On March 10, Bitfarms which is a cryptocurrency miner announced the plans and already set investment in the Canadian data centers. This miner invested a total of C$250 million to ensure that various resources were set up. This is in the quest that Canada will improve in the cryptocurrency world.
Additionally, various nations are still in fear of the environmental issues of mining. We have experienced various nations resist miners. In the recent news, the Plattsburg officials insisted that Bitcoin miners should leave the town after they were worried about the environmental issues. Mining is a process which consumes a lot of electricity and can lead to interference with other networks in an area.
In other news, China accepted the fact that money might be obsolete in future as people turn to cryptocurrencies. This was an impression after they were involved in the banning of Bitcoin.
Therefore, let’s find out what has been happening in the cryptocurrency market.
Towards the end of last week, bitcoin was involved in a simultaneous drop in prices for three days. This move saw the cryptocurrency dip below the $9,000 levels. During our previous analysis, the cryptocurrency was trading at the $8,771 levels. However, today signifies a drastic improvement in prices to the $9,590 levels (during the time of analysis writing).
Last week’s drop in prices was caused by various factors some of which are; warning by the US securities, the issue with Binance exchange and also the compliance with the commission. During the previous analysis, we made predictions that Bitcoin would resume the normal prices and would improve to the $10,000 levels. This has not been the case as its still trying to find its way up. However, by the look of the market and the improvement in the last two days, this might be possible in the coming few days.
Bitcoin still maintains the set target of reaching the $25,000 mark before the end of this year. Therefore, we believe that the processes and the issues which have been happening will only work for the better. Currently, investors can add on to their investments for future profits. We expect Bitcoin to attain the $10,000 level soon and this will give the cryptocurrency the potential to surge above the $11,000 price levels.
After the drastic drop below the $670 levels, Ethereum has since regained slightly. We had suggested the support levels of $600, and this worked efficiently due to the fact that the prices didn’t reach the level before the bounce.
During the Friday’s analysis, Ethereum was trading at the $667 levels. Currently, it trades at the $725 levels which represent about 6% increase. Therefore, if it continues with the current trend, we expect Ethereum to surge to the $800 levels soon which might see it reach the $900 levels.
The resistance level lies at the $800 price levels, and this means that upon breaking the resistance, the cryptocurrency can improve drastically. We, therefore, expect minimal trades to happen in the market to await the next improvement in prices.
On March 16, the bears gained success in reducing the price not only below the $1,150 levels but also went below the $950 levels. It was clear that the bulls had failed in defending the prices above the support level of $1,150.
Currently, it trades at $1,107, and this represents a substantive improvement from the $966 levels from last week’s analysis. The bulls have been working hard and in the shortest time possible to try and push the prices to the $1,150 levels in the next few days. Therefore, we expect Bitcoin cash to resume its levels above the $1,200 levels soon since it has been considered one of the best cryptocurrencies according to the cryptocurrency performance.
Ripple has been one of the weakest cryptocurrency in the market for the last two months. Since its fall below the $1.00 level, it has not regained. According to last week’s statistics, it went below the $0.770 levels.
Currently, Ripple has improved slightly to the $0.817, and this shows some signs of recovery. We expect ripple to experience long positions between the $0.80 level and $0.90 level. The $0.90 defines the resistance level, and breakout above this price level means that the cryptocurrency can go above the $1.00 levels.
According to last week’s analysis and statistics, IOTA was involved in a continuous drop each and every day. On Friday, it traded at the $1.26 levels, and this was not just slight drop in prices considering it was above the $1.80 levels.
According to today’s statistics, the cryptocurrency has improved slightly to the $1.36 levels. According to the cryptocurrency, we are still not sure of the next move. However, we expect IOTA to improve to the $1.40 level in a few days. The support level lies at the $1.20 levels. Investors should hold on until the cryptocurrency shows positive news.
Litecoin was involved in a fall to last week towards the 50-day SMA. On Friday, it traded at the $164 price range which a significant drop was considering that Litecoin is considered one of the best cryptocurrencies in the market currently.
However, the bulls have pushed the price upwards, and Litecoin has regained to the $186 price range. A continuous positive trend might see the cryptocurrency improve further to the $200 levels and later to $215 level. Therefore, investor’s ad potential investors can involve themselves in the trade.
During last week’s drop in prices, NEM was involved in a positive trend from $0.325 to the $0.341 levels. However, NEM has maintained the price level at the $0.34 level according to today’s statistics. With every cryptocurrency recovering from the recent drop, NEM has not been involved in improvement.
The resistance level lies at the $0.400 levels. However, long positions are anticipated between the $0.320 levels and the $0.400 levels. Therefore, trading should halt until the cryptocurrency improves to the $0.400 level.
Cardano is characterized as one of the weakest cryptocurrency in the market. This is due to the fact that it has not been finding any buyers for close to two months now. According to the previous analysis, the cryptocurrency had dropped to the $0.0000198 levels.
The cryptocurrency has currently improved slightly to the $0.0000220 level. If this price level does not initiate buying, we are likely to experience long positions in this position. Therefore, we encourage purchasing to take place.