Weekly BTC, ETH, and Altcoins Analysis, March 25, 2024
This analysis offers insights into the trends for BTC, ETH, and altcoins AVAX, MATIC, NEAR, APT, with a snapshot of the cryptocurrency market's current dynamics.
Bitcoin (BTC)
Bitcoin recently saw a minor correction, probing the support threshold at $61,276. The dip sparked buyer interest, propelling BTC firmly above the $66,000 benchmark.
Amidst the overarching bullish trend, the focus now shifts to sustaining growth. The next milestone involves breaking through the resistance range of $67,500 to $70,000, paving the way for a new all-time high (ATH).
Failing to surpass this barrier soon might push BTC into a deeper correction, aiming for the support region of $54,400 to $56,900.
BTC H4 Chart
Ethereum (ETH)
Ethereum's recent downturn was more pronounced, as it set a new local low by tapping into the $3,038 to $3,200 support zone. Currently, ETH oscillates between this range and the $3,527β$3,672 resistance level. Surpassing this resistance is crucial for further ascent.
If the bullish trend persists, ETH might swiftly approach its local high of $4,093 and, eventually, its ATH, contingent on Bitcoin's trajectory, given their correlation.
A lack of momentum from buyers could send ETH tumbling towards the $2,700 support level.
ETH H4 Chart
Avalanche (AVAX)
Avalanche has demonstrated notable growth momentum in recent weeks, despite being distant from its peak. The coin surged by 85% in March 2024, hitting a yearly high of $65.39.
Currently, AVAX is navigating a sideways range, trapped between the support zone of $49.0 to $52.5 and resistance at $57.8 to $59.8. The likelihood of continued growth makes a case against short positions for now.
A downturn contingent on Bitcoin dropping below $60,000 could see Avalanche retracting to the $40.0β$40.42 support area.
AVAX H4 Chart
Polygon (MATIC)
MATIC's growth has been cautious amidst the bull market, attributed to its high market cap, which challenges price uplifting. The coin has found substantial support between $0.90 and $0.96, a range tested several times in the past three days.
Polygon's prospects for an upward trajectory hinge on Bitcoin's performance, requiring a stable position above the $1.03 to $1.06 zone for further gains toward $1.21.
A move to update the local high and aim for a new ATH depends on a genuine altcoin season and Bitcoin breaching the $70,000 mark. Absent this, MATIC might decline to the subsequent support level of $0.79.
MATIC H4 Chart
Near Protocol (NEAR)
March saw Near Protocol demonstrating a significant upward trend. The coin achieved a 150% increase in just three weeks, reaching a two-year high at $9. After a minor correction, the asset still holds high potential for further growth.
Key resistance zones for buyers lie between $7.7β$8.3 and $9. Surpassing these levels with robust trading volumes could propel NEAR past the psychological $10 mark.
A bearish scenario is contingent on a downturn in BTC, potentially driving NEAR down to support levels at $5.13 and $4.33.
NEAR H4 Chart
Aptos (APT)
APT continued its rise in March, growing by 50% over three weeks and setting a new local high at $16.96 before experiencing a slight correction.
The strong market maker presence, significant TVL, and the lack of major upcoming token unlocks position Aptos for further growth. Optimal entry points for long positions are at the support zones of $14.3β$15, $12.5β$13.3, and $10.2β$11.
The probability of a downward trend is low at the moment, with no resistance level posing a significant barrier.
APT H4 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
Bitcoin's dominance level has scarcely changed since last week, currently at 53.28%. This suggests that both institutional and retail investors continue to prioritize BTC, with limited interest in altcoin investments.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index also reflects this stance, sitting at 47, indicating the market is not currently in an altcoin season. This means there's a lack of momentum for a widespread rise in alternative tokens. Only if BTC secures a position above $75,000 might liquidity start to shift towards other coins.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index remains at 75 points, the same as last week, indicating a state of "Extreme Greed." While there's a keen interest in cryptocurrency investments, the focus is predominantly on BTC.
Fear and Greed Index. Source: coinstats.app
Economic News This Week
This week will see the release of several key economic indicators, including:
- U.S. New Home Sales (Monday, March 25);
- U.S. Consumer Confidence Index (Tuesday, March 26);
- U.S. Crude Oil Inventories (Wednesday, March 27);
- U.S. GDP for Q4 2023 (Thursday, March 28).
Check out GN Crypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
