The crypto market has had a bearish start to the week, with most cryptocurrencies trading in the red. However, some have managed substantial gains, including Toncoin (TON), Polkadot (DOT), Hedera (HBAR), and Litecoin (LTC). Bitcoin (BTC) has been down over 1% in the past 24 hours, remaining below $85,000. The flagship cryptocurrency fell to a low of $82,047 before rebounding and moving to its current level.
Meanwhile, Ethereum (ETH) is down nearly 2% and trading just below $1,9000 as it struggles to build momentum. Ripple (XRP) is down almost 3% and trading at $2.33, while Dogecoin (DOGE) is down nearly 2% and trading at $0.172. Solana (SOL) bulls are struggling, with the price down almost 5% and trading at $128. Cardano (ADA), Tron (TRX), Chainlink (LINK), and Internet Computer (ICP) also registered substantial declines. The crypto market cap is down 1.37% and currently sits at $2.72 trillion.
US Crypto Reserve Risks Bringing Next Financial Emergency
Francois Villeroy de Galhau, a member of the European Central Bank (ECB) governing council, cautioned against the United States crypto reserve on March 16. According to de Galhau, the US crypto reserve could bring the next financial crisis, and the US is sowing the seeds of future upheavals by encouraging crypto asserts.
“The United States risks sinning through negligence. Financial crises often originate in the US and spread to the rest of the world. By encouraging crypto-assets and non-bank finance, the American administration is sowing the seeds of future upheavals.”
He also added that supervision was better secured and protected against the banking crisis on the EU side. The comments come after President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a separate stockpile of digital assets.
Solana (SOL) Completes Five Years
Solana (SOL) celebrated five years since the launch of its mainnet on March 16, celebrating the milestone by publishing its accomplishments, which include over 1,300 validators, nearly $1 trillion in trading volume, and over $408 billion in transactions. The platform was founded by Anatoly Yakovenko and aimed to find a balance between scalability, security, and decentralization. Solana combines Proof-of-Stake with Proof-of-History, speeding up the transaction process and growing the network while maintaining low costs. Solana has generated over 254 billion blocks since the mainnet went live. Since then, the network has established itself as a force in DeFi, with over $7 billion in TVL.
Solana’s stablecoin market has also reached $11 billion, while its market cap, which once peaked at $127 billion, now stands at $65 billion.
Telegram Founder Temporarily Leaves France
Telegram founder Pavel Durov, who has been detained in France since August, has been granted permission to travel to Dubai. The news sent the value of Toncoin (TON), the token linked to Telegram’s Open Network, soaring by over 15%. TON has been a key development of Telegram’s blockchain initiatives. Notcoin, another popular token associated with Telegram, experienced a rally.
Durov is facing multiple charges linked to enabling organized crime through Telegram. However, authorities allowed Durov to travel to Dubai after a ruling by an investigating judge who accepted Durov’s request to modify the conditions of his supervision several days ago. Durov is being investigated for several infarctions, including terrorism, drug trafficking, fraud, and other illegal content on Telegram. Durov expressed surprise at the charges and criticized the French authorities for bypassing official communication channels with Telegram’s EU representatives and questioning him directly. He argued that holding a CEO responsible for crimes allegedly committed by others on a platform, especially one operating under pre-smartphone laws, was a misguided approach.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has recovered from its recent low when it fell to $76,642. The flagship cryptocurrency has since reclaimed the $80,000 level but is struggling to overcome the resistance between $84,000 and $85,000. As a result, it remains confined in a local bear market, trading between $80,000 and $84,000. However, the Bitcoin price still faces risks that could hinder upward momentum. There are signs investors are still fearful, and while the Fear & Greed Index has moved out of Extreme Fear, it remains in the Fear zone. Historically, Bitcoin and other cryptocurrencies have done well when it’s been in the Greed zone. Investor fear is why spot Bitcoin ETFs have shed over $143 million, bringing weekly outflows to $870 million.
Bitcoin has also formed a death cross as the 50-day and 200-day Weighted Moving Averages crossed each other. The crossover often leads to a significant downturn. This is why Bitcoin risks retesting the $74,000 support level.
However, there are potential catalysts for growth as well. Investors are waiting for the Federal Reserve’s decision after its second meeting of the year, scheduled for March 18-19. Growing fears of a recession could force the Federal Reserve to adopt a dovish tone and more rate cuts. Investors could also adopt a risk-on sentiment and buy the dip in the stock and crypto market. This is because the risk of a trade war and tariffs have been priced in as markets shed trillions in value. Markets saw a similar pattern unfold during the Covid-19 pandemic.
BTC failed to move past the 20-day SMA last Thursday and slipped below $90,000. Price action remained bearish on Friday as the price fell nearly 4% to $86,781. BTC remained bearish over the weekend, registering a marginal decline on Saturday. Bearish sentiment intensified on Sunday as the price plunged below the 200-day SMA and $80,000, falling to a low of $79,987 before settling at $80,736. Buyers attempted a recovery on Monday as BTC rose to an intraday high of $84,075. However, it could not stay at this level and dropped nearly 3%, slipping below $80,000 and settling at $78,620. BTC plunged to an intraday low of $76,642 on Tuesday as selling pressure intensified. However, it rebounded from this level, rising 5.50% to reclaim $80,000 and settle at $82,943.
Source: TradingView
Buyers retained control on Wednesday as BTC rose nearly 1% and moved to $83,709. The price was back in the red on Thursday as BTC dropped over 3% to $81,136. It recovered on Friday, rising 3.53% to move past the 200-day SMA and settle at $84,002, but not before reaching an intraday high of $85,363. Buyers retained control on Saturday, and BTC registered a marginal increase to settle at $84,393. However, BTC was back in the red on Sunday, dropping over 2%, slipping below the 200-day SMA and settling at $82,610. The current session sees BTC up over 1% and trading at $83,581 as buyers look to move past the 200-day SMA. The MACD is bullish, indicating BTC could see an uptrend.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to build momentum and reclaim $2,000. The world’s second-largest cryptocurrency has been trading between $1,800 and $2,000 since the beginning of last week. ETH remains below a key resistance level and is down over 50% from its December highs. One reason for ETH’s lukewarm performance is that investors remain on the sidelines as the crypto market retreats due to various factors, including President Trump’s tariffs and trade war tensions. According to data from SoSoValue, Ethereum ETFs shed over $143 million this week, a significant jump from the $119 million a week prior. The futures market is also flashing a warning about ETH prices, with data showing linear weekly futures have moved to the backwardation phase for the first time since August.
ETH has stabilized over the past few days after registering a substantial decline last weekend. The price rose nearly 3% on Saturday but plunged over 8% on Sunday to settle at $2,020. ETH attempted a recovery on Monday, surging to an intraday high of $2,159. However, it lost momentum after reaching this level and plunged below $2,000, settling at $1,865 after a drop of nearly 8%. Despite the overwhelming bearish sentiment, ETH rebounded on Tuesday, rising over 3% and settling at $1,923.
Source: TradingView
Bearish sentiment returned Wednesday as the price fell nearly 1% to $1,909. Selling pressure intensified on Thursday as ETH fell to a low of $1,823 before recovering to settle at $1,865. Buyers returned to the market on Friday as ETH rose 2.54% to $1,912. The price continued to push higher on Saturday but could not cross $2,000 and settled at $1,938, ultimately increasing 1.35%. ETH was back in the red on Sunday, dropping 2.57%, slipping below $1,900 and settling at $1,888. The current session sees ETH marginally up as it looks to push towards $2,000. A move past this level could see ETH move towards $2,100. ETH also formed a death cross at the end of March, indicating further downside. A close below $1,750 will confirm the bearish outlook.
Solana (SOL) Price Analysis
Solana (SOL) completed five years since the launch of its mainnet on March 16, 2020. The platform celebrated the milestone by sharing a list of its accomplishments, including over 1,300 validators, almost $1 trillion in trading volume, and over 408 billion Solana transactions. The network has generated over 254 million blocks since its mainnet went live, establishing itself as a major force in decentralized finance, with over $7 billion in total value locked in its protocols. Interest in Solana is also ramping up, with CME Group planning to introduce Solana futures contracts subject to regulatory clearance. Despite the milestone, SOL price action has been relatively muted.
SOL traded in the red last weekend, dropping 1.67% on Saturday and nearly 8% on Sunday to settle at $126. Sellers retained control on Monday as SOL fell 6.53%, slipping below $120 and settling at $118. However, the price bounced back on Tuesday, rising nearly 6% to reclaim $120 and settle at $125. Buyers retained control on Wednesday as the price rose just over 1% and settled at $126. However, SOL was back in the red on Thursday, dropping 2.53% to $123.
Source: TradingView
Bullish sentiment returned on Friday as SOL jumped over 8% to cross $130 and settle at $133. Buyers retained control on Saturday as SOL started the weekend positively, registering an increase of nearly 2% and settling at $135. Sellers returned to the market on Sunday as the price plunged over 7%, slipping below $130 and settling at $126. The current session sees SOL up over 2% and trading at $128 as it looks to reclaim $130 and move past the 20-day SMA. If SOL can move past the 20-day SMA and $140, it could rally toward $150. However, if sellers retake control, the price could drop towards $100.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is struggling to build momentum as it struggles to move past $0.180. The popular meme coin fell nearly 3% last Saturday and plunged almost 13% on Sunday, slipping below $0.170 and settling at $0.167. Buyers attempted a recovery on Monday as DOGE reached an intraday high of $0.180. However, it could not stay at this level and dropped over 8%, slipping below a key support level and settling at $0.154. The price fell to an intraday low of $0.143 on Tuesday as selling pressure intensified. It rebounded from this level to register an increase of 6.49% and settle at $0.164. Buyers retained control on Wednesday as DOGE rose nearly 6% and settled at $0.173.
Source: TradingView
However, DOGE was back in the red on Thursday, dropping nearly 5% and settling at $0.164. Buyers returned to the market on Friday as DOGE rose over 4% and settled at $0.171. DOGE continued to push higher on Saturday, increasing 2.33% and settling at $0.175. Despite the positive sentiment, DOGE was back in the red on Sunday, dropping 4.44%, slipping below $0.170 and settling at $0.167. The current session sees DOGE up nearly 4% and trading at $0.174.
Algorand (ALGO) Price Analysis
Algorand (ALGO) plunged below the 200-day SMA last Thursday as bearish sentiment took hold and settled at $0.240. By Saturday, the price had dropped to $0.224 after falling over 4%. Bearish sentiment intensified on Sunday as ALGO plunged over 11% to settle at $0.20. Buyers attempted a recovery as the price reached an intraday high of $0.213. However, it could not stay at this level and dropped over 8%, slipping below $0.20 and settling at $0.184. Buyers returned to the market on Tuesday as ALGO rose almost 4% and settled at $0.191.
Source: TradingView
ALGO continued to push higher on Wednesday, rising 2.47%. However, it could not reclaim $0.20 and ultimately settled at $0.196. The price registered a marginal decline on Thursday before rising nearly 2% on Friday and settling at $0.199. ALGO registered a marginal increase on Saturday, reaching $0.20. However, it lost momentum on Sunday, dropping over 7% and settling at $0.185. The current session sees ALGO up nearly 3% as buyers look to push towards $0.20.
Celestia (TIA) Price Analysis
Celestia (TIA) started the previous week on a bearish note, dropping nearly 18%, slipping below the 20 and 50-day SMAs and settling at $3.42. By Thursday, the price fell to $3.17 as bearish sentiment intensified. The price continued to drop on Friday, falling nearly 1% and settling at $3.15. Despite the overwhelming bearish sentiment, TIA recovered on Saturday, rising almost 5% and settling at $3.29. However, it was back in the red on Sunday, falling over 8% to $3.03. Buyers attempted a recovery on Monday as TIA surged to an intraday high of $3.20. However, it could not stay at this level and dropped nearly 8%, slipping below $3 and settling at $2.79. TIA fell to an intraday low of $2.64 on Tuesday as bearish sentiment intensified. The price rebounded from this level to register an increase of nearly 15% and settle at $3.21.
Source: TradingView
Buyers retained control on Wednesday as the price rose 14.63%, moving past the 20 and 50-day SMAs and settling at $3.68. Despite the positive sentiment, TIA dropped 1.46% on Thursday as selling pressure returned. The price continued to drop on Friday, falling almost 3% and settling at $3.52. The price rebounded on Saturday, rising 2.84%, but fell back in the red on Sunday, dropping over 6%, slipping below the 20 and 50-day SMAs and settling at $3.38. The current session sees TIA marginally up and trading at $3.40 as it looks to move past the moving averages.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) registered a sharp drop last Sunday as it ended the previous week on a bearish note, with the price dropping over 12% to $0.349. Buyers attempted a recovery on Monday as the price surged to an intraday high of $0.372. However, it lost momentum after reaching this level and dropped over 8% to $0.320. ARB fell to a low of $0.294 on Tuesday as selling pressure intensified. The price rebounded after reaching this level, rising over 5% and settling at $0.337. Buyers retained control on Wednesday as ARB rose over 3% and settled at $0.348.
Source: TradingView
Despite the positive sentiment, ARB was back in the red on Thursday, dropping 1,43% to $0.343. Buyers returned to the market on Friday as ARB rose 4.51% and settled at $0.359. The price continued to push higher on Saturday, increasing 1.45% and settling at $0.364. However, the price was back in the red on Sunday, dropping 4.36% to $0.348. The current session sees ARB up over 6% as it looks to build momentum and push towards the 20-day SMA and $0.40.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
