BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB
Bitcoin (BTC) has held above the $25,000 level in recent days, raising the possibility that the bear market may have ended. Generally, in the initial stages of a new bull phase, several analysts remain in a state of disbelief and expect the downtrend to resume.
Another group of traders continues to wait for the dip to buy at lower levels, but the price does not commit. Eventually, traders sitting on the fence throw in the towel and buy, and that’s when the correction is likely to occur. Such a pullback shakes out the weak hands and transfers the asset into the hands of investors with conviction.
When a new trend is established, certain events tend to cause a knee drop, but the trend is unlikely to reverse. Also in Bitcoin’s case, a fall to catch the aggressive bears is possible, but there is little possibility that the bear market will resume.
What are the important levels to watch out for on the upside and downside in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
After a two-day consolidation, Bitcoin has risen above the $28,500 overhead resistance on March 22. This suggests that the bulls have asserted their dominance.
The upward 20-day exponential moving average ($25,180) and the relative strength index (RSI) in the overbought zone indicate that the path of least resistance is to the upside. A break above $28,500 would clear the way for a possible rally to the $30,000 to $32,500 resistance zone.
In the event of a correction, the first support to be seen on the downside is $25,250. If the price pulls back from this level, it would indicate that the neckline of the Head and Shoulders (H&S) pattern has turned to support.
The problem will arise if the $25,250 level breaks because it could trigger stops by more bulls. The BTC/USDT pair could then dive down to the 200-day simple moving average ($20,020).
Ether price analysis
Ether’s (ETH) return of $1,717 suggests the bulls are buying the smaller dips and not waiting for a deeper correction to buy. However, buyers were unable to overcome the $1,842 barrier, indicating that bears are protecting this level with all their might.
Usually, a tight consolidation near a local top suggests that the bulls are not closing their positions in a hurry, as they expect another leg higher. The rising 20-day EMA ($1,679) and the RSI in the positive territory indicate that bulls have a slight advantage.
If buyers lift the price above $1,842, the ETH/USDT pair could jump to $2,000 and later attempt a rally to $2,200. This bullish view will be invalidated in the short term if the price goes down and plunges below the 20-day EMA. The pair could then fall to $1,600.
BNB price analysis
The bulls not pushing BNB (BNB) above $346 in the last few days shows that the bears are guarding the level hard. That may have resulted in profit-booking by short-term bulls, which have pulled the price towards the 20-day EMA ($314).
If the price bounces back from the 20-day EMA, it would indicate that sentiment has turned positive and traders are viewing the dips as a buying opportunity. The bulls will then make one more attempt to clear the barrier at $346. If they succeed, the BNB/USDT pair could rise towards $400.
On the other hand, if the price plunges below the 20-day EMA, it will suggest the start of a deeper correction towards the 200-day SMA ($288). The pair may then fluctuate between $280 and $346 for a few days.
XRP Price Analysis
XRP (XRP) soared above the 200-day SMA ($0.40) and the stiff overhead resistance at $0.43 on March 21, indicating a buying attack.
After the sharp rally, traders seem to be booking profits near $0.50. It has resulted in a pullback to the $0.43 breakout level. If bulls turn this level into support, the XRP/USDT pair could again try to rise above $0.50. If that happens, the pair could rise to $0.56. A break and close above this level would indicate the start of a potential new uptrend.
Conversely, if the price continues lower and breaks below the $0.43 support, it would indicate that traders are rushing to the exit. It can trap the aggressive bulls and lower the pair to the 200-day SMA.
Cardano Price Analysis
Cardano (ADA) rose above the moving averages on March 21, indicating that lower levels are attracting buyers.
However, the bears have not yet given up and are trying to stop the recovery at $0.39 seen from the long week of the March 21 and 22 candlesticks. It is the bulls who are responsible for turning the moving averages into support. If they manage to do so, the ADA/USDT pair could rally to the neck of the developing H&S pattern.
Conversely, if the price declines and falls below the moving averages, it will indicate that higher levels continue to attract sellers. The pair could then drop to $0.30.
Dogecoin Price Analysis
Dogecoin (DOGE) has been trading between $0.07 and the 200-day SMA ($0.08) in recent days. This suggests indecision among the bulls and bears about the next directional movement.
The flat moving averages and RSI near the midpoint suggest that the range-bound action may continue for a while longer. The first sign of strength will be a break and close above the 200-day SMA. That could open the doors for a possible rise to $0.09 and later to $0.10.
If bears want to take the upper hand, they need to lower the price below the $0.07 support. The DOGE/USDT pair could then fall to $0.06 and then to the crucial support at $0.05.
Polygon price analysis
Polygon (MATIC) has been swinging above and below its 20-day EMA ($1.15) in recent days, indicating a lack of direction. The bulls buy on dips while the bears sell the rallies.
The flat 20-day EMA ($1.15) and RSI just below the midpoint offer no clear advantage to either the bulls or the bears. This suggests that the MATIC/USDT pair may consolidate between $1.05 and $1.30 for a while.
The longer the price consolidates in the interval, the stronger the eventual breakout will be. If bulls force the price above $1.30, the pair could accelerate to $1.57 and then to $1.75. Alternatively, if the price breaks below the 200-day SMA ($0.96), it would indicate that the bears are back in command. The pair could then fall to $0.69.
Related: Why is the price of Cardano up today?
Solana price analysis
Buyers tried to push Solana (SOL) above the downtrend line on March 20, but the bears held their ground. A minor positive in favor of the bulls is that they did not allow the price to fall below the 20-day EMA ($21.18).
The RSI is in positive territory, indicating a slight advantage for buyers. If bulls push the price above the downtrend line, it will signal a potential trend change. The SOL/USDT pair may first rise to $27.12 where the bears may once again mount a strong defense. If buyers overcome this hurdle, the pair could gain momentum and rise to $39.
Conversely, if the price goes down from today’s level and breaks below the 20-day EMA, it would indicate that bears are trying to gain the upper hand. The pair could then slide to $15.28.
Polkadot price analysis
Polkadot (DOT) bounced off the 200-day SMA ($6) on March 21, indicating that the bulls are trying to turn the level into support.
The flat 20-day EMA ($6.18) and RSI near the midpoint signal a balance between supply and demand. This balance will tip in favor of the buyers if they drive the price above the 61.8% Fibonacci retracement level of $6.85. The DOT/USDT pair can then climb towards the neck of the developing H&S pattern.
The bears probably have other plans. They will try to protect the overhead resistance and lower the price below the 200-day SMA. If they do, the pair could again drop to $5.15.
Shiba Inu Price Analysis
Shiba Inu (SHIB) is being squeezed between the downtrend line of the descending channel pattern and the psychological support at $0.000010.
This tight range trading is unlikely to continue for long, and a breakout appears imminent. The price has been clinging to the downtrend line, suggesting that the SHIB/USDT pair is likely to climb above the channel. There is a minor resistance at $0.000012, but if this level is crossed, the pair could rise towards $0.000016.
This bullish view will be nullified in the short term if the price declines and plunges below the $0.000010 support. That could pull the pair down to $0.000008.
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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.
