Weekly Crypto Market Brief

Bitcoin went on a strong run over the past week, registering successive higher highs and higher lows in the process. On March 16, 2022, Bitcoin broke above the critical 200 MA on the 4h chart and held it as support, before rocketing to the $47.5k level on March 28, reflecting a 16% increase from its previous price of $40.8k. It hit the 200 MA on the daily chart, which is now acting as resistance for Bitcoin. A break of this level would enhance the potential for a cyclical bullish reversal for BTC, and would signal increased risk appetite across the cryptocurrency market.

Polygon (MATIC) has broken through successive resistances over the past week, namely the $1.50 and $1.64 levels. It managed to flip them into support levels during its current bullish trend, and seems poised to make further gains in the market. It touched the 200 MA on the daily chart on March 28, 2022, and should it break through this level and hold it as support, it will look to target the $2 price level in its subsequent move.

Hedera Hashgraph (HBAR) has trended in a bullish structure over the past week. From a low of $0.20 on March 16, 2022, it reached the $0.25 level, in the process breaking the 50 EMA on the daily chart. This represents a major milestone for Hedera, as this is the first time since mid-November 2021 that it has held this level as support. There is potential for further gains for the token, as it remains significantly below the 2022 high of $0.30, as well as the all-time high of $0.57 it registered on September 16, 2021.

Ultra (UOS) bounced off the 200 MA, which it held as support on the daily chart, to rise to the $1.30 level on March 30, 2022. Should it continue its bullish run, its next target would be $1.44, which represents a strong resistance and a potential turning point for the token. It had formed solid market structure during its past consolidation period since January, having dipped from its highs of above $2 per token, attained in November 2021.

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