After the bearish sentiments brought on by the demise of Silvergate Bank and the closure of Silicon Valley Bank, which both had exposure to the crypto business, the cryptocurrency market is now looking more hopeful due to the strong rise of Bitcoin (BTC) and Ethereum (ETH) across March.
With the apparent restoration of equilibrium to the crypto market for the time being, it’s worth keeping a watch on these five digital assets and studying the factors driving their performance over the week beginning April 3.
Notably, Cardano is facing a “colossal” sell wall of 3.85 billion ADA, but if it can break over this resistance barrier, it “may spark a bull rally for ADA” as it has minor resistance ahead, according to data analysis released by crypto trading expert Ali Martinez.
Cardano was changing hands at press time at $0.40, recording a 3.45% gain in the last 24 hours, as it added up to the cumulative 11.99% price increase across the previous seven days, as well as the even larger advance of 16.33% over the past month.
The legal battle between the United States Securities and Exchange Commission (SEC) and Ripple continues into April, with XRP having climbed exponentially in March. However, the token has retraced somewhat from a high of $0.57 to trade at $0.52 at the time of publication.
With XRP finding its next resistance level after securing support around $0.51, investors will be hoping it can break above $0.57 this week and perhaps even test $0.60. The volume of XRP perpetual futures open interest has surpassed $600 million on five different crypto exchanges.
As Kaiko stated:
“XRP perpetual futures open interest more than doubled this week on bets that a possible victory in Ripple’s lawsuit against the US
Dogecoin (DOGE) showed some mild decoupling signs this last weekend with a +9% jump while most of the crypto market simultaneously remained flat as per Santiment data.
The data also show that addresses holding 10 million+ DOGE have accumulated 1.47 billion in coins since January 1st worth $123.1 million. With DOGE currently down 4.48% in the last 24 hours its price has retraced somewhat but the latest accumulation suggests investors remain interested.
Dogecoin is now trading at $0.07781 down almost 5% in the last 24 hours after climbing as high as $0.085 over the weekend.
Ethereum developers announced that the mainnet upgrade to enable ETH withdrawals will happen on April 12, 2023. With Ethereum currently fighting to gain support above $1,800, the withdrawals from the upgrade which will incorporate EIP-3651, EIP-3855, EIP-3860, EIP-4895, and EIP-6049 could see investors clamber into the digital asset ahead of the event.
Notably, Ethereum experienced bullish momentum the week before the last major upgrade, the Merge, which replaced Ethereum’s proof-of-work consensus process with a proof-of-stake mechanism. This was accomplished by merging the Beacon Chain with the Ethereum Virtual Machine (EVM).
The upgrade known as Shapella brings together previously separate updates to the Shanghai Ethereum Virtual Machine and to a layer of consensus known as Capella. Moreover, modifications have been made to the Engine API, which connects the two layers.
Currently, Ethereum is changing hands at $1,802, down 0.57% in the last 24 hours.
The Ethereum sentiment on the one-day gauges at the finance and crypto monitoring website TradingView is bullish. Namely, its summary suggests a ‘buy’ at 14, resulting from oscillators pointing at ‘neutral’ at nine and moving averages in the ‘strong buy’ zone at 13.
Since the highlighted cryptocurrencies continue to be a focus point among the top 10 biggest digital assets measured by market capitalization, it is important to keep an eye on how the most recent changes play out over the course of the next week.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.