Crypto Market Outlook For March 8: BTC, BNB, ADA, and LTC

Last week was fruitful for traders as it ended in gains for most cryptocurrencies. Normalcy is also perceived to have returned to the crypto market as most coins are trading steadily within a price region. 

Welcome to a new week, and this is the market outlook for today.

BTC

Much positive news sufficed for Bitcoin last week. Major highlights include MicroStrategy buying BTC worth $10 million en route to owning 100,000 BTC and Goldman Sachs restarting its crypto trading desk. 

Buoyed by these developments, Bitcoin got to a high of $52,466 and a low of $46,691, a major improvement from last week’s high and low.

With the latest pivot point set at $49,527, bitcoin may test this critical support. Breaking the pivot point will be a bad start to the week. To prevent the critical support flip, traders must defend the $49,600 support.

To get what will be perceived as a good start, after defending the $49,600 support, traders must push to test $50k again. The $50k mark is an easy one as it will flip with a little push, but the real test lyes at $51k.

BNB

Binance coin and USDT are still in a battle of dominance as both coins continue to usurp each other. The fourth coin by market cap gained more than 11% and has a high of $257 last week.

At the time of writing, BNB is off to a good start from a bearish perspective as it is trading at $232 per unit. A start like this raises the question of how many support will break before the dip is halted. The $230 support still stands as a contender for the support that will halt the dip if $232 fails.

ADA

Of all the coins in the top 10, the fifth coin by market capitalisation is the only coin end last week with a loss of more than 12%. With a high of $1.31 and a low of $1.05, ADA holders will be hoping for some bounce. 

To improve, a tight rein should hold the $1.10 support as it may break if strong bullish actions are not taken. Going forward, more attention will be placed on the $1.20 resistance as it is one of the major marks to watch out for.

LTC

Last week, Litecoin gained more than 13% and will be looking to gain more this week and currently trades at $185.

To continue from where it stopped last week, LTC must stay above $182 and push for another stay above $186. Failure to stay above the $182 mark will result in a dip to $180 or lower.

Last week was fun; this week is starting with a mix of being both fun and boring. Let us see what today holds.