Crypto Markets on 09-MAR-21

Bitcoin and altcoins are picking up speed yearning to secure a daily close above $52k.

Latest Data from crypto market trackers shows that Bitcoin (BTC) has vanished in volume by about 20% in the past 12 months across centralized exchanges. This suggests a trend that investors are moving their Bitcoins out with a strategy of possibly holding them for the long term. This led to reduced supply even as the demand has continued to increase.

The introduction of exchange-traded funds could add to this supply crunch even further. Particularly, the approval of Bitcoin ETFs in Canada could encourage U.S. regulators to be more conducive towards evaluating BTC ETF proposals.

Meanwhile, companies across the globe have continued to buy Bitcoin. The latest being the Norwegian investment firm Aker ASA, which shows that the trend has only started and several companies worldwide could allocate a portion of their reserves to be held in Bitcoin.

Let’s view the charts of the top-10 cryptocurrencies to spot the critical support and resistance levels.

Bitcoin (BTC) | $54,275.94 (7.22%) | bitcoin.org

The BTC/USD pair is moving in an ascending triangle pattern inching towards all-time high of $58,341 and then on to $61,075. In case, the price breaks below the trend line, it may trigger profit-selling from short-term traders drop to $46,313 or perhaps even continue decline to $41,959.

Ethereum (ETH) | $1,826.11 (5.82%) | www.ethereum.org

Ether (ETH) reached $1,670 on March 7. If the price can be sustained then the ETH/USD pair could touch the all-time high at $2,040. However, if the price breaks below the average at $1,572 the pair may dip below at $1,289.

Binance Coin (BNB) | $273.37 (16.95%) | www.binance.com

Binance Coin (BNB) touched $217on March 5, but could not get to $265 level. This suggests that demand dries up at higher levels. The BNB/USD pair is expected to drop to $189.

Cardano (ADA) | $1.16 (4.52%) | www.cardano.org

Cardano (ADA) has been holding above at $1.08 for the past four days but may now try to break down to $0.9817712 and then continue decline at $0.769. If the price recovers above $1.20, the ADA/USD pair could rally to $1.35 and then on to $1.48.

Polkadot [IOU] (DOT) | $36.03 (6.02%) | polkadot.network

If Polkadot (DOT) sinks the price below its support line, the pair could then drop to $26.50. Optimistically, if the price rises off the current level all-time high at $42.28. If this level is crossed, the price may reach $52.50.

Ripple (XRP) | $0.479402 (1.31%) | ripple.com

XRP is ascending towards $0.50 with projected target objective of $0.635. On the other hand, if the price breaks below the trend line, the XRP/USD pair could drop to $0.359. A breakdown may even pull the price down to $0.173.

Uniswap (UNI) | $32.95 (0.04%) | uniswap.org

Uniswap (UNI) got to a new all-time high on March 7 above $35 and could get to $46. This positive trend might reverse if the price turns down and breaks below at $20.31.

Chainlink (LINK) | $30.97 (1.07%) | chain.link

Chainlink (LINK) is currently stacked between $24 and $32.If the LINK/USD pair closes above $32 it might get at $43.191. However, if the price turns down below the trend line, it could break below the $24 or even could get pulled down to the price at $20.111.

Litecoin (LTC) | $199.84 (7.81%) | litecoin.org

Litecoin (LTC) stagnant in the $185.58 to $196.30 zone. A break below this could correct price to $152 and then to $120. If the price turns up from the current levels and rises above $196.30, the LTC/USD pair may rally to $246.96.

Bitcoin Cash (BCH) | $536.29 (3.78%) | www.bitcoincash.org

Bitcoin Cash (BCH) is stuck at $539 however expected to downslope at $531. If it sinks below the uptrend line, the BCH/USD pair could drop to $440 and then to $370. On the other hand, if the trend continues, the pair could start its journey toward $631.71.