In March, the crypto market may experience volatility with Ripple’s (XRP) rate, while Ethereum (ETH) may strengthen against Bitcoin. Additionally, Stacks (STX) are predicted to continue their rapid growth trend.
The crypto market had a bullish February 2023, and the upcoming month of March may follow suit.
Ripple (XRP): return of volatility
BeInCrypto’s team analyzed the most promising currencies in terms of price dynamics.
After reviewing the daily chart’s technical analysis, it appears that XRP, the native token of Ripple, has been trading within a symmetrical triangle pattern since June 2022. The price is now approaching the point of convergence of the resistance and support lines of this pattern.
There is a high possibility of a significant market move once XRP breaks out from this long-term consolidation pattern. A bullish breakout could result in a rise to $0.43 or even $0.52, while a bearish breakout could send the price down to $0.30. As of now, both technical indicators and XRP price action remain neutral, leaving both possibilities open.
Ethereum (ETH): may put pressure on BTC
Ethereum (ETH) confidently ranks second in the ranking of cryptocurrencies with the largest capitalization, traditionally second only to bitcoin. The ETH/BTC pair is now drawing a bullish structure on the chart for several reasons.
First, ETH has been trading inside a descending parallel channel since October 29. These channels are usually associated with corrective moves, which means that the price may eventually break out of this pattern bullishly.
Secondly, over the past month, Ethereum has been giving bullish divergence signals (green line). The divergence coincides directly with the channel support line, which enhances its significance. Such a long (more than a month) divergence suggests that it will become a catalyst for the growth of the ETH rate within a month.
Thus, the most likely scenario is the price growth in the direction of at least the channel resistance line by ₿0.077. This bullish forecast will be canceled in the event of a bearish breakout of ETH from the channel. Then the price may drop to the Fibo level of 0.618 by ₿0.063 (white line).
Stacks (STX): Rise Above $1.50
Stacks is a first-level blockchain solution that adapts smart contracts and decentralized applications (dApps) for the Bitcoin (BTC) network, importing them with full functionality. It is noteworthy that in July 2019, the US SEC for the first time in the history of crypto projects approved Blockstack’s application for a token sale in accordance with the established “A +” provision, creating the first such precedent.
The editors of BeInCrypto recently said that Stacks broke into the leaders of growth in the last week.. In general, since the beginning of this year, Stacks has strengthened by 275%. Despite such an aggressive and almost parabolic rally, the bulls are likely to remain strong.. This is evidenced by both the RSI indicator and wave analysis.. Although the index is overbought, it is not giving any bearish divergence signals yet.
Growth Form Indicates Wave 3. Accordingly, a short-term drop in STX is possible, but then a new bullish move should be expected, which should complete the entire bullish structure. If wave 5 is extended, Stacks could reach the $1.55 resistance area, which it has not visited since April 2022.
On the other hand, a wave 1 high (red line) engulfing at $0.33 will reverse this bullish wave analysis and could send the token down to $0.20.