Bitcoin and altcoins are starting to recover. However, traders will be watching closely to see if higher levels cause selling. Will altcoins like 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
Bitcoin turned down from the support line of the ascending channel on March 18. This shows that the bears are trying to turn the level into resistance. This situation intensified sales. Thus, it pulled the price below the 20-day exponential moving average ($65,271) on March 19. The bulls are trying to stop the decline at the 38.2% Fibonacci retracement level at $61,736. A bounce from the current level is likely to face selling at the 20-day EMA. If the price drops sharply from the 20-day EMA, it will indicate strong selling in rallies. It is possible that BTC could slide towards the 50-day SMA ($56,614), where the bulls are expected to buy aggressively.
The first sign of strength will be a breakout above the 20-day EMA. If this happens, it will indicate that the corrective phase is over. BTC is likely to rise as high as $69,000. This is the last hurdle before BTC reaches its all-time high at $73,777.
Ethereum (ETH) price analysis
ETH failed to hold above the 20-day EMA ($3,550) on March 18. This caused aggressive selling by traders. Thus, it pulled the price back to the 50-day SMA ($3,113) on March 20. The 20-day EMA has started to turn down and the RSI is in the negative territory. This shows that bears have the upper hand. The recovery is likely to face selling at the 20-day EMA. This situation may cause ETH to remain stuck between both moving averages for a while.
A break below the 50-day SMA would indicate that the bulls are exiting their positions in a hurry. This is also likely to drop ETH to $2,717. Alternatively, a breakout and close above the 20-day EMA will signal that the bulls are back in the game.
Binance Coin (BNB) price analysis
BNB’s retracement reached the 50% Fibonacci retracement level of $500 on March 19, just below the 20-day EMA ($511). The bulls are trying to stop the decline at the 20-day EMA. This is a positive sign. It is possible for BNB to rise as high as $590, where bulls and bears will witness a tough battle.
If the price turns down from $590, it will indicate that the bears are active higher. This increases the risk of a slide towards the $460 breakout level. Conversely, if buyers push the price above $590, it will indicate that the retracement may end. BNB is likely to rise to $645 later.
Solana (SOL) price analysis
The bulls pushed SOL above the $205 resistance on March 18. However, he could not continue this output. This may have encouraged short-term investors to book profits. SOL dropped to the 20-day EMA ($158) on March 20. This level is an important support to watch out for. If the price rebounds strongly from the 20-day EMA, it will indicate that sentiment remains positive. The bulls will again attempt to push the price above the overhead resistance at $205.
On the other hand, a shallow bounce would indicate a lack of aggressive buying at current levels. If the price falls below the 20-day EMA, it is possible that the sell-off will accelerate. Thus, SOL is likely to decline towards the 50-day SMA ($126).
Ripple (XRP) price analysis
XRP has been trading in a wide range between $0.46 and $0.74 for several months. Trading within a range can be volatile and random. XRP is trying to gain support from the uptrend line. However, the relief rally is likely to face selling at the 20-day EMA.
If the price turns down from the 20-day EMA and breaks below the uptrend line, XRP is likely to drop to the $0.46 range support. Conversely, if buyers push the price above the 20-day EMA, it will indicate that the bulls are trying to make a comeback. The bullish momentum could increase if the pair climbs above $0.67. The pair could then climb to the formidable resistance of $0.74.
ADA, DOGE, SHIB, TON and AVAX Coin analysis
Cardano (ADA) price analysis
ADA broke out from the 20-day EMA ($0.68) on March 18. Thus, it broke below the 50-day SMA ($0.62) on March 19. ADA is trying to gain support at $0.57. However, the recovery attempt is likely to face selling in the moving averages. If the price turns down from the moving averages, it will increase the chances of a break below $0.57. ADA is likely to slide to $0.53 later.
If buyers push the price above the 50-day SMA, it is possible for the ADA to reach the 20-day EMA. This remains the critical overhead resistance to watch out for. A break above this level will indicate that selling pressure has diminished.
Dogecoin (DOGE) price analysis
cryptokoin.comAs you follow from , bears sold DOGE recovery attempts on March 17. Thus, it pulled the price below the 20-day EMA ($0.15) on March 18. The selling continued on March 19, and DOGE fell to the strong support of $0.12 on March 20. Buyers are expected to protect the 50-day SMA ($0.11). However, they may have difficulty pushing the price above $0.16.
The 20-day EMA has started to turn down and the RSI is just below the midpoint. This shows that the bears have a slight advantage. The bulls will regain command with a break above $0.16. It is possible that this will pave the way for a rally to $0.19.
Avalanche (AVAX Coin) price analysis
The long wick on the AVAX Coin March 18 candlestick indicates profit booking at higher levels. Selling accelerated and the AVAX Coin price reached the $50 breakout level on March 20. Buyers will try to turn the $50 level into support. If they are successful, it is possible for the AVAX Coin price to rise again towards $65.
If AVAX Coin price turns down from the overhead resistance, it could consolidate between $50 and $65 for a while. A breakout and close below $50 indicates that the bulls are rushing to the exit. This, in turn, is likely to push AVAX Coin price lower to the next solid support at the 50-day SMA ($42). The bulls will need to push the price above $65 to signal a resumption of the uptrend.
Shiba Inu (SHIB) price analysis
SHIB fell below the $0.000029 support on March 16. Thus, the bears successfully hedged the retest on March 17. This shows that the bears are trying to turn $0.000029 into resistance. SHIB fell to $0.000023 on March 20, the 61.8% Fibonacci retracement level, the last bastion of support. If this level is broken, it is possible for SHIB to decline to the 50-day SMA ($0.000017). The deeper the decline, the longer it will take for a new upward move to begin.
The bulls will need to push the price above the resistance line and sustain it to indicate that the correction is over. SHIB is likely to later reach the overhead resistance at $0.000035 and eventually $0.000039.
Toncoin (TON) price analysis
Toncoin (TON) declined to the 20-day EMA ($3.39). However, the bulls aggressively bought the dip as seen from the strong bounce on March 17. The bears sold the rallies and attempted to sink the price below the 20-day EMA on March 18 and 19. However, the bulls held their ground. Buyers are trying to keep the price above $4.15. If they achieve this, TON is likely to rise to $4.60. A breakout and close above this level will indicate that the next leg of the uptrend will begin at $5.64.
The most important support to watch on the downside is the 20-day EMA. The bears will need to sink the price below the 20-day EMA to indicate that a local top may be in place.
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