Crypto Price Analysis 3-24: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, CELESTIA: TIA, INJECTIVE: INJ, OPTIMISM: OP

The crypto market has made a strong start to the week, with cryptocurrencies registering substantial increases. As a result, the crypto market cap has jumped almost 3% and currently sits at $2.83 trillion. After a relatively quiet weekend, Bitcoin (BTC) started the week on a bullish note, going from $84,338 to $87,000. 

The flagship cryptocurrency is up over 3% in the past 24 hours and is trading just below $87,000. Ethereum (ETH) also made a strong start to the week as it reclaimed $2,000 after an increase of over 2% to trade at $2.050. 

Ripple (XRP) is also up over 3%, while Solana (SOL) is up almost 7% and trading just under $140. Dogecoin (DOGE) is up over 4% and trading at $0.175, while Cardano (ADA) is up over 2% and trading at $0.725. Chainlink (LINK), Toncoin (TON), Hedera (HBAR), Stellar (XLM), Polkadot (DOT), and Litecoin (LTC) also registered substantial increases. 

SEC-Crypto Roundtable Sees Passionate Discussions 

The United States Securities and Exchange Commission (SEC) hosted its first-ever crypto roundtable on Friday. The roundtable pit crypto proponents and critics against each other, and lead to a fiery discussion to determine whether a crypto asset is a security or not. President Trump promised a crypto-friendly administration, with one of his campaign promises being the firing of the SEC Chair Gary Gensler, considered crypto’s most vocal detractor. However, Gensler resigned on the day of Trump’s inauguration. Gensler’s resignation sparked a shakeup in the SEC, with acting Chair Mark Uyeda announcing a new crypto task force only a day after Gensler’s departure. One of the first items on the agenda for the task force was to establish a series of roundtable discussions exploring some of crypto’s most contentious issues. 

Uyeda and SEC Commissioners Hester Pierce and Caroline Crenshaw delivered opening statements, and Troy Paredes, Founder of Paredes Strategies, was tasked with moderating a panel of eleven legal experts who discussed and gave their opinion on the intersection of crypto and securities regulation for almost four hours. While Uyeda and Pierce kept the decision light-hearted and positive Crenshaw issued a warning, 

“Modifying the law to facilitate the success of a chosen product category is fraught with risk. We cannot poke holes in the foundation without expecting the walls may crack.”

Meanwhile, John Reed Stark, an 18-year veteran of the SEC’s Enforcement Division, claimed he had been getting death threats because he was talking about crypto regulation. 

“The people buying crypto are not collectors. We all know that they’re investors, and the mission of the SEC is to protect investors. And how do I know they’re investors? Because whenever I go around and talk about this stuff I get death threats afterwards because I’m talking about crypto and that it should be regulated.”

Stark also said he had read all the briefs from law firms involved in legal battles with the SEC and concluded each time the assets were securities. Benjamin Schiffrin, Director of Securities at Better Markets, a nonprofit advocating for the financial industry, stated, 

“I went yesterday to look at the websites of some large brokers…and on the web pages of a lot of them, there’s always a tab of products that they offer: stocks, bonds, mutual funds, ETFs, crypto. I struggle with the idea that only four out of five are securities and not all five.”

Crypto Stocks In Freefall 

Crypto stocks have been caught in a staggering freefall as they mirror the slump in Bitcoin and other altcoins. Coinbase saw its stock price crash from $350 per share in November to $190, wiping out billions from its market cap. Meanwhile, Michael Saylor’s Strategy has also shed billions in value, with its market capitalization dropping from a high of $106 billion to $79 billion. Strategy is the largest corporate holder of Bitcoin, holding 499,226 BTC on its balance sheet. Meanwhile, Robinhood stocks also shed considerable value, dropping from $66 to $45 per share, erasing about $18 billion in value. 

US To Return $7M To Scam Victims 

US authorities are looking to return $7 million to victims of a social engineering scam that tricked gullible investors into sending money to fake crypto investment platforms. Fraudsters contacted the victims, earning their trust and directing them to fraud websites masquerading as legitimate crypto investment platforms. Once victims deposited funds to the platform, they were funneled through over 75 bank accounts, then sent abroad “deceptively characterized” as domestic wires despite being transferred to a bank outside the US. The platforms tricked victims into thinking their investments were making significant gains. 

“When victims would attempt to make withdrawals, the perpetrators would coerce the victims to send even more money using tactics such as claiming the victims owed taxes on their purported profits.”

The United States Secret Service had seized some of the funds from a foreign bank and began civil forfeiture proceedings by filing a claim in a US District Court. However, the bank also made a claim against the cash, and US authorities eventually reached a settlement agreement for $7 million of the seized funds. Victims have been urged to contact the Secret Service to recover their funds. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) surged past $85,000 on Sunday, ending the weekend on a bullish note as markets rallied after a relatively quiet week. Data from TradingView showed BTC found strength over the weekend as it rallied from the $84,000 mark. BTC’s jump also lifted several altcoins, with popular trader Daan Crypto Trades stating, 

“I think this next week will be telling where the market wants to head for the next higher timeframe move.”

The analysis echoed the broader market sentiment as traders eyed a fresh push towards and end the month on a positive note. Rekt Capital also reiterated encouraging signs of a breakout on the daily timeframes of BTC’s Relative Strength Index (RSI). 

“The Daily RSI is showcasing early signs of retesting the Downtrend dating back to November 2024 as new support.”

BTC is now trading above the $85,000 level, continuing its consolidation phase and holding firm above the $81,000 support level. Market sentiment is also leaning towards bullish, with over 60% of Binance Futures trades locked in long positions, indicating expectations of a breakout. 

“On the network side, Bitcoin’s mining difficulty increased by 1.43 percent to 113.76 trillion at block height 889,056, nearing historical highs. Meanwhile, Ethereum edged down 0.6 percent, while XRP and Solana saw gains of 1.8 percent and 3.1 percent, respectively.”

Despite the uptick, BTC is trading downwards, well below the descending trendline, sitting just above $90,000. A break above the trendline could confirm a bullish tilt and set the price on a trajectory to $100,000. BTC was bullish as it entered the previous weekend, rising almost 4% to move past the 200-day SMA and reach an intraday high of $85,363 before settling at $84,002. Buyers retained control on Saturday as the price registered a marginal increase and settled at $84,398. Despite the positive sentiment, BTC was back in the red on Sunday, dropping over 2%, slipping below the 200-day SMA and settling at $82,611. BTC started the week positively, rising almost 2% and settling at $84,016. Selling pressure returned on Tuesday as the price slumped to an intraday low of $81,187 before recovering and settling at $82,725, ultimately registering a drop of 1.54%.

Source: TradingView

Markets rallied on Wednesday following the FOMC meeting. As a result, BTC rose over 5%, surging past the 20 and 200-day SMAs to reach an intraday high of $87,038 before settling at $86,875. However, the rally lost momentum on Thursday, and BTC dropped over 3%, slipping below the 20 and 50-day SMAs and settling at $84,215. Price action remained muted on Friday, and BTC registered a marginal decline to settle at $84,51. Sellers retained control on Saturday, and the price registered another marginal decline. However, sentiment changed on Sunday as bullish sentiment returned. As a result, BTC rose almost 3% to move past the 20 and 200-day SMAs and settled at $86,111. Buyers have retained control during the ongoing session, with the price up over 1% and trading at $87,197. Buyers will look to maintain the current momentum and push towards $90,000. A break above this level could see BTC chart a course towards $100,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) found support around $1,900, suggesting a recovery could be on the horizon. ETH prices were buoyed by BTC’s rally, which began on Sunday. As a result, the world’s second-largest cryptocurrency reclaimed $2,000 after an increase of over 5% in the past two sessions. ETH had struggled during recent sessions as sellers tested the support between $1,850 and $1,900. However, the levels held firm, suggesting bulls are unwilling to cede ground and help the price recover the key $2,000 level. According to some analysts, ETH is eyeing a potential breakout after testing a long-term support level. They believe if ETH bounces from current levels, it could surge past $3,000, an increase of over 50%.

Meanwhile, institutional interest and confidence in ETH has also surged, with BlackRock’s crypto funds holding over $1.145 billion worth of ETH, up from around $990 million a week ago, according to data from Token Terminal. BlackRock’s BUIDL Fund focuses on tokenized real-world assets, with Ethereum as the base layer. However, the fund is also diversified across multiple chains, including Avalanche, Polygon, Aptos, Arbitrum, and Optimism.

ETH ended the previous weekend in the red, dropping almost 3% and settling at $1,888. However, bullish sentiment returned on Monday as the price registered an increase of over 2% and settled at $1,928. Buyers retained control on Tuesday as ETH registered a marginal increase before rallying over 6% on Wednesday to reclaim $2,000 and settling at $2,058. However, ETH lost momentum after failing to cross the 20-day SMA, dropping almost 4% on Thursday, slipping below $2,000 and settling at $1,983.

Source: TradingView

ETH continued to decline on Friday as selling pressure persisted, dropping almost 1% and settling at $1,965. Price action turned positive over the weekend as ETH rose nearly 1% on Saturday and settled at $1,981. Buyers retained control on Sunday as the price rose 1.33% to reclaim $2,000, moving past the 20-day SMA and settling at $2,007. Bullish sentiment has intensified during the current session, with ETH up over 4% and trading at $2,093. If ETH continues to push higher, it could move to $2,200. A break above this level could see the price surge to $2,500. However, if sellers retake control, ETH could drop below $2,000 to the $1,850 support level. The MACD and RSI are bullish, indicating buyers have the upper hand.

Solana (SOL) Price Analysis

Solana (SOL) has hit the crucial $140 level during the ongoing session as price action picks up after a sustained lull. The Ethereum killer has seen an uptick in price and trading volume. A high trading volume suggests significant interest from investors, indicating SOL could see a substantial jump, at least in the short term.

SOL started the previous weekend positively, surging over 8% on Friday and settling at $133. Buyers retained control on Saturday as the price registered an increase of almost 2% and settled at $135. However, SOL was back in the red on Sunday, dropping over 7%, slipping below $130 and settling at $126. The price recovered on Monday, registering an increase of 1.58% and settling at $128. Selling pressure returned on Tuesday as SOL fell over 2% and settled at $125. The price recovered on Wednesday, and SOL surged over 8% to reclaim $130 and settle at $135.

Source: TradingView

Despite the positive sentiment, SOL was back in the red on Thursday, dropping almost 6% and settling at $127. Buyers prevented a further decline as the price registered a marginal increase on Friday. Price action remained positive over the weekend as SOL registered a marginal rise on Saturday before registering an increase of over 3% on Sunday, going past the 20-day SMA and $130 and settling at $132. The current session sees SOL up over 5% and trading at $140 as buyers look to build momentum and push towards $150. The RSI is at 49 and pointing upwards, while the MACD is bullish, indicating buyers have the upper hand.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) ended the previous weekend on a bearish note, dropping over 4% and settling at $0.167. However, buyers were back in control on Monday as the meme coin registered an increase of over 3% and settled at $0.173. Selling pressure returned on Tuesday as DOGE fell to an intraday low of $0.162 before recovering to settle at $0.168, ultimately registering a drop of over 3%. DOGE’s seesaw price action continued on Wednesday as the price surged almost 6% to reclaim $0.170 and settle at $0.177.

Source: TradingView

However, bearish sentiment returned on Thursday as the price fell over 4% and settled at $0.169. Sellers retained control on Friday, and DOGE dropped almost 2% to settle at $0.166. DOGE recovered over the weekend, registering a marginal increase on Saturday before rising nearly 3% and settling at $0.171. The current session sees DOGE up almost 3% and trading at $0.176 as it looks to move past the 20-day SMA. A break above the moving average could see DOGE push towards $0.180 and higher.

Celestia (TIA) Price Analysis

Celestia (TIA) has also recovered substantially over the past few sessions as bullish sentiment returns to the crypto market. TIA had registered a substantial drop on Sunday as it plunged over 6%, slipping below the 20 and 50-day SMAs and settling at $3.38. The price registered a marginal increase as buyers attempted a reversal. However, selling pressure overwhelmed them on Tuesday as TIA fell almost 5% and settled at $3.22, but not before dropping to an intraday low of $3.12. TIA recovered on Wednesday despite the bearish sentiment, rising almost 6% and settling at $3.41.

Source: TradingView

TIA was back in the red on Thursday after failing to move past the moving averages, dropping 1.82% on Thursday and almost 2% on Friday to settle at $3.28. Bullish sentiment returned on Saturday as TIA surged to an intraday high of $3.49 before settling at $3.38, ultimately registering an increase of almost 3%. Buyers retained control on Sunday as the price surged nearly 5%, moving above the 20 and 50-day SMAs and settling at $3.54. The current session sees TIA up over 2% and trading at $3.62 as buyers look for a move to $4.

Injective (INJ) Price Analysis

Injective (INJ) continues to trade in a narrow range, oscillating between $9 and $11 as it struggles to build momentum despite a recent uptick in the market. INJ dropped over 6% on Sunday, slipping below $10 and settling at $9.59. The price recovered on Monday, rising over 4% and settling at $9.97, but could not reclaim $10. Selling pressure returned on Tuesday as INJ plunged to an intraday low of $9.30 before settling at $9.67, ultimately registering a drop of over 3%. Bullish sentiment returned on Wednesday as INJ registered an increase of 5.94% to reclaim $10 and settle at $10.24.

Source: TradingView

However, INJ was back in the red on Thursday after failing to cross the 20-day SMA, dropping over 3% and settling at $9.91. Sellers retained control on Friday as the price fell 2.45% and settled at $9.66. Sentiment changed over the weekend as INJ registered an increase of 2.51% on Saturday and settled at $9.91. Buyers retained control on Sunday, with the price registering a marginal increase and settling at $9.96. INJ has rallied during the ongoing session, with the price up almost 7%, moving past the 20-day SMA and trading at $10.60.

Optimism (OP) Price Analysis

Optimism (OP) declined on Sunday, falling over 6% and settling at $0.832. The price recovered on Monday, registering an increase of 6.71% and settling at $0.887. However, OP was back in the red on Tuesday, dropping almost 1%, falling to an intraday low of $0.840 before settling at $0.878. Buyers returned to the market on Wednesday as the price rose over 5% and settled at $0.923. However, it could not move past the 20-day SMA, losing momentum and dropping nearly 5% on Thursday and settling at $0.879.

Source: TradingView

OP continued to decline on Friday, falling 3.55% and settling at $0.848. OP recovered on Saturday despite the bearish sentiment, rising 1.43% and settling at $0.860. The price registered a marginal decline on Sunday, ending the weekend on a bearish note. However, OP rallied during the ongoing session, up almost 5% and trading above the 20-day SMA at $0.899.

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.

Credit: Source link