The first quarter of the year has ended with good expectations for the crypto market, which has grown by +50% since the beginning of the year, as we can see in the chart of total market capitalisation. It is still in the resistance zone that we have been discussing over the last few weeks and which has so far not caused sharp falls in the form of rejection, although neither have there been any rising highs to confirm the breakthrough.
This situation is reflected with great quarterly results in some tokens that we have already analysed in previous months, such as $GALA, $FTM, $SOL, $PERP or $ONE. These tokens remain in the top ten of this quarterly ranking, despite the fact that they have not performed well during the month of March.
But if we focus on what has happened this month, we can see how $BTC ranks 5th in the monthly ranking, with a result of +21%, almost 10% more than $ETH.
$BTC is still sideways in the area between $29k and $26.5k as a consolidation after the bullish move, but could still go for a new rising low if it fails to break the resistance. This leaves us with a similar scenario to last week, with the 26.5k benchmark area to beat in the event of a pullback after the breakout and the RSI as a confirmation indicator in the event of a break of the March highs.
In the monthly ranking, $XRP also stands out. We analyzed it last week and $XRP has generated a new bullish response to test resistance at $0.55.
Without any doubt the monthly and weekly winner has been $SXP, which has generated an increase of more than 100% in just three days, going from trading at $0.26 last Tuesday to $0.62 at the monthly close.
This move puts it at last summer’s resistance zone $0.60, which means that if it manages to consolidate above this zone, a bullish aftershock could follow in search of the next resistance zone set at $0.90-$1.
Finally, remember that nothing discussed in our articles can be considered as investment advice. Everyone must do their own analysis and develop their own trading strategy. The BELOBABA team only shows analysis and investment tools, and how they help us in our operations when making decisions.