Bitcoin is showing the first signs of profit booking. However, the bears are having a hard time keeping the price below $69,000. This shows that buying is being done at lower levels. Could the correction in altcoins including Bitcoin and XRP Coin deepen or will the price recover from current levels? To find out, crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
cryptokoin.comAs you follow from, Bitcoin witnessed profit booking at $73,777 on March 14. However, as seen from the long tail on the candlestick, the bulls bought the dip. However, nothing could be built on the momentum of March 15. This resulted in strong selling by short-term investors. The price has reached the support line of the ascending channel formation, which is an important level to pay attention to. A break in the price below the channel and the 20-day exponential moving average ($65,195) will indicate the beginning of a corrective phase. It is possible for BTC to decline to $59,000 and then to the 50-day simple moving average ($54,291).
On the contrary, if the price bounces from the support line, it will indicate that BTC will remain within the channel for a while longer. The bulls will again try to push the price above the overhead resistance at $73.777.
Ethereum (ETH) price analysis
ETH’s upward move stalled near $4,000. Thus, it encouraged short-term investors to book profits. The long tail on the March 14 candlestick indicates that the bulls are trying to turn the $3,600 level into support. However, the decline on March 15 shows that the bears are maintaining the pressure. The bulls and bears are likely to witness a tough battle near $3,600. If the price bounces back from this support, the bulls will try to push ETH back towards $4,000. The bears are expected to defend this level fiercely.
On the downside, the bears will try to push the price below $3,600. If they do this, it is possible that the sale will accelerate. In this case, ETH is likely to drop to $3,200 and then to the 50-day SMA ($2,997). The bigger the decline, the longer it will take for the pair to continue its uptrend.
Binance Coin (BNB) price analysis
BNB pulled back in a strong uptrend. This suggests that traders are booking profits after a sharp rally. However, the long tail on the March 15 candlestick shows that the bulls are not ready to give up and are buying at the 38.2% Fibonacci retracement level at $527.50. A shallow pullback is a positive sign as it indicates that the bulls are not waiting for a deeper correction to enter. This increases the chances of a break above $633. It is possible that BNB then rises to the $670 to $692 resistance zone.
Contrary to this assumption, if the price turns down from the current level and drops below $527, it will indicate that any rally has been sold. BNB is likely to drop to the 20-day EMA ($485) later
Solana (SOL) price analysis
SOL has been in a strong uptrend for the last few days. This points to solid demand at higher levels. The upward move has pushed the RSI deeper into the overbought territory. This shows that SOL has risen very quickly in a short time. It is possible that this could start a correction that could pull SOL towards the 20-day EMA ($142).
If the price bounces back from the 20-day EMA, it will indicate that sentiment remains positive and traders are buying on dips. This increases the possibility of a rise to $205. This optimistic view would be invalidated by a break below the 20-day EMA. SOL is likely to decline to the breakout level at $126 later.
Ripple (XRP Coin) price analysis
XRP Coin price fell from $0.74 on March 12. This shows that the bears are fiercely defending this level. The bulls attempted to turn $0.67 into support for XRP Coin on March 13. But the bears had other plans. They continued their sales and pushed the XRP Coin price below the $0.67 level on March 14. The selling increased further on March 15, and XRP Coin broke below the 20-day EMA ($0.62).
This suggests that the XRP Coin price will consolidate in a wide range between $0.50 and $0.74 for a while. A breakout and close above $0.74 will signal the start of a new uptrend towards $1.02.
ADA, DOGE, AVAX, SHIB, DOT Coin analysis
Cardano (ADA) price analysis
The bulls attempted to push ADA above the overhead resistance at $0.80 on March 14. However, the long wick on the candlestick indicates selling at higher levels. The price fell sharply and the price fell to the breakout level of $0.68 on March 15. If the bears sink the price below $0.68, this would mark the beginning of a deeper correction towards the 50-day SMA ($0.61).
Alternatively, if the price recovers from $0.68, it would indicate that the bulls continue to buy near strong support levels. In this case, it is possible for ADA to fluctuate between $0.68 and $0.80 for a while. A break above $0.80 is likely to push ADA to $0.92.
Dogecoin (DOGE) price analysis
DOGE broke above the $0.18 resistance on March 14. However, the long wick on the candlestick indicates selling at higher levels. The price dropped sharply and reached the 20-day EMA ($0.15) on March 15. This suggests that DOGE may remain stuck in the range for a few more days. A breakout and close below $0.15 would tip the advantage in favor of the bears. It is possible for DOGE to drop towards $0.12 later.
Conversely, a rally above $0.18 would indicate that the bulls are absorbing supply. This will open the doors for a rally to $0.24 and then $0.30.
Avalanche (AVAX) price analysis
AVAX witnessed a widely spaced day on March 14 with a long wick and a long tail, indicating indecision between bulls and bears. The bears tried to strengthen their position on March 15. However, the long tail on the candlestick indicates solid buying near the $50 breakout level. This shows that the bulls are trying to turn $50 into support. If buyers push the price above $59, it is possible for AVAX to continue its uptrend to $87.
If the bears want to prevent an upward move, they will have to keep the price below the 20-day EMA. This is also likely to push AVAX lower to the 50-day SMA ($40).
Shiba Inu (SHIB) price analysis
SHIB fell below the $0.000029 support on March 15. Thus, it showed that the bears were trying to establish dominance. The bulls are trying to defend the 20-day EMA ($0.000027). However, the recovery is expected to encounter selling at the downtrend line. If the price turns down from the downtrend line, the possibility of a slide to the 61.8% Fibonacci retracement level of $0.000023 and then to $0.000019 will increase.
Conversely, if the price rises and breaks above the downtrend line, it will indicate that the markets are rejecting lower levels. It is possible for SHIB to rise up to the overhead resistance at $0.000039.
Polkadot (DOT) price analysis
DOT began declining at $11.88 on March 14, and sales accelerated on March 15. Negative divergence on the RSI indicates that bullish momentum is waning. This increases the risk of a drop below the 20-day EMA ($9.93) and the $9.59 breakout level. If this happens, it is possible that the DOT will initiate a deeper pullback. It is possible that DOT may decline further to the 50-day SMA ($8.23).
On the other hand, if the price recovers strongly from the 20-day EMA, the bulls will try to push the price back to $11.88.
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