Market Analysis: Bitcoin, Ethereum, and Polkadot Bulls Are Cautious

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The total value of all cryptocurrencies has risen by 0.4% over the last 24 hours, reaching a current market capitalization of approximately $2.77 trillion. Let’s take a look at how Bitcoin (BTC), Ethereum (ETH), and Polkadot (DOT) have performed before diving into their technical analysis:

    BTC: $70,252 (-1.4%)

    ETH:  $3,618 (+1.4%)

    DOT: $8.87 (-0.1%)

Bitcoin Price Analysis

The cost of Bitcoin has been climbing higher. On Monday, BTC reached a peak of $72,000 but then pulled back to under $70,000. According to Fibonacci retracement analysis, the price dipped below the 84.6%, 76.4%, and 70.6% levels. The 61.8% mark, however, provides significant support for the price to rebound. Furthermore, the relative strength index (RSI) hovers near 55, indicating that buyers have sufficient power to regain control and boost the price further.

Ethereum Price Analysis

Following three consecutive days of bullish gains for Ethereum, the market experienced a shift towards bearish sentiment between Saturday and Monday. During this period, buyers successfully drove up the price of ETH from $3,310 to $3,700. Notably, during this upward trend, the bulls were able to reverse the roles of both the 20-day and 50-day simple moving averages (SMA), transforming them from resistance to support.

The MACD signal suggests a change in market momentum from downtrend to uptrend for Ethereum. As a result, investors may capitalize on this shift and potentially drive up the price towards the psychologically significant mark of $4,000.

Polkadot Price Analysis

Since March 18, Polkadot’s daily price chart with the DOT/USD pair shows that the cryptocurrency has been trading below the lower half of its 20-day Bollinger Band. This band acted as a solid support, helping to boost the price from $8.34 to $9 between Saturday and Monday. However, the 20-day simple moving average (SMA) prevented any significant price increase, leading DOT to slide back down to $8.85.

The MACD indicator indicates that the market momentum remains negative for DOT. But if the MACD line changes from being in the red to the green, look out for DOT surpassing its 20-day simple moving average and reaching the upper boundary of the Bollinger Band. This level is around the $10 psychological price mark.

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2024-04-09 12:28