Crypto market performance report for the week ending March 6

The crypto market weekly performance report is back with another week of the crypto market being full of volatility. This week we saw some optimism in the market despite the Ukraine-Russia conflict as the entire world witnessed Ukraine raising more than $8 million via crypto donations. It seems that fundamentally, the crypto space is as bullish as ever. However, the prices of major cryptocurrencies remained quite low from their all-time highs.

The best performing token in the crypto market was LUNA which was just inches away from making a new all-time high in 2021. In our weekly report, we will discuss the following tokens: RAVE, BTC, ETH, SOL, XRP, DOT, LUNA, SAND, DOGE, and SHIB.

Crypto market performance report

In this crypto market weekly performance review, we will take a look at the price trajectories for the top tokens in the market. Have a look below: 

Ravendex (RAVE)

Ravendex price analysis for February 28 showed that the RAVE token felt strong resistance at $0.004. As seen in our analysis for March 1, the token made several attempts at $0.004. Noted in our RAVE price analysis for March 2, RAVE remained sluggish.

Finally, Ravendex rose 15% and broke above the $0.004 resistance. However, the RAVE token failed to turn $0.004 into support and fell 8%.

Source: TradingView

Bitcoin (BTC)

Bitcoin began the week on a positive note as the token attempted to breach $40K, noted in our BTC analysis for February 28. The token broke above $40K and found resistance at $43K, as per Bitcoin analysis for March 1.

BTC reached $45K resistance as trading volume surged, but the token failed to push above $45K, as noted in our BTC analysis for March 3. In our BTC price analysis for March 4, we saw BTC break below $41K.

Source: TradingView

Ethereum (ETH)

Ethereum, the second-biggest token in the crypto market began the week failing to break the $2.7K price level, as covered in our ETH analysis for February 28. The token remained below $3K, and BTC outperformed ETH on March 1. Ethereum aimed to make higher highs with three bullish daily candles discussed in our ETH price analysis for March 2. 

Finally, ETH successfully broke above $2.7K and reached the $2900 price level, predicted in our ETH analysis for March 3. However, Ethereum failed to retain prices above $3000, and ETH fell back to $2.7K, as per our ETH price analysis for March 4.

Source: TradingView

Solana (SOL)

Solana’s price analysis for February 28 saw the token trying to reclaim $90. The SOL token successfully reclaimed $94 on March 1. Following a bullish trajectory, the token also reclaimed $100, as per our SOL analysis for March 2. 

The token was unable to retain prices above $100, noted in our analysis for March 3, and as a result, SOL fell below 90, as predicted in our Solana price analysis for March 4.

Source: TradingView

Ripple (XRP)

Ripple analysis for February 28 shows that the token reclaimed the $0.7 and neared the $0.8 price resistance, as noted in our XRP analysis for March 1. We saw XRP surge 9% in the first three days of the week, but the token was unable to maintain this bullish sentiment as predicted in our XRP analysis for March 3. After a failed attempt to reclaim $0.8, the token was back to lower 0.7 price levels, as described in our analysis for March 4.

Source: TradingView

Polkadot (DOT)

Polkadot opened the week with the goal of turning $18 into support, as noted in our DOT analysis for February 28. The DOT token tried to break into the top 10 tokens by market cap but failed in its attempt to break above the $19 price level, as noted in our analysis for March 2. The token turned bearish, predicted in our DOT analysis for March 3, and fell below $17 as noted in our DOT price analysis for March 4.

Source: TradingView

Terra (LUNA)

LUNA was one of the best performing altcoins in the crypto market and jumped 41% in 7 days. The bullish trajectory for LUNA continued as the token was just 14% from the new ATH, as noted in Terra’s analysis for March 1. The token breached the $90 price level and made way towards $100, as per LUNA price analysis for March 2. 

The token formed support at $92, as seen in our LUNA analysis for March 3 but broke below the important support of $92, as predicted in our LUNA analysis for March 4.

Source: TradingView

The Sandbox (SAND)

SAND remained below $3 as February ended. The token broke above the $3 price level as noted in our SAND analysis for March 1 and finally pushed through $3.5, reported in SAND analysis for March 2. However, selling volume surged as investors started booking profits in our SAND price analysis for March 3, and the token was once again below the $3 price level predicted in our SAND analysis for March 4.

Source: TradingView

Shiba Inu (SAND)

The Shiba Inu token opened the week below $0.000030 price levels and jumped 9% following a surge in buying pressure, as noted in our SHIB price analysis for March 1. It seemed that the Shiba Inu meme frenzy was over as the meme coin dropped 4% in 24 hours, noted in our SHIB price analysis for March 3. The SHIB token dropped to 14th position in the crypto market, as per our SHIB price analysis for March 4. 

Source: TradingView

Dogecoin (DOGE)

Dogecoin had a major resistance at $0.14, noted in our DOGE analysis for February 28, and the token remained bearish despite jumping 5%, as TheCoinRise noted in DOGE analysis for March 1. The Dogecoin failed to capture $0.14 and even lost the $0.13 price support covered in our DOGE analysis for March 3. A retracement towards $0.12 was seen in our Dogecoin price analysis for March 4.

Source: TradingView

Conclusion

The crypto market weekly performance report for the week ending March 6 confirms that the week started on a bullish note but ends on a disappointing note for investors. The crypto market reclaimed a $2 trillion market cap for a brief moment, and then, tokens turned bearish. We can expect such movement to continue in the near future.