This week's analysis covers BTC, ETH, and altcoins SHIB, DOT, UNI, and STRK, alongside an overview of the crypto market's current state.
Bitcoin (BTC)
On the morning of March 11, Bitcoin once again set a new all-time high (ATH), reaching $71,760. The asset continues to climb, suggesting that this peak could be surpassed multiple times by the publication of this article.
With the price of the leading cryptocurrency reaching new heights, no current resistance zones are deemed relevant. Expectations lean towards high volatility and a continued gradual increase, with psychologically significant levels like $75,000 being the next targets.
Short-term dips may present opportunities to acquire long positions, with key support levels at $69,850, $65,500–$66,800, and $62,800–$64,300.
BTC H2 Chart
Ethereum (ETH)
Ethereum, too, reached a new high this morning, crossing the $4,000 threshold.
However, it remains 25% below its ATH of $4,866, suggesting that ETH may have more room to grow compared to Bitcoin.
For Ethereum, long positions could be considered from supports at $3,905, $3,724–$3,795, and $3,500–$3,610.
ETH H2 Chart
Shiba Inu (SHIB)
The past few weeks have been marked by a surge in meme coins, with Shiba Inu experiencing a 370% increase from February 26 to March 5, hitting a two-year high of $0.00004560.
SHIB has transcended its meme token origins, boasting its own Layer 2, Shibarium, and a burgeoning ecosystem, though its TVL still lags behind many blockchains ($2 million).
With the new week, SHIB's growth has moderated, along with a general slowdown in altcoin activity. The token may enter a consolidation phase between support at $0.00002681–$0.00003092 and resistance at $0.00003663–$0.00003984. For potential local declines, long positions might be viable at a buying level of $0.00002196.
SHIB H2 Chart
Polkadot (DOT)
Despite a generally bullish cryptocurrency market, DOT's growth has been tepid, trading around the resistance zone of $10.68–$11. The asset's future trajectory will depend on its reaction to this zone.
If buyers manage to push above $11, Polkadot could see further growth. However, given the coin's significant market cap and lack of historical highs in the last two years, pushing the price higher may prove difficult.
Long positions could be eyed at support zones of $9.55–$9.82 and $8.70–$9.10.
DOT H2 Chart
Uniswap (UNI)
UNI has surged by 130% in the last two weeks, largely driven by fundamental factors. On February 23, the Uniswap team announced their intention to distribute a portion of their revenues to UNI holders.
The asset has since stabilized somewhat, with no new highs being set in recent days. Currently, UNI is trading between a support zone of $12.6–$13.6 and a resistance zone of $14.8–$15.4. Buyers are likely to try and consolidate their gains, potentially pushing the coin to retest the $16.4 level soon.
However, reaching a new high remains an uncertain event for now. In the event of a correction, the token price could drop to the support range of $10.0–$11.3, which could be a favorable point for initiating spot purchases.
UNI H2 Chart
Starknet (STRK)
STRK boasts a market price close to $2.5, with a total asset capitalization surpassing $1.7 billion. This substantial figure is currently buoyed by positive sentiments surrounding BTC.
The nearest resistance zone is found between $2.50 and $2.57, where a reaction from sellers is expected, potentially driving the price down. The crucial support level is at the psychological mark of $2. Should this level fail to hold, the asset might enter a prolonged decline aiming for $1.82 as the first target.
Overall, STRK appears more likely to experience a downturn than an upswing. The marketing effect of the airdrop has diminished, and the market will gradually see an influx of unlocked tokens. Additionally, the token launch of Starknet competitors such as Linea, zkSync, and Scroll could negatively impact buyer activity, diverting attention to various assets.
STRK H2 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
Bitcoin dominance has seen a slight decrease of only 0.2% from the previous analysis, currently at 53.8%. This indicates a continued focus on Bitcoin, with altcoins lagging:
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index is at 59, suggesting a disinterest in trading altcoins. Users tend to favor investing in Bitcoin, showing caution towards other digital assets.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index has fallen by 3 points since the last analysis, yet remains high at 79 points, signifying "Extreme Greed." This signals that the bullish market is ongoing, with no immediate trend reversal anticipated.
Fear and Greed Index. Source: coinstats.app
Economic News This Week
The economic news sector this week will be marked by the following events:
- The U.S. Consumer Price Index (CPI) (Tuesday, March 12);
- The Crude Oil Inventories (Wednesday, March 13);
- The Core Retail Sales Index, Initial Jobless Claims, and the Producer Price Index (Thursday, March 14).
Therefore, the crypto market is poised for potential high volatility in the coming week. It may be prudent to avoid trading during this time or to significantly reduce the risk in your trading strategies.
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) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — 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:
