Market Analysis: Cardano (ADA), Stellar (XLM), and Binance Coin (BNB) in the Green, All Other Major Cryptocurrencies Bearish as Bitcoin (BTC) Slides Toward $3,800

March 11, 2019 / by Zachary Mashiach

Bitcoin (BTC) failed to break past the $3,900 resistance level over the weekend despite several attempts. Early this morning Bitcoin (BTC), began to recede from the $3,900 resistance level, dropping from $3,910 to $3,815. Bitcoin (BTC) recovered to $3,840-$3,850 by later in the morning, and that is about where it sits now.

The support level for Bitcoin (BTC) continues to be $3,700, and this is a key level to watch since if Bitcoin (BTC) drops below $3,700 it could head downwards to the long support level of $3,100. On Friday, the $3,700 support level held up during a flash crash.

Simultaneously, if Bitcoin (BTC) can rise above $3,900, it would then have a shot at rising to the long term support level of $4,200. However, Bitcoin (BTC) has been struggling to break $3,900 since Feb. 24. It is clear that the bears are still dominant in the Bitcoin (BTC) market.

Most major cryptocurrencies have followed Bitcoin (BTC) into the red today. Ethereum (ETH) is down 2.3 percent, Ripple (XRP) is down 1.1 percent, Litecoin (LTC) is down 3.5 percent, EOS is down 4.2 percent, Bitcoin Cash (BCH) is down 2.6 percent, Tron (TRX) is down 3.4 percent, Bitcoin SV (BSV) is down 1.7 percent, Monero (XMR) is down 1 percent, IOTA (MIOTA) is down 1.4 percent, Dash (DASH) is down 0.2 percent, and Dogecoin (DOGE) is down 1.3 percent.

A few major cryptocurrencies have managed to gain today. Binance Coin (BNB) is up 2.7 percent on continued speculation regarding the Binance DEX. Stellar (XLM) is up 1.2 percent, after being up as much as 9 percent this morning. Apparently, Stellar’s (XLM) rally earlier today was fueled by speculation that SatoshiPay may integrate Stellar (XLM) for micropayments.

The big winner of the day is Cardano (ADA) with a 6.5 percent rally, perhaps due to speculation that the Samsung Galaxy S10 will integrate Cardano (ADA). The rally is ongoing as of this writing.

The few bulls today were not able to overcome the bears and the total cryptocurrency market cap declined from $135 billion to $132.5 billion since midnight.

Zooming out, there has, on average, been an increase in the total cryptocurrency market cap since the beginning of February, when the total cryptocurrency market cap was $113 billion. That being said, the bear market certainly continues, and a retesting of the $100 billion cryptocurrency market cap low hit in mid-December is still possible in a worst-case scenario.