BTC, ETH, BNB, XRP, ADA, LUNA, SOL, AVAX, DOT, DOGE

This week, Bitcoin (BTC) and select altcoins broke above their immediate resistance levels and moved higher, pushing the total crypto market cap above $2 trillion on March 24.

One of the triggers that could have pushed crypto prices higher was BlackRock CEO Larry Fink’s letter to shareholders, in which he said the conflict between Russia and Ukraine has opened up opportunities to use digital currencies as a way to settle international transactions. wrap.

Another tidbit that may have contributed to the rise in crypto prices was that Goldman Sachs redesigned its website with an emphasis on digital asset growth and the metaverse, calling them “megatrends.”

Daily cryptocurrency market performance. Source: Coin360

Aside from growing institutional interest, the statement by Minneapolis Federal Reserve president Neel Kashkari that the central bank could raise interest rates up to seven times by 2022 to curb inflation may also have boosted bullish sentiment in cryptocurrencies. .

Can bulls sustain higher prices and build on the uptrend or will bears sell aggressively and trap buyers? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin closed above the immediate resistance at $42,594 on March 23, indicating that bulls have absorbed the supply provided by the bears. That opened the doors for a move to $45,400, where the Bears could once again build a strong defense.

BTC/USDT daily chart. Source: TradingView

Both moving averages have risen gradually and the Relative Strength Index (RSI) is in positive territory, indicating an advantage for buyers. If buyers push the price above USD 45,400, the BTC/USDT pair could rise towards the rising channel resistance line.

If the bulls clear this obstacle, the pair could rise into the stiff overhead zone between the $50,000 and $52,000 psychological resistance.

Any correction from the current level is likely to find support near USD 42,594 and the moving averages. The bears will have to pull and hold the price below the moving averages to signal that the bulls may lose their grip.

ETH/USDT

The bulls are trying to keep Ether (ETH) above the symmetrical triangle resistance line, but the long wick on the candlestick suggests bears are selling aggressively at higher levels.

ETH/USDT daily chart. Source: TradingView

The moving averages have completed a bullish crossover and the RSI has risen in the positive zone, suggesting the path of least resistance is upward. If the price remains above the triangle, the ETH/USDT pair could rise towards $3,500 and later towards the $3,907 pattern target.

Contrary to this assumption, if the price moves back into the triangle, the bears will try to pull the pair towards the moving averages. If the price bounces off the moving averages, it suggests that sentiment remains positive and traders are heaping on dips. That increases the chance of a break above the triangle.

The bears will have to pull the price below the moving averages to nullify the bullish opinion. The couple could then stay in the triangle for a few more days.

BNB/USDT

Binance Coin (BNB) has been consolidating in a wide range between $445 and $350 for the past few days. There is a small resistance near $425, but if bulls clear this hurdle, a move to $445 is possible.

BNB/USDT daily chart. Source: TradingView

The moving averages have completed a bullish crossover and the RSI is in positive territory, suggesting a possible trend change. A break and close above USD 445 could open the doors for a possible rally towards USD 500.

Alternatively, if the price falls from the current level or overhead resistance and moves below the moving averages, it suggests that traders may be making gains near the resistance. That could keep the BNB/USDT pair in range for a few more days.

XRP/USDT

XRP is facing strong resistance at USD 0.86. One small positive is that the bulls have not allowed the price to fall below the moving averages. This suggests that traders are not rushing for the exit.

XRP/USDT daily chart. Source: TradingView

If the price rises from its current level or bounces off the moving averages, the bulls will aim to take the overhead threshold at $0.86. If they succeed, the XRP/USDT pair could rise towards $0.91 and then climb towards the psychological level of $1.

The rising moving averages and the RSI in the positive territory indicate an advantage for buyers. This positive picture will be negated in the near term if the bears sink and the price keeps below the 50-day moving average ($0.77).

ADA/USDT

Cardano (ADA) is trying to start a new uptrend. When the bulls pushed the price above the $1 overhead resistance on March 23, it was the first indication that the bears could lose their grip.

ADA/USDT daily chart. Source: TradingView

The next level to watch on the upside is $1.26, where the bears will try to stop the relief rally. If the price falls from the current level or overhead resistance, the bears will try to pull the ADA/USDT pair towards the critical $1 level.

If the price bounces back strongly from $1, it suggests that the bulls have flipped the level into support. The buyers will then make another attempt to remove the obstacle at $1.26. If they succeed, the next stop could be $1.60. This positive opinion becomes invalid if the price drops below $1.

LUNA/USDT

Terra’s LUNA token was again rejected from the overhead resistance at $96 on March 24, suggesting bears are not looking to give up easily. The price could now slide towards the 20-day exponential moving average ($89).

LUNA/USDT daily chart. Source: TradingView

If the price bounces off the 20-day EMA, it suggests that bulls are defending this level. The buyers will then make another attempt to clear the overhead hurdle at $96. If they succeed, the LUNA/USDT pair could rise to its all-time high at $105.

Conversely, if the price falls and moves below the 20-day EMA, it suggests that traders may be making gains because the pair has not risen above $96. The price could then drop to $82 and next to $75.

SOL/USDT

Solana (SOL) broke and closed above the 50-day SMA ($93) on March 23. This move also invalidated the bearish bearish triangle pattern. Strong buys by the bulls have pushed the price towards immediate resistance at $106.

SOL/USDT daily chart. Source: TradingView

The moving averages are about to complete a bullish crossover and the RSI is in positive territory, indicating that bulls have the upper hand. If buyers send the price above USD 106, the SOL/USDT pair could rise as high as USD 122.

Alternatively, if the price falls from current levels but bounces off the 20-day EMA ($91), it will suggest that sentiment remains positive and traders are buying the dips. This increases the chance of a breakthrough above the air resistance.

A break and close below the 20-day EMA suggests the pair could consolidate between $81 and $106 for a few more days.

Related: Beware the Bitfinex Whale: New $45K BTC Selling Wall Appears Amid Concerns Bitcoin Could Return

AVAX/USDT

Avalanche (AVAX) traded between the overhead resistance at $92 and the moving averages. This suggests bears are selling near $92 and buying bulls on dips to the moving averages.

AVAX/USDT daily chart. Source: TradingView

If the price rises from current levels or bounces off the moving averages, the bulls will try again to clear the overhead hurdle at $92. If they succeed, the AVAX/USDT pair could gain momentum. The bears may try to slow the rally at $100 on a psychological level, but if bulls overcome this barrier, the rally could reach $119.

This positive picture will be negated in the short term if the price moves below the moving averages. Such a move suggests the pair could remain between $92 and $65 for a few more days.

DOT/USDT

Polkadot (DOT) has continued its upward journey which could reach the $23 overhead resistance. The bears are expected to put up a strong defense at this level.

DOT/USDT daily chart. Source: TradingView

If the price drops from $23, but the bulls do not budge, it indicates that traders expect a higher move. That increases the likelihood of a break above USD 23. If that happens, the DOT/USDT pair could rise towards USD 28 and then USD 30.

Conversely, if the price falls from the current level or overhead resistance and moves below the moving averages, it suggests that the bears are active at higher levels. That could keep the pair between $23 and $16 for a few more days.

DOGE/USDT

Dogecoin (DOGE) broke above the 50-day SMA ($0.13) on March 24, but the bulls are struggling to hold the higher levels. This indicates that the bears are not ready to give up their advantage.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA ($0.12) is starting to surface and the RSI is in positive territory, indicating that bulls have the upper hand. If the price bounces off the moving averages, the bulls will again try to clear overhead resistance and push the DOGE/USDT pair towards $0.17.

Alternatively, if the price falls and moves below the moving averages, it suggests that the March 24 breakout may have been a bear trap. The sellers will then try to pull the pair towards the strong support at $0.10.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risks. You should do your own research when making a decision.

Market data is provided by HitBTC exchange.

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