Key Points
- Bitcoin, Pi Network, and Hedera Hashgraph are expected to be the center of attention in the upcoming week.
- The crypto market experienced a significant pullback, with Bitcoin falling below $80,000.
Market Overview
Last week saw a significant decline in cryptocurrency prices, with Bitcoin dipping below the $80,000 mark. This led to the crypto fear and greed index shifting towards the extreme fear zone.
In the coming week, traders will be closely watching the White House crypto summit and the release of nonfarm payroll data on Friday. The cryptocurrencies expected to be in the spotlight include Bitcoin, Pi Network, and Hedera Hashgraph.
Bitcoin’s Performance
The price of Bitcoin will be under scrutiny this week due to the anticipated crypto summit on Friday. The summit could potentially result in an announcement about the US launching a Strategic Bitcoin Reserves or SBR.
Last week, Bitcoin’s price fell to $78,118, then rebounded to $85,000, where it encountered significant resistance. An announcement about an SBR would be a strong bullish catalyst for the cryptocurrency.
However, Bitcoin is facing potential risks. It is attempting to retest an important resistance level at $89,128, the neckline of the double-top pattern at $108,600. Additionally, the gap between the 50-day and 200-day Weighted Moving Averages has decreased, risking a death cross formation.
The Awesome Oscillator has been below the zero line since February 4, and the Relative Strength Index is nearing the oversold level. As a result, there’s a risk that Bitcoin’s price may resume its downward trend this week and retest the support at $78,117.
Pi Network’s Performance
Since its mainnet launch in February, Pi Network’s price has seen notable fluctuations. It fell from $2 to $0.59, then rebounded, even as other cryptocurrencies pulled back. Its price peaked at $3 amid speculation of a Binance listing.
However, the price of Pi coin recently plummeted by over 42% to $1.6 after the developers delayed the KYC grace period until March 14.
The price of Pi Network is expected to be in the spotlight this week as Binance may list it. This could potentially trigger listings on other tier-1 exchanges. There is hope that Binance will list it following a poll in which over 85% of participants voted in favor.
The price of Pi Network is predicted to rebound now that it has formed a falling wedge pattern on the hourly chart. This pattern includes two descending and converging trendlines, with a breakout occurring when the lines approach their convergence.
Hedera Hashgraph’s Performance
Last week, Hedera Hashgraph’s price increased after forming a partnership with Swift, which handles trillions of dollars annually.
The hourly chart shows that the token’s price rose from $0.1816 on February 28 to a high of $0.2652. It has surpassed the key resistance at $0.2308, the highest swing on February 21.
The HBAR price has formed a combination of a falling wedge and a bullish pennant patterns. A bullish pennant includes a tall vertical line and a triangle-like consolidation pattern.
Therefore, the price of Hedera Hashgraph is likely to experience a strong bullish breakout, with the next point to watch being the weekend high at $0.2652.
