Cryptocurrencies faced a hard time in the previous week, especially Bitcoin. However, most of them have rallied close to the support levels. This comes as the major countries have announced their different approaches to cryptocurrencies. Some of the governments have appreciated the technology used while others do not consider cryptocurrencies to be valid. This comes as President Donald trump banned Petro trading in the United States.
In other news, Twitter banned the adverts associated with Cryptocurrencies. Additionally, a top UK company has made announcements of the plans to set up a Bitcoin mining firm in the country which will enhance mining activities.
Additionally, according to Fundstrat’s Tom Lee, in a period of two years, Bitcoin might hit the $91,000 price level.
For the last three days, Bitcoin has been in a recovery mode. In relation to Monday’s analysis, the cryptocurrency has rallied in price from the $8,200 levels and currently trades at $9,093. This was just after Bitcoin suffered various market setbacks in the previous week and this saw it drop to the $7,400 levels. Therefore, this rise in prices is an expression that the bulls have been working hard to secure the cryptocurrency.
In our previous analysis, we made a forecast that with preferable market conditions, Bitcoin would rise and surpass the $8,500 level. This is what has happened in the last two days. Therefore, as we anticipated, Bitcoin might also improve above the $10,000 level soon with positive market conditions. Therefore, upon reaching the $10,000 level, it might further rally to the $12,000 level.
However, the support levels lie at the $7,400 mark. With negative market conditions, Bitcoin can drop slightly and then regain its momentum after the regulations and corrections are over. However, we hope that the improvement phase will last for some time. Therefore, individuals can involve themselves in addition to their investments to experience the long-term profits.
Ethereum had been subjected to a continuous drop in prices according to last week’s statistics. This was subjected to the various market conditions which had affected all the major cryptocurrencies. From the time Ethereum dropped below the $600 support level, it has been trading below this level for a long time.
From Monday’s statistics and analysis, Ethereum was trading at the $544 level. It has since improved to the $584 level in the last two days. This is a slight improvement, and we believe that Ethereum will cross above the support level.
We expect the current rise in prices to attract a lot of investors who might translate to an increase in prices to the anticipated levels of $600 and later $800. If this trend continues, the cryptocurrency will be subjected to continuous improvement to the $800 level soon. However, with negative market conditions, Ethereum might be involved in slight reduction and gain afterward. However, we believe that the positive trend will continue.
Bitcoin cash had been involved in a drop according to last week’s statistics which saw it drop to the $854 price levels on Sunday last week. However, on March 17, Bitcoin cash rallied to the $1,050 levels. Currently, since all major cryptocurrencies have been involved in an improvement in price, Bitcoin cash has not been left out.
The bulls have been working hard to push the cryptocurrency above the $1,150 support level. According to the current statistics, the cryptocurrency trade at the $1,063 level. This was an improvement from Monday’s analysis when it traded at $942.
Therefore, with the current market conditions, we expect the cryptocurrency to improve above the support level of $1,150 in the next few days. Those willing to invest for long-term profits can involve themselves in the purchase currently.
Since the drop in prices this year, Ripple has been one of the weakest cryptocurrency in terms of price range. It has since traded below the $1.00 level. Even though in two instances it has risen to the $1.00 level, the cryptocurrency does not maintain the range for many hours. Last week Ripple dropped to the $0.55 price levels.
According to the current statistics, the ripple has rallied to the $0.714 levels in a few days. We made a forecast that with good market conditions, Ripple would reach the $0.75 level. This has not yet happened, but we hope that this trend will continue until the $0.90 level. On the other hand, the support level lies at the $0.60 level.
IOTA had been involved in high price falls in the previous week which saw he cryptocurrency trade at the $1.08 levels on Sunday last week. However, with the current rise in prices, the cryptocurrency has not been left out. IOTA has improved to the $1.49 price levels in the last two days from the $1.22 level on Monday.
We had made a forecast that the cryptocurrency would reach the $1.36 level and later to the $1.50. This has been the case as the cryptocurrency is trading at $1.49. If this trend continues, the cryptocurrency might improve to the $1.80 levels in a few days. However, the support levels lie at the $1.10 level.
Last week’s drop in prices saw Litecoin drop to the $138.30 price level on Sunday. However, on Monday, the cryptocurrency improved to the $156 levels in just a few hours. From the time, Litecoin has been involved in continuous improvement in price to the $173 price level currently.
We expected the cryptocurrency to rally above the $170 level and this is what has happened. However, with this trend, we expect it to improve to the $180 levels in the next few days. On the other hand, the support levels lie at the $140 price levels. Investment can continue in a light mode.
Last week, XEM was the only cryptocurrency which for some days was involved in an improvement while the others dropped. However, to the end of the week, the cryptocurrency dropped to the $0.233 levels. On Monday, it slightly improved to the $0.2907 levels. Currently, it is at the $0.309 level.
We are still in the expectation that NEM might improve to the $0.35 levels in the next few days. This is with positive market conditions. On the other hand, the support level is at the $0.25 levels.
During the Mondays forecast, we made a forecast that Cardano would improve above the $0.000020 levels with a positive trend. This has been the case as currently, it trades at the $0.0000217 levels.
With continues positivity in the market, we expect the cryptocurrency to improve further. We are yet to experience massive purchasing in Cardano.