Watch these 5 cryptocurrencies for a potential price rebound next week

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In the wake of the Silicon Valley Bank (SVB) crisis and collapse, traders dumped risky assets. The S&P 500 Index is down 4.55% for him this week, while Bitcoin (BTC) is down around 9%.

The collapse of the SVB led to a crisis in the crypto space as USD Coin (USDC) lost its peg to the US dollar with reports that $3.3 billion of the yen’s $40 billion USDC reserve was held in the SVB. rice field. USDC is above $0.96 as of the publication of this article after he traded near $0.87 on March 11th.

The SVB debacle adds uncertainty in the near term and investors are watching closely for signs of spillovers to other regional banks across the US.

In times of uncertainty, we encourage you to stay on the sidelines. However, if there is no domino effect following the SVB debacle, some cryptocurrencies may start to recover. All of the cryptocurrencies selected for this article are trading above the 200-day simple moving average. This is the key level that long-term investors look at to determine if an asset is in a bullish or bearish phase.

Let’s explore the charts of Bitcoin and four altcoins that could outperform if the sector recovers in the coming days.

BTC Price

Bitcoin has corrected to the 200-day SMA ($20,389). Buyers are expected to defend this level to the best of their ability as selling could intensify below this level.

On the way up, the 20-day exponential moving average ($22,042) could act as a big hurdle. If the price plunges from the 20-day EMA, the BTC/USDT pair could retest support at his 200-day SMA. If this level breaks, the pair can drop to $18,400 and then to $16,300.

The bulls have to push the price above the 20-day EMA if they want to prevent a fall. If it does, the pair could gain momentum and move towards his overhead resistance of $25,250.

The 4-hour chart shows the bulls trying to recover from $19,550 while the bears are actively defending the 20-EMA. If the price turns down from the current levels, the bears will try to sink the pair below his $19,950 level again. If successful, the pair could drop him to $18,400.

Conversely, if the price rises above the 20-EMA, it suggests that short-term selling pressure may be waning. This could lead to a rally to $21,480, where the bears will once again face a strong challenge. If this level scales, the pair could reach $22,800.

Ethereum/USDT

Ether (ETH) broke below the 200-day SMA ($1,421) on March 10, but the long tail of candlesticks on the day indicated solid buying at lower levels.

The recovery is facing resistance near $1,461. If the price falls from the current level and hits the 200-day SMA, it indicates that the bears are selling on a shallow bounce. This increases the chances of a break below $1,352. After that, the ETH/USDT pair could drop to his $1,100 level.

The price must rise above the 20-day EMA ($1,548) if the bulls want to prevent a fall. If so, the pair could rally to his $1,743 and the bears could once again build a strong barrier. A breakout of this level can lead to a rally to $2,000.

The 4-hour chart shows the pair trying to rebound. The 20-EMA is flat and the Relative Strength Index (RSI) is just below the midpoint, indicating a balance between supply and demand.

The balance will tip in favor of buyers if they push and hold the price above $1,500. That way, the relief rally could reach $1,600. On the other hand, if the price falls and breaks below the uptrend line, it could favor the bears. The pair may then retest the strong support at $1,352.

Matic/USDT

Polygon (MATIC) made a significant correction from $1.56 on Feb 18 and reached the 200-day SMA ($0.94) on Mar 10.

The bulls will try to push the price towards the 20-day EMA ($1.15) where the bears are likely to mount a strong defense. If the price turns down from this level, the sentiment will remain negative, suggesting that traders are selling in a rally.

This could increase the likelihood of a break below the 200-day SMA. In that case, the MATIC/USDT pair could drop to $0.69.

Conversely, when buyers push the price above the 20-day EMA, it suggests the bulls are back in the driver’s seat. After that, the pair can rise to the overhead resistance at $1.30.

The recovery from $0.94 reached the 20-EMA. This is an important level to watch as the pair could rise to $1.15 if the price continues above it.

This level could again act as a strong resistance, but if the bulls block the next drop above $1.05, it suggests the downtrend may be over. The dollar is likely to rise.

This positive view will be invalidated in the short term if the price falls below the $0.94 support.

Related: US Treasury Department’s Janet Yellen Wrestles with SVB Collapse, Not Bailout: Report

ton/USDT

Most major cryptocurrencies have fallen below the 200-day SMA, but Toncoin (TON) is still well above that level. This suggests that traders are in no rush to exit.

The TON/USDT pair forms a symmetrical triangular pattern around local highs. Price movements within the triangle are random and volatile.

Triangles usually act as a continuation pattern. This means the trend that was in effect before the formation of the setup resumed. In this case, if the buyer breaks out of the triangle resistance line, the pair may start moving towards $2.90.

Conversely, if the price continues to move lower and breaks below the triangle and the 200-day SMA ($1.90), it suggests the bears are in control. This could push the price closer to his $1.30. Such movement indicates that the triangle worked as an inverted setup.

The falling 20-EMA and the negative territory of the RSI on the 4-hour chart indicate that the bears have the upper hand. If the price turns down from the current levels and breaks below $2.18, the drop could extend to $2.

Conversely, if the bulls sustain the price above the 20-EMA, it suggests they are attempting a comeback. After that, the pair can move up to $2.45, where the bears can mount a strong defense. Above this level, the bulls will attempt to break out of the triangle near his $2.50.

OKB/USDT

OKB (OKB) is in a correction phase, but it remains well above the 200-day SMA ($26) in favor of the bulls.

The next support on the downside is the 50% Fibonacci retracement level at $36.13 and the 61.8% retracement level at $30.76. The Bulls are likely to defend this zone with all their might.

If the price rises from this zone, the OKB/USDT pair can rise to the 20-day EMA ($45.48). This is an important level to pay attention to. This is because breaking past it indicates that the fix phase may have ended.

On the other hand, if the price breaks below $30.76, it indicates that traders are in a hurry to exit. The pair could then plummet to his 200-day SMA.

The falling 20-EMA and the negative territory of the RSI on the 4-hour chart suggest that the bears have the upper hand. There is a minor support near $37.50, but if it breaks down, it can reach $36.13.

Conversely, if the price rises above the 20-EMA, it suggests that the bulls are trying to regain control. After that, the pair may rise to $44.35. This is an important resistance for the bears as the price could reach $50 once it is removed.

This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.