The total crypto marketplace capitalization has dropped from well-nigh $263 billion on March 7 to under $244 billion at press time. This shows a lack of demand at higher levels. The failure to resume the upward move within the next few days is probable to attract farther selling by the short-term traders.

Binance'southward research section noted a drop in Bitcoin (BTC) trading book dominance from 40% to 27% in Feb. On the other hand, Ether price witnessed a 158.vi% increase in its total monthly volume. This shows that the interest in altcoins is increasing and the researchers look an alt flavour soon.

Crypto market information weekly view. Source: Coin360

Currently, the world is worried about the increasing coronavirus cases across the world. This led to a abrupt fifty bps emergency interest rate cut past the US Fed and analysts look the Fed to cut again when it meets on March 17-18.

For the past few years, the only tools that the central banks have been using are interest charge per unit cuts and money printing. While this might provide short-term relief, it would pb to a financial crunch in the future.

Another financial crisis is likely to heave the widespread adoption of cryptocurrencies, as they are devoid of almost problems plaguing fiat. BitPanda CEO Eric Demuth believes that Bitcoin is "Gold 2.0" or "a better version of gold" for "a younger and 'more digital' generation."

While the current economic situation is bullish for cryptocurrencies in the long-term, how does the brusque to medium-term picture look? Let's clarify the summit performers of the past seven days to discover out.

LINK/USD

Chainlink (LINK) has once more found a place among the top performers with a rally of virtually three% in the past seven days. Chainlink announced a collaboration with DeFi Coin Market to launch a higher-yield money market on the Ethereum mainnet backed by tokenized real-world assets. In another motion, Chillz and Chainlink have entered a partnership to create real-time non-fungible tokens based on existent-globe data and events.

RealT tokenizes existent estate on the Ethereum blockchain for which, Chainlink will provide independent, trust-minimized property valuations for the real estate holdings. Global tax and transaction informational firm EY along with ConsenSys and Microsoft have announced the formation of the Baseline Protocol, which has been developed in collaboration with many companies, 1 of them existence Chainlink.

LINK USD daily chart. Source: Tradingview

The LINK/USD pair attempted to resume the uptrend but the bulls hitting a wall closer to the psychological resistance at $5. The failure to alienation this resistance has attracted profit-booking by the traders.

If the cost tin can stay to a higher place the trendline, we conceptualize another attempt by the bulls to button the price above $5. If successful, a rally to $5.6934 and to a higher place it to $7.3101 is possible. Both moving averages are sloping up and the RSI is close to the overbought levels, which suggests that bulls have the upper hand.

Our bullish view volition be invalidated if the bears sink the pair beneath the trendline. Such a motion will indicate a lack of demand at college levels. The pair will weaken farther on a break below the critical support zone of $three.3113-$3.

CRO/USD

Crypto.com Coin (CRO), with a rally of about 2% is the second-best performer of the by seven days. Crypto.com Commutation launched soft staking support for 11 cryptocurrencies using which, the investors can earn up to 5% p.a. on cryptocurrencies held in the Exchange.

CRO USD weekly chart. Source: Tradingview

The CRO/USD pair had a stupendous rally from a low of $0.025258 in December. of last year to $0.084046 in Feb. of this year. Currently, the pair is correcting the huge rally. The bulls are attempting to defend the zone betwixt $0.054652-$0.047715, which corresponds to 50% and 61.eight% Fibonacci retracement levels of the rally from the 52-week lows.

After the precipitous rally, we anticipate the pair to consolidate the recent gains earlier making the next directional move. If the buyers tin push button the price to a higher place $0.69, a retest of $0.080 will exist on the cards.

If the bulls can push the cost in a higher place $0.084046 and sustain it, the uptrend will resume. The next target on the upside is $0.110396. Conversely, if the bears sink the toll below $0.047715, a drop to $0.04 is possible.

XTZ/USD

Tezos (XTZ) has just managed to stay in the light-green in the past vii days. Can information technology resume its rally or is it time to book profits?

XTZ USD daily chart. Source: Tradingview

The bulls have been attempting to resume the uptrend. However, higher levels are witnessing profit booking, equally seen in this week's price activeness.

If the bulls fail to defend the support at $2.5263, which is just below the disquisitional fifty% Fibonacci retracement level of the most recent rally, the XTZ/USD pair is likely to extend its correction to $2.28451360 and below it to the 20-week EMA at $ane.96.

Conversely, if the bulls can keep the cost above $ii.5263, we expect the pair to remain range-bound for a few more than weeks. A break above $iii.50 will be a sign that the bulls are back in activity.

MKR/USD

Maker (MKR) also has just managed to remain in the green in the past seven days. The monthly transaction volume in Feb. made a new high of four.v billion Dai compared to the previous high made in Nov of concluding twelvemonth, which was about 2.41 billion Dai, which is a bullish sign. Can this effect in an up move? Permit'southward analyze the nautical chart.

MKR USD daily chart. Source: Tradingview

The MKR/USD pair is currently trading just below the center of the $400-$800 range. This range has been in force for more than than a year. The bulls purchase the drops to $400 while the bears defend the rallies to about $550 and above it at $800.

Both moving averages are flat and the RSI is also close to the midpoint. This suggests a remainder betwixt buyers and sellers. As long as the price remains inside this range, the bulls can buy the dips to strong support levels and sell the rallies to strong overhead resistance levels.

If the bulls can calibration the pair higher up $800, a rally to $1,200 is possible. As the pair has been consolidating for more a year, a breakout is likely to be strong and can exceed the upside targets. Therefore, the traders tin can buy after the toll closes (UTC time) in a higher place $800.

The trend will plow in favor of the bears if the cost dips below $400 simply we requite it a low possibility of occurring.

ETH/USD

The top 100 wallets own most 25% of the Ether (ETH) supply according to blockchain data analysis business firm Santiment. While this looks to be a huge aggregating by the bulls, it should be noted that the exchanges own nigh sixteen.8% of the full ETH supply, according to TokenAnalyst data. Therefore, the traders should non expect an immediate price appreciation.

Ethereum co-founder Vitalik Buterin believes that digitalization is inevitable and the users volition favor the decentralized privacy currency over the country-controlled Key Bank Digital Currencies.

The Ethereum All Cadre Devs could not arrive at a solution on the fate of ProgPow as both the supporters and opposers stuck to their ground.

ETH USD weekly chart. Source: Tradingview

During the week, the bulls pushed the price above the overhead resistance at $235.70 but they could non sustain the college levels. This shows that sellers are using minor rallies to offload their positions.

If the bears can now sink the ETH/USD pair below the immediate support at $209.950, a drop to $197.75 is possible. Both the moving averages are located close to this level, hence, we anticipate the bulls to defend this support aggressively.

A bounce off $197.75 will be a positive sign and the bulls are likely to brand another attempt to resume the upwards move. The pair volition signal strength afterward the price sustains higher up $235.lxx.

Our bullish view volition exist invalidated if the pair slides below the critical support at $197.75. If that happens, it will exist a huge negative.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your ain enquiry when making a decision.

The market data is provided by the HitBTC exchange.