As we approach the middle of March, trading volume on major cryptocurrency exchange platforms remains high, and volatility has somewhat diminished from the wild swings we experienced in late February. Here are some observations about recent token trading action as it relates to market pricing:

Bullish Sentiment Fuels Extended Bitcoin Rally

With Bitcoin trading around $57,000, the consensus among most analysts is that a major pullback is forthcoming. The real question here is: Should Bitcoin be trading above the $50,000 support level? At this price point, it is possible to consider BTC becoming stronger and approaching the $60K mark, but there are doubts about traders showing enough interest in building a support level close to $50K. If Bitcoin is trading above $50,000 support level, it could be possible to consider the value of Bitcoin declining. If Bitcoin remains above $50,000 support level, more trading could be anticipated in the Bitcoin price, and this could fuel another round of volatility. What is the highest upside risk? If Bitcoin stays above the vaunted $50,000 support line, it could be possible to think the price will float around $55k.

Ethereum Could be Headed Towards a Correction

Here's another digital currency token enjoying a bullish rally, but there are serious questions about what may happen once Ethereum hits the $2,000 psychological trading level. It's possible to argue that a correction will come along if Ethereum manages to gain more popularity and gain market share at a higher price level, especially if ETH itself achieves some real circulation. The question is, how large a correction would that be? Given that ETH traded $1,800 over the last 24 hours, any correction would not be a complete catastrophe. If anything, it may reach $1,500 after pulling back from $2,000.

Cardano Card Tricks

Don't count on this token reaching $1.50 in March. Even with very high trading volumes, Cardano is one of those tokens that active traders latch onto in order to make $100 or so a day; this means that ADA/USD will likely settle within a range between $1 and $1.25 for a while.