During early February, bitcoin was involved in a significant drop in prices from the highest level it attained in mid-December. Therefore, this move had effects on the popularity of Bitcoin up to now. This is according to the measurement of the number of people who search for Bitcoin on google. Up to mid-month of March, google trends indicate that the number of bitcoin searches has drastically reduced to the lowest levels since last year October.
Therefore, this might not be a bad thing for the world’s top-rated cryptocurrency. This is because some of the investors flee the market due to the fact that the euphoric phase has ended. Therefore, this means that the highly dedicated and interested participants with a significant conviction I cryptocurrencies have remained in the market.
However, when we witness price falls especially below the support levels, this means that the bears have been losing their grip. On the other hand, we know that the early stages of the bull phase have a lot of worries. Therefore, when prices show the signs of recovery, the speculators are always on the first track to jump back in.
From the time Bitcoin was involved in a drastic plunge in prices, the cryptocurrency regained slightly on March 12. Bitcoin recovered and was trading above the $9,500 level on March 12. However, according to the last two days, Bitcoin has been having a rough time in the market.
Many people and analysts believe that the current prices below the $10,000 mark are as a result of the $400 million sell-off. According to the current statistics, bitcoin trades below the $9,200 price level signifying a slight fall in price. We had made suggestions that Bitcoin would be involved in a recovery to the $10,000 levels, this has not been the case.
Therefore, this might mean that the cryptocurrency has not yet experienced its lowest prices where speculators will be involved in the purchase. However, we think that this is just for a short period of time and the cryptocurrency will be involved in improvement. Therefore, $9,000 being the support level, Bitcoin might trade above the support level and the $10,000 level for quite some time. However, we do not recommend any buying to happen now as we are not sure of the next move. However, we still anticipate for $25,000 mark before the year ends.
As in the case of bitcoin, Ethereum has also been affected by the last two days fall in prices. Ethereum was trading at the $725 level on March 12. However, it has slightly dropped below the $700 level to $691.
According to the nature of the market, this is a slight drop, and the bulls might push the prices higher again. This is since the support level lies at the $600 price and the resistance level at the $800 mark. Therefore, we think that this is just for a short period of time and the cryptocurrency will be subjected to an increase in prices.
According to our projections, Ethereum might face a hard time reaching the $800 level. However, upon reaching the level, it might be subjected to a high of $900.
Bitcoin cash has been trying to bounce back to the support level of $1,150 in the last few days. However, the bulls have not gained success in pushing the price back to the support level. For the last two days, however, the cryptocurrency has not traded below the $1,000 level.
The cryptocurrency has experienced a slight drop in price from the $1,107 price level on March 12 analysis to $1,035 currently. However, the bulls are in the process of pushing the prices to the support levels. However, the bears have succeeded in pushing the prices lower. We are still in the anticipation that the cryptocurrency will attain the $1,200 price level in the next few days. We do not, however, advice on any buying to happen.
Ripple has been facing a hard time in the market this year. From last year’s statistics, Ripple was characterized as one of the strongest cryptocurrency in the market. This is because it improved with a very high percentage.
During the previous analysis, we predicted long positions between the $0.80 level and $0.90 level. However, this has not been the case because the cryptocurrency currently trades at the $0.787 level. We still anticipate that Ripple will recover to the expected range. Once it crosses the resistance level of $0.90, it might be subjected to a surge to the $1.00 level.
IOTA has been trading above the $1.20 price level since Friday. The cryptocurrency was subjected to a fall in prices from the $1.80 level.
From March 12 analysis, the cryptocurrency was trading at $1.36. However, it has dropped slightly to the $1.32 level as of today’s statistics. We still expect IOTA to improve to the $1.40 level in a few days which might see it improve to the $1.80 level. We do not encourage any investment currently.
On March 12, Litecoin was involved in recovery from $164 on Friday to $186. This was a significant improvement in prices considering Litecoin is one of the best cryptocurrencies. However, it has since dropped slightly to the $173 price level.
The current fall in price for the last 2 days have affected the major cryptocurrencies. However, we expect a surge in prices after this slight fall. Therefore, Litecoin is expected to improve to $190 price level in a few days which might see it improve above the $200 level.
In the last few days when the other cryptocurrencies have been experiencing a fall in prices, NEM has been experiencing an increase in prices.
We had suggested trading to start at the $0.40 level in the previous analysis. Therefore, investors should have initiated purchasing since the cryptocurrency has improved to the $0.5156 level from $0.34 in just two days. If this trend continues, we expect NEM to reach the $0.60 level in a few days.
Cardano has been one of the weakest cryptocurrency. However, current statistics indicate an improvement from the previous analysis. Cardano has been trading below the $0.00002300 level for some days now.
Investors have been reluctant to engage in trading since the cryptocurrency does not show any chances of recovery. However, we still expect it to recover to the $0.0000246 support level.