Bitcoin’s (BTC) inability to capitalize on its strong recovery on March 20 indicates that bears are taking advantage of relief rallies. This has caused a dip in sentiment in the short term, leading to consecutive net outflows from spot Bitcoin exchange-traded funds (ETFs), as reported by Farside Investors.
However, according to a report from CryptoQuant, the bull market for Bitcoin is far from over. The on-chain data analytics firm notes that the bull market typically ends when “84%-92% of investment” comes from short-term holders, but currently only 48% of investment is from this group.
The correction prior to the Bitcoin Halving is a positive sign for the long-term sustainability of the bull market. Parabolic movements are rarely sustainable, and each dip serves to shake out weaker investors while allowing stronger ones to increase their positions.
Will Bitcoin and other cryptocurrencies continue their correction, or is it time for a recovery? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has experienced a strong rebound from the 38.2% Fibonacci retracement level of $61,736, indicating that traders are viewing the dips as a prime buying opportunity.
The 20-day exponential moving average (EMA) has flattened out, and the relative strength index (RSI) is slightly above the midpoint, suggesting a period of range-bound trading in the near future. In the BTC/USDT pair, potential resistance may be encountered at $69,000, while support can be found at $60,775.
A consolidation near the high is a positive sign, demonstrating that the bulls are maintaining their positions and not hastily exiting. If the price breaks above $69,000, it could pave the way for a retest of the all-time high at $73,777.
On the downside, support is expected at $60,775, followed by the 50-day SMA ($57,623). Buyers are likely to defend this zone with strong determination.
Analysis of Ether’s Price
On March 20, Ether (ETH) bounced back from the 50-day SMA ($3,161), but was unable to break above the 20-day EMA ($3,537).
However, on March 22, the ETH/USDT pair was rejected at the 20-day EMA, signaling a shift in sentiment and prompting traders to sell during rallies. There is likely to be another attempt by sellers to break the support at the 50-day SMA. If successful, the pair could plummet to $2,717.
Alternatively, a rebound from the 50-day SMA would indicate that the pair may continue to trade between the two moving averages. A bullish momentum could emerge once the pair surpasses $3,700, potentially leading to a rise towards the resistance at $4,100.
BNB price analysis
On March 20, BNB (BNB) rebounded from the 20-day EMA ($520), but its relief rally is facing resistance around $590.
The long wick on the March 22 candlestick indicates selling pressure near $590. The bears will likely attempt to push the price below the 20-day EMA, potentially leading to a drop towards the breakout level of $460. However, this level may see strong buying activity from the bulls.
If BNB manages to break above $590, it could potentially reach the strong overhead resistance at $645. A successful breach of this level could signal a continuation of the uptrend, potentially pushing the pair towards $692.
Solana crypto price analysis
The Solana (SOL) coin saw strong buying activity at the 20-day EMA ($163) on March 20, but failed to break above the $205 resistance level.
This rejection suggests that bears are active at higher levels. If the price continues to decline and breaks below the 20-day EMA, it will signal a shift in favor of the bears. This could lead to a drop to the key support level at $126 for the SOL/USDT pair.
However, if the price bounces back from the current level or the 20-day EMA, it will indicate that bulls are still buying on dips. This could push the pair towards the $205 level. If this level is surpassed, the pair may continue its upward momentum towards $267.
XRP price analysis
Today, the crypto market is buzzing with excitement over the rise of Shiba Inu and Dogecoin. But amidst all the hype, it’s important to keep an eye on other promising cryptocurrencies like XRP (XRP).
On March 20, XRP bounced off its uptrend line, a strong signal of buying at lower levels. The next day, it even managed to break above the 20-day EMA ($0.62), indicating a potential uptrend.
If the price continues to rise and breaks above $0.67, we could see a surge in momentum for the XRP/USDT pair. The key resistance level to watch out for is $0.74, as a break above it could mark the start of the next leg of the uptrend, potentially pushing the price to $0.95.
However, if the price fails to maintain above the 20-day EMA, it could signal that higher levels are attracting sellers. In this case, we may see the pair oscillate between $0.67 and the uptrend line. A drop below the uptrend line could lead to a potential slide to $0.52.
Cardano price analysis
The ADA bulls successfully defended the $0.57 support on March 20, but are now struggling to sustain the price above the 50-day SMA ($0.63). This has caused the 20-day EMA ($0.67) to turn down, and the RSI to enter negative territory, indicating that the bears are currently in control. If the sellers are able to push the price below the $0.57 support, the ADA/USDT pair could potentially drop to $0.53 and possibly even $0.46.
However, if the price manages to rebound from the $0.57 support, it will be a sign that the bulls are successfully defending this level. This could lead to another attempt to rise towards the 20-day EMA. A break above $0.70 would indicate that the correction is over and the ADA bulls are regaining control.
Dogecoin price analysis
Today’s crypto market is seeing a rise in Shiba Inu and Dogecoin (DOGE) prices, with DOGE’s relief rally surpassing the 20-day EMA ($0.15) on March 20. This indicates strong buying activity at lower levels.
The bulls are determined to maintain the price above the 20-day EMA, potentially leading to another attempt to break through the $0.16 mark and challenge the resistance at $0.19. However, this level may prove to be a tough obstacle to overcome, potentially resulting in a range-bound market between $0.12 and $0.19.
For the next uptrend to begin, buyers will need to push and sustain the price above $0.19, which could then lead to a rise to $0.23. As the market continues to evolve towards web 4.0, it’s important to understand the differences between web 1.0, 2.0, and 3.0, just as it’s important to keep an eye on which cryptocurrencies to invest in.
Avalanche price analysis
Investors have successfully kept Avalanche (AVAX) above the breakout level of $50, indicating their efforts to transform the level into a support zone.
The slightly increasing 20-day EMA ($51) and the RSI in the positive region demonstrate the bulls’ dominance. The AVAX/USDT pair may gradually rise towards the resistance zone of $62 to $65. However, sellers are expected to fiercely defend this zone. If the price falls from this zone, the pair could consolidate between $50 and $65 for a period of time.
The uptrend may resume once buyers overcome the barrier at $65. Subsequently, the pair could climb to $75. However, if the price drops below $50, the trend may shift in favor of the bears.
Crypto Today: Shiba Inu Price Analysis
The inability of the bulls to drive Shiba Inu (SHIB) above the breakdown level of $0.000029 indicates that bears are taking advantage of rallies.
The relatively stable 20-day EMA ($0.000027) and the RSI just above the midpoint suggest a balance between supply and demand. This balance may shift in favor of the bulls if the price surpasses the resistance line. In this scenario, the SHIB/USDT pair could potentially climb to $0.000035 and eventually reach the strong resistance at $0.000039.
On the other hand, if the price continues to decline and breaks below $0.000023, the downward trend could extend to the 50-day SMA ($0.000018).
Toncoin market analysis
The bulls are attempting to drive Toncoin (TON) to $4.60, but the long wick on the March 22 candlestick indicates strong resistance from the bears.
The upward trend of the 20-day EMA ($3.54) and the RSI nearing the overbought zone suggest that the bulls are currently in control. As long as buyers maintain their ground, there is a high chance of a breakout above $4.60. This could potentially lead the TON/USDT pair towards the next rally at $5.64.
On the other hand, if the price experiences a sharp decline from its current level, the 20-day EMA is expected to provide support for the pair.
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