By Laura Sanchez
Investing.com - The cryptocurrency sector is trading mixed on Monday. Experts talk about possible consolidation in this market. Sergio Ávila, analyst at IG, makes a technical analysis of Bitcoin, Ethereum and Cardano, in which he points out the levels to watch:
Bitcoin (intraday)
- Scenario 1: A 30-minute candle close above 46,564 would increase the odds of a rise with a target of $47,559.80.
- Scenario 2: A 30 minute candle close below 45,635 would increase the odds of a fall with a target of $44,691.
Ethereum (intraday)
- Scenario 1: a 30 minute candle close above $3,513.2 would increase the odds of a rise with a $3,580 target.
- Scenario 2: A 30 minute candle close below $3,445.6 would increase the odds of a fall with a $3,414 target and $3,346.7 extension.
Cardano (intraday)
- Scenario 1: 30 min candle close above $1.2320 would increase the odds of a rise with $1.2624 target.
- Scenario 2: 30 minutes candle close below 1.1745 would increase the odds of a fall with a target of $1.1497.
"Bitcoin exchange outflows have approached 100,000 once again during the last month of March 2022. This happens when Bitcoin recovers from downward pressure by bouncing back with strong buying interest," notes Avila.
For his part, Javier Molina, spokesman in Spain for eToro, notes that "from a technical point of view, and attacked 45,000 dollars that we have been showing within the great range 35,000-45,000, prices could not reach 47,000 and have remained below in recent sessions. While some consolidation is normal, the probable move was likely to be more far-reaching.
As for Ethereum, "it gained pace above the $3500 resistance against the US dollar and remained well bid above the $3400 pivot level. The $3513 level is the level to break today to continue to see more upside," says IG's Sergio Avila.
"Cardano's price is close to its July 2021 levels. With many products scheduled to launch soon, these are levels that could be very attractive to investors. After touching lows of $0.77 in February, the cryptocurrency has recovered strongly after triggering a double bottom figure, having completed the upside target to $1.24, now the key will be to see if it is able to break the February 8 resistance at $1.2626, if it does, positive news could follow in terms of its price," adds Avila.