Weekly market recap(March 23rd to March 29th)
Last week, the cryptocurrency was pumping. Many corporate investors such as Three Arrows Capital and LUNA Foundation, are actively participating in market transactions. The atmosphere of the market seems to have returned back to the way it was before November 2021. Traders and investors are no longer nervous about tight monetary policy. The regional situation did not intensify over the last week, which also served as a breeding ground for the price to break above the important resistance level.
In the last week, BTC did not fall back after reaching the upper rail of the range, and the bulls erupted with great strength during the weekend’s battle. A long green candle made the price directly broke the previous high, taking it into a new range. After fluctuating for nearly two months, the bullish power broke the deadlock. We think that the strength of the bulls has been confirmed. At this time, there is an opportunity to form a bullish channel. In the near term, after the bulls broke the upper track, the bears are still weak.
Conclusion: Mostly rising. The price has entered a new range, we set the original upper rail(44500) as a new support level, and adjust the resistance level to 51000. There will be a small amount of sell pressure at the current price level, but based on the characteristics of the cryptocurrency, we set the resistance at 51000, which is the starting point for the second part of the monthly decline. There may be a small scale of corrections in the past two days, but in general, the price remains on the rise.
Last week, ETH was in line with our expectations. With the strengthening of bulls, ETH reached the resistance level and continued to try to break through it. ETH’s bullish power is ferocious, the strongest of the three over the last week. ETH and BTC are facing different resistance pressures, considering that monthly declines have been different. The trend of ETH this week is similar to that of Jul.21 & Sep.29 last year. Entering a bullish channel is possible.
Conclusion: Mostly rising. The overall trend is upward. Affected by the strength of the bears during the fall, the resistance is relatively large, and there will be callbacks in the process of rising. So we set resistance at 3400, which is a conservative resistance for observing the bullish power. The support level was raised to 3100 which is the confirmation level.
Carried by the market, the price of SOL has risen. You can see that while BTC and ETH are halfway through their targets, ETH is still struggling in the quarter. Regardless, the market is positive, so the SOL’s bearish power won’t destroy the rally immediately. We can see from the daily scale that both the length of the green candle and the number of red candles are not bullish. The confidence of the bulls is not strong.
Conclusion: Mostly fluctuation. Benefiting from the rise of the entire market, SOL got rid of the possibility of continuing to fall. This time we set the support level as 100 and the resistance level as 118.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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