Bitcoin (BTC) bounced back to $70,000 after an earlier decline in the early hours of March 31. Likewise, Ethereum (ETH), which fell below $3,500, was able to return to $3,614 at press time.
However, these were not the only big moves in the market as BTC and ETH appeared to influence certain increases. First up was Core (CORE), the native token of a Layer 1 blockchain based on Ethereum and compatible with the Ethereum Virtual Machine (EVM).
At the time of this writing, CORE's price was $1.61, up an incredible 36.52% in the last 24 hours. Trading volume also increased by 180%, suggesting that the price increase was not artificial.
In Bitcoin, its influence was evident in ORDI (ORDI), the BRC-20 token. At press time, ORDI was valued at $73.40 thanks to a 14.75% increase in 24 hours. Here, Coin Edition analyzes how these cryptocurrencies could perform in the near future.
Bitcoin (BTC)
On the daily timeframe, Bitcoin showed a lack of directional bias as the price hovered around $70,266. However, the chart below shows how bulls camped at $63,965 on March 25, which helped create support at this level.
Additionally, the technical formation of the Exponential Moving Average (EMA) suggested a bullish thesis for BTC. This was because the 20 EMA (blue) had crossed above the 50 EMA (yellow), indicating a golden cross.
However, a correction could occur if Bitcoin breaks below the 20-EMA at $68,857. If this is the case, the price of Bitcoin could fall as low as $60,800. On the other hand, if bulls sustain the price above $69,000, BTC could rise by 16.92% before the end of the new week.
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If this happens, the coin would reach another all-time high of $74,900. Regardless of the outcome, traders need to be wary of volatility as the halving is scheduled for April. During periods of extreme volatility, BTC can experience massive price swings, which could result in highly leveraged contracts.
Ethereum (ETH)
The ETH/USD daily chart showed how bears almost forced the altcoin into oversold territory on March 19. At this point, the Relative Strength Index (RSI) was at 38.13 while ETH was changing hands at $3,126.
However, the bulls came to the cryptocurrency's rescue as the RSI showed rising buying momentum. If the momentum continues to build, the price of ETH could rise above $4,000 within a few days.
The super trend was consistent with the forecast. But the same indicators showed a sell signal at $4,108. Therefore, while ETH price could rise, resistance in the above region could prevent it from reaching a new all-time high this week.
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core (CORE)
CORE’s uptrend began back on March 23rd when green candles appeared on the daily chart. Although there was a decline to $0.95 on March 28, the bulls were able to overcome the resistance in a short period of time.
Currently, this token shows no signs of stopping the upswing. Additionally, the Bollinger Bands (BB) showed that there was high volatility around the cryptocurrency. The BB also indicated that CORE was overbought as the upper band continued to hit the token's new highs.
Despite the signal indicated by the BB, the Moving Average Convergence Divergence (MACD) remained positive. This indicated bullish momentum for CORE, which could point to higher prices.
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From a bullish perspective, CORE price could rise towards $1.75. However, market participants could also decide to book profits. If this is the case, CORE could drop to $1.01. In an extremely bearish situation, the price could fall to $0.75.
ORDI (ORDI)
The bulls’ defense of the $62.17 level ensured that ORDI was able to retest the $71.15 level. However, the uptrend could be hampered as the token aims for higher levels. If bulls attempt to push the price higher, ORDI could face upper resistance at $80.54.
A close above this resistance could push ORDI towards $91.59 in the coming weeks. However, a rejection at resistance could force a pullback that could see ORDI fall below $63.79.
The Money Flow Index (MFI) supported the bullish thesis as its value increased. However, if the value reaches an overbought point, ORDI’s trend could reverse to the downside.
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Meanwhile, the MACD showed that there is no clear path for further upside yet as the 12 and 26 EMAs were below the zero midpoint. If the EMAs move into positive territory, the bullish bias could be confirmed. Conversely, getting stuck in the red could pull ORDI backwards.
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