Cryptocurrency Market Analysis as of 23.03.2023


The cryptocurrency market continues to gain ground amid the ongoing banking crisis. That said, a portion of positions were lost following the release of the Fed meeting results. This may have been caused by the partial closure of long positions.

In the course of the week, the cryptocurrency market capitalization has risen to $1.079 trillion, up to $1.16 trillion. In the last seven days, Bitcoin is up 11%, Ethereum is up over 5.80%, Ripple is up over 22.71%, while Litecoin is up almost 15%.

Technical Analysis


Bitcoin went up this week reaching the resistance at 28,790. On Wednesday, it pulled back down from it. Currently, the main cryptocurrency has enough movement range for a correction toward 26,480.

If there is a rapid recovery from this boundary with the subsequent breakout of the resistance at 28,790, the next growth target for BTC/USD will be 30,973.



As it has been demonstrating an increase, Ripple rose above the resistance at 0.4828, which was then followed by a loss of some of its positions. The support for XRP/USD is currently at 0.4169 marked with green dotted lines, while 0.4397 acts as the resistance.

If this boundary is broken out with further price consolidation above these marks, 0.4828 and 0.5097 will be the next growth targets.



Following an increase, Ethereum proceeded to consolidate in a narrow range of 1,678.21 - 1784.02. The price still has some movement range toward support of this corridor from a technical standpoint. If it loses its footing, the weakening may continue toward 1,484.77.

A breakout and consolidation above the resistance at 1,784.02 could be an alternative scenario, which, in turn, will open the way for Ethereum toward the next target at 1,896.78.



Litecoin rose, hitting resistance at 91.12 and putting its strength to the test. If the price overcomes this level and consolidates above it, the 97.17 horizontal line will act as the next growth target.

The current support for LTC/USD is at 82.90 at the time of writing.


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