The news from Silver Bank and FTX may prompt investors to hit the sell button, but further declines may be limited.
Bitcoin
Bitcoin
they are a ticker
$19,936
leads to a cryptocurrency market downturn, a problem exacerbated by ongoing problems with Silver Banks. This week, the crypto-focused bank said it needed additional time to prepare its annual X-K report, and also warned it would not meet in 12 months. In response to the news, several cryptocurrency companies have announced that they are canceling or canceling their partnerships with Silvergate Bank.
Uncertainty about the future of banks and the overall impact on the cryptocurrency sector may prompt a knee-jerk reaction.
Another positive for the cryptocurrency market is that the US stock market is starting to recover. This suggests that traders continue to add risk to their portfolios at a low level. This risk-on sentiment could decline and limit Bitcoin’s favor to altcoins.
What are the critical steps that could be taken to sustain and initiate the recovery of Bitcoin and major altcoins? Let’s explore the top 10 cryptocurrency cards to look for.
BTC/USDT
Bitcoin
Bitcoin
they are a ticker
$19,936
Traders may be tempted to break above the $24,000 level and secure profits. Selling accelerated on March 3, with bears pushing the price to immediate support at $22,800.
The 20-day Exponential Average (EMA) ($23,332) remains flat, but the Relative Strength Index (RSI) has broken below 44, indicating short-term bearish momentum. The next key support to watch for the downside is $21,480.
Buyers are expected to adhere to this standard for their ability. Because if it falls below, it can open the door to the 20,000 hold, at a significant psychological level.
Alternatively, if the price rebounds to $21,480, the bulls will try to clear the overhead grid at $22,800. If so, it indicates that the BTC/USDT pair could stay between $21,480 and $25,250 for several days.
Ethereum/USDT
ether
ethereal
they are a ticker
$1,408
It fell again from the $1,680 capital resistance on March 2.
Traders were seen aggressively selling on their Mar 3 day, supported by a breach of the 50-day SMA (1,607). The ETH/USDT pair could fall to the next critical support at $1,461, and buyers are trying to block the trap.
If the price rebounds to $1,461, it suggests that the pair may remain tied for a few days. The bulls will come back into play if the price pushes and supports above $1,680. Conversely, if the price breaks below $1,461, the correction could extend up to $1,352.
BNB/USDT
BNB symmetrical triangle pattern
BNB
they are a ticker
$276
And it happened on the 3rd of April, signifying that the bears had overwhelmed the bulls.
The BNB/USDT pair could plunge to strong support at $280. This is the moment to watch as a pair of unsettled head and shoulders will complete the pattern once you crack this.
The $280 level should be closely guarded if the bears want to stop. If the price rebounds at this level, the pair could hover between $280 and $318 for some time. The pair may bubble over $338.
XRP/USDT
XRP push the bulls higher
XRP
they are a ticker
$0.37
It rose to the 20-day EMA on March ($0.38) but failed to clear the overhead barrier. This means that the sentiment remains negative and traders are consolidating to sell.
Bears saw it drop prices on March 2 and increase selling pressure on March 3. This pushed the price below strong support at $0.36. If the price breaks below this level, it may fall to the support of a descending channel pattern.
If the bulls want to make gains in the short term, they need to push the price back up the channel towards the resistance. The XRP/USDT pair could then rise to $0.43.
ADA/USDT
Cardano ADA
ADA
they are a ticker
$0.311
It attempted to pull back from $0.34 on March 1, but bears sold above and broke below support on March 3.
A long tail on the intraday candlestick suggests bulls are anticipating support at $0.32. The buyer needs to retrace the price above its $0.34 level if he wants to strengthen his position. After that, the ADA/USDT pair could rise to the 20-day EMA ($0.37), where the bulls could face tough resistance from the bears.
A drop from overhead resistance and below $0.32 suggests the bears have taken the lead. After this, the pair will start the next leg of the slide to $0.27.
