The overall cryptocurrency market capitalization is up 0.4% in the last 24 hours and is currently trending towards $2.77 trillion. Before we get into the technical analysis, here is an overview of how BTC, ETH, and DOT are doing:
BTC: $70,252 (-1.4%)
ETH: $3,618 (+1.4%)
DOT: $8.87 (-0.1%)
Bitcoin Price Analysis
Bitcoin price is on the rise. This Monday, BTC bounced back to $72,000 and then back below $70,000. According to the Fibonacci retracement line, the price fell below the 84.6%, 76.4%, and 70.6% levels. The 61.8% retracement line provides strong support for the price to hold. The Relative Strength Index (RSI) is trending near 55, giving ample room for buyers to take delivery and push prices higher.
Ethereum price analysis
Ethereum bears have taken control of the market after three consecutive bullish sessions. Between Saturday and Monday, buyers pushed ETH from $3,310 to $3,700. During this jump, bulls flipped the 20-day and 50-day simple moving averages (SMAs) from resistance to support.
Moving average convergence/divergence (MACD) indicates a shift in market momentum from bearish to bullish. We expect buyers to take advantage of this and push ETH towards the $4,000 psychological level.
Polkadot price analysis
Looking at the DOT/USD daily price chart, we can see that Polkadot has been trending at the bottom of the 20-day Bollinger Band since March 18th. The lower Bollinger Band provided strong support for the price as DOT bounced from $8.34 to $9 between Saturday and Monday. However, the 20-day SMA blocked further upside and DOT subsequently fell to $8.85.
MACD shows that market momentum remains bearish. However, a change from red to green predicts that DOT will break the 20-day SMA and reach the upper Bollinger Band, which roughly coincides with the psychological level of $10.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.