The sharp recovery in Bitcoin and Ethereum shows that the bulls remain in control. It also points out that every decline is seen as a buying opportunity. Can Bitcoin extend its uptrend and push altcoins including SHIB Coin higher, or will cryptocurrencies enter a consolidation phase? Crypto analyst Rakesh Upadhyay examines the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
Bitcoin has been in a strong uptrend for several days. Investors view dips during rises as a buying opportunity, and that’s what happened on March 5. The bulls aggressively bought the dip to the 20-day exponential moving average ($58,131). Thus, it showed solid demand at lower levels. Buyers are trying to continue the uptrend by pushing the price above $69,000. If they are successful, BTC could start the next leg of the uptrend towards $76,000 and then $80,000.
Time is running out for the bears. They must defend the $69,000 level if they want to start a correction in the near term. They will also need to push the price below the 20-day EMA. It is possible that BTC will witness long liquidation later. In this case, a drop to the 50-day simple moving average ($49,107) is possible.
Ethereum (ETH) price analysis
ETH broke above the $3,600 resistance on March 4. Thus, on March 5, it tried to extend the uptrend. But the bears had other plans. Strong selling pushed the price down to the 20-day EMA ($3,233). However, buyers stepped in to stop the decline. This indicates a positive sentiment with the bulls defending the 20-day EMA. The bulls continued buying and is trying to keep the price above $3,822. If they achieve this, ETH is likely to rise to $4,000 and then to $4,150.
If the bears want to prevent the upward move, they will need to sink the price below the $3,600 breakout level. It is possible that this could deepen the pullback to the 20-day EMA. In this case, ETH will face the danger of a breakout.
Binance Coin (BNB) price analysis
BNB turned down from the overhead resistance of $427 on March 5. Thus, it broke below the 20-day EMA ($387). However, the bears failed to sustain lower levels. The bulls bought the dip below the 20-day EMA as seen from the long tail on the candlestick. Buyers are trying to further strengthen their positions by keeping the price above $427 on March 6. If they do this, it is possible for BNB to rise as high as $460.
Contrary to this assumption, if the price fails to stay above $427, it would indicate that the bears are defending the level with all their might. This will increase the possibility of a drop to the 50-day SMA ($341).
Solana (SOL) price analysis
SOL reversed direction from the nearest resistance at $143 on March 5. Thus, it fell to the 50-day SMA ($105). However, the long tail on the day’s candlestick indicates that the bulls are aggressively protecting the 50-day SMA. The bulls pushed the price above $126 and it will try to surpass the $143 barrier. If they succeed, it is possible for SOL to initiate the next leg of the up move to $158.
Instead, if the price turns down from the current level or overhead resistance, it will indicate that the bears are not willing to give up. SOL is likely to slide back to the 50-day SMA later.
Ripple (XRP) price analysis
XRP’s rise to $0.67 on March 5 shows that the bears are fiercely defending this level. The price has recovered from the 50-day SMA ($0.55). Thus, it signaled that the bulls continue to buy on sharp declines. XRP will make another attempt to break through the $0.67 overhead barrier and begin its journey towards $0.74.
On the other hand, the bears will try to defend the $0.67 level again. If they do this, it will show a range-dependent action in the near term. It is possible for XRP to oscillate between the 50-day SMA and $0.67 for a few days.
ADA, DOGE, AVAX, DOT and SHIB Coin analysis
Cardano (ADA) price analysis
ADA fell to $0.80 on March 4. Thus, it fell to the 50-day SMA ($0.56) on March 5. However, the bulls aggressively bought the dip near the 50-day SMA. Thus, the price recovered to close above the $0.68 breakout level. This shows that there is an upward trend among traders. If the price rises from the current level, it is possible for ADA to reach the overhead resistance at $0.80.
This positive sentiment will be invalidated if the price declines and closes below the 20-day EMA ($0.65). ADA is likely to drop to the 50-day SMA later.
Dogecoin (DOGE) price analysis
DOGE broke above the $0.16 resistance on March 4. However, it could not sustain the breakout on March 5. This indicates higher levels of profit booking. The bulls are again struggling to keep the price above $0.16. This shows that sales continue in rallies. If the price turns down from the current level or overhead resistance, it is possible for DOGE to drop to the 20-day EMA ($0.12) where buyers will step in.
Conversely, if buyers sustain the price above $0.16, DOGE is likely to gradually retest the local high at $0.20. A breakout and close above this level could signal the start of the next leg of the uptrend at $0.30.
Shiba Inu (SHIB Coin) price analysis
cryptokoin.comAs you follow from , SHIB Coin has been in a strong bull run for the last few days. Bulls pushed the SHIB Coin price up to $0.000045 on March 5. However, it could not maintain higher levels, as seen from the long wick on the candlestick. This started a selling wave that dropped the SHIB Coin price to as low as $0.000025. One minor positive in favor of the bulls is that lower levels were bought aggressively. This suggests solid demand in downturns. After the wide range day, SHIB Coin price is likely to remain range bound for a few days.
The limits of the range could be $0.000025 on the downside and $0.000045 on the upside. The overbought level on the RSI also warns of a possible correction or consolidation in the near term.
Avalanche (AVAX) price analysis
It completed an inverted head and shoulders pattern on AVAX. However, later the bulls failed to initiate an uptrend. This likely caused short-term investors to unload their positions on March 5. AVAX fell below the 50-day SMA ($37.04). However, the bears’ failure to sustain lower levels is a minor positive. Solid buying started a recovery and the bulls are attempting to push the price above the overhead resistance at $42.
If it clears this level, the bulls are likely to face stiff resistance near $44 again. A break and close above $44 would be the first indication that the bulls are back in the driver’s seat. It is possible for AVAX to retest the psychological resistance at $50 later. The 50-day SMA and $35 are two important supports to watch on the downside.
Polkadot (DOT) price analysis
DOT rose to a high of $10.76 on March 5. However, profit booking has begun, as we see from the long wick on the day’s candlestick.
The bears pulled the price below the 20-day EMA ($8.57). However, the long tail on the candlestick indicates that lower levels continue to attract buyers. The bulls pushed the price above the $9.59 breakout level. If they can sustain higher levels, DOT is likely to rally towards the overhead resistance at $10.80. Generally, an increase in volatility is followed by a period of low volatility. DOT is likely to consolidate between the 20-day EMA and $10.80 for a while.
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