Bitcoin is having trouble sustaining its recovery. This indicates that higher levels are attracting sellers in BTC and altcoins. Will major altcoins including Bitcoin and AVAX Coin continue their correction, or is it time for the recovery to begin? 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
It rebounded sharply from Bitcoin’s 38.2% Fibonacci retracement level at $61,736. This suggests that investors view declines as a buying opportunity. The 20-day exponential moving average (EMA) has flattened. Additionally, the relative strength index (RSI) is just above the midpoint. This shows that there is a range-dependent movement in the near term. BTC is likely to face resistance at $69,000 and support at $60,775.
A consolidation near the top is a positive sign that the bulls are holding their positions and are not rushing to the exit. A break above $69,000 could open the doors for a retest of the all-time high at $73,777. Downside support is $60,775 followed by the 50-day SMA ($57,623). Buyers are likely to defend this area fiercely.
Ethereum (ETH) price analysis
ETH bounced back from the 50-day SMA ($3,161) on March 20. However, the bulls failed to push the price above the 20-day EMA ($3,537). ETH turned down from the 20-day EMA on March 22. This suggests that sentiment has turned negative and traders are selling on rallies. Sellers will make another attempt to break the 50-day SMA support. If they are successful, it is possible for ETH to drop as low as $2,717.
Instead, if the price recovers from the 50-day SMA, it will indicate that ETH may remain between the moving averages. Once ETH climbs above $3,700, the bullish momentum is likely to increase. ETH is likely to reach the overhead resistance of $4,100 later.
Binance Coin (BNB) price analysis
BNB turned up from the 20-day EMA ($520) on March 20. However, the relief rally is facing resistance near $590. The long wick on the March 22 candlestick indicates selling around $590. The bears will again try to push the price below the 20-day EMA. Thus, it will open the doors for a decline to the $460 breakout level.
This level is likely to witness aggressive buying by the bulls. On the upside, a break above $590 is likely to push BNB towards the stiff overhead resistance at $645. If it breaks this resistance, it is possible for the uptrend to continue and BNB to rise up to $692.
Solana (SOL) price analysis
SOL witnessed solid buying at the 20-day EMA ($163) on March 20. However, the bulls failed to push the price above $205. Failure to clear the upper resistance indicates that the bears are active at higher levels. If the price continues to decline and breaks below the 20-day EMA, it will signal an advantage for the bears. SOL is likely to decline to the strong support at $126.
Contrary to this assumption, if the price turns up from the current level or the 20-day EMA, it will indicate that the bulls continue to buy on dips. SOL is likely to rise to $205 later. If it exceeds this level, it is possible for SOL to rise up to $267.
Ripple (XRP) price analysis
cryptokoin.comAs you follow from , XRP bounced from the bull trend line on March 20. Thus, it broke above the 20-day EMA ($0.62) on March 21, giving a buy signal at lower levels. If buyers push the price above $0.67, XRP will gain momentum. Thus, it will head towards the formidable resistance at $0.74. This is an important level to pay attention to. Because a break above it could signal the beginning of the next leg of the uptrend at $0.95.
Conversely, if the price falls and remains below the 20-day EMA, it will indicate that higher levels have attracted sellers. It is possible for XRP to fluctuate between $0.67 and the uptrend line. A decline below the bullish trend line is likely to push XRP towards $0.52.
ADA, DOGE, SHIB, TON and AVAX Coin
Cardano (ADA) price analysis
The bulls successfully defended the $0.57 support at ADA on March 20. But the price is struggling to stay above the 50-day SMA ($0.63). The 20-day EMA ($0.67) has turned down and the RSI is in the negative territory. This shows that the bears have the upper hand. Sellers will make another attempt to push the price below the $0.57 support. If they manage to do this, it is possible for ADA to drop to $0.53 and then to $0.46.
On the other hand, if the price recovers from the $0.57 support, it would indicate that the bulls are defending the level. ADA will then make another attempt to rise to the 20-day EMA. A break above $0.70 will indicate the end of the correction.
Dogecoin (DOGE) price analysis
The DOGE relief rally broke above the 20-day EMA ($0.15) on March 20. Thus, it pointed to solid buying at lower levels. The bulls are trying to keep the price above the 20-day EMA. If they do this, DOGE will try to climb above $0.16 again. It will then challenge the overhead resistance at $0.19.
It will be difficult to surpass this level. If the price turns down from this resistance, DOGE is likely to remain range-bound between $0.12 and $0.19. The next leg of the uptrend may begin after buyers push and maintain the price above $0.19. It is possible for DOGE to rise to $0.23 later.
Avalanche (AVAX Coin) price analysis
Buyers managed to keep the AVAX Coin price above the $50 breakout level. This shows that they are trying to turn the level into support. The marginally rising 20-day EMA ($51) and the RSI in the positive zone suggest that the bulls have the advantage. It is possible for AVAX Coin price to gradually rise to the $62 to $65 resistance zone.
However, it is likely that sellers will try to fiercely protect this area. If AVAX Coin price turns down from this zone, it could consolidate between $50 and $65 for a few more days. The uptrend of AVAX Coin price is likely to continue after buyers overcome the $65 hurdle. It is possible for AVAX Coin price to rise to $75 later. If the price falls below $50, the trend will favor the bears.
Shiba Inu (SHIB) price analysis
The bulls failed to push SHIB above the $0.000029 breakdown level. This shows that bears are selling in rallies. The flat 20-day EMA ($0.000027) and the RSI just above the midpoint suggest a balance between supply and demand.
If the price rises above the resistance line, this balance will tip in favor of the bulls. SHIB is likely to rise to $0.000035 and eventually to the strong resistance at $0.000039. Alternatively, if the price continues to decline and breaks below $0.000023, it is possible that the decline could extend to the 50-day SMA ($0.000018).
Toncoin (TON) price analysis
Bulls are trying to push Toncoin (TON) to $4.60. However, the long wick on the March 22 candlestick shows strong resistance from the bears. The rising 20-day EMA ($3.54) and the RSI near the overbought zone suggest the bulls are in control. If buyers do not give up too much from the current level, there is a high probability of a rally above $4.60. If this happens, TON is likely to begin the next leg of the rally at $5.64.
Conversely, if the price declines sharply from the current level, TON is likely to find support at the 20-day EMA.
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