Cryptocurrencies Market Update ➡️ Solid ECN

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Cryptocurrencies Market update by Solid ECN Securities​

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ETHUSD, growth within the overall market trend
This week, the ETHUSD pair resumed growth as part of the general market trend.

The token managed to win back all the losses of the last week, and currently, the price is testing the level of 2930. Investors are again starting to show interest in risky assets after the destabilization of the market situation caused by the start of a military confrontation in Ukraine. Some experts believe that the sanctions imposed by the EU and the US against the Russian banking system, in particular, disconnection from the SWIFT payment system, can play a positive role for the cryptocurrency sector. There is a possibility that financial structures will use crypto assets to bypass the imposed restrictions, and the state may launch a digital ruble, which will strengthen the position of the entire sector.

Support and resistance
Technically, the price rose above the middle line of Bollinger bands, which allows it to develop an upward momentum after the consolidation above 2930. In this case, quotes can rise to 3125 and 3300. The key "bearish" level is $2500. Its breakdown allows a decline to 2187.

Technical indicators do not give a single signal.
Bollinger bands are directed downwards, Stochastic reverses downwards near the overbought zone, but the MACD histogram decreases in the negative zone. In general, in the current conditions, the resumption of the decline in quotations looks preferable.

Resistance levels: 2930, 3125, 3300
Support levels: 2500, 2187.5, 1875.​

 

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The ADAUSD pair is moving within a long-term downtrend.
This week, the quotes of the crypto assets undertook a corrective growth to the resistance area of 0.9765, but they failed to break through it and rushed with the targets at 0.7812 and 0.5860.

The key “bulls” level is 1.0742, supported by the upper line of Bollinger bands, which breakout allows growth to 1.2695, and 1.3672 but so far this variant of price movement seems less likely since technical indicators signal a continuation of the downward trend:

Bollinger bands are directed downwards, Stochastic reverses downwards from the overbought zone, and the MACD histogram is decreasing in the negative zone.

Support and resistance
Resistance levels: 1.0742, 1.2695, 1.3672.
Support levels: 0.7812, 0.5860.

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BTCUSD, investors fear increased pressure on the crypto sector​

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Last week, BTCUSD had mixed trading dynamics.
At first, the quotes of the first cryptocurrency rose to 45300, but then they lost their positions and have now fallen below 38000.

Experts believe that the enthusiasm of investors was caused by the expectation of a possible influx of Russian investments into the cryptocurrency market, since the government and individuals who fell into the sanctions lists against the backdrop of a special military operation in Ukraine need to save capital and circumvent financial restrictions initiated by Western authorities.

However, later these hopes were replaced by fears of tightening control measures over the digital assets sector, as representatives of the US and the EU announced the need to monitor the situation and exclude the possibility of circumventing the current bans for Russian authorities and businesses. It is also worth noting that many trading platforms have begun to block the accounts of clients from Russia; however, not all, but only those included in the lists.

Contrary to analysts’ expectations, the Central Bank of the Russian Federation refused to soften its position on digital assets. Officials are still confident that the circulation and mining of cryptocurrencies in the country should be banned, which means that the digital market is not considered as the main tool for circumventing economic restrictions.

Resistance levels: 39900, 42000, 43750.
Support levels: 37500, 35000, 34375, 32900.​

 

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XRPUSD, technical analysis​

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XRPUSD continues to trade within a long-term downward channel, but recently the price of the token has been consolidating around 0.7500 (center line of Bollinger Bands, Fibonacci retracement 61.8%).

The key point for the "bears" is still 0.6836 (Murray [2/8], the lower line of Bollinger Bands), the breakdown of which will allow quotes to fall to the levels of 0.5859 (Murray [0/8]) and 0.5371 (Murray [-1/8]). If the central level of Murray's trading range is broken out, the price will rise to the levels of 0.8789 (Murray [6/8]), 0.9100 (50.0% Fibonacci retracement).

Technical indicators don't provide a clear signal: Bollinger Bands are directed downwards, confirming the continuation of the downtrend, MACD is near the zero line, its volumes are insignificant; however, Stochastic is reversing upwards, which does not exclude the continuation of corrective growth.

Support and resistance
Resistance levels: 0.7812, 0.8789, 0.9100.
Support levels: 0.6836, 0.5859, 0.5371.​

 

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ADAUSD, trading within the descending channel​

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ADAUSD continues to trade within the long-term downward channel; however, the quotes are spending the current week in the range of 0.8789 - 0.7812.

The day before, the price of the token rose to the upper limit of the range against the backdrop of the signing by the US President Joe Biden of a decree on coordinating efforts to regulate the crypto-currency sector by federal agencies. The document also calls for measures to protect American consumers, investors and businesses, and instructs the US government to explore the possibility of launching a state digital currency. This decree should be an important step towards the preparation of clear rules for regulating the digital industry in national legislation.

Today, the decline of ADAUSD resumed. Consolidation of the price below 0.7812, will allow the quotes to continue falling to 0.6835, 0.5859. A breakout of 0.8789 may cause growth to 0.9765 , 1.0742.

The downtrend in the pair continues, which is signaled by a downward reversal of Bollinger Bands; however, an upward reversal of Stochastic does not exclude the resumption of corrective growth.

Support and resistance
Resistance levels: 0.8789, 0.9765, 1.0742.
Support levels: 0.7812, 0.6836, 0.5859.​

 

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Cryptocurrency Market Review​

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This week, the cryptocurrency market attempted corrective growth, but now the decline has resumed, and most of the leading digital assets have lost a significant part of their previously won positions. Currently, BTC is trading around 39000.00 (–0.2%), ETH is at 2600.00 (–1.1%), USDT is around 1.0004 (+0.01%), BNB is around 370.00 (–3.9%), and USDC – at 0.9997 (–0.01%). By the end of the week, the total market capitalization reached 1.747T dollars, and the share of BTC was 42.41%.

An attempt at a corrective rise in prices occurred against the backdrop of the signing by US President Joe Biden of a decree on coordinating efforts to regulate the cryptocurrency sector by federal agencies. Investors welcomed this document, as it could be the first step towards establishing clear rules for regulating digital assets in the United States, which businesses are waiting for. The document assumes the intensification of the work of departments in several directions: to protect consumers and investors, to ensure financial stability, to suppress illegal activities, to maintain US competitiveness on the world stage, and financial inclusion. The most important direction is to ensure the protection of crypto market participants. Also, the possibility of developing new supervision measures over the cryptocurrency market and creating means of protection against systemic risks, fraud, illegal financing, and so on is being considered. We also note that the decree orders to speed up the study of the possibility of repaying the digital dollar, which clearly expresses the concern of the US administration about China's success in this matter. China has been actively testing the digital yuan for a long time. It could even be used during the last Olympics in Beijing. The US Federal Reserve began studying the issue only last year, and the regulator has not yet decided whether it is worth launching a digital national currency at all. Although the market greeted the document positively, it also had critics. In particular, experts were not satisfied that the government does not bring any decisions to promote the development of new digital technologies.

Later, the growth in quotations of digital assets was again replaced by a fall amid a likely tightening of supervision over the sector by the EU and US authorities. It was facilitated by the comments of the head of the US Securities and Exchange Commission (SEC), Gary Gensler. Shortly after the issuance of Joe Biden's decree, he said that the regulator would cooperate with other departments to implement the presidential directive but added that loyalty to cryptocurrencies would not interfere with seeking tougher supervision behind the industry. The EU authorities said that digital currencies are included in the category of securities, which means that they should be subject to economic sanctions imposed against Russia against the backdrop of a special military operation in Ukraine. In the meantime, US senators are proposing to require cryptocurrency exchanges to provide the personal information of customers who make transfers to private e-wallets to prevent the digital sector from circumventing sanctions. In general, instead of additional investments, which many market participants were counting on, the industry can learn more restrictions, which, in turn, is very alarming for investors and puts pressure on prices.

In other news of the week, we note that the volume of ETH blocked in the Ethereum 2.0 network has exceeded 10M coins. Traders expect the new network to be launched soon, testing of which is entering the homestretch. Next week, users will evaluate the Kiln network, the latest version, before the final transition to the Proof-of-Stake (PoS) algorithm. Bloomberg reported this week that investment holding Goldman Sachs is considering providing clients with access to a new derivative — the so-called two-way cryptocurrency options, which allow holders of cryptocurrency assets to hedge their risks or increase profitability.

Next week, quotes of most cryptocurrencies may consolidate or continue to decline.​

 

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BTCUSD, the market is in a state of uncertainty​

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Last week, the BTC/USD pair showed ambiguous dynamics: quotes rose to the 42600.00 area but have now fallen to the area of 37500.00.

Two opposing trends persist in the market:
Hopes for an influx of investment in the crypto sector against the backdrop of financial restrictions imposed on the Russian economy and fears that the fight against sanctions circumvention will cause tightening of regulation of the digital currency sphere the US and EU authorities.

So far, probably, the second trend prevails. Experts point out that the interest of Russian investors in crypto assets is growing: the number of users on exchanges has increased by 2–3 times in March. Russians seek to preserve capital at a time of rising inflation and global uncertainty. Meanwhile, EU and US authorities are trying to prevent current sanctions from being circumvented by tightening controls on digital assets and classifying digital assets as securities.

Today, the European Parliament will adopt a bill containing restrictions on cryptocurrencies based on the Proof-of-Work (PoW) algorithm. It is assumed that the trading of tokens in the EU will continue if they meet certain economic standards. However, the descriptions of the standards themselves are not yet available.

Meanwhile, US authorities want to require cryptocurrency exchanges to provide personal information of customers who make transfers to private e-wallets to hinder the work of Russian users or block their accounts. So far, most of the largest companies in the digital sector have refused to restrict the access of Russians to the market, excluding those whose names are directly on the sanctions lists. However, further pressure on the cryptocurrency market may continue soon.

Resistance levels: 39900, 42200, 43750.
Support levels: 37500, 36000, 34375.​

 

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ETHUSD, the possibility of a decline in the token remains​

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The market is under pressure due to the possible tightening of regulation by the authorities of the world's leading economies. As one of the creators of Ethereum, Joseph Lubin, noted, in the current geopolitical crisis, blockchain technology has become a weapon, and each of the parties is striving to learn how to use it in their interests. Indeed, on the one hand, the adoption of cryptocurrencies can accelerate, as it will become a matter of national security. On the other hand, the freedom of users and the activities of digital platforms can be seriously limited. Under pressure from the authorities, crypto exchanges have already begun to block the accounts of Russian citizens, even those not included in the sanctions lists. In response, there was a statement about the possibility of creating their cryptocurrency platforms in Russia.

As for Ethereum itself, it is worth noting that the developers have launched the new Kiln test network, which is the last step before the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The test network will fully simulate this transition. The developers have recommended that all application creators conduct a full cycle of testing and deploying them on the Kiln network to avoid failures in the future. However, the approach of a full-fledged launch cannot yet support the price of ETH.

Resistance levels: 2680, 2930, 3125.
Support levels: 2500, 2350, 2187.​

 

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BTCUSD, the decline of "digital gold" may continue​

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The market remains uncertain: on the one hand, there is an increasing acceptance of digital assets among the population, which contributes to new investments. On the other hand, sector participants fear tightening control from the authorities. Leading representatives of the cryptocurrency community hope that in the long term, due to the widespread increase in inflation, cryptocurrency will become a reliable alternative to fiat money, but so far, the market cannot reverse the current downward trend.

Last week, Ethereum co-founder Joseph Lubin said that the current geopolitical tensions would lead to digital money and government agencies, as blockchain technology has become a kind of weapon, where each side seeks to learn how to use it to their advantage. Arthur Hayes, the co-founder of the BitMEX exchange, noted that due to the sanctions wars, digital assets would also gain popularity among ordinary citizens since, unlike the US dollar, they have a limited supply and are less subject to inflation. Finally, Galaxy Digital CEO Mike Novogratz emphasized that cryptocurrencies are insurance against the authorities' actions pursuing an inefficient monetary policy. For example, the crypto investor cited the United States and Turkey, whose authorities cannot cope with inflation and force citizens to go to BTC as a more reliable asset.

Resistance levels: 42200, 43750, 45300.
Support levels: 40625, 37500, 35900.​

 

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ETHUSD, technical analysis​

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The ETHUSD pair continues to grow for the second week in a row, correcting against the long-term downward trend.

Technical indicators do not give a single signal: the Bollinger Bands are reversing upwards, the MACD histogram is increasing in the positive zone, but the Stochastic is preparing to leave the oversold zone and form a sell signal. In general, the growth potential looks limited, although it is possible, but the overall long-term downward trend remains.

Resistance levels: 3125, 3281.25.
Support levels: 2812.5, 2656.25, 2500, 2343.75.​

 

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XRPUSD, token growth amid positive court news​

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The XRPUSD pair continues the upward trend of trading for the third week in a row within the framework of the general market trend and on the eve reached two-month highs around 0.8609. The strengthening of positions allowed the token to reach the sixth place in capitalization among the leading digital assets.

The quotes continue to be supported by hopes that Ripple will win a lawsuit from the US Securities and Exchange Commission (SEC). The regulator accuses the management, Brad Garlinghouse and Chris Larsen, of selling 600M dollars worth of tokens to investors, and considers the coin itself a security that was issued and distributed bypassing American legislation. The SEC requires an injunction against further XRP sales, the return of all funds raised and the payment of fines. Lawyers point to the fact that a digital asset is not fundamentally different from other currencies, for example, ETH, which, according to a senior official of the regulator, William Hinman, is not a security, therefore, XRP should not be considered as one either. Currently, the SEC has requested a delay from the court to provide new materials, and observers see the weakness of the positions of American officials in this, increasing the likelihood of a Ripple victory.

It should also be noted that despite the proceedings in the USA, the company's business continues to expand worldwide. Currently, 55 leading banks use its technologies for making cross-border payments, and recently cooperation was confirmed with the largest Canadian Imperial Commercial Bank in the country.

Resistance levels: 0.85, 0.893, 0.928.
Support levels: 0.781, 0.7325, 0.6836.​

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Cryptocurrency market review​

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The cryptocurrency market has been actively growing this week. BTC is currently trading at 44200.00 (+6.3%), ETH is at 3140.00 (+8.2%), USDT is at 1.0003 (-0.01%), BNB is at 415.00 (+5 .7%), and USDC is around 0.9994 (-0.03%). The total market capitalization has grown to 2.004T dollars, while the share of BTC has decreased by 41.8%.

The crypto market is growing as investors remain hopeful that the current geopolitical tensions, rising inflation, and the war of sanctions will lead to greater adoption of cryptocurrencies and popularize them both among ordinary citizens and large institutional investors. Although regulators sent negative signals to the market during the week, members of the crypto community are optimistic. Arthur Hayes, the co-founder of the BitMEX cryptocurrency exchange, noted that due to global uncertainty, digital assets would also become popular among ordinary citizens since, unlike the dollar, they have a limited supply and are less subject to inflation. Galaxy Digital CEO Mike Novogratz said that cryptocurrencies are insurance against the authorities' actions pursuing an inefficient monetary policy. For example, Novogratz cited the United States and Turkey, whose leadership cannot cope with inflation and makes citizens go to BTC as a more reliable asset.

On the other hand, the expansion of the digital asset market raises the issue for the authorities to determine clear rules for its functioning, and their development can significantly limit the freedoms that have developed in the cryptocurrency community. This week, the head of the US Federal Reserve, Jerome Powell, confirmed that cryptocurrencies in general and stablecoins, particularly, carry risks for the existing financial system. He stated that many digital assets could be unstable in stressful economic conditions, and investors who buy them do not realize the scale of possible losses. Powell added that digital financial activity would soon be subject to regulation, which is necessary to level the playing field in the market and protect investors' rights. Officials of the Bank of England adhere to a similar opinion. The British regulator has published a report that the further adoption of cryptocurrencies may carry financial risks. The bank also requested additional powers to regulate the digital sector and called on private financial institutions to exercise maximum caution when dealing with digital assets. The Securities and Exchange Commission of Thailand announced a ban on the use of digital currencies for payments in the country. This decision was justified by the wide possibilities of fraud, but there is no talk of a complete ban on cryptocurrencies yet.

From the news of the crypto industry, it is also worth noting that the Coinbase exchange announced the launch of the staking of the Cardano coin, which led to an additional increase in the currency. The annual income from staking will be 3.75%, and users will be able to withdraw their assets from the service. European investment company CoinShares, together with the FTX exchange, is launching a new investment product backed by Solana tokens, called CoinShares FTX Physical Staked Solana. Previously, CoinShares has already released similar products but with the support of Polkadot, Cardano and Tezos. Ripple continues to expand its presence in the financial sector, despite the ongoing process against the US Securities and Exchange Commission (SEC). Currently, 55 of the world's leading banks use the company's technologies for making cross-border payments, and one of Canada's leading banks, the Canadian Imperial Bank of Commerce, has recently joined the company.

Next week, quotes of most cryptocurrencies may consolidate or continue to grow.​

 

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BTCUSD, the growth potential of "digital gold" remains​

All last week, the BTCUSD pair continued its upward trend and today reached the 47500 mark. The positions of "digital gold" are strengthening against the backdrop of the protracted Ukrainian crisis and the sanctions war, which is an additional incentive for the growth of global inflation and the depreciation of fiat currencies.

An additional driver of growth was the statement of representatives of the Russian authorities about the possibility of trading energy for cryptocurrency, which can lead to serious investments in the sector. No official decision has been made on this, but it is being worked out. Earlier it was reported that digital assets can become a base for payments for ordinary goods supplied, for example, from Turkey. Perhaps in the near future, access to the digital market will be facilitated for ordinary Russians, at least the chairman of the Russian government Mikhail Mishustin stated the need to integrate the mechanism of turnover of digital currencies into the financial system of the country. A number of experts believe that the short-term support for the market is also provided by the acquisition of 1.1B dollars worth of BTC by Luna Foundation Guard (LFG) to ensure the stability of the UST stablecoin.

Nevertheless, it cannot be ruled out that the entry of large Russian assets into the digital market will be able to meet obstacles from US and EU regulators, since they are not interested in circumventing the imposed economic restrictions. Thus, the US Congress continues to discuss a law allowing the National Ministry of Finance to block transactions of cryptocurrency exchanges from the addresses of persons included in the sanctions lists. US Treasury Secretary Janet Yellen once again confirmed that cryptocurrencies can pose a threat to financial stability and be an instrument of illegal activity, even though they occupy an increasing place in investment activities.

Technically, the price is testing the resistance zone 46300 - 46875. Consolidating above it will give the prospect of growth in the area of 50000. In case of a breakdown of the 43750 mark, the beginning of a decline to the levels of 42000 and 37500 is not excluded. The indicators point out the continuation of the upward trend: the Bollinger Bands are directed upwards, the MACD histogram is increasing in the positive zone, and the Stochastic is horizontal in the overbought zone.

Resistance levels: 46875, 50000.
Support levels: 43750, 41000, 37500.​

 

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ETHUSD, technical analysis​

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The ETHUSD pair continues to grow actively, correcting upwards in relation to the mid-term downward trend.

This week, the price of the cryptocurrency reached the level of 3437.5, which it is currently testing. Consolidation above it will give the prospect of further upward dynamics to the 3600 and 3900. The key level for the "bears" is 3125, the breakdown of which will allow quotes to fall to the area of 2920.00 (Fibo retracement of 23.6%, the middle line of Bollinger Bands) and 2500, but so far this option of price movement seems less likely, since the indicators point out the continuation of the upward trend: the Bollinger Bands and the Stochastic are directed upwards, and the MACD histogram increases in the positive zone.

Resistance levels: 3437, 3600, 3900.
Support levels: 3125, 2920, 2500.​

 

[SOLIDECN]

XRPUSD, correction within the uptrend​

At the beginning of the week, the XRP/USD pair continued to grow and rose to the 0.9130 area, after which it corrected downwards. However, the general upward trend persists.

According to several experts, the token could be under pressure due to a new initiative of Chris Larsen, one of the leaders of Ripple. He supported Greenpeace and several other organizations' "Change the Code, Not the Climate" campaign to use greener algorithms instead of Proof-of-Work with 5M dollars. However, the idea was received strongly negatively in the cryptocurrency world, and Larsen was accused of hypocrisy and even promoting the interests of his currency, XRP. Market participants questioned the motives of the creator of Ripple, noting his indifference to environmental issues during his company's use of environmentally harmful technologies in the past. Also, the very attempt to put pressure on the 50 leading market participants seems dangerous to crypto enthusiasts since they advocate maximum decentralization.

As for the litigation between Ripple and the US Securities and Exchange Commission (SEC), there has been some lull here as the court awaits responses from the digital company to new regulator charges that must be filed before April 8.
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On the daily chart, there is a formation of successive Doji candlestick analysis patterns below 0.8479, which indicate uncertainty in the market and signal a likely downward reversal. A confirming signal to sell is the formed Shooting star model, which formed under the resistance level of 0.9131. The long shadow of this candle emphasizes the exhaustion of the "bulls" and the activation of sellers at the current level. At the moment, the asset may test the support level of 0.7831. If it is broken by the "bears," the price will continue its downward movement to 0.6961–0.4193. An alternative scenario can be implemented if the quotes consolidate above 0.9131.

Resistance levels: 0.9131, 1.0157, 1.1346, 1.2814 | Support levels: 0.7831, 0.6961, 0.5887, 0.4193​

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The ADAUSD pair continues to correct upwards in relation to the long-term uptrend.​

Currently, the price is testing the 1.2207 mark, consolidation above which will give the prospect of further growth to the levels of 1.2950 (Fibo retracement of 23.6%) and 1.4100. The key for the "bears" is seen at 1.1230. In case of its breakdown, a correction to 1.0253 is possible and 0.9765, however, so far this option of price movement seems less likely, since the potential for upward movement remains, which is confirmed by technical indicators.

The Bollinger Bands are directed upwards, the MACD histogram increases in the positive zone, and the Stochastic leaves the overbought zone, which does not exclude a decline within the current upward trend, but its potential seems limited.


Resistance levels: 1.2207,1.295, 1.41 | Support levels: 1.1230, 1.0253, 0.9765​

 

[SOLIDECN]

Cryptocurrency market review​

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The cryptocurrency market started the week with an attempt to grow but then moved to a decline and lost all the gained positions. BTC is currently trading around 44500.00 (–3.4%), ETH is at 3200.00 (+0.9%), USDT is around 1.0003 (–0.01%), BNB is at 420.00 (–2.5%), while USDC is around 0.9998 (+0.02%). The total capitalization has decreased to 2.066T dollars, and the share of BTC has fallen to 41.3%.

The struggle between two trends continues in the market: hopes for an influx of investments in the sector due to global financial instability and fears of the introduction of tougher regulation of the cryptocurrency market by the US and the EU. The sector's growth at the beginning of the week is associated with the withdrawal of investors into digital assets amid a significant increase in inflation and the depreciation of fiat currencies. Also, the market was hoping for significant investments after hints from the Russian authorities that goods produced in Russia, including energy, could be sold for cryptocurrencies. Currently, such a mechanism is being worked out at the highest level. Turkey may become the first country with which trade will be carried out based on cryptocurrencies. Several experts believe that the Luna Foundation Guard (LFG) acquisition of BTC in the amount of 1.1B dollars to ensure the stability of the UST stablecoin also provides short-term support to the market.

Despite the general enthusiasm of investors, by the middle of the week, the market began to correct, which continues to this day. The EU and the US authorities are still very wary of the continued adoption of cryptocurrencies in society and are constantly reminded of this, calling for the development of clear regulations for the digital asset market. This week, the European Systemic Risk Board (ESRB) warned that cryptocurrencies in general and stablecoins, in particular, pose a threat to European financial stability that needs to be countered with the necessary regulatory action. Earlier, US Treasury Secretary Janet Yellen spoke in a similar vein, stating that cryptocurrencies can be an instrument for illegal activities, although they occupy an increasing place in the investment activities of US citizens. Currently, the European Parliament is preparing amendments to the rules on combating money laundering (AML), which provide for the abolition of anonymity for any cryptocurrency transaction. The means to ensure this requirement has not yet been established, and the European Central Bank (ECB) has spoken out against such a decision. Previously, crypto-currency companies were only required to identify the transaction recipient of over 1,000 euros.

Among other market news, it is worth highlighting the scandal in the cryptocurrency community caused by the initiatives of several environmental organizations. So, Greenpeace, together with other environmentalists, launched an information campaign called "Change the code, not the climate" to pressure the BTC community to move from the Proof-of-Work algorithm to a greener one. The campaign was supported by one of the leaders of Ripple, Chris Larsen, who allocated $5M for its implementation. The crypto community reacted negatively to this initiative and accused Larsen of hypocrisy and promoting the interests of his currency (XRP). Experts say that while he was earning his millions using environmentally harmful technologies, he was not interested in ecology. Also, the very attempt to put pressure on the fifty leading digital companies (mining, crypto-exchanges, and so on) seems to the cryptocurrency community a dangerous attempt by third parties to dictate their will to independent digital asset enthusiasts.

Next week, quotes of most cryptocurrencies may continue to decline or consolidate.​

 

[SOLIDECN]

BTCUSD, "digital gold" is preparing to continue its growth​

After unsuccessful attempts to break the support level of 35800.00 in January-February of this year, the first cryptocurrency strengthened its position and reached the area of 45000, preparing to continue the upward momentum in the mid-term.

The quotes of "digital gold" are supported by the growing geopolitical tensions, which has already caused an increase in energy prices and, as a result, acted as a catalyst for global inflation. In the USA in February the figure was the highest in 40 years of observations of 7.9% in annual terms, and in the eurozone the value reached 7.5%. To protect themselves from risks, large investors direct their capital into alternative means of savings, and bitcoin is one of the most preferred tools for long-term investments at the moment.

The long-term uptrend in the BTCUSD pair is confirmed by technical analysis. Last month, market participants gained a foothold above the level of 45000, and the next target is the mark of 52000. The nearest support level from which new purchases can be considered is at the level of 44000.​

The mid-term trend is also upward. Last week, the resistance level of 45800.00 was broken, but then the price adjusted to the area of 44400. A new upward momentum has started from this level, the purpose of which is to update the high of last week and test the resistance level of 48500. Long positions should be considered with a target at 44,400 - 42,400.

Resistance levels: 48500, 52000, 58800 | Support levels: 44000, 42400, 37600​

 

[SOLIDECN]

ETHUSD, Murray analysis​

The ETHUSD pair has been actively adding in value since the middle of last month, correcting upwards in relation to the mid-term downward trend.

Earlier, the price of the crypto asset tested the mark of 3593.75 (Murray [7/8], Fibo retracement 50.0%), consolidation above which will give the prospect of further growth to the levels of 3750.00 (Murray [8/8]), 3900.00 (Murray [+1/8], Fibo retracement 61.8%). The key for the "bears" seems to be the level of 3280.00 (Murray [5/8], Fibo retracement 38.2%). In case of its breakdown, correction to 2965.00 (Murray [3/8], Fibo retracement 23.6%), 2812.50 (Murray [2/8]) is not excluded, however, so far this option of price movement seems less likely, since technical indicators point out the continuation of the current trend: the Bollinger Bands are directed upwards, the MACD histogram is increasing in the positive zone, the Stochastic has entered the overbought zone, but is also directed upwards.

Resistance levels: 3593.75, 3750, 3900 | Support levels: 3280, 2965, 2812.5.​

 

[SOLIDECN]

XRPUSD, Murray analysis​

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Last week, the XRP/USD pair tested the upper limit of the descending channel, rising to the area of 0.8930 (Fibo retracement of 38.2%), but then began to decline and today tested the 0.7812 mark (Murray [4/8], Fibo retracement of 23.6%). If consolidated below it, the price will continue to decline along the upper border of the descending channel to the levels of 0.7324 (Murray [3/8]) and 0.6836 (Murray [2/8]). The key for the "bulls" is the resistance zone 0.8930-0.8789 (Fibo retracement 38.2%, Murray [6/8]). Its breakdown will be able to cause further growth to the levels of 0.9800 (Fibo retracement of 50.0%, Murray [8/8]), 1.0254 (Murray [+1/8]).​

Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic is reversing downwards, the MACD histogram is shrinking in the positive zone. In general, the resumption of the decline within the long-term downward trend in the near future seems more likely.

Resistance levels: 0.893, 0.98, 1.0254 | Support levels: 0.7812, 0.7324, 0.6836​