPTO CROWN

Things are improving for Ether as the asset is breaking out against Bitcoin at both the top of its trading range and a technical confluence that encompasses the EMA200 and the MA100. Therefore, Ethereum is moving in the direction of the first resistance level that we were able to set up last week at 0.072 BTC.

The situation will be favorable for the confirmation of the bullish scenario that we had mentioned with a return of Ether to the resistance at 0.076BTC if it is able to stay on the MA100 and the EMA200 while breaking this initial obstacle at 0.072BTC.

This would undoubtedly be pertinent given the drop in Bitcoin's market share since February. If we consider the capitalization that we previously evaluated in this context, with an increase in Ethereum, altcoins would be able to do well by bouncing off the current level.

Decentralized Financial Cryptocurrencies Have Fallen Precipitously

The scenario is comparable in the decentralized finance sector. After reaching its highest point since August, the capitalization started to decline after losing the technical zone at $48.3/$49 billion. The loss of the EMA200, a dynamic support and resistance level, accelerated the price's decline and brought it back to its MA100.

The task is now straightforward: continue on the MA100 and resume the pivot zone, which is marked in blue and is situated at 43.6/44 billion dollars. If the price is able to overcome it and maintain its position above it, the scenario will be more than intriguing and might prompt a return to the EMA200, which is located below the technical zone of around $48.3/49 billion.

The substantial wick that occurred on the course, which attests to the purchasing force and the latter's desire to find a bullish momentum, is the second observation that can be made. But nothing has been decided yet. The capitalization would retrace its steps to its wick's low point if it moved below the MA100.

 Here we are at the conclusion of the crypto weekend. It is clear that there has been a significant decline, which has been accelerated by the debugging of USDC and the bankruptcy of SVB. But, because the systemic risk has not yet been completely eradicated, cryptocurrencies are not yet out of the woods and will need to show perseverance to return to their earlier highs. The current challenge for pricing is to keep prices where they are in order to avoid dropping back to the previously mentioned historical low points.