Price Analysis 3/20: BTC, ETH, BNB, XRP, LUNA, ADA.

The past six days seem to mark the start of a new alt-season. Many were thrilled to see many projects record significant gains. This is reflected on the entire crypto market which is up by almost 9% over the last six days. It opened the week at $1.72 trillion but is currently worth $1.87 trillion.

The sector is off a two-week long trend that saw it open and close an intraweek session at the same valuation. Amidst the increase in prices of most altcoin, general market sentiment has not seen any notable increase.

This is reflected in the Fear and Greed Index. It is currently at 31 (fear) which is the highest it has attained since the start of the week. Nonetheless, there were several bullish stories during the period under consideration.

One such is that the United States Department of Justice (DOJ) announced that it has recovered and returned 12.164699 BTC, worth around $483,595 to an elderly man who resides in Asheville, North Carolina.

Another was from HSBC as it announced a partnership with The Sandbox to engage with virtual communities in the metaverse. Bored Ape Yacht Club Launched ApeCoin during this timeframe.

The image below further depicts the state of the market. The top gainer over the last six days is Apecoin as it is up by more than 1000%. Meanwhile, the top loser is Anchor Protocol, as it is down by 11%.

With a brief overview of the industry, let’s examine how some assets performed during the current week.

BTC/USD

The previous intraweek session ended with no significant increase. BTC opened at $38,404 and gained momentum as it climbed as high as $42,591 but closed at $37,790. Unfortunately, Bitcoin is still within the $37k – $42k channel.

This is especially true as over the last six days, the top coin has been unable to hit $43k after several attempts above $42,000. It started the current week at $37,763 and experienced an almost 5% increase of the first day.

Reduced trading volume and more selling pressure were seen on Tuesday as BTC retraced and failed to close in on the greens. Bitcoin saw a lot of trading on the third day as it dipped to a low of $38,865 and hit a high of $41,693.

That intraday session could be considered the most active as the as it possesses the largest candle for the intraweek session. The apex coin continued with minimal gains and losses through the next three days.

However, the largest cryptocurrency is currently facing its biggest correction this week. It is down by 3% as at the time of writing. The on-chain data correlates with the latest movement BTC is experiencing.

It’s printing more bearish action than bullish. Nonetheless, we observed that transactions more than $100k exceeded $153 billion (slight decrease from the past) over the last six days.

We observed that the top coin had a bullish divergence on the Moving Average Convergence Divergence (MACD) four days ago which signaled the start of the uptrend. The asset went as above its Displaced Moving Average (DMA) is currently above it.

At the end, Bitcoin gained almost 10% over the last six days. Amidst bullish readings from various indicators, the Relative Strength Index (RSI) is taking a dip after a more than four-day hike as a result of a decrease in demand concentration.

ETH/USD

Last week, Ethereum hit a high of $2,779 and a low of $2,445. The coin no doubt saw a lot of trading actions during that time but failed to record any significant gains or losses at the end of that session.

ETH failure to come out of the previous seven-day period with any notable increase is a result of an almost equal amount of both opposing pressures. The second-largest cryptocurrency by market cap has seen more bullish action over the last six days than the opposite.

Kicking off the week at $2,516, the largest alt recorded notable increase and was off to a good start. Following that good start, the asset was bullish all the way and experienced uptrends for most of the week.

Tuesday saw minimal gains compared to Monday but closed with a green candle to signify a slight increase. The digital asset experienced the highest hike on Wednesday as it gained almost 6%.

The next three days were a continuation of the prevalent sentiment as ether hiked by more than almost 8%. ETH tried testing the $3,000 resistance during this period but fell short as it faced huge resistance at $2,987.

Like BTC, we observed that the second-largest coin had a bullish divergence on the Moving Average Convergence Divergence (MACD) four days ago which signaled the start of the uptrend. The asset went as above its Displaced Moving Average (DMA) is currently above it.

At the end, ethereum gained almost 15% over the last six days. Amidst bullish readings from various indicators, the Relative Strength Index (RSI) is taking a dip after a more than four-day hike has a result of a decrease in demand concentration.

BNB/USD

Binance coin has fallen back to its previous pattern of retracement over the weekend. The candle representing the current intraday session is red, indicating that the asset is down by a few percent.

BNB, no doubt, saw more price increases than the previous. Similar to the preceding project, it had a bullish divergence on the Moving Average Convergence Divergence (MACD) four days ago which signaled the start of the uptrend.

Additionally, it gained stability above its DMA and its pivot point. The fourth-largest cryptocurrency was off to a good start with a minimal increase at the start of the week. Aside from Tuesday, the coin has been on the rise for most of the current intraweek session.

BNB climbed as high as $406 -gaining stability above $400 but for a short period as it retraced below the mark. Unfortunately, the correction has resulted in RSI experiencing a downtrend as it is currently at 52.

XRP/USD

Seeing almost the same sentiment as BTC, XRP has fallen back to its previous pattern of retracement over the weekend. The candle representing the current intraday session is red, indicating that the asset is down by a few percent.

Ripple will close the current intraweek session in profit – making it the third week of consecutive gains. We noticed the bulls build on the bullish signal from the Moving Average Convergence Divergence (MACD) for most of the seven-day period.

Additionally, it gained stability above its DMA and its pivot point. The fourth-largest cryptocurrency was off to a good start with a minimal increase at the start of the week. Aside from Tuesday, the coin has been on the rise for most of the current intraweek session.

XRP flipped the $0.8 resistance but relinquished the level as market sentiments changed. Nonetheless, it has regained composure above the mark as at the time of writing. Unfortunately, the correction has resulted in RSI experiencing a downtrend as it is currently at 55.4.

LUNA/USD

Terra is currently on its fourth week of consecutive gains. Following the 47% at the start of the trend, the margin seems to be getting tighter. The asset is known to be very volatile and has lived up to this expectation even in the current intraweek session.

The coin experienced a bearish divergence at the start of the current intraweek session owing to the gradual decrease in buying volume. Traditionally, this has been a signal for more downtrends. However, the bulls managed to keep the asset above its opening price.

Interestingly, terra was mostly bullish over the last six days but recorded it biggest loss on Tuesday as it dipped by more than 6% – almost making the previous day’s gains void. The project hit a high of $95 and a low of $82.

Like the preceding assets, LUNA has fallen back to its previous pattern of retracement over the weekend. The candle representing the current intraday session is red, indicating that the asset is down by a few percent.

MACD is still experiencing a downtrend as buying volume reduces. Additionally, RSI is also retracing and is currently at 57.

ADA/USD

Cardano has been on the downtrend for more than five weeks now. The extensive retracement caused the asset price to dip below $1 per unit. Buyers will be thrilled as the project closes the current week with gains.

ADA, no doubt, saw more price increases than the previous. Similar to the preceding project, it had a bullish divergence on the Moving Average Convergence Divergence (MACD). Unlike the rest, the divergence happened at the start of the current intraweek session.

Additionally, it gained stability above its DMA. The sixth-largest cryptocurrency was off to a good start with a minimal increase at the start of the week. Aside from Tuesday, the coin has been on the rise for most of the current intraweek session.

The project climbed as high as $o.91 -gaining stability above $0.9 but for a short period as it retraced below the mark. Unfortunately, the correction has resulted in RSI experiencing a downtrend as it is currently at 50.

ADA has fallen back to its previous pattern of retracement over the weekend. The candle representing the current intraday session is red, indicating that the asset is down by a few percent.

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  • bitcoinBitcoin (BTC) $ 19,530.38 2.68%
  • ethereumEthereum (ETH) $ 1,343.79 1.72%
  • bnbBNB (BNB) $ 281.61 3.57%
  • xrpXRP (XRP) $ 0.439329 1.37%
  • solanaSolana (SOL) $ 33.39 2.43%
  • terra-luna-2Terra (LUNA) $ 2.51 2.31%