The current state of the banking sector has been characterized by chaos and instability, which has led to an increase in demand for cryptocurrencies such as Bitcoin (BTC) and select altcoins. As a result, these cryptocurrencies have seen aggressive buying as investors seek alternative investment options that are not as heavily impacted by the unpredictable nature of the traditional banking sector.
This trend has been particularly pronounced for some altcoins, which have been moving closer to overhead resistance levels.
| Name | Price | 24H (%) |
|---|---|---|
 Bitcoin(BTC) | $106,368.00 | 3.46% |
 Ethereum(ETH) | $3,942.39 | 1.21% |
 Dogecoin(DOGE) | $0.400604 | -0.67% |
 Cardano(ADA) | $1.07 | -1.11% |
 Polygon(MATIC) | $0.60 | -1.81% |
>> Try the #1 AI Trading Robot - Click Here <<
In the past few days, the banking sector has experienced two of the largest bank failures since 2008. The collapse of SVB and Signature within just half a week has sent shockwaves through the industry, causing investors to flock to US bonds.
As a result, 2-year treasuries have tumbled to 4.06%, marking a warm fall of 100 basis points since March 8th. This decline is also the largest 3-day drop since the end of October 1987, when the 2-year treasury dropped by 117 basis points.
BTC/USDT
BTC has recently led a crypto rally, climbing back above the $24,000 level on Monday after starting at lows of $19,549. This surge began on Friday, as the price of BTC bounced off the 200-day simple moving average at the $19,717 mark and picked up momentum after breaching the $21,480 level.
This breach indicates that crypto buyers were more interested in entering at low prices. On Monday, the trend continued, with the price clearing the $22,800 hurdle and opening the gates to a stiff resistance level at $25,250. If buyers can break this barrier, it could lead to an aggressive campaign to hit $30,000.
However, if the price turns down from the resistance level, the pair may fluctuate between the $22,250 level and the 200-day simple moving average for a while longer. This data would be a positive indicator. However, it could witness a huge bearish run if the pair falls below the 200-day SMA.
ETH/USDT
Similarly to BTC, ETH also bounced off the $1,352 level, indicating aggressive bullish sentiment at lower price entries. The recovery continued as buyers pushed the price above $1,461. The pair has now risen above the 20-day exponential moving average, while the RSI remains in the green territory, a positive sign for the bulls.
If buyers can make the resistance count at $1,743, the pair could see a massive uptick, potentially smashing the psychological level of $2,000.
BNB/USDT
Last week, the Binance token completed a bearish H&S pattern, but sellers could not capitalize on the moment, and buyers took control on Sunday. The bulls pushed the price above the 200-day simple moving average, trapping bears ready to capitalize on their short positions. This news propelled the price to the heavy resistance level of $318.
If BNB can cross this level, it could smash the $338 level. However, if the pair moves down from this level, it may fluctuate between $338 and $265.
XRP/USDT
XRP’s price has fluctuated near the $0.36 support level in the past week. Typically, this type of price action resolves to the downside. However, if XRP moves from the current levels and closes below $0.36, the pair may lose the support line and hit a declining channel pattern. Therefore, bulls will try to keep the support at $0.33, which will require significant buying pressure.
