Last week in the news

It was a green week for the majority of crypto currencies as there has been several good news indicating potential for wider use of coins as a payment mean. Gainer of the week was certainly Ethereum as it managed to break old ATH and move above $2.000 on Friday.

Acceptance of crypto currencies among businesses is continuing to grow. With latest business moves, Visa Inc and PayPal are setting the stage for its wider use in the future. During the previous week Visa announced that it will allow payments in stable coin USDC, pegged directly to USD, through its platform Crypto.com. It will be based on ethereum blockchain, however, for transactions to be settled, crypto coin will be converted into fiat currency.  Visa`s platform for crypto is still in the pilot phase, but PayPal announced that it has already allowed its US clients use of crypto currencies for payments to merchants all over the world. Bitcoin, Ether, Bitcoin Cash and Litecoin that are kept in PayPal digital wallets can be converted into fiat currencies in order to make purchases of goods and services.

Coinbase Global Inc, got final approval from the US Securities and Exchange Commission for its listing on Nasdaq under ticker COIN. As per currently available information, the company should be available for trading on April 14th through direct listing, without prior IPO.

As Reuters reported, the UK finance services minister John Glen said that the focus of the Government would be first to regulate stablecoins instead of focusing on a wider crypto market. It comes after concerns over fair competition in this field, as large companies entering this field, like Facebook Diem (ex Libra) might easily and swiftly dominate the market. In addition, he noted that the UK will support new technology with the aim to increase efficiency of financial services to the benefit of the economy.

Investment firm Fidelity Investments is currently in the process of starting its new bitcoin ETF fund called Wise Origin Bitcoin Trust. It is going to be based on the Fidelity Bitcoin Index, and following the price of BTC.

The US economy is on the recovery road after the pandemic, as during last month there had been added more than 900K jobs. This positive influx is coming after the vaccination process in the US but also the highest ever stimulus package to the economy in US history.

Crypto market cap

Crypto market capitalization has increased during the previous week, reaching $1,86 trillion, which is an increase of $159B compared with previous week, or increase of 9%. This increase was supported by positive news coming from Visa and PayPal which would accept transactions in crypto currencies. Major contribution to this increase is coming from Bitcoin and Etherum. Daily trading volume was modestly increased, ranging from $200B up to $300B on a daily basis.  Total cash inflow from the beginning of this year is $1,07 trillion which is an increase of 135% in relative terms.


Crypto market capitalization has increased during the previous week, reaching $1,86 trillion, which is an increase of $159B compared with previous week, or increase of 9%. This increase was supported by positive news coming from Visa and PayPal which would accept transactions in crypto currencies. Major contribution to this increase is coming from Bitcoin and Etherum. Daily trading volume was modestly increased, ranging from $200B up to $300B on a daily basis.  Total cash inflow from the beginning of this year is $1,07 trillion which is an increase of 135% in relative terms.

The table below provides most recent information regarding market cap and circulating supply for most popular crypto currencies.

BTC testing $60K  

Bitcoin tested resistance at $60K during the previous week after news that Visa and PayPal will accept payments in major crypto currencies. This is also the second time in the last three weeks that BTC is testing this level. Positive news pushed the price from the support level of $55K which BTC also tested during the previous week. Currency is currently trading around a level of $58K.

RSI is currently moving around level of 60, which might suggest that the current short term trend still has some potential until it reaches a clear overbought market. Clear break of $58K short term support would lead BTC to a new support line at $55K down to $50K. In case that $58K support is not broken, BTC might revert to the upside to test once again resistance at $60K. ATH for BTC currently stands at $61,8.

ETH  new ATH at $2.140

Excellent week for Ethereum as coin managed finally to break psychological level of $2K and reach new ATH at level of $2.140. ETH is currently trading slightly above level of $2K. As RSI is around level of 70, indicates that some short term reversal might be ahead after strong push of coin price. Significant level stands at $2K. If this level is broken on down side, next long term support stands at $1.850, down to $1.750 and $1.650. Current 0.618 FIBO stands at $1.550. On the other side, move above $2K might indicate a coin to test once again $2.140 while move above would indicate a new ATH.

Ripple`s short term reversal

Second week in a row Ripple is gaining back strength and investor interest. During the previous week XRP managed to break resistance at $0.6, reaching a level of $0.65, which is above long term significant level of $0.63. RSI is moving close to level of 70, which is an indication of an overbought market. Some short term price reversal might be expected in a near term period. In this case short term levels to watch are support levels at $0.55 down to $0.5. Long term support stands at $0.45. On the opposite side, clear break from $0.63 would lead to next resistance at $0.7.

What’s in store for altcoins

After a strong push in price since the beginning of this year, and especially since the beginning of March, when Theta reached new ATH at $15, coin has slowed down a bit during the previous week around level of $11. RSI has also slowed down from levels of 80 it is currently moving around 60, indicating on ongoing short term price reversal. Based on quite short historical trading data, level of $11 can be marked as current support level. Below this, some short term potentially significant levels can be found at $8 and $6. However, a strong move on the up side, might move coin to test ATH at $15.

Last week was quite slow for the price of Cardano (ADA), as coin was moving between levels of $1.16 up to $1.24.  For a second week in a row ADA is trying to break resistance and $1.2. Clear break of this level would lead the coin to test next resistance at $1.4 up to $1.47 which is ATH for this coin reached in March this year. In case that coin reverts to the down side, significant support levels currently stand at $1 and $0.9.

Litecoin made quite a short move above the resistance level of $200. After reaching a level of $220, coin immediately reverted back to $200 where it is currently trading. For a few weeks now the level of $200 is in focus of Litecoin, where coin did not have enough strength to clearly break it. A move on downside from current level would indicate testing of support at $180. Next support stands at $155 down to $130. If the coin reverses to the up side, a level of $230 might be tested.

Previous week was another week where LINK was testing its strong resistance at $30, again without strength to finally break this level. Coin is still trading around this level. In case that LINK manages to revert trend to the up side, next resistance stands at $35. In case that support level at $30 is broken, then next levels to watch are $20 down to $18.

It was a volatile week for DOGE. Although coin managed to break resistance at $0.06, move to $0.07 was quite short and coin quite soon reverted to down side and support level at $0.05. It is currently trading around a level of $0.055. Currently important support levels for DOGE stand at $0.05 down to $0.03. On the opposite side, resistance levels stand at $0.06 and $0.07.

Strong price movement during the previous week has pushed NEO to levels of $55, which is resistance that NEO last time tested in February this year. Level of $55 is also long term resistance, so a break of it might lead the coin to the next long term important level at $80. But first, some short term reversal could be expected as RSI has reached a level of 70 and clear overbought market indication. Support levels currently stand at  $45 down to $40.

Slowly and gradually Monero (XMR) has reached a level of $266 during the previous week. Resistance at $230 has been broken, so the coin continued toward next resistance at $250. Since the overbought market has been indicated, there might be some short term reversal for this coin in a following period.  Currently support levels stand at $230 down to $200.

Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.

This Market Analysis has been published by a staff writer at XBTFX.

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