This week is set to bring heightened volatility in the cryptocurrency market as President Trump’s reciprocal tariffs take effect, complemented by the release of crucial nonfarm payroll data from the U.S.
The week commenced quietly, with most cryptocurrencies remaining entrenched in a bear market. Currently, Bitcoin (BTC) is trading at $82,432.00.
The crypto fear and greed index has dipped significantly, now reflecting a fear level of 25. Key cryptocurrencies to monitor this week include Solana, Polkadot, and Cronos.
Solana
Solana (SOL), a prominent layer-1 network, is in focus this week as its price stabilizes above a critical support level of $119.5. This level has proven resilient, with the price staying above it since April of last year, indicating bears are hesitating to push it lower.
A drop below $119.5 would signify a bearish breakdown and suggest additional declines. Additionally, the emergence of a death cross pattern on March 3, with the 50-day and 200-day moving averages crossing, signifies potential bearish momentum.
A move below $119.6 could indicate a further drop to $100.
Cronos
Cronos, previously known as Crypto.com, has emerged as a cryptocurrency of interest this week following a strong performance last week, surging 30% over the past seven days and 54% from its lowest point this year.
The recent upward trend was bolstered by a partnership with Trump Media to launch ETFs, along with community support for the creation of an additional 70 billion CRO tokens aimed at establishing a Strategic Crypto Reserve. Furthermore, a vote to burn 50 million CRO tokens has also contributed to positive sentiment. The daily chart indicates that Cronos rebounded from a significant support level at $0.0715, which it has not breached since August and November of last year.
A breakout above this month’s high of $0.1197 could signal further gains, potentially reaching the 50% retracement level of $0.133.
Polkadot
Polkadot (DOT) is also highlighted this week, trading at $4.08, just above its crucial support level of $3.60. This level has historically held strong, as the price has failed to fall below it repeatedly since 2022.
Polkadot’s recent price movements have formed a falling wedge pattern, with the two boundary lines approaching a confluence point, indicating a possible bullish breakout. If this occurs, DOT’s price could surge toward $12.
