BTC Faces under-$23,000 Risk on Banking Sector Jitters

Audy Castañeda
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<strong>BTC Faces under-$23,000 Risk on Banking Sector Jitters</strong>

It was a bearish Wednesday session, with BTC shedding 1.67% to end the day at $24,321. US economic indicators were not supportive, with fears that a banking crisis would affect riskier assets. Technical indicators remain bullish, with $26,000 in sight.

On Wednesday, Bitcoin (BTC) fell 1.67%. Partially reversing a 2.28% gain on Tuesday, BTC ended the day at $24,321. Significantly, it ended a four-day winning streak.

After a hectic morning, BTC surged to a high of $25,324 at midday before pulling back. Missing the first major resistance level (R1) at $26,156, BTC fell to a late-afternoon low of $23,931. However, moving away from the first major support level (S1) at $23,687, BTC found late support to close the day at $24,321.

Risk Aversion Sent Bank Stocks and BTC into the Red

Global financial markets took a hit on Wednesday as investor attention turned to the banking sector. Investor focus shifted from US regional banks to Credit Suisse. The Saudi National Bank, Credit Suisse’s largest shareholder, declared that it would not provide any further financial assistance, sending the share price to a new all-time low.

On Wednesday, Credit Suisse fell 24.24% to close the day at 1.70 Swiss francs. The news sent stock markets in Europe and the US into a fiery red, affecting BTC and the broader crypto market.

However, the Swiss National Bank provided relief to the market on Wednesday night, announcing that it would provide additional liquidity if needed. The Swiss central bank also stressed that Credit Suisse meets all capital and liquidity requirements.

US economic indicators also eased bets on a less aggressive Fed. US retail sales and wholesale inflation figures failed to impress. The producer price index fell 0.1% in February against an expected increase of 0.3%. Retail sales figures were more disappointing, falling 0.4% in February versus an expected drop of 0.3%. Retail sales rose 3.2% in January.

The numbers were good enough to cement a 25 basis point Fed rate hike in March and raise prospects for a pause in rate hikes. We also expect the Fed to consider the impact of interest rate hikes on the banking sector, with Silicon Valley Bank (SIVB) and Signature Bank (SBNY) falling victim to the Fed’s commitment to target inflation.

On Wednesday, the NASDAQ Composite Index rose 0.05%, while the Dow and S&P 500 posted losses of 0.87% and 0.70%, respectively. This morning, the NASDAQ mini was up 19.25 points.

Bitcoin (BTC) Price Action – Technical Indicators

BTC needs to move through the $24,525 pivot to target the first major resistance level (R1) at $25,120 and Wednesday’s high of $25,324. A return to $25,000 would indicate a prolonged bullish session. Crypto news leads and economic data must be crypto to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $25,918. The third major resistance level (R3) sits at $27,311.

BTC settled above the 50-day EMA ($22,960). 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 the 50-day EMA ($22,960) would support a break of R1 ($25,120) to target R2 ($25,918) and $26,000. However, a drop-through S1 ($23,727) would bring the view S2 ($23,132) and the 50-day EMA ($22,960). A drop through the 50-day EMA ($22,960) would send a bearish signal.

By Audy Castaneda

ETH Target Remains $2,000 as Shapella Update Date Approaches

Audy Castañeda
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<strong>ETH Target Remains $2,000 as Shapella Update Date Approaches</strong>

On Wednesday, Ethereum (ETH) fell 2.82% to close the day at $1,657. Contagion risk from Silicon Valley Bank and Signature Bank re-emerged, and the focus turned to Credit Suisse. Technical indicators remained bullish, with $2,000 in the offing.

Ethereum (ETH) fell 2.82% on Wednesday. Reversing a 1.37% gain on Tuesday, ETH ended the day at $1,657. Despite the bearish session, ETH revisited the $1700 level for the third session in a row.

A mixed start to the day saw ETH rally to an early high of $1,723. Failing to reach the first major resistance level (R1) at $1,778, ETH dropped to a low of $1,614 by late afternoon. ETH briefly fell through the first major support level (S1) at $1,641, before closing the day at $1,657.

Banking Sector Troubles Overshadow Shanghai Update News

On Wednesday, investor attention turned to the European banking sector. With the US government committed to containing the fallout from the collapse of Silicon Valley Bank (SIVB) and Signature Bank (SBNY), Credit Suisse Group AG became the latest target as banks across Europe stumbled in red numbers.

Investor sentiment toward the Fed’s monetary policy failed to provide support, despite US economic indicators supporting a 25 basis point interest rate hike in March.

US retail sales and wholesale inflation figures failed to impress. The producer price index fell 0.1% in February against an expected increase of 0.3%. Retail sales figures were more disappointing, falling 0.4% in February versus an expected drop of 0.3%. Retail sales rose 3.2% in January.

On Wednesday, the NASDAQ Composite Index rose 0.05%, while the Dow and S&P 500 posted losses of 0.87% and 0.70%, respectively. The NASDAQ mini is up 66 points this morning.

While problems in the banking sector weighed on ETH, continued progress towards the Shanghai hard fork was positive for ETH.

According to CryptoQuant, ETH net staking inflows stood at 18,976 ETH on Wednesday. However, while up from 18,720 ETH on Tuesday, inflows are well below the 2023 high of 198,560.

A move to 20,000 levels would be bullish for ETH. An upward trend in staking inflows would suggest net inflows rather than outflows once participants are able to withdraw staked ETH.

Ethereum (ETH) Price Action – Technical Indicators

A mixed start to the day saw ETH rally to an early high of $1,666 before falling to a low of $1,638. ETH needs to move through the $1,665 pivot to target the first major resistance level (R1) at $1,715 and Wednesday’s high of $1,723. A return to $1,700 would signal a bullish session. However, the Shanghai update news and crypto news wires should support ETH to support a breakout.

In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1,774 and resistance at $1,800. The third major resistance level (R3) sits at $1,883.

A hold above S1 ($1,606) and the 50-day EMA ($1,600) would support a break out of R1 ($1,715) to the R2 ($1,774) target and $1,800. However, a drop-through S1 ($1,774) $1,606) and the 50-day EMA ($1,600) would give bears a run at the 100-day EMA ($1,589) and 200-day EMA ($1,586). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

Shiba Inu Forecast after the Big Bank Crash

Audy Castañeda
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<strong>Shiba Inu Forecast after the Big Bank Crash</strong>

The Shiba Inu price was $0.0000104 on Wednesday night. This means that the price has fallen by 4% in the last 7 days.

The Shiba Inu rate has not been able to rise as much as other cryptocurrencies in recent days. At the moment big price movements in the meme coins are still expected. Yet, it’s always possible that the Shiba Inu might see a massive jump in a few hours.

The Shiba Inu price has seen a slight drop in recent days. The SHIB price fell more sharply at the end of the week, due to the fall of the US bank. From $0.000011, the price fell to $0.0000097 during the dip. After a short stabilization, the rate rose again to the previous value. After a brief rise to $0.0000114, the price fell slightly again. Just in the last 24 hours, the price fell once more.

Why Couldn’t the Price Go up?

The Shiba Inu rate has barely been able to rise in recent days and has not benefited from the bank crash. This suggests that the Shiba Inu forecast could look quite negative in the coming weeks. But why could not the Shiba Inu price rise like the Bitcoin price in recent days?

The Shiba Inu course is a meme coin that investors speculatively invest in. The banking crisis mainly strengthened Bitcoin as an alternative currency to FIAT currencies. However, speculative meme coins are less popular in these uncertain times.

The Shiba Inu forecast for the next few weeks is hard to predict at this point because right now it is hard to say how the banking crisis in the US will spread, and how the crypto market will react to the crisis in the coming weeks. However, it seems more likely that the price of Bitcoin will rise in the short term, which should also lead to a subsequent rise in altcoin prices.

If Bitcoin can rally again soon, the Shiba Inu course should also benefit as a result. There could also be a strong rally in the Shiba Inu coin, taking the price above the $0.000015 level.

How High Can the Shiba Inu Price Climb?

The Shiba Inu coin could rise again in the coming weeks, although a prediction is difficult, especially in these times. Therefore, the price range that the Shiba Inu Coin can reach in the coming weeks is extremely wide.

Ultimately, a rise is more likely as the direction of the crypto market has basically increased in the first quarter of 2023. This trend should continue into the upcoming second quarter as well.

Therefore, a Shiba Inu forecast of $0.000011 to $0.000015 is assumed.

By Audy Castaneda

XRP and a Return to $0.40 in SEC Hands vs. Ripple Rulings

Audy Castañeda
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<strong>XRP and a Return to $0.40 in SEC Hands vs. Ripple Rulings</strong>

On Tuesday, XRP joined the broader market in positive territory, rising 0.08% to end the day at $0.3738. Contagion risk reduction from Silicon Valley Bank and Signature Bank and US inflation figures provided support. However, technical indicators remained bearish, signaling a return to below $0.35.

On Tuesday, XRP rose 0.08%. Following a 0.11% loss on Monday, XRP ended the day at $0.37380. Significantly, XRP avoided levels below $0.36 for the first time in three sessions.

A choppy start to the day saw XRP drop to a mid-morning low of $0.36677. Pulling away from the first major support level (S1) at $0.3600, XRP rallied to a mid-afternoon high of $0.38805. XRP broke above the first major resistance level (R1) at $0.3842 before pulling back to end the day below $0.38 for the sixth straight session.

US Economic Indicators and BLS Infection Decrease Provide Support

There were no updates on the SEC vs. Ripple to provide XRP price direction on Tuesday. The lack of news from the Courts left XRP in the hands of the US economic calendar.

However, talks related to the collapse of Silicon Valley Bank (SIVB) and Signature Bank (SBNY) were also influential.

On Monday, US President Joe Biden reportedly said the following:

“Americans can rest assured that our banking system is secure. Your deposits are safe. Let me also assure you that we will not dwell on this. We will do whatever it takes on top of all this.”

While Biden’s words provided support, the US CPI Report sent XRP to a session high. In February, the annual inflation rate moderated from 6.4% to 6.0%, in line with expectations. The softer headline number supported a less aggressive Fed rate path to bring inflation to target.

XRP jumped 2.02% to $0.37578 in the first 30 minutes of the report.

Economic indicators from China and the US will influence investor appetite today. Overnight, the US CPI Report supported a 25 basis point Fed rate hike in March. Softer inflation and upbeat US consumer numbers are a bullish combination for riskier assets.

XRP Price Action – Technical Indicators

XRP was down 0.39% at $0.37236. A mixed start to the day saw XRP rally to an early high of $0.37388, before falling to a low of $0.37019.

XRP needs to move through the $0.3738 pivot to target the first major resistance level (R1) at $0.3856, and Tuesday’s high of $0.38805. A return to $0.38 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 $0.3975, and resistance at $0.40. The third main resistance level (R3) sits at $0.4188.

The 50-day EMA turned back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The EMAs delivered bearish signals.

A move through the 50-day EMA ($0.37254) would support a break of the 100-day EMA ($0.37519) to give the bulls a run to the 200-day EMA ($0.37951) and R1 ($0.3856). However, a failure to move through the 50-day EMA ($0.37254) would leave S1 ($0.3644) in play.

By Audy Castaneda

BTC and Return to $27,000 in the Hands of China and the United States

Audy Castañeda
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<strong>BTC and Return to $27,000 in the Hands of China and the United States</strong>

It was a bullish session on Tuesday, with BTC rising 2.28% to end the day at $24,735. US economic indicators and relief from Silicon Valley Bank jitters supported a breakout session. Technical indicators are bullish, with $30,000 in the offing.

On Tuesday, Bitcoin (BTC) rose 2.28%. Following a 9.51% rise on Monday, BTC ended the day at $24,735. Significantly, BTC revisited the $26,000 handle for the first time since June 2022.

After a range-bound start, BTC rallied to a high of $26,529 at midday before pulling back. BTC broke through the first major resistance level (R1) at $25,229 and the second major resistance level (R2) at $26,276. However, the reversal caused BTC to slide to a low of $24,060. Moving away from the first major support level (S1) at $22,507, BTC rallied to end the day at $24,735.

US Economic Indicators and NASDAQ Composite Provide Support

US economic indicators generated a bullish session, with the all-important US CPI report attracting a lot of interest.

In February, the annual inflation rate moderated from 6.4% to 6.0%, in line with expectations. The softer headline number supported a less aggressive Fed rate path to bring inflation to target.

BTC rose 4.82% to $25,970 in the first 30 minutes of the report. The easing of contagion risk from Silicon Valley Bank (SIVB) added to the bullish sentiment. The White House and global policymakers assured that they would handle the crisis, and they provided belated support.

On Tuesday, the NASDAQ Composite Index rose 2.14%, and the Dow and S&P 500 posted gains of 1.06% and 1.65%, respectively. The NASDAQ mini is down 17.5 points this morning.

China’s economic indicators will influence market risk sentiment this morning. Fixed asset investment, industrial production, and retail sales figures for February will attract a lot of interest. Strong numbers would boost demand for BTC and the broader crypto market.

Bitcoin (BTC) Price Action – Technical Indicators

This morning, BTC was up 0.03% at $24,743. A range-bound start to the day saw BTC rally to an early high of $24,757, before pulling back.

BTC needs to avoid the $25,108 pivot to target the first major resistance level (R1) at $26,156 and Tuesday’s high of $26,529. A return to $25,000 would indicate a prolonged bullish session. The crypto news wires, as well as economic data, should 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 $27,577. The third major resistance level (R3) sits at $30,046.

BTC settled above the 200-day EMA ($22,547). The 50-day and 100-day EMAs have converged on the 200-day EMA, signaling a possible breakout of BTC.

Bullish crosses of the 50-day and 100-day EMAs through the 200-day EMA would signal a breakout session. However, a drop-through S1 ($23,687) would bring S2 ($22,639) and the EMAs into view. A drop through the 50-day EMA ($22,532) would send a bearish signal.

By Audy Castaneda

What DOT Holders Need to Know about Polkadot’s Latest ‘Statement’ Partnership

Audy Castañeda
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<strong>What DOT Holders Need to Know about Polkadot’s Latest ‘Statement’ Partnership</strong>

Polkadot has announced the launch of a Beatport NFT marketplace on Aventus. Polkadot NFT volume is pretty normal, as DOT started to rally on price charts.

Polkadot is making a significant play in the Non-Fungible Token (NFT) and Web 3 arena as the space grows and tie-in becomes deeper. The development of the Internet and the way we interact with digital assets are linked to Web3 and NFT. Polkadot is going strong with a recent collaboration announcement with Beatport. It goes without saying that a favorable effect on DOT may also be on the cards.

Polkadot’s Association with Beatport

NFTs are a crucial application of Web3 technology, which enables the creation and ownership of unique, verifiable digital assets on a Blockchain. As the Web 3 ecosystem grows, more innovative uses of NFTs and other Blockchain-based assets are expected.

Polkadot is taking steps in this direction by launching an NFT marketplace. The move is part of an initiative to push electronic music culture to the Web3, and it is being carried out in conjunction with global music powerhouse Beatport. With Beatport’s market debut on Polkadot’s Aventus sidechain, record labels and musicians will have a new channel to promote their work and monetize their fanbases.

Parachains, NFTs, and Polkadot (DOT)

Polkadot is a platform for many Blockchains to interact with each other. As such, it seeks to address the issue of Blockchain interoperability by facilitating exchange between various Blockchains. Polkadot’s architecture, consisting of a “relay chain” and “parachains”, allows it to be interoperable with other systems.

In Polkadot, the main or relay chain serves as a hub to which all sub- or para-chains connect. Parachains are a type of Blockchain with enhanced capabilities, including interaction with the relay chain and communication between parachains.

Polkadot allows developers to design their own parachains, or link to existing ones to create and trade NFTs. In addition to Aventus, other parachains on Polkadot that support NFTs include Basilisk, Astar, and Statemint. Here, the Polkadot (DOT) token is vital to protect all the parachains, which are still tied to the relay chain.

NFT Status and DOT Volume

Just once in March, overall NFT transaction volume for USD Polkadot on Santiment exceeded $1 million, according to an analysis of the data.

With no significant spikes, this volume metric showed that NFT transactions on the network were reasonable. However, with the opening of the new NFT market on Aventus, could this change?

Similarly, DOT’s Santiment volume has been typical, with no notable spikes. This volume is similar to the NFT volume. However, volume has recovered and has been trending higher after a dip seen on March 12.

Regarding NFTs, collections and volume, Polkadot is still behind chains like Solana and Ethereum. And yet, with the popularity of its markets, as well as the distinctive NFT picks on its parachains, it could emerge as a standout force. Its entry into the NFT market can also have a favorable effect on the DOT token.

By Audy Castaneda

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