Weekly Crypto Market Analysis with Geco.one 14.03.2022
As a result of the declines lasting for several days, bitcoin has returned to the upward trend line, which is the lower boundary of the right triangle. Much will now depend on whether there will be a strong demand reaction around this support that could lead to its rejection or whether the BTC price will dive below this level.
Therefore, it can be concluded that Monday’s session will be crucial, and it will depend on its course whether bitcoin returns to the region of $ 45,000 over the next few days or drops to $ 35,000 or lower.
The current situation on the Ethereum quotes is also very similar. The price of this cryptocurrency has also slipped towards the upward trend line, which is the lower boundary of the isosceles triangle formation.
If there is a more significant demand response here, signalling rejection of this support, the ETH rate could return to the region of $ 2,800. That's where the closest significant resistance level is located.
However, if the current trend line gets broken, one should be prepared for the possibility of Ethereum falling towards $ 2350 or even further down to $ 1750.
The current situation on Matic’s quotes looks more and more pro-declining. The price of this cryptocurrency has recently dropped below the technical support of $ 1.40. Considering that defeating one support usually opens the door to further declines in the area of the next one, in this particular case, we could expect a further depreciation even in the area of $ 1.02.
We could also expect further declines in the Uniswap quotations. The price of this cryptocurrency has been in a downward trend for a long time, and there is little indication that this trend will suddenly change. So if there is no sudden demand response, the UNI rate could fall to the region of $ 7.00 or even further to $ 4.50.
The indications of a potential for further declines are also visible in the Stellar quotations. FOR SEVERAL DAYS, the XLM rate has been in the horizontal trend, also known as consolidation. Given that these types of hands are corrective patterns, the market usually breaks out in the direction of the earlier trend. Considering that there is a downward trend in this particular case, it seems more and more likely that the XLM rate will break below $ 0.1670, which could fuel a further sell-off.
More comments on the cryptocurrencies described above and an analysis of the next few can be found in the market review from Geco One on Comparic Markets TV.