Price Prediction 09/03: Bitcoin (BTC), Ethereum(ETH), Ripple (XRP), Avalanche (AVAX), Polkadot (DOT)

You might be well aware of the crypto market rising back. Now at this moment I remember a phrase which every investor should be aware of: “Diamonds Hands or Paper Hands”. The explanations goes like this, Diamond hands relate to a diamond’s capacity to bear extreme pressure. Diamond-handled people don’t sell under any circumstances. When someone has paper hands, on the other hand, they sell as soon as a crisis arises. On forums, having paper hands is commonly used as a slur. However, even if you’ve lost money, it’s occasionally a good idea to sell a terrible investment. It all relies on your unique condition and investing strategy.

However, the crypto market is getting up and rewarding the diamond hands, well if you are the one with diamond hands congratulations your struggle and patience pays off the desirable return. Amid the ongoing war between Russia and Ukraine the crypto market shows its rigid strength of staying strong.

News from the United States of America, president Biden is going to issue an executive order on cryptocurrency this week, led hopes in the investors and sprinkle joy all over the crypto market. The announcement of signing an executive order on cryptocurrency signals the first concrete step towards the acceptance of Digital Currency. According to reports, the executive order will define what federal institutions, including the Treasury Department, must undertake to implement laws and regulations on cryptocurrencies.

Bitcoin jumped to $41,500 from $38,655 in the last 24-hour. BTC has gained about 8% of its market capitalization value in the intraday trading session. Bitcoin price has been faltering below the 40,000 psychological barrier since the start of the week. Today, on the third day of this week, BTC managed to break out of the psychological barrier and stands at $41,500.

Daily Cryptocurrency performance chart was blood red on Monday’s trading session, then turned some green signals of hopes to investors and today on the 3rd day of the week it’s recovering. The above heat map shows Bitcoin’s market dominance by 42.67% indicating the lone wolf in the cryptocurrency market. The crypto market started recovering after news of the USA president Joe Biden, issuing an executive order on crypto assets. After the news came in, there are 3 most gainer coins Zcash, Monero and AVAX, from the top 20. The waves of acceptance of cryptocurrency resulted in hassle and bassle in the investors and led into the successful recovery of the crypto market.

The global crypto market capitalization increased by nearly 3% to $1.72 trillion. Meanwhile, the entire crypto market volume increased by more than 18% to $82.53 billion.

You might have heard about Phoenix Bird, an immortal bird associated with Greek Mythology. It’s a saying that Phoenix arises from its own ashes. Comparing it with the crypto market reminds me of the same. Crypto market is also registering its liveliness amid showcasing its high volatility factor.

Let us move on to the cryptocurrency Technical Analysis (Chart Analysis) of Bitcoin (BTC), Ethereum(ETH), Ripple (XRP), Avalanche (AVAX), Polkadot (DOT).

BTC/USD Chart Analysis

Bitcoin (BTC) Price is trading in a symmetrical triangle pattern over the daily chart. BTC is presently CMP at $41,500 and has gained around 8% of its market capitalization in the last 24-hour period. Bitcoin after falling from $45,400 on March 2 managed to get support on march 7 at $37,200 after the USA news.

Source: BTC/USD by TradingView

The 24-hour lowest hit is $38,600 and highest hit is at $41,899. Bitcoin is recovering in a symmetrical triangle pattern over the daily chart. It’s a matter of time to see if it’s a successful bullish symmetrical triangle pattern or bears may again trap it.

Bitcoin price has successfully recovered above 20 and 50 SMA and is now preparing itself to hit the 100 SMA line. The crypto asset is trading bullish over the daily chart inside a symmetrical triangle pattern. BTC crossed the $40,000 psychological barrier and turned into a bullish reversal with a strong uptrend in the intraday trading session. The 24-hour trading volume has significantly increased to 14.17%. However, the volume change is below average over the daily chart and needs to grow during the intraday trading session. Investors all buckled up to see the recovery of Bitcoin at least upto $44,000 respectable resistance level.

ETH/USD Chart Analysis

Ethereum (ETH) is also recovering after good news landed from the USA. ETH Coin is trading in an ascending triangle pattern over the daily chart. ETH is presently CMP at $2700 and has gained upto 8.08% of its market capitalization in the last 24-hour period. ETH coin’s market capitalization stands at $321.39B and volume to market cap ratio is 0.04871. ETH Coin started falling from $3000 mark on 2nd march and fell to $2400 until 7th March, then it managed to gain support there and got up to current level.

ETH/BTC pair is at 0.06558 BTC with an intraday drop of 0.43%. Ethereum coin traders will try to raise the price at least till the $3000 resistance level.

ETH Coin price has recovered till 20 SMA and aiming for 50, 100 and 200-days Daily Moving Average. The 24-hour trading volume has increased to 7.59%. However, the volume change over the daily chart is below average and needs to grow in order to achieve the primary resistance level of $3000.

XRP/USD Chart Analysis

XRP Coin is trading in a Declining Parallel Channel over the daily chart. XRP Coin is trading bullish currently. XRP is presently CMP at $0.75 and has gained upto 3.61% of its market capitalization in the last 24-hour period. XRP coin’s market capitalization stands at $74.96B and volume to market cap ratio is 0.0593.

XRP Coin has been consolidating in a declining parallel channel since February 2022. Currently XRP is trading near the channel’s upward line which connects the lower highs and making lower lows near it to escape from the parallel channel. XRP Coin is in a strong uptrend and the 24-hour highest hit by XRP is $0.75 , whereas the lowest hit is at $0.72.

XRP Coin price has recovered till 20 and 50 SMA and aiming for the remaining 100 and 200-days Daily Moving Average. The crypto asset is recovering from lower lows and is now all set to move out of the declining parallel channel. However, the volume change over the daily chart is below average and needs to grow in order to move out of the channel. XRP investors are happy if the token manages to escape from the parallel channel. XRP already went through tough times in the past few months.

AVAX/USD Chart analysis

Avalanche (AVAX) is a blockchain network based on smart contracts that emphasizes transaction speed, high efficiency, and environmental sustainability. Avalanche’s goal is to create a scalable and flexible blockchain that retains decentralization and security.

The total value locked of Avalanche on DeFi Llama is 11.5B with 24-hour change of 3.72%. However, Avalanche falls below the value of Terra on DeFi Llama which is 25.58B and Avalanche is ahead of AAVE which stands at 11.4B.

AVAX Coin is trading inside a symmetrical triangle over the daily chart. AVAX coin is presently CMP at $78.2 and has gained 7.52% of its market capitalization in the last 24-hour period. AVAX coin’s market capitalization stands at $31.24B and volume to market cap ratio is 0.08805.

AVAX Coin price is trading strongly bullish in a symmetrical triangle pattern over the daily chart. AVAX coin need to escape from the symmetrical triangle and may lead to a respectable resistance level of $90.00.

AVAX Coin has recovered above 20, 500 and 100-days DMA and aiming for 200 SMA. However, the volume change over the chart is below average which signifies low traders involvement in the trade for AVAX. The AVAX Coin needs to attract more buyers in order to be completely bullish and surpass the primary resistance level of $90.00.

DOT/USD Chart Analysis

Polkadot is a cryptocurrency and open source blockchain technology that enables distributed computing. A proof of stake consensus algorithm is used by the network. Blind Assignment for Blockchain Extension (BABE), the technology used, is based on Ouroboros.

DOT Coin has been trading in a descending triangle pattern over the daily chart. DOT Coin is presently CMP at $17.91 and has gained 6.16% of its market capitalization in the last 24-hour period. The DOT coin has been falling from a long period of time over the daily chart. DOT coin’s market capitalization stands at $20.50B and volume to market cap ratio is 0.05668.

DOT Coin is at the verge to break out of the descending triangle and is strongly bullish at the moment. DOT is trading at 20 SMA and aiming to recover till 50, 100 and 200-days Daily Moving Average. However, the volume change over the daily chart is below average and needs to grow. DOT needs to attract more investors in order to escape from the falling triangle.

Crypto market gained stability for a moment after the news flashes from the USA regarding cryptocurrencies acceptance steps. Crypto market is recovering quickly from the lower levels in the intraday trading session. Investors grabbed this opportunity to trade and gain as much as they can.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.