“Cryptocurrency Market Analysis: BTC, ETH, BNB, and More – What to Expect in the Coming Weeks”

Bitcoin (BTC) Hits New All-Time High of $70,199 on Coinbase Exchange, Indicating Strong Buyer Presence

The recent surge in Bitcoin’s price has propelled it to an all-time high of $70,199 on Coinbase exchange, signaling that buyers are still dominating the market. However, the bears have been quick to sell off every time the price hits a new high, preventing it from maintaining above $70,000.

At the same time, the spot trading volume for Bitcoin has also seen a significant increase, suggesting a resurgence of retail traders in the market. On March 5, the daily spot trading volume for Bitcoin on centralized exchanges reached a year-high of $46.26 billion. Despite the recent surge, some investors are already looking to cash in on their profits. Data from Glassnode shows that transfers of Bitcoin to Coinbase have reached levels close to those seen in 2022.

While Bitcoin continues to hover around the $69,000 mark, several major altcoins have also resumed their upward movement, indicating a potential shift in traders’ focus towards altcoins. According to the altcoin season index by Blockchain Center, we have not yet entered an altseason, but K33 Research believes it is just around the corner.

With repeated failures to maintain Bitcoin’s price above $69,000, there is a possibility of a correction in the near future. This could also lead to selling pressure on altcoins. Let’s take a closer look at the charts of the top 10 cryptocurrencies to see how they are faring.

Bitcoin price analysis

The bulls have successfully pushed Bitcoin to a new record high on March 8, but the long wick on the day’s candlestick indicates that there was some profit taking at these levels.

However, the fact that the bulls have not given up their ground to the bears is a positive sign, suggesting that they are still holding onto their positions and anticipating another surge. If the bulls are able to maintain the price above $70,000, we can expect the BTC/USDT pair to skyrocket to $76,000 and potentially even $80,000.

On the other hand, a sharp downturn and a break below $62,500 would suggest that short-term traders are taking profits. This could lead to a slide towards the 20-day exponential moving average ($59,727). The bears would need to push the price below this support level in order to signal the start of a corrective phase.

Ether price analysis

After a correction on March 5, Ether (ETH) rebounded and broke through the resistance at $3,822 on March 6, signaling a continuation of the uptrend.

The ETH/USDT pair is expected to climb to $4,150 and potentially even $4,375. However, traders should be cautious as the RSI has been in the overbought zone for a prolonged period, indicating a possible correction or consolidation in the near future. A dip below the 20-day EMA ($3,352) would give the bears an advantage.

As we look at the current state of the cryptocurrency market, we can see the rise of altcoins such as Shiba Inu and Akita Inu. These coins, along with the popular Coinbase platform, are making waves in the world of crypto. Additionally, there is much discussion about the differences between web 1.0, web 2.0, web 3.0, and even web 4.0, with many speculating on the future of the internet and its impact on the world of finance.

BNB price analysis

The BNB (BNB) cryptocurrency rebounded from the 20-day EMA ($404) on March 6 and successfully broke through the immediate resistance level of $427.

Following this, the BNB/USDT pair gained momentum and surged past the strong overhead resistance at $460. As long as the price stays above $460, the pair is likely to continue its upward trend towards $500 and possibly $572.

The 20-day EMA remains a crucial support level to monitor on the downside. A breach below this level would indicate that bulls are taking profits aggressively, potentially causing the pair to drop towards the 50-day SMA ($348).

Solana price analysis

The bulls have successfully held Solana (SOL) above the breakout level of $126 in recent days, indicating a positive sentiment and increased buying activity during dips.

The bulls have managed to push the price above the $143 resistance on March 7, suggesting that the correction may have come to an end. If buyers can maintain the price above $143, the SOL/USDT pair is likely to continue its upward trend towards the next target of $158.

If bears want to prevent further gains, they will need to quickly drive and sustain the price below $126. This could prompt short-term bulls to exit their positions, potentially causing a pullback towards the 50-day SMA ($107).

XRP price analysis

The XRP (XRP) cryptocurrency has been trading within a tight range between the resistance level of $0.67 and the 50-day simple moving average (SMA) of $0.55.

If the price manages to stay above the 20-day exponential moving average (EMA), the XRP/USDT pair is expected to surge towards the crucial resistance at $0.67. This level is of utmost importance in the short-term, and a successful breakthrough could potentially lead to a rally towards $0.74. A decisive move above this level would signal the beginning of a new bullish trend.

On the other hand, if the price fails to hold above the 20-day EMA and breaks below it, the pair could experience a decline towards the 50-day SMA. This level is likely to be defended fiercely by the bulls, as a breakdown below it could result in a drop towards $0.50.

Cardano price analysis

The bulls are attempting to maintain Cardano (ADA) above the breakout level of $0.68, indicating their intention to turn this level into a support. This is a positive sign for the market.

The 20-day EMA ($0.67) and the RSI in the positive zone suggest that the bulls have control over the market. They will likely push the price towards the significant resistance at $0.80. If this level is surpassed, the ADA/USDT pair could continue its upward trend towards $0.90.

However, a break below $0.68 could indicate profit-taking by traders, leading to a potential drop towards the 50-day SMA ($0.57).

Dogecoin price analysis

The battle between the bulls and bears for Dogecoin (DOGE) near the $0.16 level has been intense. However, the bulls have shown strength by preventing the price from falling below $0.16, indicating strong demand at lower levels. Currently, buyers are attempting to keep the price above $0.16, which could lead to a gradual climb towards $0.18 and then a retest of $0.20. If this resistance is surpassed, the next target could be $0.24.

On the downside, there is a solid support at $0.15. A close below this level could push the DOGE/USDT pair towards the 20-day EMA ($0.13). After a significant drop, the pair may enter a period of consolidation for a few days.

Shiba Inu price analysis

The current trend for Shiba Inu (SHIB) is a strong pullback, with the price finding support near the 38.2% Fibonacci retracement level of $0.000032.

Despite the recent surge, it is likely that the SHIB/USDT pair will remain within a range, possibly oscillating between the 50% retracement level of $0.000027 and the local high at $0.000046. A break above this resistance level would indicate a continuation of the uptrend, with potential for the pair to reach $0.000065.

However, if the price fails to break above this resistance and instead falls below $0.000027, it may signal a sudden exit of bullish sentiment. This could lead to a drop to the 61.8% retracement level of $0.000023, with a longer recovery time before the next uptrend leg begins.

Avalanche price analysis

Avalanche (AVAX) has rebounded above the 20-day EMA ($40.54) on March 6, and has since surpassed the resistance at $42, indicating a potential buying opportunity at lower levels.

Although there is a minor hurdle at $45.20, a successful break above this level could lead to a surge towards the critical psychological resistance at $50. If this level is surpassed, the rally may continue to reach $57.

However, if the current price level fails to hold and the 20-day EMA is breached, it could indicate a lack of aggressive buying at higher levels. This could potentially lead to a drop towards the 50-day SMA ($37.38).

Polkadot price analysis

Polkadot (DOT) experienced a sharp recovery on March 6, and the bulls successfully surpassed the resistance at $10.80 on March 7.

However, the bullish momentum was short-lived as the bears continued to dominate and sell on rallies. The bears will attempt to solidify their position by pushing the price back to the breakout level of $9.59. This level is likely to attract significant buying activity from the bulls. If the price bounces off $9.59, there is a higher chance of a rally towards $11 and potentially even $13.18 for the DOT/USDT pair.

This optimistic outlook will be rendered invalid if the price turns downwards and drops below the 20-day EMA ($8.91). This would signal the beginning of a deeper correction towards $8.