Crypto market analysis and predictions for top cryptocurrencies including BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, and DOT.
Price analysis 3/15: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, DOT

Bitcoin’s (BTC) recent surge may be facing a short-term downturn, potentially causing the modest $132 million inflow into spot Bitcoin exchange-traded funds on March 14. This decrease in inflow could trigger a corrective phase as the rally has been largely driven by strong inflows into these ETFs.

If a correction does occur, how severe could it be? Past halving cycles have seen Bitcoin experience a drop of up to 40%, according to a recent post by the pseudonymous trader known as Bags on X (formerly Twitter). If history repeats itself, Bitcoin could potentially fall to around $45,500.

Corrections are a natural part of any bull market. However, during this current pullback, it appears that profit-taking on hedges is the main cause and there has not been any “panic shorting” yet, as noted by popular trader Skew.

Will the correction in Bitcoin and other cryptocurrencies deepen, or will prices rebound from current levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin market analysis

On March 14, Bitcoin saw a sell-off at $73,777, but the bulls quickly bought the dip, evident from the long tail on the candlestick. However, on March 15, the lack of follow-through buying triggered a strong sell-off from short-term traders. The price has now reached a crucial level, the support line of the ascending channel pattern.

If the price falls below the channel and the 20-day exponential moving average ($65,195), it could signal the beginning of a corrective phase. This could lead to a potential decline to $59,000 and then to the 50-day simple moving average ($54,291) for the BTC/USDT pair.

On the other hand, if the price rebounds from the support line, it could suggest that the pair may continue trading within the channel for some time. The bulls will then attempt to push the price above the resistance at $73,777 once again.

Ether price analysis

The recent surge in Ether (ETH) has hit a roadblock at the $4,000 mark, prompting short-term traders to secure their profits. The March 14 candlestick’s long tail indicates that the bulls attempted to establish $3,600 as a key support level, but the subsequent drop on March 15 suggests that the bears are still in control.

The battle between the bulls and bears is expected to intensify around the $3,600 level. If the price bounces back from this support, the bulls will likely make another attempt to push the ETH/USDT pair towards $4,000. However, the bears are likely to put up a strong defense at this level.

On the downside, the bears will aim to break below $3,600. If they succeed, the selling pressure could accelerate, potentially sending the ETH/USDT pair tumbling towards $3,200 and eventually the 50-day SMA ($2,997). The extent of the price drop will determine how long it takes for the pair to resume its uptrend.

BNB price analysis

BNB (BNB) has experienced a pullback in its strong uptrend, indicating that traders are taking profits after a significant rally.

Despite this, the long tail on the March 15 candlestick shows that the bulls are not giving up and are actively buying at the 38.2% Fibonacci retracement level of $527.50.

This shallow pullback is a positive sign, as it suggests that the bulls are eager to enter the market without waiting for a deeper correction. This increases the likelihood of a break above the $633 level, potentially leading to a climb towards the $670 to $692 resistance zone.

On the other hand, if the price turns downwards from its current level and falls below $527, it will indicate that every rally is being met with selling pressure. In this scenario, the BNB/USDT pair could potentially drop to the 20-day EMA ($485).

Solana price analysis

The recent surge in Solana (SOL) price has been a result of strong demand, indicating a bullish trend.

However, the RSI is currently in the overbought zone, suggesting a potential correction as the SOL/USDT pair may have experienced a rapid increase in a short period of time. This could lead to a pullback towards the 20-day EMA ($142).

If the price bounces off the 20-day EMA, it will confirm positive sentiment and a buying opportunity for traders. This could lead to a potential rally towards $205. However, if the 20-day EMA is breached, the pair may fall back to the breakout level at $126.

Analysis of XRP Price

XRP (XRP) experienced a decline from $0.74 on March 12, indicating strong resistance from the bears.

Despite attempts by the bulls to establish $0.67 as a support level on March 13, the bears continued to sell and pushed the price below $0.67 on March 14.

The selling pressure intensified on March 15, resulting in a break below the 20-day EMA ($0.62) for the XRP/USDT pair. This suggests that the pair may enter a consolidation phase within a wide range between $0.50 and $0.74. However, a breakout and close above $0.74 would signal the beginning of a new uptrend with a target of $1.02.

Cardano price analysis

The bulls attempted to push Cardano (ADA) above the resistance level of $0.80 on March 14th, but the long wick on the candlestick indicates selling pressure at higher levels.

The price then sharply declined, reaching the breakout point of $0.68 on March 15th. A drop below $0.68 would indicate the beginning of a larger correction towards the 50-day SMA ($0.61).

On the other hand, if the price bounces back from $0.68, it would suggest continued buying from the bulls at strong support levels. This could result in the ADA/USDT pair trading between $0.68 and $0.80 for a period of time. A break above $0.80 could then propel the pair towards $0.92.

Dogecoin price analysis

On March 14, Dogecoin (DOGE) managed to break above the $0.18 resistance. However, the long wick on the candlestick indicates that there was selling pressure at higher levels.

The price saw a sharp decline and reached the 20-day EMA ($0.15) on March 15. This suggests that the DOGE/USDT pair may continue to trade within its current range for the next few days. If the price breaks and closes below $0.15, the bears will have the upper hand and the pair could potentially drop towards $0.12.

On the other hand, a rally above $0.18 would indicate that the bulls have absorbed the selling pressure. This could lead to a potential rally towards $0.24 and eventually $0.30.

Avalanche crypto price analysis

On March 14, the Avalanche (AVAX) experienced a volatile day with a long wick and tail, indicating a struggle between bullish and bearish forces.

The bears attempted to gain control on March 15, but the long tail on the candlestick reflects strong buying pressure near the breakout level of $50. This suggests that the bulls are aiming to establish $50 as a support level. If they succeed in pushing the price above $59, the AVAX/USDT pair could continue its upward trend towards $87.

However, if the bears want to prevent this upward movement, they will need to keep the price below the 20-day EMA. In that case, the pair could drop down to the 50-day SMA ($40).

Shiba Inu crypto analysis

On March 15, the price of Shiba Inu (SHIB) dropped below the $0.000029 support level, indicating a potential takeover by the bears.

The bulls are currently attempting to defend the 20-day EMA ($0.000027), but a potential rebound may face resistance at the downtrend line. A rejection at this line could lead to a further decline towards the 61.8% Fibonacci retracement level of $0.000023, followed by $0.000019.

However, a break above the downtrend line would suggest that the market has rejected lower levels, potentially leading to a rally towards the $0.000039 resistance level for the SHIB/USDT pair.

Polkadot price analysis

On March 14, Polkadot (DOT) saw a decline from $11.88, followed by increased selling on March 15.

The RSI’s negative divergence indicates a weakening of bullish momentum, raising the possibility of a drop below the 20-day EMA ($9.93) and the breakout level of $9.59. This could lead to a deeper pullback, potentially reaching the 50-day SMA ($8.23).

Alternatively, a strong rebound off the 20-day EMA could prompt the bulls to push the price back up to $11.88.

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