Cryptocurrencies are expected to experience some volatility this week as President Donald Trump’s reciprocal tariffs come into effect, along with the upcoming release of U.S. nonfarm payroll data.
The week began on a rather uneventful note, with the majority of coins remaining in a bearish trend. As of the latest update, Bitcoin (BTC) has fallen to $82,432.00.
The crypto fear and greed index has dipped into the fear zone, currently sitting at 25. Notable cryptocurrencies to monitor this week include Solana, Polkadot, and Cronos.
Solana
Solana (SOL), a prominent layer-1 network, is expected to attract attention this week as its price hovers above a crucial support level at $119.5. As indicated, it has consistently resisted dropping below this threshold since April of the previous year, suggesting that sellers are hesitant to push it lower.
A decline below $119.5 would confirm a bearish breakdown, indicating potentially more losses ahead. Additionally, the Solana price has formed a death cross pattern on March 3, marked by the crossing of its 50-day and 200-day moving averages.
A fall below $119.6 could lead to a further drop down to $100.
Cronos
Cronos, previously known as Crypto.com, will be one of the key cryptocurrencies to keep an eye on this week due to its strong performance last week. The coin surged by 30% over the past seven days and has risen by 54% from its lowest point this year.
The resurgence in Cronos’ price can be attributed to its partnership with Donald Trump’s Trump Media to launch ETFs, along with a community vote approving the creation of an additional 70 billion CRO tokens for establishing a Strategic Crypto Reserve.
The community also voted for the burning of 50 million CRO tokens. The daily chart reveals that Cronos rebounded after reaching a significant support level at $0.0715, where it has not fallen below since August and November of last year.
A breakout above this month’s peak of $0.1197 could lead to further gains, with a possible target near the 50% retracement level at $0.133.
Polkadot
Polkadot (DOT) will be a significant cryptocurrency to watch, as it is currently trading at a vital support level. DOT is priced at $4.08, just above the critical support mark at $3.60.
This support level is essential, given that it has not breached it multiple times since 2022.
Moreover, Polkadot’s price has formed a falling wedge pattern, with the converging lines signaling a potential strong bullish breakout in the near future, possibly occurring this week. Such a movement could see DOT’s price rise to $12.