Bitcoin (BTC) reclaimed $70,000 in the early morning hours of March 31 after an earlier decline. Likewise, Ethereum (ETH), which had fallen below $3,500, was able to find its way back to $3,614 at press time.
But these weren’t the only big moves in the market, as BTC and ETH seemed to influence some rises. First on the list was Core (CORE), the native token of a Layer-1 blockchain built on Ethereum, and compatible with the Ethereum Virtual Machine (EVM).
At this writing, CORE’s price was $1.61, representing an incredible 36.52% increase in the last 24 hours. The trading volume also increased by 180%, indicating that the price increase was not artificial.
For Bitcoin, its influence was seen in ORDI (ORDI), the BRC-20 token. At press time, ORDI was worth $73.40, thanks to a 14.75% 24-hour increase. Here, Coin Edition analyzes how these cryptocurrencies may perform in the near future.
Bitcoin (BTC)
On the daily time frame, Bitcoin showed a lack of directional bias as the price hovered around $70,266. However, the chart below showed bulls camped at $63,965 on March 25, which helped create support at the level.
Furthermore, the technical formation of the exponential moving average (EMA) suggested a bullish thesis for BTC. This was because the 20 EMA (blue) crossed over the 50 EMA (yellow), indicating a golden cross.
However, a correction could occur if Bitcoin breaks below the 20 EMA at $68,857. If that’s the case, Bitcoin’s price could drop as low as $60,800. On the other hand, if bulls maintain the price above $69,000, BTC could climb by 16.92% before the new week close.
Should that happen, the coin will reach another high of $74,900. Regardless of the outcome, traders should be wary of volatility as the halving is scheduled for April. With extreme volatility, BTC can experience massive price swings that can wipe out over-leveraged contracts.
Ethereum (ETH)
The ETH/USD daily chart revealed how bears almost forced the altcoin into an oversold region on March 19. As of this period, the Relative Strength Index (RSI) was 38.13 while ETH changed hands at $3.126.
But bulls have come to the cryptocurrency’s rescue with the RSI showing rising buying momentum. If the momentum continues to trend higher, the price of ETH could stretch above $4,000 within a few days.
The Supertrend agreed with the prediction. But the same indicators flashed a sell signal at $4,108. Therefore, while ETH’s price may climb, resistance around the aforementioned region may prevent it from reaching a new high this week.
CORE
CORE’s uptrend started as far back as March 23, with green candlesticks displayed on the daily chart. Although there was a pullback to $0.95 on March 28, bulls were able to clear the resistance within a short time.
Currently, this sign has shown no signs of stopping the upswing. Additionally, the Bollinger Bands (BB) revealed that there was high volatility around the cryptocurrency. The BB also indicated that CORE was overbought as the upper band continued to tick the new highs of the sign.
Despite the signal shown by the BB, the moving average convergence divergence (MACD) remained positive. This indicated a bullish momentum for CORE which could portend higher prices.
From a bullish perspective, CORE’s price could rise to $1.75. However, market participants may also decide to book profit. If that’s the case, CORE could drop to $1.01. In a very bearish situation, the price can drop to $0.75.
ORDI (ORDI)
Bulls’ defense of the $62.17 region ensured that ORDI could retest $71.15. However, the rise may be hindered as the token targets a higher level. If bulls try to drive the price higher, ORDI could face overhead resistance at $80.54.
A close above this resistance could send ORDI to $91.59 in the coming weeks. However, rejection at the resistance could force a retracement that could push ORDI below $63.79.
The Money Flow Index (MFI) supported the bullish thesis as its reading increased. However, if the reading touches an overbought point, ORDI’s trend may reverse downward.
Meanwhile, the MACD showed that there was no clear path for a further upswing yet, as the 12 and 26 EMAs were below the zero midpoint. If the EMAs rise to positive territory, the bullish bias can be confirmed. Conversely, getting stuck in the red zone can drag ORDI back.
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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