XRP Bulls to Target $0.40 in Deepening Global Banking Crisis

Audy Castañeda
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<strong>XRP Bulls to Target $0.40 in Deepening Global Banking Crisis</strong>

On Saturday, XRP fell 1.34% to end the day at $0.37448. News of Credit Suisse on the brink of collapse tested investor confidence, as UBS and Credit Suisse began talks to avoid another global financial crisis. Technical indicators remained bullish, indicating a return to $0.40.

On Saturday, XRP fell 1.34%. Partially reversing a 3.83% gain on Friday, XRP ended the day at $0.37448. Despite the bearish session, XRP retested the $0.39 level for the first time since March 9.

A bullish start to the day saw XRP rally to an early high of $0.39041. XRP broke the first major resistance level (R1) at $0.3872, before falling to a late afternoon low of $0.37040. However, moving away from the first major support level (S1) at $0.3675, XRP revisited the $0.3819 level, before falling back into negative territory.

XRP Tracks BTC in the Red as Banking Crisis Deepens

It was a quiet Saturday, with no updates on the ongoing SEC vs. Ripple case for investors to consider. As investors await rulings on the Hinman Papers and Summary Judgment Response Reports, news from the banking industry continued to grab the headlines.

News that the Swiss cabinet held a crisis meeting to discuss the future of Credit Suisse Group AG (CS) tested buyers’ appetites. On Saturday, reports of UBS AG (UBS) asking the Swiss government to cover around $6 billion in costs to acquire Credit Suisse Group AG raised alarm bells.

Events on Saturday demonstrated that the dust from the collapse of Silicon Valley Bank and Signature Bank (SBNY) has not yet settled.

However, XRP and the broader crypto market showed resistance, as the banking sector is affected by bank runs. This week, the cryptocurrency market found favor with investors looking for alternative means of storing money.

With UBS AG and Credit Suisse Group AG in talks to avoid catastrophe on Monday, XRP and the broader crypto market found investor support this morning. BTC is up 0.88% to $27,151, with total crypto market capitalization up 0.99% to $1.125 billion.

XRP Price Action – Technical Indicators

XRP rose 0.76% to $0.37731. A mixed start to the day saw XRP fall to an initial low of $0.37392, before rising to a high of $0.37827.

XRP needs to move through the $0.3784 pivot to target the first major resistance level (R1) at $0.3865, and Saturday’s high of $0.39041. A return to $0.3850 would signal a bullish session. However, the broader crypto market and SEC vs. Ripple talk would need to support a breakout.

In the event of a prolonged rally, XRP would likely test the second major resistance level (R2) at $0.3984, and resistance at $0.40. The third main resistance level (R3) sits at $0.4185.

The 50-day EMA reached down towards the 100-day EMA, and the 100-day EMA turned down to the 200-day EMA. The EMAs delivered bullish signals.

A move through the 200-day EMA ($0.37795) would support a break of R1 ($0.3865) to target R2 ($0.3984) and $0.40. However, a drop in the 100-day ($0.37421) and 50-day EMA ($0.37305) would bring S1 ($0.3655) into play. A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

ETH Eyes Return to $1,800 to Target $2,000 on Credit Suisse Woes

Audy Castañeda
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<strong>ETH Eyes Return to $1,800 to Target $2,000 on Credit Suisse Woes</strong>

On Saturday, Ethereum (ETH) joined the broader crypto market in the red, falling 1.67% to end the day at $1,764. The risk of bank contagion weighed on investor sentiment, as investors digested the latest news related to Credit Suisse. However, technical indicators remained bullish, leaving $2,000 in sight.

Ethereum (ETH) fell 1.67% on Saturday. Partially reversing a 6.98% loss on Friday, ETH ended the day at $1,764. Despite the bearish session, ETH avoided sub-$1,700 for the first time since September 2022.

After a choppy start to the day, ETH rose to a midday high of $1,846 before pulling back. Facing the first major resistance level (R1) at $1,843, ETH fell to a late-afternoon low of $1,753. Breaking away from the first major support level (S1) at $1,705, however, ETH revisited the $1,800 level before dipping back into negative territory.

Swiss Banking Sector Troubles Led Participation Inflows and ETH Downside

There were no further updates from Ethereum developers on the Shapella upgrade to sway investor sentiment ahead of the Shapella upgrade target date of April 12. However, news related to the banking sector tested buyers’ appetite for cryptocurrencies and weighed on ETH inflows.

According to CryptoQuant, betting entries fell from 22,176 ETH on Friday, to 16,192 ETH on Saturday, the lowest entry since March 13. As investors look to the Shapella update, bet entries may indicate possible changes in the total value wagered. A sharp decline in ETH staking inflows in the lead up to the Shapella upgrade could signal a likely increase in demand for non-staked ETH. After the Shapella update, participants can withdraw staked ETH from the Beacon Chain, which went live in December 2020.

On Saturday, the news that the Swiss cabinet held a crisis meeting to discuss the future of Credit Suisse Group AG (CS) tested buyers’ appetites. There were also reports that UBS AG (UBS) has started talks with Credit Suisse to acquire the embattled bank. However, USB reportedly asked the Swiss government to cover around $6 billion in costs to acquire Credit Suisse Group AG, setting off alarm bells.

Events on Saturday demonstrated that the fallout from the collapse of Silicon Valley Bank and Signature Bank (SBNY) continues to affect the banking sector.

Ethereum (ETH) Price Action – Technical Indicators

ETH rose 1.08% to $1,783. A bullish start to the day saw ETH rally from an initial low of $1,763 to a high of $1,792.

ETH needs to move through the $1,788 pivot to target the first major resistance level (R1) at $1,822, and Saturday’s high of $1,846. A return to $1,800 would signal a breakout session. However, the Shanghai update news and crypto news wires should be ETH-friendly to support a breakout.

In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1881, and resistance at $1900. The third major resistance level (R3) sits at $1,974.

Ethereum has broken above the 50-day EMA, currently at $1684. The 50-day EMA has broken further away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA, providing bullish signals.

A hold above the major support levels and the 50-day EMA ($1684) would support a break of R1 ($1822) to target R2 ($1881) and $1900. However, a drop through S1 ($1,729) would give bears a run on S2 ($1,695) and the 50-day ($1,684). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

BTC Bears to Test Safe Haven Status as Credit Suisse Goes into Crisis Mode

Audy Castañeda
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<strong>BTC Bears to Test Safe Haven Status as Credit Suisse Goes into Crisis Mode</strong>

It was a bearish Saturday session, with BTC slipping 1.60%, to end the day at $26,914. Profit-taking left BTC at less than $27,000, as investors considered the latest news from Credit Suisse. Technical indicators are bullish, with $30,000 still in sight.

On Saturday, Bitcoin (BTC) fell 1.60%. Partially reversing a 9.14% break on Friday, BTC ended the day at $26,914. Despite the bearish session, BTC avoided sub-$26,000 for the first time since June 2022.

A bullish start to the day saw BTC rally to an early high of $27,621. Missing the first major resistance level (R1) at $28,291, BTC fell to a late-afternoon low of $26,547. However, moving away from the first major support level (S1) at $25,682, BTC revisited the $27,400 level before falling back into negative territory.

Banking Crisis Spreads Beyond US Borders

On Saturday, news broke that the Swiss cabinet was holding a crisis meeting to discuss the future of Credit Suisse Group AG (CS). The report of the cabinet talks coincided with reports that UBS AG has started talks to acquire Credit Suisse Group AG.

According to Reuters, UBS AG (UBS) has asked the Swiss government to cover some $6 billion in costs to acquire the embattled bank. The fallout from the collapse of Silicon Valley Bank and Signature Bank (SBNY) is beginning to show its teeth. The Swiss government has reportedly put pressure on banks to agree terms before the market opening bell rings on Monday.

Reuters also reported that Warren Buffet discussed the banking crisis with senior US administration officials.

BTC and the broader crypto market responded to the news, though the downside was modest, with BTC further demonstrating its safe haven attributes. Credit Suisse shares fell 26.1% last week, and it could become the next victim of the banking crisis.

There were no crypto events to influence investor sentiment, and regulators, as well as lawmakers, had to focus on the banking sector.

As the crypto market considers the latest news, investors should continue to monitor the news wires for banking sector-related news and SEC vs. Ripple updates.

Bitcoin (BTC) Price Action – Technical Indicators

A bullish start to the day saw BTC rally from an opening price of $26,916 to a high of $27,190, before pulling back.

BTC needs to avoid the $27,027 pivot to target the first major resistance level (R1) at $287,508. A move through Saturday’s high of $27.621 would indicate an extended bullish session.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $28,101, and resistance at $28,500. The third main resistance level (R3) sits at $29,175.

BTC settled above the 50-day EMA ($24,802). The 50-day EMA has broken further away from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA sending bullish signals.

A hold above the major support levels and the 50-day EMA ($24,802) would support a break of R1 ($27,508) to target R2 ($28,101) and $28,500. However, a drop through S1 ($26,434) would bring up S2 ($25,953). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

ETH Eyes $2,000 as Stake Flows Rise amid US Banking Crisis

Audy Castañeda
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<strong>ETH Eyes $2,000 as Stake Flows Rise amid US Banking Crisis</strong>

On Friday, Ethereum (ETH) rose 6.98%, to close the day at $1,794. Investor sentiment towards the Shapella upgrade, as well as a simmering crisis in the US banking sector, provided support. Technical indicators remained bullish, with $2,000 in the offing.

Ethereum (ETH) was up 6.98% on Friday. Following a 1.21% gain on Thursday, ETH ended the day at $1,794. Significantly, ETH revisited the $1800 level for the first time since August 2022.

A mixed start to the day saw ETH fall to an early low of $1,666. Breaking away from the first major support level (S1) at $1,645, ETH reached a last-hour high of $1,804 before pulling back. ETH broke above major resistance levels, to close the day at $1,794.

US Banking Sector Woes Drive ETH Stake Flows Higher

There were no further updates from Ethereum developers on the Shapella upgrade, following the All Core Developer Execution Layer (ACDE) call and the announcement of a target date for the Shapella upgrade of April 12. While the developers previously aimed to roll out the update in March, investors weren’t too disappointed with a mid-April update.

Prevailing market conditions raise prospects for a bullish ETH response to the April update. After the update, those interested can withdraw staked ETH from the Beacon Chain, which went live in December 2020.

After the Shapella update, a drop in the total value of ETH staked, as well as an influx of ETH to exchanges, could lead to a bearish ETH response. However, the latest betting input figures suggest an uptrend, as the Federal Reserve tries to contain a US banking crisis.

According to CryptoQuant, staking entries increased on Friday, in response to a return of ETH to $1,800. Stake entries increased, from 18,208 ETH on Thursday, to 22,176 ETH on Friday. Above 20,000 levels should be a bullish sign, considering historical betting entry levels.

However, investors should continue to monitor betting entries and the total value wagered. A sharp drop would signal a change in investor sentiment.

Ethereum (ETH) Price Action – Technical Indicators

ETH rose 1.41% to $1,819. A mixed start to the day saw ETH drop to an initial low of $1,771, before rising to a high of $1,836.

ETH needs to avoid the $1,755 pivot to target the first major resistance level (R1) at $1,843. A move through the morning high of $1,836 would signal a breakout session. However, the Shanghai update news and crypto news wires should be ETH-friendly to support a breakout.

In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1893, and resistance at $1900. The third major resistance level (R3) sits at $2,031.

Ethereum has broken above the 50-day EMA, currently at $1648. The 50-day EMA has broken further away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA, providing bullish signals.

A hold above S1 ($1,705) and the 50-day EMA ($1,648) would support a break of R1 ($1,843) to the target of R2 ($1,893) and $1,900. However, a drop-through S1 ($1,706) would give bears a run at the 50-day ($1,648) and 100-day EMAs ($1,618), and S2 ($1,617). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

BTC Bulls Will Target $30,000 as Safe-Haven Status Strengthens

Audy Castañeda
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<strong>BTC Bulls Will Target $30,000 as Safe-Haven Status Strengthens</strong>

It was a bullish Friday session, with BTC rising 9.14%, to end the day at $27,351. BTC decoupled from a bearish NASDAQ Composite Index, as investors responded to a growing crisis within the US banking sector. Technical indicators are bullish, with $30,000 in sight.

On Friday, Bitcoin (BTC) jumped 9.14%. Following a 3.04% gain on Thursday, BTC ended the day at $27,351. Significantly, BTC revisited the $27,000 handle for the first time since June 2022.

A mixed start to the day saw BTC fall to an early low of $24,954. Moving away from the first major support level (S1) at $24,427, BTC surged to a last-hour high of $27,563. BTC broke through major resistance levels to end the day at $27,351.

Growing US Banking Crisis and Fed Bailouts Boost BTC Demand

The retreating contagion from Silicon Valley Bank and Signature Bank (SBNY) was short-lived. On Friday, news hit the wires of SV Financial Group (SIVB), the former publicly traded parent company of Silicon Valley Bank, that it filed for bankruptcy.

The news that SV Financial Group filed for bankruptcy coincided with reports that First Republic Bank was bailed out by 11 banks to prevent the collapse of a fourth US bank. There were also reports of banks borrowing a record $164.8 billion from two Federal Reserve facilities.

Alarmingly, the previous high was $111 billion during the 2008 global financial crisis. The reports were enough to fuel demand for BTC as investors dilute risks of exposure to the banking sector.

US economic indicators took a backseat, and disappointing consumer confidence numbers failed to dampen BTC’s rally. According to preliminary numbers, Michigan’s consumer confidence index fell from 67.0 to 63.4 versus 66.9 expected.

The NASDAQ Composite Index fell 0.74%, and the Dow and S&P 500 posted losses of 1.19% and 1.10%, respectively.

US regulators and lawmakers could intensify scrutiny of the digital asset space to divert attention from problems in the banking sector. The US administration and regulators may be aggrieved by BTC’s performance this week considering the Fed bailouts.

Bitcoin (BTC) Price Action – Technical Indicators

This morning, BTC was up 0.03% at $27,359. A choppy start to the day saw BTC fall to an initial low of $27,004 before rising to a high of $27,452.

BTC needs to avoid the $26,623 pivot to target the first major resistance level (R1) at $28,291. A move through Friday’s high of $27.563 would indicate an extended bullish session. Crypto news wires need to be crypto-friendly to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $29,232, and resistance at $30,000. The third major resistance level (R3) sits at $31,841.

BTC settled above the 50-day EMA ($24,149). The 50-day EMA has turned away from the 100-day EMA, and the 100-day EMA has turned away from the 200-day EMA, sending bullish signals.

A hold above S1 ($25,682) and the 50-day EMA ($24,149) would support a break out of R1 ($28,291) to target R2 ($29,232) and $30,000. However, a drop-through S1 ($25,682) would bring the 50-day EMA ($24,149) and S2 ($24,014) into view. A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

Bulls Eye $0.370 on Cardano Network News

Audy Castañeda
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<strong>Bulls Eye $0.370 on Cardano Network News</strong>

ADA joined the broader crypto market in a breakout session on Friday, rallying 7.36%, to end the day at $0.350. Input Output HK’s (IOHK) weekly development updates faded to the background, as investors turned their backs on the US banking sector in favor of the digital asset space. Technical indicators turned bullish, putting $0.40 on the line.

ADA rose 7.36% on Friday. Following a modest 0.31% gain on Thursday, ADA ended the day at $0.350. Significantly, ADA held the $0.350 level for the first time since February 2.

A bearish start to the day saw ADA drop to an early morning low of $0.322. Pulling away from the first major support level (S1) at $0.319, ADA rallied to a last-hour high of $0.351. ADA broke above major resistance levels, to end the day at $0.350.

Investors Ignore IOHK’s Weekly Development Report

Input Output HK (IOHK) released the Weekly Development Report on Friday. The numbers continued to disappoint, with new projects launched on the Cardano network increasing modestly after stagnating for two consecutive weeks. Increased regulatory and legislative scrutiny could be affecting project launches.

Prior to the Vasil hard fork, the number of projects launched on Cardano was 98, with 1,100 projects built on the Cardano network. Other statistics included 63.0 million transactions (previous report: 62.6 million), 7.97 million native tokens (PR: 7.92 million), and 70,737 token policies (PR: 70,484).

While the weekly development update was disappointing, Cardano’s network updates continued to attract interest. However, the growing crisis in the US banking sector was the key to the working session. Demand for crypto continued to rise, with Bitcoin (BTC) rising 9.14%.

Investors responded to the news that SV Financial Group (SIVB) filed for bankruptcy, Fed bailouts exceeded levels seen during the global financial crisis, and 11 banks bailed out First Republic Bank.

The NASDAQ Composite Index fell 0.74%, and the Dow and S&P 500 posted losses of 1.19% and 1.10%, respectively. By contrast, the cryptocurrency market capitalization rose 7.32% ($77.35 billion) to $1.134 billion, its highest level since August 2022.

Beyond Cardano, investors should monitor Binance and FTX-related news and updates from the ongoing SEC v Ripple case. Following the rise in demand for crypto in reaction to the US banking crisis, the talk of US regulators and lawmakers will also weigh in.

ADA Price Action – Technical Indicators

This morning, ADA was up 0.29% at $0.351. A choppy start to the day saw ADA fall to an initial low of $0.345 before rising to a high of $0.358.

ADA has to avoid the pivot at $0.341 to target the first major resistance level (R1) at $0.360. A move through the morning high of $0.358 would support a bullish session. However, updates to the Cardano network and the broader crypto market should provide support.

In the event of a breakout, ADA would likely test the second major resistance level (R2) at $0.370. The third main resistance level (R3) sits at $0.399.

ADA broke above the 200-day EMA, currently at $0.347. The 50-day EMA closed above the 100-day EMA, with the 100-day EMA lowering back to the 200-day EMA, providing bullish signals.

Avoiding the 200-day EMA ($0.347) would support a break of R1 ($0.360), to give the bulls a run at R2 (0.370). However, a drop through the 200-day EMA ($0.347) would bring the 100-day EMA ($0.338) and 50-day EMA ($0.334) into view. A slide through the 50-day EMA would send a bearish signal and give the bears a run at the major support levels.

By Audy Castaneda

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