Total Crypto Market Capitalization
The overview of digital assets in the past week had shown adjustments in price performance. The price almost reached the support level (the red frame), then rebounded upward as shown in this one – hour graph. The price might be floating around here for a while, all we need to do is wait until new factors come into play.
Dawn Fitzpatrick, Chief Information Officer of Soros Fund Management had an interview with Bloomberg. She finds the infrastructure of cryptocurrencies to be interesting. Thus, the company have made some investments on it, whilst inflation will create a significant turning point that might cause the devaluation of fiat currencies. Dawn sees Bitcoin as a commodity that can be stored and transferred easily.
On March 27, 2021, Abel Tesfaye, aka The Weeknd, Canadian singer, songwriter and music producer tweeted “new song living in NFT space. coming soon …” However, the details of this is yet to be released.
Technical Signal Trading
The price of BTC adjusted downwards following on from the failed breakdown to the blue support line we drew here. There is a high potential for the price of Bitcoin to continue to fluctuate around this level until new factors come into play.
The price of ETH adjusted to the bottom of the zone and rebounded. This fluctuation shows that the performance of ETH may continue to move within this triangle to create a pattern. Long-term investors should be patient and wait at the support zone whilst short-term investors can implement a stop loss or wait to sell at the top zone.
XRP showed a very interesting performance out of all the coins at Zipmex. The price of XRP increased from support to resistance zone of over 40%. Thus, those that have been following the market must have been able to take profit from this price movement.
Moving forward the strategy for this support zone remains the same. If the price of XRP rises above 0.56 XRP/BTC it then indicate that XRP is on the rise again.
LTC is behaving similarly to ETH in many ways with deeper swing range which can be observed from the movement between the 4 zones. Recently, the price of LTC broke through the bottom zone and fluctuated in the zone. By drawing the formation of the price, we can see the big triangle being formed.
The price of gold during the past week fluctuated. Additionally, the rebound is yet to reach the target. Thus, the price may continue to fluctuate around here for a while.
Once the average cost is formed, we will then be able to come up with the clearer price performance.
Strategy from ZIPMEX
However, Zipmex will not take any responsibilities for the above analyses. Investors must realize that every investment is at risk.
Please use your own judgement when investing.