The cryptocurrency market digest (BTC, ETH, SHIB). Overview for 28.03.2022

March 28, 2022

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Thanks for great news, BTC! The leading cryptocurrency reached all the set goals, stepped over an extremely important threshold of $46,000, and is trading at $47,024 today. What is next? Technically, the nearest resistance is at $48,300, and this is a serious obstacle that prevents buyers from easily reaching $51,000.

The reason for the growth was an increase in bullish activity in the US stock market. As you remember, there is a correlation between the BTC and the Nasdaq index. If US investors continue buying – and there is not much that can prevent them from it now – the crypto will only win.

This week, volatility can be high. Market participants will keep an eye on the US employment market and speeches of monetary politicians from the Fed and Federal Reserve Bank. As long as many people are waiting for an increase in the interest rate by 50 basis points in May, as mentioned by the head of the Fed Jerome Powell, this topic will be raised at any time possible.

Bitcoin chart online

ETH: aiming at $3,500

The key altcoin successfully reached the interim goals of growth. On Monday, it is trading at $3,333, breaking through the resistance level of $3,130. Now the goals of growth are at $3,500. However, in the way of this growth, the ETH might face a technical correction.

Ethereum chart online

Shiba Inu: the number of fans shrinks

Over the last 10 days, the number of people holding Shiba Inu coins dropped by almost 5%, which is roughly 60 thousand people. According to Coinmarketcap, 1,138,243 addresses are now holding the meme coin. Activity in the network is also falling. It looks like users are waiting and heating up the coin.

Rio de Janeiro: a step forward

Starting 2023, the city of Rio de Janeiro (Brazil) will accept the BTC for paying taxes for city real estate. The authorities are planning to stimulate the use of crypto. In the future, the BTC is going to be accepted in, say, taxis.

BlackRock: digital currencies will profit from crisis/h2>

Larry Fink, the head of one of the largest asset management funds BlackRock, thinks that the global geopolitical crisis heats up interest in digital assets. The current situation demonstrates that cryptocurrencies can be a perfect instrument for international transactions. Fink claims that in the nearest future, countries will reassess their currency dependencies and, in the end, give room for digital payments.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.