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BTC, ETH and XRP Price Analysis for March 7

Mon, 03/07/2022 - 15:27
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Denys Serhiichuk
Which altcoins can remain stronger than Bitcoin (BTC) at the moment?
BTC, ETH and XRP Price Analysis for March 7
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The new week has begun with a neutral mood on the cryptocurrency market as some coins are in the red zone, while others are in green.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.32% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daliy chart, Bitcoin (BTC) is fighting for the $39,000 mark against the declining trading volume. If bullish pressure continues until the end of the day, there is a chance to see slight growth to the vital mark around $40,000 by the end of the week.

Bitcoin is trading at $38,944 at press time.

ETH/USD

Ethereum (ETH) could not follow the rise of Bitcoin (BTC) as the price of the main altcoin has declined by 0.39%.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Despite the fall, Ethereum (ETH) is located in the middle of the channel, between the support at $2,300 and the resistance around $3,200. The buying trading volume remains low, which means that bulls are not ready to buy from the current levels.

Related
BTC, ETH and XRP Price Analysis for March 4

If the slight decline continues, there is high potential to see the retest of the support within the next few days.

Ethereum is trading at $2,614 at press time.

XRP/USD

XRP is the biggest gainer from the list today as its rate has increased by 1.23% since yesterday.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP keeps accumulating power, trading in a range between the support level at $0.6959 and the resistance at $0.79. If the rate starts to approach the $0.75 mark, there is a possibility to see further growth to the area around $0.80. Such a scenario is relevant for the next few weeks. The rising buying trading volume is also a prerequisite for possible upward movement.

XRP is trading at $0.7444 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.