The crypto industry has been especially attentive to the happenings of the past two weeks. Initially, the SEC launched an extensive probe into the crypto market, followed by a series of consecutive failures of three crypto-friendly banks in the USA: Silvergate Bank, Silicon Valley Bank, and Signature Bank. As a result of these events, crypto prices experienced a sharp decline. However, Bitcoin has rebounded from its critical price levels following the release of CPI data, resulting in a heavy pump in the crypto market this week.
Will There Be a Profitable Weekend for Crypto Market?
According to CoinMarketCap, the crypto market cap surged from $922 billion on March 10 to $1.1 trillion on Friday. Investors are aware that crypto markets are cyclical, which means that price declines are typically followed by booms and vice versa. This creates a profitable opportunity for them.
After a steep decline in the crypto market, several assets, including Ethereum and XRP prices, are now gaining strength and enough buying pressure as Bitcoin’s price broke multiple resistance levels, hinting at a profitable weekend for traders.
Bitcoin Price Analysis
Following the announcement by the US Federal Reserve that it would lend $300 billion to select struggling banks, including Silicon Valley Bank and Signature Bank, Bitcoin experienced an approximately $2,000 surge in just one day.
BTC’s price has recently broken its nine-month high of $27K and is currently hovering near $26.6K, with a gain of over 8% in the last 24 hours. Over the last few days, the price of Bitcoin has been on an upward trajectory, and it appears that the dominant cryptocurrency may reach the potential resistance level of $30K.
On the 4-hour price chart, Bitcoin is predicted to break its $28K resistance and face a slight rejection near $29K this weekend. However, after taking support near $26K, BTC price is expected to surge again and form a new high near $32K.
Ethereum Price Analysis
As Bitcoin’s market cap surged above $500 billion, its dominance over altcoins has increased to 45%. Ethereum’s price has rebounded from its bottom level of $1,630 and is currently making attempts to break its EMA-100 trend line on the weekly price chart.
As of writing, Ethereum’s price trades at $1,740, with an uptick of 5.19% from yesterday’s price. This weekend, bullish sentiment is expected for ETH as its price continues to trade above both its 50-day and 200-day Simple Moving Averages (SMA). Furthermore, a well-known crypto analyst, MMB trader, predicts that Ethereum may reach $2K this weekend if it breaks above its resistance of $1,800.
Ripple (XRP) Price Analysis
According to Coinbase’s CLO Paul Grewal, if Ripple wins its lawsuit against the US Securities and Exchange Commission (SEC), the largest crypto exchange in America will reintroduce the XRP token to its platform.
Following this announcement, the price of XRP has increased by 3.17% in the past 24 hours and is currently trading at $0.377. XRP is expected to approach the 50-day Exponential Moving Average (EMA) at $0.38, which could lead to further gains this weekend if successfully surpassed.
Leave a Reply