cryptocoin.com In this article, we will include analyst Rakesh Upadhyay’s predictions about BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE and DOT cryptocurrencies. We would like to state that the realization of the predictions is not certain and each investor is responsible for doing his own research.
Predictions for BTC
BTC is digging higher daily lows and altcoins are holding on to their recent gains, suggesting a market bottom may be in place. U.S. stock markets and Bitcoin (BTC) have rebounded sharply from their February 24 lows, while gold has pulled back from its recent highs. This suggests that investors can buy risky assets and reduce exposure to perceived safe-haven assets. Can the bulls build on a strong bounce from the lower levels or will the bears sell higher and push the price down? Let’s examine the charts of the top 10 cryptocurrencies to find out.
BTC/USDT. Bitcoin formed an extra-day candlestick pattern on February 24. The bears pushed the price below the immediate support at $36,250, but the long tail on the day’s candlestick indicates that the bulls are buying strongly at the lower levels. If buyers push the price above the moving averages, the BTC/USDT pair could rally towards the overhead resistance at $45,821. Such a move suggests that the bears may be losing control. The longer the price stays above the moving averages, the more likely it is to bottom out. Conversely, if the price drops from the moving averages, it indicates that sentiment remains negative and traders are selling on rallies.
Predictions for Bitcoin (BTC)’s follower ETH
ETH/USDT. Ether (ETH) fell below the support line of the symmetrical triangle on February 24 but the bears were unable to sustain the lower levels. The long tail on the day’s candlestick indicates strong buys at the lower levels. The ETH/USDT pair has re-entered the triangle and the bulls are trying to push the price above the moving averages. If successful, the pair can rise to the resistance line of the triangle. A break and close above this level could indicate the start of a new possible uptrend. Contrary to this assumption, if the price drops from the moving averages, the bears will try to push the pair back below the support line of the triangle.
BNB/USDT. BNB dropped to the strong support zone from $330 to $320 on February 24 when buyers stepped in and stopped the decline. The strong recovery pushed the price above the $350 breakout level. The bulls are trying to push the price towards the moving averages where the bears are expected to build a strong defense. If the price drops from the moving averages, the bears will again try to keep and sustain the BNB/USDT pair below $350 and challenge the support zone. Alternatively, if the bulls push the price above the 50-day simple moving average (SMA) ($411), it suggests that selling pressure may decrease.
Predictions for XRP
XRP/USDT. Ripple (XRP) recovered the $0.62 support on Feb. 24 but the bulls failed to push the price above the overhead resistance at the 50-day SMA ($0.72). This resulted in the formation of a long-legged Doji candlestick pattern. The bulls are again trying to push the price above the moving averages. If they manage to do so, the XRP/USDT pair could rise to the downtrend line. The bulls will have to break through this hurdle to signal a possible change in the short-term trend. The pair could try to climb higher to $0.91 and later to $1.
ADA/USDT. Cardano (ADA) remains in a strong downtrend and the price has been trading at $1 below the critical level for the past few days. The long tail on the February 25 candlestick shows that the bulls have taken the drop as low as $0.74. The downward sloping moving averages and the relative strength index (RSI) below 37 suggest that the bears are in control. If the price breaks from the current level or the overhead resistance at $1, it indicates that the bears are continuing to sell in rallies. The bears will then try to push the pair below $0.74. Conversely, if the price rises above $0.90, the pair could rally to the $1 breakout level.
SOL/USDT. Solana (SOL) rebounded sharply from the intraday low on February 24 and closed above the breakout level at $81. The long tail on the day’s candlestick indicates strong buying at the lower levels. The bulls will need to clear the general hurdle at the 50-day SMA ($110) to indicate that selling pressure could drop. The SOL/USDT pair could then rise to the overhead resistance at $122. A break and close above this level will complete the double bottom pattern with a $163 pattern target.
AVAX/USDT. Avalanche (AVAX) tried to break above the moving averages on February 23 but the long wick on the day’s candlestick indicates strong selling at higher highs. The bears pulled the price to $64 on Feb. 24, but the bulls bought the drop. This shows that bulls buy on dips while bears sell on rallies. Both moving averages are sloping down and the RSI is just below the midpoint, indicating a minor advantage for the bears. If the price stays below the moving averages, the AVAX/USDT pair could retest $64.
LUNA and DOT predictions
LUNA/USDT. Terra’s LUNA token formed an extra-day candlestick pattern on February 24. Although the bears pulled the price below the 20-day exponential moving average (EMA) ($56), they were unable to sustain lower levels. The LUNA/USDT pair rebounded sharply from lows and closed above the 50-day SMA ($61). This indicates aggressive buying on dips. The 20-day EMA has started to rise and the RSI is in the positive zone, indicating that the bulls have prevailed. There is a minor resistance at $70. If the bulls break this hurdle, the pair could rally to the overhead zone between $85 and $87.
DOGE/USDT. Dogecoin (DOGE) recovered strong support at $0.10 on February 24 and closed above the breakout level at $0.12. However, the bulls failed to sustain the buying momentum, pointing to a lack of demand at higher levels. The bears will again try to push the price below $0.12 and challenge the psychological support at $0.10. A break and close below this level will be a huge downside and the DOGE/USDT pair could drop to $0.06. Alternatively, if the price rises from the current level, buyers will try to push the pair above the moving averages.
DOT/USDT. Polkadot (DOT) broke below strong support at $15.80 on Feb. 24, but the bears failed to sustain lower levels as seen from the long tail on the day’s candlestick. This indicates strong buying at lower levels. The falling moving averages and RSI in the negative territory suggest that the bears have a slight advantage. The bears are likely to establish a strong defense in the overhead zone between the 20-day EMA ($18.15) and the downtrend line. If the price drops from this zone, the bears will make another attempt to push and sustain the DOT/USDT pair below the strong support at $15.80.
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