Price analysis 3/25: BTC, ETH, BNB, XRP, ADA, LUNA, SOL, AVAX, DOT, DOGE

Price analysis 3/25: BTC, ETH, BNB, XRP, ADA, LUNA, SOL, AVAX, DOT, DOGE

BTC and most major altcoins could witness a minor dip to retest lower support levels, but the overall trajectory appears to now favor bulls.

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

One of the triggers that could have driven crypto prices higher was BlackRock CEO Larry Fink’s letter to shareholders where he said that the Russia-Ukraine conflict has opened up avenues for digital currencies to be used as a mode of settlement for international transactions.

Another bit of news that may have aided the up-move in crypto prices was that Goldman Sachs redesigned its website with emphasis on the growth of digital assets and the metaverse, mentioning them as “megatrends.”

Daily cryptocurrency market performance. Source: Coin360

Apart from the increasing institutional interest, Minneapolis Federal Reserve President Neel Kashkari’s statement that the central bank could raise interest rates up to seven times in 2022 to curb inflation may also have boosted bullish sentiment in cryptocurrencies.

Can bulls sustain the higher prices and build upon the up-move or will bears sell aggressively and trap the 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 absorbed the supply by the bears. That opened the doors for a move to $45,400 where the bears could again mount a strong defense.

BTC/USDT daily chart. Source: TradingView

Both moving averages have turned up gradually and the relative strength index (RSI) is in positive territory, indicating an advantage to buyers. If buyers push the price above $45,400, the BTC/USDT pair could rally to the resistance line of the ascending channel.

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

Any correction from the current level is likely to find support near $42,594 and the moving averages. The bears will have to pull and sustain the price below the moving averages to indicate that the bulls may be losing their grip.

ETH/USDT

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

ETH/USDT daily chart. Source: TradingView

The moving averages have completed a bullish crossover and the RSI has risen into the positive zone, suggesting that the path of least resistance is to the upside. If the price sustains above the triangle, the ETH/USDT pair could rally to $3,500 and later to the pattern target at $3,907.

Contrary to this assumption, if the price re-enters the triangle, the bears will try to pull the pair to the moving averages. If the price rebounds off the moving averages, it will suggest that the sentiment remains positive and traders are accumulating on dips. That will increase the possibility of a break above the triangle.

The bears will have to pull the price below the moving averages to negate the bullish view. The pair could then extend its stay inside the triangle for a few more days.

BNB/USDT

BNB has been consolidating in a large range between $445 and $350 for the past few days. There is a minor resistance at $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 the positive territory, which suggests a possible change in trend. A break and close above $445 could open the doors for a possible rally to $500.

Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that traders may be booking profits near the resistance. That could keep the BNB/USDT pair stuck inside the range for a few more days.

XRP/USDT

Ripple (XRP) is facing strong resistance at $0.86. A minor positive is that the bulls have not allowed the price to break below the moving averages. This suggests that traders are not rushing to the exit.

XRP/USDT daily chart. Source: TradingView

If the price turns up from the current level or rebounds off the moving averages, the bulls will strive to clear the overhead hurdle at $0.86. If they succeed, the XRP/USDT pair could rally to $0.91 and thereafter rise toward the psychological level at $1.

The rising moving averages and the RSI in the positive territory indicate an advantage to buyers. This positive view will be negated in the short term if the bears sink and sustain the price below the 50-day simple moving average (SMA) ($0.77).

ADA/USDT

Cardano (ADA) is attempting to start a new uptrend. When the bulls pushed the price above the overhead resistance at $1 on March 23, it was the first indication that the bears may be losing 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 stall the relief rally. If the price turns down from the current level or the overhead resistance, the bears will try to pull the ADA/USDT pair to the critical level at $1.

If the price rebounds off $1 with strength, it will suggest that the bulls have flipped the level into support. The buyers will then make one more attempt to clear the obstacle at $1.26. If they succeed, the next stop could be $1.60. This positive view will invalidate if the price breaks below $1.

LUNA/USDT

Terra’s LUNA token once again turned down from the overhead resistance at $96 on March 24 suggesting that bears are not willing to give up easily. The price could now slide to the 20-day exponential moving average (EMA) ($89).

LUNA/USDT daily chart. Source: TradingView

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

Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that traders may be booking profits due to the failure of the pair to rise 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 descending triangle pattern. Strong buying by the bulls has pushed the price to the 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 the positive territory, which indicates that bulls have the upper hand. If buyers drive the price above $106, the SOL/USDT pair could rally to $122.

Alternatively, if the price turns down from the current level but bounces off the 20-day EMA ($91), it will suggest that the sentiment remains positive and traders are buying the dips. That will enhance the prospects of a break above the overhead resistance.

A break and close below the 20-day EMA will suggest that the pair may consolidate between $81 and $106 for a few more days.

Related: Beware the Bitfinex whale: New $45K BTC sell wall appears amid worries Bitcoin could retrace

AVAX/USDT

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

AVAX/USDT daily chart. Source: TradingView

If the price turns up from the current level or rebounds off the moving averages, the bulls will again attempt to clear the overhead hurdle at $92. If they manage to do that, the AVAX/USDT pair could pick up momentum. The bears may try to stall the rally at the psychological level at $100 but if bulls overcome this barrier, the rally could reach $119.

This positive view will invalidate in the short term if the price breaks below the moving averages. Such a move will suggest that the pair may remain range-bound between $92 and $65 for a few more days.

DOT/USDT

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

DOT/USDT daily chart. Source: TradingView

If the price turns down from $23 but bulls do not cede ground, it will indicate that traders anticipate a move higher. That will increase the likelihood of a break above $23. If that happens, the DOT/USDT pair could rally to $28 and thereafter to $30.

Conversely, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that the bears are active at higher levels. That could keep the pair range-bound 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 sustain 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) has started to turn up and the RSI is in the positive territory, indicating that bulls have the upper hand. If the price rebounds off the moving averages, the bulls will again try to clear the overhead resistance and push the DOGE/USDT pair toward $0.17.

Alternatively, if the price turns down and breaks below the moving averages, it will suggest that the breakout on March 24 may have been a bear trap. The sellers will then try to pull the pair to the strong support at $0.10.

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

Market data is provided by HitBTC exchange.

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Price analysis 3/23: BTC, ETH, BNB, XRP, LUNA, ADA, SOL, AVAX, DOT, DOGE

Price analysis 3/23: BTC, ETH, BNB, XRP, LUNA, ADA, SOL, AVAX, DOT, DOGE

Bitcoin and most major altcoins remain close to their overhead resistance levels, indicating the possibility of more upside.

Bitcoin (BTC) and select altcoins broke above their immediate resistance levels but are struggling to sustain the higher levels, indicating that bears are not ready to give up.

It is speculated that the spike in Bitcoin’s price on March 22 may have been caused by reports that Terra had sent 125 million USDT to Binance on March 21.

This could be the beginning of the proposed $3 billion worth of Bitcoin that the firm plans to purchase. Terra has undertaken another identical transaction on March 23, which could boost sentiment in the near term.

Daily cryptocurrency market performance. Source: Coin360

While this news could provide a short-term spike, it is unlikely to alter the main trend. Bitcoin remains strongly correlated with the S&P 500, which rallied sharply between March 15 to 22. Crypto traders are likely to take cues from the performance of the S&P 500 in the next few days.

Could bulls clear the overhead hurdle and start an up-move in Bitcoin and select altcoins? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke above the immediate resistance at $42,594 on March 22 but the bulls could not sustain the higher levels. This suggests that bears continue to defend this level aggressively.

BTC/USDT daily chart. Source: TradingView

A minor positive is that the bulls did not give up much ground from the overhead resistance on March 23. This suggests that traders are not closing their position near the resistance as they anticipate the up-move to continue.

If buyers push and sustain the price above $42,594, the BTC/USDT pair could pick up momentum and rally to $45,400 where the bears may again mount a strong defense.

This positive view will invalidate if the price turns down and breaks below the moving averages. If that happens, the pair could extend its stay inside the $37,000 to $42,594 range for a few more days.

ETH/USDT

Ether (ETH) broke above the psychological level at $3,000 and reached near the resistance line of the symmetrical triangle on March 22. The long wick on the candlestick indicates that bears are defending the resistance line.

ETH/USDT daily chart. Source: TradingView

The bears will now attempt to pull the price down to the moving averages. If the price rebounds off this support, it will increase the possibility of a break above the triangle. If that happens, the ETH/USDT pair could start a new up-move. The pair could first rally to $3,500 and then march toward the pattern target at $3,907.

This bullish view will be negated in the short term if the price breaks below the moving averages. Such a move will indicate that the pair may spend some more time inside the triangle.

BNB/USDT

BNB bounced off the 20-day exponential moving average (EMA) ($389) on March 21, indicating buying on dips. The bulls pushed the price above the overhead resistance at $407 on March 22 but could not sustain the higher levels.

BNB/USDT daily chart. Source: TradingView

The 20-day EMA has started to turn up gradually and the RSI is in the positive territory, indicating advantage to buyers. The bulls will try to push and sustain the price above the $407 to $410 resistance zone. If they manage to do that, the BNB/USDT pair could attempt a rally to $445.

Conversely, if the price turns down from the current level, the pair could drop to the moving averages. This is an important support to watch out for because if the bears pull the price below the moving averages, the pair could decline toward $350.

On the other hand, if the price rebounds off the moving averages, it will suggest that bulls are accumulating at lower levels. The buyers will then again attempt to push the pair to $445.

XRP/USDT

Ripple (XRP) broke and closed above the downtrend line on March 21 but the bulls are finding it difficult to continue the up-move. This indicates that demand dries up at higher levels.

XRP/USDT daily chart. Source: TradingView

The price has turned down and the bears are attempting to pull the XRP/USDT pair below the downtrend line. If they manage to do that, the pair could drop to the moving averages.

A strong rebound off the moving averages will suggest that traders continue to buy at lower levels. The bulls will then again try to push the price toward $0.91.

On the contrary, if the price breaks below the 50-day simple moving average (SMA) ($0.76), it will suggest that the break above the downtrend line may have been a bull trap. The pair could then decline to $0.68.

LUNA/USDT

Terra’s LUNA token rose above the overhead resistance at $96 on March 21 but the bulls could not sustain the higher levels. This suggests that bears are defending this level aggressively.

LUNA/USDT daily chart. Source: TradingView

However, a positive sign is that the bulls have not given up much ground from the resistance. This indicates that traders are not closing their positions in a hurry as they anticipate a move higher.

If the price breaks and closes above $96, the LUNA/USDT pair could rally to the all-time high at $105. A break and close above this level could indicate the resumption of the uptrend.

This positive view will invalidate in the short term if the price turns down and breaks below the 20-day EMA ($88). The pair could then decline to $82 and later to $75.

ADA/USDT

Cardano (ADA) broke above the 50-day SMA ($0.94) on March 22 and reached the overhead resistance at $1. Strong buying on March 23 has pushed the price above the overhead resistance, signaling that the downtrend may be ending.

ADA/USDT daily chart. Source: TradingView

If bulls sustain the price above $1, the ADA/USDT pair could further pick up momentum. The pair could then rally to $1.26. The bears may pose a strong challenge at this level but if bulls overcome this resistance, the pair could extend its rally to $1.60.

Contrary to this assumption, if the price turns down and slides below $1, it will suggest that bears continue to sell aggressively at higher levels. The pair could then drop to the 20-day EMA ($0.89), which is an important level to keep an eye on.

A strong rebound off this level could suggest that bulls are accumulating on dips while a break below the 20-day EMA will indicate that the break above $1 may have been a bull trap.

SOL/USDT

Solana (SOL) has been sandwiched between the moving averages for the past few days. The bears are selling near the 50-day SMA ($93) while the bulls are buying at the 20-day EMA ($88).

SOL/USDT daily chart. Source: TradingView

This tight range trading is unlikely to continue for long. If bulls propel and sustain the price above the 50-day SMA, the descending triangle pattern will be invalidated. That could attract buying and the SOL/USDT pair may rally to the overhead resistance at $122.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the bears will try to pull the price to the strong support zone at $81 to $77. A break below this zone will complete the bearish setup, indicating the resumption of the downtrend.

Related: Internet Computer eyes 50% move as ICP enters ‘falling wedge’ breakout territory

AVAX/USDT

Avalanche (AVAX) has been sustaining above the descending channel for the past few days but the bulls have not been able to resume the up-move by pushing the price above $93. This indicates selling at higher levels.

AVAX/USDT daily chart. Source: TradingView

If the price breaks below the moving averages, the bears could pull the AVAX/USDT pair to the uptrend line. Such a move will indicate that the break above the channel may have been a bull trap.

Conversely, if the price rebounds off the current level, it will suggest that bulls continue to buy on dips. The bulls will then again try to clear the hurdle at $93 and push the pair to the psychological level at $100. A break and close above this level could indicate the start of a new uptrend.

DOT/USDT

Polkadot (DOT) bounced off the moving averages and closed above the overhead resistance zone at $19 to $20 on March 22. This suggests that the bulls are attempting a comeback.

DOT/USDT daily chart. Source: TradingView

The DOT/USDT pair could now rally to the overhead resistance at $23 where the bears may mount a strong defense. If the price turns down from $23, the pair could drop to the moving averages and consolidate in a range for a few more days.

If bulls push and sustain the price above $23, the pair could pick up momentum and rally toward $30. Alternatively, if the price turns down and breaks below the moving averages, the pair could slide to the strong support at $16.

DOGE/USDT

Dogecoin (DOGE) has been hovering near the 20-day EMA ($0.12) for the past few days, indicating a tough tussle between the bulls and the bears.

DOGE/USDT daily chart. Source: TradingView

The flattish 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. This balance could tilt in favor of the buyers if they can push and sustain the price above the 50-day SMA ($0.13). Such a move will signal a likely change in trend and clear the path for a potential rally to $0.17.

Conversely, if the price turns down from the current level or the 50-day SMA and breaks below the March 20 intraday low, the DOGE/USDT pair could drop to the strong support at $0.10.

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

Market data is provided by HitBTC exchange.

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Price analysis 3/21: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Price analysis 3/21: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Bitcoin and most major altcoins are attempting to sustain above their immediate support levels, signaling a possible change in the short-term trend.

Bitcoin (BTC) and most major altcoins are attempting to start the new week on a positive note by bouncing off their respective support levels.

Goldman Sachs became one of the first major banks in the United States to complete an over-the-counter “cash-settled cryptocurrency options trade” with the trading unit of Michael Novogratz’s Galaxy Digital. This could encourage other major banks to consider offering OTC transactions for cryptocurrencies.

It is not only select nations that are showing growth in crypto adoption. A report by cryptocurrency exchange KuCoin shows that crypto transactions in Africa have soared by about 2,670% in 2022. Bitcoin Senegal founder Nourou believes that Africa could continue its thousand plus percent growth rates in the next few years.

Daily cryptocurrency market performance. Source: Coin360

Analyst Willy Woo speculated that Bitcoin’s four-year price cycle, based on the block subsidy halving, may not work as a predictive tool in the future as the price action is likely to be determined by supply and demand.

Could Bitcoin and altcoins climb above their overhead resistance levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin is facing stiff resistance at $42,594, indicating that bears continue to sell at higher levels. The bears are attempting to pull the price below the moving averages while the bulls are trying to sustain the price above it.

BTC/USDT daily chart. Source: TradingView

Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, suggesting a balance between supply and demand. If the price slips below the moving averages, the BTC/USDT pair could drop to $37,000. Such a move will suggest that the pair could spend some more time inside the $42,594 to $37,000 range.

Conversely, if the price rebounds off the moving averages with strength, it will suggest that the sentiment has turned positive and traders are buying on minor dips. That may improve the prospects of a break above $42,594. If the price sustains above this resistance, the pair could rally to the overhead zone between $45,400 and the resistance line of the ascending channel.

ETH/USDT

Ether (ETH) turned down from the overhead resistance at $3,000 on March 19 but the bears could not pull the price below the moving averages on March 20. This suggests that bulls are buying on minor dips.

ETH/USDT daily chart. Source: TradingView

The bulls will attempt to push the price above $3,000 and challenge the resistance line of the symmetrical triangle. This is an important level to watch out for because a break and close above it will signal a possible change in trend. The ETH/USDT pair could then rally to $3,500.

Alternatively, if the price turns down from $3,000 or the resistance line of the triangle and breaks below the moving averages, it will suggest that the pair may extend its stay inside the triangle for a few more days.

BNB/USDT

Binance Coin (BNB) broke and closed above the 50-day simple moving average ($390) on March 17 but the bulls could not build upon this advantage. The long wick on the March 19 candlestick indicates selling at higher levels.

BNB/USDT daily chart. Source: TradingView

The BNB/USDT pair turned down and dipped to the 20-day exponential moving average ($386) on March 20. A minor positive is that the bulls have not allowed the price to slip below this level. This indicates that bulls are buying on dips.

If the price rises and breaks above $407, the up-move may continue and the pair could rally to $425. This level may act as a barrier but if crossed, the next stop could be $445.

On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest a lack of demand at higher levels. The pair could then slide toward $350.

XRP/USDT

XRP bounced off the 20-day EMA ($0.77) on March 18 and reached the downtrend line on March 19. The bears again defended this level but could not pull the price below the 20-day EMA. This suggests strong buying on dips.

XRP/USDT daily chart. Source: TradingView

Both moving averages have started to turn up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside.

If bulls push and sustain the price above the downtrend line, the buying could pick up further and the XRP/USDT pair may rally to $0.91. If this level is also conquered, the next stop could be the psychological barrier at $1.

The bears will have to pull and sustain the price below the 50-day SMA ($0.75) to gain the upper hand.

LUNA/USDT

Terra’s LUNA token bounced off the 20-day EMA ($86) on March 18, indicating that the sentiment remains positive and traders are buying on dips.

LUNA/USDT daily chart. Source: TradingView

The buyers have pushed the price to the stiff overhead resistance at $96 where the bears are mounting a strong defense.

If bulls overcome this hurdle, the LUNA/USDT pair could retest the all-time high at $105. The bulls will have to push and sustain the price above this level to signal the resumption of the uptrend. The rising 20-day EMA and the RSI in the positive territory indicate advantage to buyers.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, several short-term traders may close their position. The pair could then drop to the strong support at $70.

SOL/USDT

Solana (SOL) attempted to break above the downtrend line on March 19 but the bears had other plans. They defended the level and pulled the price down to the 20-day EMA ($87) on March 20.

SOL/USDT daily chart. Source: TradingView

The buyers have successfully defended the 20-day EMA and will again attempt to push the price above the downtrend line.

If they manage to do that, the descending triangle pattern will be invalidated. The failure of a negative setup is a positive sign as it traps several bears who may have sold in anticipation of a breakdown. The SOL/USDT pair could then attempt a rally to $106 and later to $120.

Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest strong selling at higher levels. The pair could then gradually dip to the support at $81.

ADA/USDT

Cardano (ADA) rose above the 20-day EMA ($0.86) on March 19 and the bulls held off attempts by the bears to pull the price back below the level on March 20. This suggests that the buyers are attempting to start a relief rally.

ADA/USDT daily chart. Source: TradingView

The bulls will now try to push and sustain the price above the overhead resistance at $1. If they succeed, it will suggest a possible change in trend. The ADA/USDT pair could then rally to the next overhead resistance at $1.26.

Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that the pair may remain range-bound between $1 and $0.74 for a few more days.

Related: Bitcoin ‘could easily see $30K’ with stocks due 30% drawdown in 2022 — analyst

AVAX/USDT

Avalanche (AVAX) closed above the descending channel on March 18 and the bulls successfully defended the breakout level on March 20 and 21.

AVAX/USDT daily chart. Source: TradingView

The 20-day EMA ($78) has turned up and the RSI has jumped into the positive territory, indicating advantage to buyers.

If bulls drive and sustain the price above $93, the AVAX/USDT pair could rally to the psychological level at $100. The bears may attempt to stall the rally at this level but if bulls do not give up much ground, the likelihood of a break above it increases.

This bullish view will be negated if the price turns down from the current level and breaks below the moving averages.

DOT/USDT

Polkadot (DOT) broke and closed above the overhead resistance at $19 on March 19 but the bulls could not build upon this advantage. The bears used this opportunity and pulled the price back below $19 on March 20.

DOT/USDT daily chart. Source: TradingView

A minor positive is that the bulls have not allowed the price to break below the moving averages. The flattish moving averages and the RSI just above the midpoint suggest that the bears may be losing their grip.

If the price rises from the current level, the bulls will attempt to clear the overhead hurdle at $20. If they manage to do that, the DOT/USDT pair could rally to $23 where the bears may again pose a strong challenge.

This positive view will invalidate in the short term if the price breaks and sustains below the 20-day EMA ($18). That could open the doors for a possible drop to $16.

DOGE/USDT

Dogecoin (DOGE) broke and closed above the 20-day EMA ($0.12) on March 19 but the bulls could not sustain the higher levels. The bears pulled the price back below the 20-day EMA on March 20.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA is flattening out and the RSI is just below the midpoint, indicating that the selling pressure could be reducing. If buyers push and sustain the price above the 20-day EMA, the DOGE/USDT pair could rally to the 50-day SMA ($0.13). The bulls will have to clear this hurdle to open the doors for a possible rally to $0.17.

Alternatively, if the price turns down from the current level and closes below the intraday low formed on March 20, the pair could drop to the strong support at $0.10.

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

Market data is provided by HitBTC exchange.

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Coinbase Sued for Allegedly Selling 79 Unregistered Crypto Securities — Including XRP, Dogecoin, Shiba Inu

Coinbase Sued for Allegedly Selling 79 Unregistered Crypto Securities — Including XRP, Dogecoin, Shiba InuA class-action lawsuit has been filed against the Nasdaq-listed cryptocurrency exchange Coinbase alleging that the platform lets customers trade 79 cryptocurrencies that are unregistered securities, including XRP, dogecoin (DOGE), and shiba inu (SHIB). Lawsuit Claims Coinbase Sold 79 Unregistered Crypto Securities to Customers A class-action lawsuit was filed last week against Coinbase Global Inc., Coinbase […]
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Price analysis 3/18: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Price analysis 3/18: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Select altcoins are outperforming the market despite Bitcoin struggling to sustain the higher levels.

Bitcoin (BTC) is facing a challenging environment in 2022 due to the surging inflation and geopolitical turmoil. Although gold has outperformed Bitcoin year-to-date, Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin could make a strong comeback. McGlone expects the current circumstances to “mark another milestone in Bitcoin’s maturation.” 

Another bullish sign for the long term is that the Bitcoin miners have been increasing their Bitcoin holdings since 2021. Compass Mining founder and CEO Whit Gibbs said to Cointelegraph that Bitcoin mining companies are “taking more of a bullish approach to Bitcoin.”

Daily cryptocurrency market performance. Source: Coin360

Terraform Labs founder Do Kwon said that its stablecoin TerraUSD (UST) will be backed by more than $10 billion in Bitcoin reserves. He expects this move to “open a new monetary era of the Bitcoin standard.”

Could Bitcoin and altcoins find buyers on dips or will bears trap the aggressive bulls? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke and closed above the 50-day simple moving average ($40,311) on March 16 but the bulls are struggling to build upon this breakout. This suggests that demand dries up at higher levels.

BTC/USDT daily chart. Source: TradingView

The bears will try to make use of this opportunity and pull the price below the 20-day exponential moving average ($39,973). If they succeed, the BTC/USDT pair could again drop to the strong support at $37,000.

Conversely, if the price rebounds off the moving averages, it will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then try to push the price above $42,600 and extend the rally to $45,400.

ETH/USDT

Ether (ETH) broke and closed above the 50-day SMA ($2,780) on March 16 indicating a strong comeback from the bulls. The buyers held the dip to the 50-day SMA today and are attempting to extend the recovery.

ETH/USDT daily chart. Source: TradingView

The relative strength index (RSI) has jumped into the positive territory and the 20-day EMA ($2,700) has started to turn up, indicating the path of least resistance is to the upside. If the price sustains above the 50-day SMA, the ETH/USDT pair could rally to the resistance line of the symmetrical triangle. The bears are expected to mount a strong defense at this level.

This positive view will be invalidated if the price turns down from the current level and plummets below the moving averages. The pair could then drop to the support line of the triangle.

BNB/USDT

Binance Coin (BNB) is facing resistance at the 50-day SMA ($389). This is the fourth instance when the bears are posing a strong challenge at this level. Therefore, the 50-day SMA becomes a key level to watch out for on the upside.

BNB/USDT daily chart. Source: TradingView

The flat moving averages and the RSI near the midpoint suggest a balance between supply and demand. If buyers push and sustain the price above the 50-day SMA for three consecutive days, it will indicate a possible change in trend. The BNB/USDT pair could then start its northward march toward $445.

On the other hand, if the price dips below the 20-day EMA ($382), the bears will attempt to pull the pair toward the strong support at $350.

XRP/USDT

XRP bounced off the 50-day SMA ($0.74) on March 15 but the bulls have not been able to challenge the downtrend line. This suggests that the bears are selling on rallies.

XRP/USDT daily chart. Source: TradingView

The bears will now attempt to pull the price below the moving averages. If they succeed, the XRP/USDT pair could drop to the strong support at $0.68. If this support also gives way, the decline could extend to $0.62.

Alternatively, if the price bounces off the moving averages, it will suggest that the bulls are buying on dips. That could enhance the prospects of a break and close above the downtrend line. The pair could then rally to $0.91.

LUNA/USDT

Terra’s LUNA token has broken below the 20-day EMA ($84), suggesting that the failure to sustain the price above $96 may have attracted profit-booking from the short-term traders.

LUNA/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI has dropped to the midpoint, indicating that the bullish momentum may be waning. If the price sustains below the 20-day EMA, the bears will try to pull the LUNA/USDT pair toward the strong support at $70.

Contrary to this assumption, if the price rebounds off the current level, the bulls will make another attempt to push and sustain the price above $96. If they manage to do that, the pair could rally to the all-time high at $105.

SOL/USDT

Solana (SOL) rose above the 20-day EMA ($86) on March 16 but the bulls could not push the price above the downtrend line. This indicates that the bears are active at higher levels.

SOL/USDT daily chart. Source: TradingView

The sellers will now attempt to sink the price below the strong support zone between $81 and $75. If they succeed, it will complete a descending triangle pattern and the SOL/USDT pair could plummet to $66.

However, the flattening moving averages and the positive divergence on the RSI suggest that the bearish momentum may be weakening. If the price rebounds off the support zone, the bulls will make one more attempt to overcome the barrier at the downtrend line and push the pair to $106.

ADA/USDT

Cardano (ADA) is facing stiff resistance at the 20-day EMA ($0.84) which suggests that the bears are defending this level aggressively.

ADA/USDT daily chart. Source: TradingView

The flattening 20-day EMA and the positive divergence on the RSI suggest that the selling pressure may be waning.

If the ADA/USDT pair does not give up much ground from the current level, it will suggest that the traders are holding on to their position as they anticipate a move higher. If the price breaks and closes above the 20-day EMA, the next stop could be the overhead resistance at $1.

This positive view will invalidate if the price turns down and breaks below $0.74. The pair could then resume its downtrend and decline to $0.68.

Related: Bitcoin could see $37.5K weekend dip before ‘bigger move’ next week — new report

AVAX/USDT

Avalanche (AVAX) broke above the moving averages on March 17 and rose to the downtrend line of the descending channel. The bears are expected to mount a strong defense at this resistance.

AVAX/USDT daily chart. Source: TradingView

The flattish moving averages and the RSI just above the midpoint indicate a minor advantage to buyers. If bulls sustain the price above the 20-day EMA ($75), the prospects of a break and close above the channel improve.

A close above the channel will be the first sign of a possible change in trend. The bulls will then attempt to drive the price toward the psychological level at $100.

This positive view will be invalidated in the short term if the price breaks and sustains below the 20-day EMA. The AVAX/USDT pair could then drop to the uptrend line.

DOT/USDT

Polkadot (DOT) broke and closed above the 50-day SMA ($18) on March 16 but the bulls could not sustain the price above the overhead resistance at $19. This suggests that the bears are not willing to give up easily.

DOT/USDT daily chart. Source: TradingView

The price has turned down from the overhead resistance but a minor positive is that the bulls are attempting to defend the moving averages. If the price rebounds off the moving averages, it will increase the possibility of a break and close above the overhead resistance. The DOT/USDT pair could then start its journey toward $23.

Conversely, if the price slips below the 20-day EMA ($17), the pair could drop toward the support at $16. The pair could then extend its stay inside the $16 to $19 range for a few more days.

DOGE/USDT

Dogecoin (DOGE) once again turned down from the 20-day EMA ($0.12) on March 17, indicating that bears continue to sell near the resistance levels.

DOGE/USDT daily chart. Source: TradingView

The sellers will now try to pull the price down to the strong support at $0.10. If the price bounces here, the DOGE/USDT pair could remain range-bound between $0.12 and $0.10 for a few days.

The first sign of strength will be a break and close above the 20-day EMA. That could push the price to the 50-day SMA ($0.13), which may again act as a strong resistance.

A break and close above this resistance could attract buyers and open the doors for a possible rally to $0.17. Conversely, a break and close below $0.10 will suggest the resumption of the downtrend.

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

Market data is provided by HitBTC exchange.

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Bored Ape NFT holders to receive ApeCoin: ‘The Dogecoin of NFTs’

Bored Ape NFT holders to receive ApeCoin: ‘The Dogecoin of NFTs’

ApeCoin will be distributed among owners of BAYC NFTs and is set to be used as the “primary token” in a new ecosystem of play-to-earn games from Yuga Labs and Animoca Brands.

Owners of Bored Ape Yacht Club (BAYC) NFTs — including celeb holders like Eminem, Steph Curry, Jimmy Fallon and Mark Cuban — are set to receive a brand new token called ApeCoin (APE) as yet another incentive for being part of the exclusive digital asset club. 

The developer of the new token is the ApeCoin DAO and is notably separate from Yuga Labs.

Owners of BAYC NFTs will be able to claim approximately 10,000 ApeCoin each, but the 1 billion soon-to-be-released ApeCoin tokens will also be distributed amongst a series of different parties.

According to the ApeCoin DAO website, 62% of the total supply will be added to an ecosystem fund,14% will be given to “launch contributors,” 9.75% of tokens will be held by the creators of BAYC, Yuga Labs, 8% of the tokens will go directly to the founders of Yuga Labs, and the remaining 6.25% is to be donated to the Jane Goodall Foundation, a charity dedicated to preserving the habitats of chimpanzees.

While the token itself remains technically separate from Yuga Labs, the firm is set to fully adopt ApeCoin as the “primary token for all new products and services” that emerge from Yuga Labs. According to the Yuga Labs, this includes a yet to be released, play-to-earn blockchain game that the team at Yuga Labs plans to release later this year with game developer nWay.

ApeCoin will also be used in the upcoming play-to-earn game Benji Bananas, a game from Hong Kong-based blockchain gaming company Animoca Brands, that also owns nWay.

Co-founder of Animoca Brands and ApeCoin DAO board member Yat Siu told Cointelegraph that ApeCoin is a step forward in the progression of NFTs.

“ApeCoin a token that represents the zeitgest of NFTs today — it is, in a sense, the expression of the current culture of NFTs”

He stated that ApeCoin is set to become the “Dogecoin of NFTs where the utility is community created and community valued.”

Siu is optimistic about the future of ApeCoin, but noted that utility would be provided straight away though games:

“ApeCoin itself has some starting utility, [which will] kick off with games and more to come… the benefits will be the creative energy that combines this mix of technology and culture that the BAYC community has kicked off already, [which] will reach much larger audiences due to the fungible and transferable nature of ApeCoin.”

Related: Gaming industry to have a ‘blockchain-connected’ future, studio execs say

Since launching in April last year, Bored Ape Yacht Club has grown to become on the highest profile NFT collections and continues to add high profile celebrities to its owners list, now including Paris Hilton. Last week, Yuga Labs acquired two of the other largest NFT projects — CryptoPunks and Meebits, expanding its dominance over the burgeoning NFT market.

According to the official website ApeCoin will be available for purchase on all major exchanges,

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