Bitcoin’s strength is likely to lift sentiment in the crypto world and benefit certain altcoins, including AVAX Coin. However, as Bitcoin approaches its all-time high, the bears will try to make one last attempt to stop the rally. This brings up the risk of a pullback. Can Bitcoin bulls sustain the breakout, or will higher levels encourage short-term investors to book profits? Crypto analyst Rakesh Upadhyay examines the charts to find out.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
cryptokoin.comAs you follow from , Bitcoin has consolidated in a narrow range for the last few days. After this, it climbed above the overhead resistance of $53,000 on February 26. This shows that the bulls remain in control. If buyers hold the price above $53,000, it is possible for BTC to gain momentum. Thus, it is likely to rally towards $60,000, where the bears are expected to mount a strong defense again.
There are several layers of support on the downside for Bitcoin. If it breaks $50,500, the bulls will try to stop the decline at the 20-day EMA ($50,075) and then the breakout level at $48,970. The bears will have to sink the price below $48,970 to indicate the beginning of a deeper correction to the 50-day SMA ($45,734).
Ethereum (ETH) price analysis
ETH broke above the $3,036 resistance on February 25. Thus, it signaled the beginning of the next leg of the uptrend. Rising moving averages indicate that the bulls are dominant. However, the overbought zone on the RSI indicates that a minor correction or consolidation is possible. If buyers do not allow the price to stay below $3,000, the possibility of a rally to $3,300 and then to $3,540 increases.
The first sign of weakness would be a break and close below the 20-day EMA ($2,823). This will indicate that traders are aggressively booking profits. ETH is likely to drop further to $2,717 and then the 50-day SMA ($2,546).
Binance (BNB) price analysis
BNB is trying to continue its uptrend. However, the overbought level on the RSI suggests that the bears will mount a strong challenge near the overhead resistance at $400. If the price declines from the current level but recovers from the 20-day EMA ($356), it would indicate that sentiment continues to rise. This will increase the chances of a break above $400. It is possible for BNB to rise as high as $460 later.
On the contrary, if the price continues to decline and breaks below the 20-day EMA, it will indicate that the bulls are aggressively booking profits. This is likely to push BNB lower to the 50-day SMA ($323). A break below this level will shift the advantage in favor of the bears.
Solana (SOL) price analysis
SOL is finding support at the 50-day SMA ($100). This shows that the bulls are trying to stop the decline. Moving averages are horizontal. Also, the RSI is near the midpoint. These show that there is a range-dependent movement in the near term. Buyers will need to push the price above the downtrend line and sustain it to start a rally towards the overhead resistance zone between $119 and $127. If it breaks this zone, an upward move to $135 is possible.
Conversely, if the price turns down from the current level or downtrend line and breaks below the 50-day SMA, it will indicate that the bears are selling in rallies. In this case, it is possible for SOL to drop to $80.
XRP, ADA, DOGE and AVAX Coin analysis
Ripple (XRP) price analysis
XRP has been trading near the moving averages for the last few days. This indicates uncertainty about the next directional move. Moving averages are horizontal. Also, the RSI is just below the midpoint. These also point to a possible range-bound movement in the near term. The limits of the range will likely be $0.48 on the downside and $0.58 on the upside.
Buyers will have to push and maintain the price above $0.58 to indicate that the correction may be over. XRP later reached 0.67 dollars
Cardano (ADA) price analysis
The bulls managed to maintain the 20-day EMA ($0.58) on the ADA. This shows that sentiment remains positive. The 20-day EMA is gradually rising. Also, the RSI is in positive territory. These also show that the bulls have a slight advantage. Buyers will try to push the price into the overhead resistance zone between $0.64 and $0.68.
Contrary to this assumption, if the ADA falls sharply and breaks below the 20-day EMA, it will indicate that the bulls have given up. This is likely to start a correction towards the 50-day SMA ($0.54).
Avalanche (AVAX Coin) price analysis
AVAX Coin bounced off the 50-day SMA (36.12d) on February 24. Thus, it showed that lower levels were attracting buyers. Moving averages are horizontal. Also, the RSI is close to the midpoint. These do not provide a clear advantage to buyers or sellers. If the price declines and breaks below the 50-day SMA, AVAX Coin price is likely to drop to $32.
Alternatively, a break and close above the 20-day EMA ($37.84) could open the doors for a possible rally towards the $42 overhead resistance for AVAX Coin. The bulls will have to break through this barrier to signal the completion of the reversal H&S pattern.
Dogecoin (DOGE) price analysis
The bulls successfully defended the breakout level from the triangle. However, it failed to push DOGE above the overhead resistance of $0.09. This indicates a lack of demand at higher levels. The bears will try to gain the upper hand by pushing the price below the moving averages. If they are successful, DOGE is likely to fall to the bull trend line.
This is an important level for the bulls to defend. Because if they fail in their efforts, it is possible that DOGE could start a downward move towards $0.07. The bulls will need to push the price above $0.09 and sustain it to indicate the start of a new upward move. DOGE is likely to rise to the $0.10 to $0.11 resistance zone, where the bears are likely to mount a strong defense.
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