The crypto industry concluded the first week of March positively with top tokens adding significant value to their respective portfolio. Further, the price of Bitcoin successfully achieved a new all-time high (ATH) of just over $70,000 on 08th March.
The leader of altcoins, Ethereum (ETH), has added over 14% to its portfolio during the previous week. Ripple (XRP) token on the other hand has successfully recovered its losses during this week, indicating an increase in the bullish influence within the crypto market.
The market leader, Bitcoin, traded in a closed range between $47,705 and $50,540 for a while, following which the bulls recorded a jump of 9.35%. However, the price faced rejection at $52,853, after which the price traded sideways for the next twelve days. As the market volatility grew, the BTC price jumped 27% within the next two days.
After displaying a neutral trend for five days, the BTC token jumped 11.33%, recording a new ATH. Following this, the bulls lost momentum and recorded a correction of over 10%. The bulls quickly regained momentum, resulting in a bounce back in the chart.
The Moving Average Convergence Divergence (MACD) displays a constant flatline in the chart, indicating a neutral trend for the coin in the crypto market. Further, the averages show a similar trend, indicating an uncertainty in future price action.
If the bulls hold the price above the support level of $68,296, the price will continue to gain momentum and attempt to test its upper level of $72,000 during the coming week. However, a negative trend reversal may pull the price toward its support level of $64,287.
The Ethereum price displayed a neutral trend for a while, after which the market gained momentum and the ETH token recorded a jump of over 8% in value. After trading sideways for a while, the bulls regained momentum and the price jumped 22.5% over the next five days.
Following this, the price traded sideways for the next few days. After testing its low of $3,176, the ETH price regained momentum and recorded a jump of over 24% and since then the price has been trading in a closed range.
The technical indicator, MACD, displays a rising red histogram, indicating an increase in the selling pressure in the market. Moreover, the averages show a bearish convergence, suggesting the price may continue losing value in the coming time.
If the market pushes the ETH price above the resistance level, the bulls will regain momentum and prepare to test its upper resistance level of $4,200 in the coming days. Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $3,533.
The XRP price traded in a consolidated range between $0.530 and $0.5626 for a brief period during which the token displayed significant volatility in its price. As the bulls regained momentum, the Ripple price added approximately 25% over the next seven days.
Upon facing rejection at $0.6624, the Ripple token traded under a bearish influence and recorded a correction of 14% in valuation. After testing its low of $0.5626, the XRP price recorded a jump of 11.80%. Since then, it has been attempting to break out of its important resistance level at $0.6290.
The MACD shows a neutral trend in the histogram, highlighting a weak buying and selling pressure in the market. However, the averages show a bullish convergence, suggesting a mixed sentiment in the crypto industry.
If the market holds the XRP price above the support level of $0.6290, the bulls will continue to gain momentum and prepare to test its upper resistance level of $0.680 by the coming weekend. Negatively, a bearish trend may pull the price toward its lower support level of $0.583.
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