Bitcoin continues to trade around $28,000, signaling strong demand from investors even as the legacy banking system struggles with unprecedented volatility. Can Bitcoin reach $30,000 and push altcoins like ADA higher, or is a correction likely in the near term? Crypto analyst Rakesh Upadhyay examines the charts to find out.
An overview of the cryptocurrency market
The takeover of troubled Credit Suisse bank by UBS boosted European equity markets on March 20, but not everyone is happy with the deal. According to the Swiss Financial Market Supervisory Authority, the value of additional premium (AT1) bonds will be written to zero, wiping out $17 billion in investment for AT1 bond investors. Amid the turmoil in the global banking industry, Bitcoin has shone as traders seem to have shifted their focus to the current alternative to the legacy banking system. Another thing that works in Bitcoin’s favor is that it is decoupled from the US stock markets and acts as an unrelated asset class.
cryptocoin.comAs you follow, Bitcoin’s solid rally over the past few days has boosted trader sentiment. The Crypto Fear and Greed Index climbed into the greed territory with a score of 66/100. The next trigger for the markets will be the Central Bank’s decision to increase interest rates on March 22. Now let’s look at the techniques…
BTC, ETH, BNB and XRP analysis
Bitcoin (BTC): Bulls are not in the mood to take profits
BTC has been holding above the $25,250 breakout level since March 17, which is a positive sign. After a one-day correction on March 18, the price continued to move north on March 19, indicating that the bulls are not in the mood to take profits.
The rising 20-day EMA ($24,463) and the relative strength index, or RSI, near the overbought zone suggest that the bulls remain in control. The next major resistance is in the region between $30,000 and $32,500. If the price breaks down from the current level or overhead resistance, the key level to watch out for is $25,250. If the price bounces back strongly from this level, it will show that the bulls have turned the $25,250 support. After that, the level will act as a base during future declines.
Ethereum (ETH): Bears try to stop recovery
Buyers pushed ETH above the $1,800 resistance on March 18 and 19, but failed to sustain higher. This suggests that the bears are trying to stop the recovery.
A minor plus in favor of the bulls is that they did not allow the price to drop below the $1,743-$1,680 support zone. The ascending 20-day EMA ($1,654) and the RSI above 61 indicate that the path of least resistance is to the upside. If buyers push the price above $1,850 and sustain it, ETH could begin its journey towards $2,000 and then $2,200. This positive view will be invalidated in the near term if the price turns back and dips below the 20-day EMA. This can trap aggressive bulls, resulting in long purges. ETH could decline to $1,461 later.
Binance Coin (BNB): Indecision between bulls and bears
BNB formed an intraday candlestick pattern on March 19 and 20, showing indecision between the bulls and bears.
The bears are forming a strong defense above $340, but the bulls haven’t left much ground. The rising 20-day EMA ($311) and the RSI near the overbought zone are giving the bulls a slight advantage. If buyers push the price above $350, BNB could rise to $400. Conversely, BNB could drop to $318 if the price drops below $325. A strong rebound from this level indicates that the bulls have turned the level to support, while a break below $318 could drop BNB to the 200-day SMA ($288).
Ripple (XRP): Bulls failed to break through strong hurdle
XRP reached the 200-day SMA ($0.40) on March 19, but the bulls failed to break through, as seen from the long wick on the candlestick.
XRP continues to swing between the 200-day SMA and the horizontal support at $0.36. The flat 20-day EMA and the RSI near the midpoint offer neither the bulls nor the bears a clear advantage. This suggests that range-bound trading may continue for a while. On the upside, a break and close above the 200-day SMA will indicate that the bulls have prevailed over the bears. XRP could climb to $0.43 first and then $0.51. This positive view will be rejected if the price declines and dips below $0.36. XRP may then drop to the support line of the channel.
ADA, MATIC, DOGE and SOL analysis
Cardano (ADA): Bulls buy lows
The bears defend the 200-day SMA ($0.36) in ADA price, while the bulls buy the dips to the 20-day EMA ($0.34).
ADA may not stay in this narrow range for long. If buyers push the price above the 200-day SMA, ADA may attempt a rally towards the neckline of the evolving head-and-shoulders pattern. Bears are expected to strongly defend the neckline. Because a break and close above this will signal a potential trend change. Conversely, if the price stays below the 20-day EMA, ADA could drop to the immediate support at $0.31 and near $0.30.
Polygon (MATIC): There is a balance between supply and demand
MATIC has been trading close to the 20-day EMA ($1.16) for the past few days. The 20-day EMA has flattened and the RSI is just below the midpoint, showing an equilibrium between supply and demand.
The $1.30 resistance is an important level to watch out for. If the buyers break this hurdle, MATIC could rise to $1.57. This level can be the scene of a fierce battle between bulls and bears. If the bulls top it, MATIC can extend its upward move to $1.75. The most important level to watch on the downside is the 200-day SMA ($0.96). If the price breaks and stays below this level, it will show that the bears are taking control. MATIC could drop to $0.69 later.
Dogecoin (DOGE): Bears don’t give up on their advantage
DOGE rallied above the 20-day EMA ($0.07) on March 17, but the bulls failed to push the price above the 200-day SMA ($0.08). This suggests that the bears are reluctant to give up their advantage.
The flat 20-day EMA and the RSI near the midpoint indicate range-bound action in the near-term. The limits of the range could be the 200-day SMA on the upside and $0.07 on the downside. If the bulls push the price above the 200-day SMA, it will indicate that the markets have rejected the lower levels. DOGE could rally to $0.09 and then $0.10 later. Alternatively, a break below $0.07 might clear the way for a retest of $0.06.
Solana (SOL): Solid demand at lower levels
SOL fell from the 200-day SMA ($22.7) on March 18, but bounced back from the 20-day EMA ($20.98) on March 19. This indicates solid demand at lower levels.
Buyers pushed the price above the 200-day SMA and hit the SOL downtrend line. If the bulls push the price above the downtrend line and sustain it, this will signal a potential trend reversal. There is a minor resistance at $27.12 but it is likely to be surpassed. SOL may try to rise to $39 later on. Initial support on the downside is the 20-day EMA followed by $18.70. If both of these levels fail to hold, SOL could retest vital support at $15.28.
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