The crypto market experienced some stability on March 23 as prices recovered from the earlier drop. According to CoinMarketCap, the highly volatile environment became less explosive with the total market capitalization rising 0.64% to hit $2.45 trillion.
Coin Edition reported how the previous swing caused many liquidations. However, according to Coinglass, the entire liquidation in the market was two times less than it was compared to the earlier report. But how are prices currently doing?
Bitcoin (BTC)
Bitcoin’s price changed about the same value as it was 24 hours ago. However, the narrative painted by the Commodity Channel Index (CCI) suggested a period of indecision by both bears and bulls.
The negative reading of the CCI indicated an underlying bearish dominance. From the 4-hour chart, the moving average convergence divergence (MACD) contracted the CCI signal as its reading was positive.
However, the long (orange) and short (blue) EMAs displayed on the MACD were below the zero midpoint. This highlights cautious trader behavior with buyers and sellers staying on the sidelines.
On a broader view, this could push BTC into a week-long consolidation where its price could trade between $63,649 and 64,982. However, increased trading activity may change this forecast. From a bullish stance, Bitcoin could climb to $68,695, while intense selling pressure could push the value down to 61,650.
Ethereum (ETH)
The ETH/USD 4-hour chart reflects a dominant neutral position as it traded at $3,323. At press time, the Relative Strength Index (RSI) was hovering around 42.10, slightly below the midpoint. This key oscillator indicates a slight bearish dominance that could drag ETH’s price down.
However, a price drop for ETH could be great for traders looking to accumulate the altcoin at a discount. This was because the Supertrend flashed a buy signal at $3,201. Should ETH drop to this point, and buying pressure appears, a recovery to $3,833 could be next.
On the other hand, a lack of bids may cause capitulation and the cryptocurrency may fall further.
Solana (SUN)
Solana (SOL) erased much of its previous gains. However, the 4-hour SOL/USD chart showed how bulls are committed to defending the price action at $170.03. Building support at this level could prevent the price from falling as low as $150.60.
On the upside, resistance stood at $181.61. A break past this resistance could see SOL retest the highs it reached on March 18. However, if bears hamper the efforts, Solana’s price could fall below $160.
Furthermore, the Directional Movement Index (DMI) showed how sellers and buyers were at each other’s necks.
At press time, the +DMI (green) was 14.87 while the -DMI (red) was 19.57. With this position, SOL may face further downswing or sideways movement as the Average Directional Index (ADX) also reflects weakness.
Shiba Inu (SHIB)
Unlike the aforementioned assets, SHIB seemed to be gaining strength as indicated by the RSI. As of this writing, the RSI was at 53.98, suggesting that buyers of the token may be in place to trigger a significant bounce.
Should that be the case, SHIB could lead the meme coin mania that the market experienced a few weeks ago. Coin Edition also looked at the Fibonacci extension which showed how the token could rise to $0.000046.
Despite the bullish outlook, traders may need to be cautious. If BTC’s price falls, the prediction may be invalid.
Ripple (XRP)
XRP was another cryptocurrency showing more bullish signals than a bearish one. On March 23, the price of the token dropped to $0.60 as Coin Edition initially predicted. However, bulls came to XRP’s rescue, pushing the price up to $0.62 in the process.
Indications from the Awesome Oscillator (AO) reflected an increasing upward momentum. If this continues, the price of XPR could rise to $0.64.
But the sign may face some kind of resistance at this point. Rejection at $0.64 could push XRP back below $0.60. However, a successful close above that could help the token inch closer to $0.70.
dogwifehat (WIF)
At press time, WIF was down 58.35% from its all-time high. This decline could be linked to selling pressure, as market participants who bought the token early booked profits. The Money Flow Index (MFI) showed that WIF was oversold earlier as the reading was below 20.
But a recovery to 32.83 was a sign that traders might buy the dip. If this buying pressure builds, WIF could visit $2.60 again in a few days. However, the On Balance Volume (OBV) indicated that the bullish thesis may be overturned as buyers stall.
In the short term, the bearish outlook for WIF could see its price losing its hold at $2. However, if the OBV reinforces the MFI signals, the price may jump.
Avalanche (AVAX)
AVAX’s run to $65.45 brought predictions that the token could reach $100 in a short while. But that momentum was halted as the value changed hands at $53.11. Coin Edition also looked at the state of the exponential moving average (EMA).
At press time, the 9 EMA (blue) was at $53.90 while the 20 EMA (yellow) closed at $54.40. A trend like this is a bearish one, especially since AVAX traded below both points.
Failure to rise above the short-term EMAs could lead AVAX to further correction and the price could drop to $47.64. From a bullish point of view, the value of the token may try to retest $57.01.
Dogecoin (DOGE)
The 4-hour chart showed DOGE forming a golden cross at $0.14 as the 9 EMA crossed over the 20 EMA. A move like this could be bullish for the coin. At press time, Dogecoin was the highest gainer out of the top 10 cryptocurrencies with a jump of 24.28% in the past seven days.
With this trend, DOGE’s price could be set for another extension. Beyond the technical outlook, Coinbase could see further buying pressure on the meme coin on its April 1 futures market.
If so, the price could be $0.19. Furthermore, “Doge Day,” a special day for the Dogecoin community is coming on April 20. In the lead up to this event, the coin price may rise to $0.21.
Floki (FLOKI)
FLOKI’s price has increased by 575.98% in the last 30 days. But between March 14 and 20, the 4-hour chart revealed how the sign formed a descending channel. However, bulls saw a buying opportunity at $0.00018 as sellers ran out.
Moments later, FLOKI rose to $0.00025. But as of this writing, the price has fallen to $0.00022 as the RSI reflects a decline in buying momentum. With the current momentum, FLOKI could experience another repeat.
In a highly bearish case, the value of the token could drop to $0.00019 where the Supertrend has identified another buying opportunity.
Pepper (PEPPER)
The negative reading of the Chaikin Money Flow (CMF) on the 4-hour PEPE/USD chart explained how the token had a net selling pressure. At press time, the CMF was -0.13 – a sign that a lot of capital has turned away from the meme coin.
As such, it was no surprise that the value dropped to $0.0000072. Despite the pullback, the Fibonacci extension showed that PEPE’s price could rise in the coming days.
From the analysis, the first target could be around $0.000010 (the 0.786 Fib level). However, further demand for PEPE could push the price as high as $0.000018.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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