The cryptocurrency market has been more or less quiet for a couple of days, with a somewhat calm weekend. A new meeting of the Federal Open Market Committee is approaching on March 15 and 16 and at the moment it seems that everyone wants to wait to make decisions pending a rise in cryptocurrency prices.
The FOMC o Open Market Operations Committee (Federal Open Markets Committee), is the branch of the Federal Reserve bank responsible for making short- and long-term monetary policy decisions. The amount of the anticipated rate hike could rock the crypto market, so let’s take a look at which ones may skyrocket this week in the current environment.
Bitcoin
Traders in the major cryptocurrency are playing it safe and not making big bets ahead of the FOMC meeting. Analysts at Material Indicators have predicted a drop, but the subsequent rebound “could be life changing”.
3 days #BTC candles are flirting with the 200 MA for the first time since the Covid crash. If this is a precursor to what the Weekly candle is going to do, make sure you have enough powder to take advantage of the buying opportunity that follows. That bounce can change your life. pic.twitter.com/uz3yZadQ1v
— Material Indicators (@MI_Algos) March 12, 2022
The bulls will try to push the BTC/USDT pair above $42,600. If they are successful, the pair could rally to $45,400. Instead, if the price turns down and falls below $37,000, the bears could see an opportunity ahead of a potential drop to $30,000.
BTC/EUR price during the last week
The 20-day Exponential Moving Average (EMA) is flat and the RSI is just below the midpoint, indicating a balance between supply and demand.
Polkadot
In 2021, TOD grew 244%, although it has been on a downtrend for the past few months. The price rose above the 20-day EMA ($17), but the bulls have not been able to break above the 50-day Simple Moving Average (SMA) ($18) barrier.
DOT/EUR price during the last week
Traders could be anticipating a break above the resistance. Should it go through, the DOT/USDT pair could rally to the overhead resistance of $23. The flat 20-day EMA and relative strength index (RSI) near the midpoint suggest range-bound action in the near term.
The Sandbox
For SAND, the RSI is showing signs of a positive divergence, indicating that the bearish momentum may be weakening.
SAND/EUR price during the last week.
The bulls will try to push the SAND/USDT pair above the 200-day Simple Moving Average (SMA). Should it happen, the pair could rally to the 50-day Simple Moving Average (SMA) of $3.51. A breakout and close above that value could be the trigger for a rally to $4.50 and then $4.86 before resumption of the downtrend.
The coming quarter will see the introduction of a Decentralized Autonomous Organization (DAO) that will provide SAND owners with virtual land rights and avatar voting.
THORChain
RUNE has switched from selling on the upside to buying on the downside. The bulls may try to push the price to the 200-day Simple Moving Average (SMA) ($7.90). If they are successful, the RUNE/USDT pair could even go as high as $9.
RUNE/EUR price during the last week
The bearish alternative would be a break below the 20-day EMA, which could result in a drop to $4.
zcash
The bulls are back in the ZEC game after a break above the 200-day Simple Moving Average (SMA) ($145) on March 10.
ZEC/EUR price during the last week
If the price rebounds from the current level or even $135, it will suggest that the sentiment remains positive and traders are buying dips. Then, the bulls will try to push the pair above $160 and resume the up move.
