BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

Bitcoin (BTC) led to a sharp selloff in cryptocurrency markets on March 9 as troubles at Silvergate Bank and Silicon Valley Bank dampened investor sentiment.

In addition, crypto-specific news of a lawsuit filed by New York Attorney General Letitia James against cryptocurrency exchange KuCoin for selling securities and commodities without registration added to uncertainty about the future of regulation of the crypto sector.

The selling momentum continued on March 10, pulling Bitcoin below the $20,000 mark. Several other cryptocurrencies have also broken below their key support levels.

But a less positive thing in favor of the bulls is that February’s jobs report was a mixed bag. Although nonfarm payrolls rose by 311,000 for the month, above estimates of a 225,000 increase, average earnings rose less than expected. It reduced expectations for a 50 basis point rate hike at the Federal Reserve’s March meeting from 68% on March 9 to 42% on March 10.

What are the key levels on the upside that will signal a sustained recovery in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin cut through the $21,480 support on March 9 with ease. The selling continued on March 10 and the price broke below the crucial $20,000 support.

The fall in recent days has sent the relative strength index (RSI) into the oversold zone. This suggests that selling may have been overdone in the short term and a recovery may be possible.

During a sharp drop, markets usually tend to overshoot the downside. The same may have happened here. The bulls will try to start a rebound from the current levels, but may face strong resistance at higher levels.

The bears will try to turn the $21,480 level into resistance. If that happens, the BTC/USDT pair could turn down and retest the $20,000 support. If this level breaks down, the next stop could be $18,000.

ETH/USDT

Ether (ETH) witnessed aggressive selling on March 9, which pulled the price below the strong support at $1461.

The ETH/USDT pair could next fall to $1,352 where the bulls are likely to mount a strong defense. If the price goes up from $1,352, the recovery may hit a brick wall at $1,461. If the price goes down from this level, it will increase the possibility of a drop to $1,200.

If bulls want to prevent the decline, they need to quickly push the price back above $1,461. Such a move would suggest strong buying at lower levels. The pair could then reach the 20-day exponential moving average ($1,565).

BNB/USDT

BNB (BNB) rejected from the 20-day EMA ($294) on March 8 and broke below the solid support at $280. This move completed a bearish head and shoulders (H&S) pattern.

Usually price comes back to retest the breakout level from the pattern. If the price goes down from $280, it will indicate that bears have turned the level to resistance. That could make the BNB/USDT pair fall towards $245 and then to the pattern target of $222.

Conversely, if bulls drive the price above $280, the pair could reach the 20-day EMA. This level could again attract strong selling, but if bulls absorb the offer and do not allow the pair to slip below $280, it would suggest the start of a recovery.

XRP/USDT

XRP (XRP) broke above the descending channel pattern on March 8, but the long wick on today’s candlestick shows selling at higher levels.

The bears pulled the price back into the channel on March 9, which may have caught the aggressive lungs. The XRP/USDT pair has reached the solid support at $0.36. If this level gives way, the pair could reach the support line of the channel near $0.33.

Contrary to this assumption, if the price pulls back from $0.36, the bulls will make one more attempt to push the pair above the channel. If successful, the pair could rise to the overhead resistance at $0.43.

ADA/USDT

Cardano (ADA) broke below the $0.32 support on March 8 and the bears thwarted the bulls to push the price back above the March 9 level.

Selling resumed on March 10 and bears pulled the price below the 61.8% Fibonacci retracement level at $0.30. This leaves open the possibility of a further drop to the 78.6% Fibonacci retracement level at $0.27.

Buyers are currently trying to push the price back above $0.32. If they manage to do so, it will indicate solid demand at lower levels. The ADA/USDT pair could then rise to the 20-day EMA ($0.34). The Bulls must clear this obstacle to indicate they are back in the game.

DOGE/USDT

Dogecoin (DOGE) easily broke below the strong support near $0.07 which had not been convincingly broken since October 2022. This shows that the bears are in full control.

The RSI has dipped into the oversold zone, indicating that a minor consolidation or relief rally is possible. The bulls are expected to defend the zone between $0.06 and $0.05 with all their might because a break below it could result in panic selling.

On the way up, buyers will face stiff resistance at $0.07 and again on the downtrend line. If the price breaks down from this zone, the bears will again try to lower the DOGE/USDT pair below the vital support at $0.05.

MATIC/USDT

Polygon (MATIC) turned sharply lower on March 8, falling to the strong support at $1.05. Ideally, this level should have attracted aggressive buying, but it did not.

This shows that traders sold aggressively. The incessant selling pulled the price below $1.05 on March 9 and the bears continued their selling on March 10.

However, the long tail of the candlestick suggests solid buying near the $0.91 support. The bulls will try to push the price back above the breakdown level of $1.05. If they manage to do so, the MATIC/USDT pair could rise to the 20-day EMA ($1.17).

On the other hand, if the price goes down from today’s level, it would indicate that bears are not willing to let go of their advantage. It increases the risk of a drop to the crucial support zone between $0.74 and $0.69.

Related: Dogecoin hits 4-month lows vs. Bitcoin – 50% DOGE Price Retracement Now In Play

SOL/USDT

After a weak attempt to hold $19.68 on March 7, Solana (SOL) crashed below support on March 8. This indicates that the bears are back in the driver’s seat.

The SOL/USDT pair has a minor support at $15.28 where the bulls are again trying to stop the decline and form a higher low. Any attempt to recover is likely to meet strong selling at $19.68 and again at the resistance line. A break above this level would indicate a potential trend change.

On the downside, if the $15.28 level gives way, the pair could fall to $12.85 and then to the psychologically critical support at $10.

DOT/USDT

Polkadot (DOT) is in a strong corrective phase. The bears pulled the price below the important $5.56 support on March 9.

Selling continued on March 10, but the long tail on the candlestick indicates strong buying near the 78.6% Fibonacci retracement level at $5. This is a crucial level for the bulls to defend because a break below it could open the gates for a full 100% retracement to $4.22.

Conversely, if the price emerges and rises back above $5.56, it would suggest solid demand at lower levels. The DOT/USDT pair could then climb to the 20-day EMA ($6.14) where the bears could once again mount a strong defense.

SHIB/USDT

Buyers tried to initiate a recovery in Shiba Inu (SHIB) on March 8, but the long wick on today’s candlestick is showing a strong selloff near the 20-day EMA ($0.000012).

The SHIB/USDT pair declined and fell below the $0.000011 support on March 9. The bulls are currently trying to defend the psychological level of $0.000010. If successful, the pair could start a relief rally to the 20-day EMA where the bulls could again face strong selling by the bears.

If the price breaks down from the 20-day EMA, it would indicate that sentiment remains negative and traders are selling on the rally. That increases the probability of a break below $0.000010. If that happens, the pair could drop to $0.000008.

The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.