Price analysis - CoinRegWatch

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

CoinRegWatch1 year ago1 year ago016 mins

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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

CoinRegWatch1 year ago1 year ago016 mins

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

Top coins to buy in a bear market | Find out now on The Market Report live

CoinRegWatch1 year ago06 mins

On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss which coins you should consider buying in a bear market.

“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss which are the top coins to buy in a bear market.

But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.

Next up, the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which are the top coins to buy in a bear market. Going up first will be Bourgi, he’s decided to go with Monero (XMR), initially launched in 2014, it focuses on keeping your finances confidential and secure. His second pick is Flux (FLUX) which is a cloud based decentralized Web3 application and for his third pick he’s gone with Stacks (STX) which as of January was the #1 Web3 project on Bitcoin. Apps built on Stacks inherit all of Bitcoin’s advantages, marketability and network effects.

Yuan is next with his first pick of Dai (DAI), of course someone had to pick a stablecoin. It’s main advantage however is that it is a multicallateral stablecoin, which means there is more than one asset backing it. His next pick is Tomb.finance (TOMB) which is an algorithmic stablecoin that is pegged to the price of Fantom (FTM). His last pick for the week is The Sandbox (SAND) which has proven to be a massive player in the metaverse space with major partnerships with Adidas, Snoop Dogg, Atari to name a few. Seems like Yuan has done his homework, will it be enough to win your vote though?

Last but not the least we have Finneseth whose first pick is going to be Algorand (ALGO) which boasts fast transaction speed, low costs and a simplified staking experience and managed no major network outages or technical problems, quite the achievement. His second pick is DeFi Chain (DFI), a blockchain dedicated to fast, intelligent and transparent decentralized financial services, accessible by everyone with a total value locked (TVL) approaching $1 billion. His third and final pick of the week is The Graph (GRT) which has released modules designed to help companies easily create data graphs and get started with their Web3 experience. The competition is going to be tough this week so stick around till the end to cast your vote in the live poll and find out who comes out on top.

After the showdown, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Biswap (BSW) and Origin Protocol (OGN) token.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100.

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

Cardano Price Analysis: All Eyes on $1 as ADA Explodes 8% Daily

CoinRegWatch1 year ago02 mins

ADA had a fantastic week so far with price rallying towards $1 and keeping a promising pace.

Shiba Inu Price Analysis: SHIB Price Displays Bullish Signs, Here Are Possible Targets

CoinRegWatch1 year ago02 mins

Shiba has managed to break the downtrend and has a good chance to quickly move higher.

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

CoinRegWatch1 year ago1 year ago016 mins

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Shiba Inu Price Analysis: Bullish Pattern is Forming, SHIB’s Breakout Imminent?

CoinRegWatch1 year ago02 mins

After 80% correction since reaching its ATH, positive news about Shiba is popping and might cause a trend reversal. However, the SHIB price is facing challenges from a technical standpoint on its way up. The Daily Chart Technical Analysis by Grizzly On the daily timeframe, Shiba Inu’s SHIB is trading inside a falling wedge, which […]

Cardano Price Analysis: ADA Soars 12% in a Week, What’s the Next Target?

CoinRegWatch1 year ago02 mins

After recording an all-time high at $3.10, Cardano entered into a correction that’s ongoing for 200 days so far. Meanwhile, bad news, such as delisting from the eToro exchange, has become a catalyst for further price retracement. Despite the rumors of burn mechanism rollout, there is no significant reaction. Technical Analysis by Grizzly The Daily […]

Top 5 cryptocurrencies to watch this week: BTC, LUNA, AVAX, ETC, EGLD

CoinRegWatch1 year ago015 mins

Bitcoin is attempting to hold on to its recent gains and as the price consolidates, traders may focus their attention on altcoins such as LUNA, AVAX, ETC, and EGLD.

Bitcoin (BTC) rose above $42,000 on March 19 but the bulls continue to face a strong challenge from the bears at higher levels.

Although Bitcoin’s price has recovered from $37,578 on March 13, Cointelegraph market analyst Marcel Pechman highlighted that the long-to-short net ratio of top traders across three major exchanges shows that professional traders have not been buying aggressively.

But while Bitcoin struggles at higher levels, select altcoins are showing strength. Twitter account BTCFuel anticipates that altcoins could be entering “the final leg up of the hype phase” and may peak in the Summer.

*Crypto market data daily view. Source:* *Coin360*

Glassnode data shows that investors have withdrawn roughly 550,000 Ether (ETH) from centralized exchanges year-to-date. Due to the outflows, the exchanges’ net Ether balance has plummeted from 31.68 million Ether in June 2020 to 21.72 million Ether.

Could Bitcoin hold above the psychological level at $40,000 and will that shift focus to altcoins? Let’s study the charts of the most notable five cryptocurrencies to find out.

BTC/USDT

Bitcoin is facing resistance near $42,594 which suggests that traders are cautious at higher levels. The price could now slide to the moving averages, which is an important support to keep an eye on.

If the price rebounds off the moving averages, it will suggest that the bulls are not waiting for a deeper correction to buy. That could improve the prospects of a break and close above the overhead resistance. If that happens, the BTC/USDT pair could rally to $45,400 and later to the resistance line of the ascending channel.

Contrary to this assumption, if the price turns down and breaks below the moving averages, the pair could slide toward $37,000. A bounce off this support will suggest that the pair may remain range-bound between $37,000 and $42,594 for a few days.

The bears will have to pull and sustain the price below the support line of the channel to signal the resumption of the downtrend.

*BTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that bears are defending the overhead resistance at $42,594. If the price rebounds off the 20-exponential moving average, the bulls will attempt to push the pair above the overhead resistance. If they manage to do that, the pair could rally toward $45,400.

Conversely, if the price slips below the 20-EMA, it will suggest that the short-term traders may be selling near the overhead resistance. That could open the doors for a possible drop to the 50-simple moving average. If this support cracks, the decline could extend to $37,000.

LUNA/USDT

Terra’s LUNA token rebounded off the 20-day EMA ($86) on March 18, indicating strong buying at lower levels. Both moving averages are sloping up and the relative strength index (RSI) is in the positive territory, indicating an advantage to buyers.

If buyers drive and sustain the price above $96, the LUNA/USDT pair could challenge the all-time high at $105. A break and close above this resistance will suggest the resumption of the uptrend. The pair could first rally to $115 and then to $125.

Alternatively, if the price turns down from $96, the pair could again drop to the 20-day EMA. A break and close below this support will suggest that the bullish momentum is weakening. The pair could then slide to the strong support zone at $75 to $70.

*LUNA/USDT 4-hour chart. Source: TradingView*

The pair has been consolidating between $85 and $96. Although the bears had pulled the price below $85, they could not sustain the lower levels. This indicates strong buying on dips. Both moving averages are crisscrossing each other, suggesting a range-bound action in the near term.

If the price rises above $96, the advantage will shift in favor of buyers and the pair could then rally to $105.

Conversely, if the price turns down from $96, the pair could drop to the moving averages and then to $85. The bears will have to pull and sustain the price below the $85 to $82 support zone to signal the start of a deeper correction.

AVAX/USDT

Avalanche (AVAX) broke and closed above the downtrend line of the descending channel on March 18, indicating a possible change in trend. However, the bears have other plans and are currently attempting to pull the price back below the breakout level.

If the price turns down from the current level but rebounds off the downtrend line of the channel, it will suggest that the breakout is valid. That increases the possibility of a rally to the psychological level at $100. The rising 20-day EMA ($78) and the RSI in the positive zone indicate advantage to buyers.

Conversely, if the price re-enters the channel and breaks below the moving averages, it will indicate that the recent breakout was likely a bull trap. That may catch several buyers off guard, resulting in a possible decline below the uptrend line.

*AVAX/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the rise above the channel had pushed the RSI into the overbought territory. This may have resulted in profit-booking from short-term traders. The pair could now drop to the 20-EMA, which is likely to act as a strong support.

If the price rebounds off this level, it will suggest that the sentiment has turned bullish and traders are buying on dips. That will increase the likelihood of the continuation of the up-move.

On the contrary, a break and close into the channel will suggest that the bullish momentum has weakened. That could pull the pair down to the 50-SMA.

ETC/USDT

Ethereum Classic (ETC) picked up momentum after it broke and closed above the downtrend line. Strong buying has pushed the price near the stiff overhead resistance at $38. The bears are likely to defend this level with vigor.

If the price turns down from the current level, the ETC/USDT pair could drop to $32. The 20-day EMA ($28) has started to turn up and the RSI is in the overbought zone, putting the advantage with the buyers.

If the price does not give up much ground from the current level or rebounds strongly off $32, the bulls will again try to clear the overhead hurdle at $38. If they succeed, the pair could rally to $45 and thereafter to $50.

Alternatively, if the price turns down and breaks below $32, the next stop could be the 20-day EMA. A break and close below this level will suggest that bears are back in the game.

*ETC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the pair embarked on a vertical rally after breaking out of the downtrend line. This pushed the RSI deep into the overbought territory. Such overbought levels are usually followed by sharp declines.

The pair could drop to the 38.2% Fibonacci retracement level at $33 and later to the 50% retracement level at $32. The bulls are likely to defend this zone aggressively. If the price rebounds off this support zone, the buyers will attempt to drive the pair above the overhead resistance and resume the uptrend.

The bullish momentum may weaken on a break and close below $32. The pair could then drop to the 61.8% Fibonacci retracement level at $30.

EGLD/USDT

Elrond (EGLD) broke and closed above the moving averages on March 15, indicating that bulls are attempting a comeback. The bears have been attempting to pull the price back below the moving averages but the bulls have thwarted their efforts.

The 20-day EMA ($151) has started to turn up gradually and the RSI has risen into the positive territory. This suggests that the path of least resistance is to the upside. If buyers push the price above $169, the EGLD/USDT pair could extend its up-move to the psychological level at $200. The bears are expected to mount a strong defense at this level.

This positive view will invalidate if the price turns down and plummets below the 20-day EMA. Such a move will suggest that the recent break above the 50-day SMA ($155) may have been a bear market rally. The pair could then again drop to $125.

*EGLD/USDT 4-hour chart. Source: TradingView*

The bulls pushed the price above the overhead resistance at $160 but the bears quickly pulled the price down and attempted to trap the aggressive bulls. Although the price broke below the 20-EMA, the bears did not build upon this advantage. This indicates strong buying at lower levels.

The bulls have again pushed the price back above $160 and are trying to resume the up-move. The bullish momentum could pick up on a break and close above $169. This positive view will be negated if the price turns down and breaks below $152.

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.

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

CoinRegWatch1 year ago1 year ago015 mins

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.”

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.