The rally in the crypto market has begun to show signs of exhaustion. But Bitcoin and altcoin charts highlight traders’ desire to continue buying on every dip. Could Bitcoin initiate a correction from current levels, causing a pullback in certain altcoins such as XRP Coin? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis,
Bitcoin (BTC) price analysis
The bears attempted to initiate a pullback from $73,000. However, the long tail on Bitcoin’s March 12 candlestick indicates solid buying on intraday dips. BTC has been rising in the upper half of the ascending channel formation for several days. However, the bears did not allow the price to rise above the resistance line. However, if the bulls push the price above the channel, it is possible that the bullish momentum will increase. Thus, BTC could rise to $80,000.
Contrary to this assumption, if the price breaks below $70,000, BTC is likely to fall to the support line of the channel. If the bears pull the price below the channel, selling is likely to accelerate. BTC is likely to drop to $59,000 and then to the 50-day simple moving average ($53,099).
Ethereum (ETH) price analysis
The bears pushed Ether below the psychological $4,000 level on March 12. However, the long tail on the day’s candlestick indicates that each decline is viewed as a buying opportunity. Buyers are attempting to push the price above the immediate resistance at $4,100. If they manage to do this, it is possible for ETH to start the next leg of the uptrend. Thus, ETH is likely to rise to $4,372 and eventually to $4,868.
A small risk for the continuation of the rally is that the RSI has been trading in the overbought zone for the last few days. This suggests that the rally has overheated and a minor correction or consolidation is possible. The critical support to watch on the downside is $3,600.
Binance Coin (BNB) price analysis
BNB gained momentum after climbing above $460. It has been rising ever since. This suggests strong demand at higher levels. A minor resistance lies at $617. However, if buyers do not give ground to the bears, it will indicate that traders are holding their positions because they expect the uptrend to continue. It is possible for BNB to rise as high as $670 later.
Vertical rallies are rarely sustainable and are often followed by sharp declines. The first sign of weakness would be a drop below the psychological level of $500. This is likely to accelerate selling, pushing BNB down to $460.
Solana (SOL) price analysis
Solana has been rising for the last few days. The long tail on the March 11 and 12 candlestick indicates that the bulls are buying on intraday dips. If the price stays above $153, SOL is likely to gain momentum and rise towards $184.
The rise of the 20-day EMA ($133) and the RSI in the overbought zone suggest buyers remain in control. Important support to watch on the downside is the $126 breakout level followed by the 50-day SMA ($113). A break below this support zone would indicate that the bears are back in the driver’s seat.
Ripple (XRP Coin) price analysis
XRP Coin rose sharply on March 11. Thus, it reached the overhead resistance at $0.74. However, XRP Coin bulls could not overcome this obstacle. The bears tried to sink the price below $0.67. However, the bulls held their ground. This is a positive sign as it indicates that buyers are trying to turn the $0.67 level into support. If they do this, it is possible that the XRP Coin price could skyrocket above $0.74. XRP Coin could then start an uptrend towards $0.85 and then $1.02.
Conversely, if XRP Coin price continues to decline and breaks below $0.67, it will indicate that the bulls have given up. It is possible that XRP Coin price may decline towards the 20-day EMA ($0.62).
ADA, DOGE, SHIB, AVAX, TON Coin analysis
Cardano (ADA) price analysis
ADA rebounded sharply from the $0.68 support on March 11. However, the bulls failed to maintain the momentum and overcome the $0.80 roadblock. The long tail on the March 12 candlestick indicates that the bulls are aggressively buying dips up to the 20-day EMA ($0.70). This increases the possibility of a move above $0.80. If this happens, ADA is possible to rise to $0.90.
This positive view will be invalidated in the near term if the price declines sharply and breaks below $0.68. This will indicate that the bulls have given up and are rushing for the exit. ADA is likely to drop to the 50-day SMA ($0.60) later.
Dogecoin (DOGE) price analysis
The bulls failed to push and maintain DOGE above the $0.18 resistance in the last few days. But it’s a positive sign that they’re keeping up the pressure. The rising 20-day EMA ($0.15) and the RSI in the positive zone suggest that the path of least resistance is to the upside. If buyers hold the price above $0.18, DOGE is likely to rise as high as $0.21. It is possible that this level will again act as a barrier. However, if it clears, DOGE is likely to start its journey towards $0.24 and then $0.30.
The bears will need to push the price below $0.14 to get back into the game. It is possible that DOGE may then decline to $0.12 and then to the 50-day SMA ($0.10).
Shiba Inu (SHIB) price analysis
SHIB, price is stuck between $0.000029 and $0.000039. Therefore, it is consolidating in an uptrend. Consolidation after a sharp rally is a positive sign as it shows that the bulls are in no rush to take profits. The bulls will try to push the price towards the overhead resistance of $0.000039. If it breaks this level, SHIB is likely to reach $0.000046.
This level will again pose a solid challenge for the bulls. If the price turns down and breaks below $0.000029, the advantage will shift to the bears’ favor. SHIB is then likely to slide towards the 20-day EMA ($0.000026) and then the 61.8% Fibonacci retracement level of $0.000023.
Avalanche (AVAX) price analysis
AVAX broke above the overhead resistance at $45.18 on March 11. Thus, it showed that the bulls had reestablished their superiority. Purchases continued on March 12, pushing AVAX above the $50 resistance. Generally, after a breakout from significant resistance, the price returns to retest the breakout level. Therefore, a drop to $50 is possible. If the bulls turn the $50 level into support, it will increase the likelihood of the uptrend continuing.
Instead, if the price breaks and stays below $50, it will signal aggressive selling higher. AVAX is likely to drop to the 20-day EMA ($44) later.
Toncoin (TON) price analysis
Toncoin (TON) has gained momentum after breaking above stiff overhead resistance at $2.90 on March 11. The vertical rally pushed the RSI deeper into the overbought zone, indicating that the markets were rising rapidly in a short period of time. This increases the risk of a correction or consolidation in the near term. Downside support lies at $4 and $3.60.
On the upside, the rally is likely to face selling near $4.50. However, if the bulls do not give up much ground, it is possible for the uptrend to continue. TON is likely to rise as high as $5, where the bears will again make a strong defense.
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