Relevant news from Silvergate Bank and FTX may have influenced investors’ decision to hit the sell button. But the potential for further declines may remain limited, according to Crypto analyst Rakesh Upadhyay. On the downside, what are the key levels that could act as support and start the recovery in major altcoins including Bitcoin and DOGE? The analyst lays out the top 10 cryptocurrencies to find out.
An overview of the cryptocurrency market
cryptocoin.comAs you follow, Bitcoin is driving the crypto markets downwards and the issue is getting worse due to the ongoing problems of Silvergate Bank. This week, the cryptocurrency-focused bank said it needed additional time to submit its annual 10-K report and warned it may not be operational for another 12 months. Reacting to this news, several crypto companies announced that they have reduced or canceled their partnership with Silvergate Bank. Uncertainty about the future of the bank and its overall impact on the cryptocurrency industry may have caused an immediate reaction. However, if the contagion does not spread, the negativity may be limited.
Another positive point for the cryptocurrency markets is that the US stock markets are trying to recover. This indicates that traders continue to add risk to their portfolios at lower levels. This risk appetite could limit the downside in Bitcoin and certain altcoins. Now it’s time for analysis…
BTC, ETH, BNB, XRP and ADA analysis
Bitcoin (BTC): Traders may be taking profits
The failure of Bitcoin to rise above the $24,000 level may have encouraged traders to take profits. Selling accelerated on March 3 and the bears dragged the price below the $22,800 close support.
The 20-day exponential moving average ($23,332) is still flat, but the relative strength index (RSI) drops below 44, indicating that short-term momentum is turning bearish. The next important support to watch on the downside is $21,480. Buyers are expected to defend this level with all their might. Because, a break and close below this could open the doors for a retest of the psychologically important $20,000 level. Alternatively, if the price rises above $21,480, the bulls will attempt to clear the overhead barrier at $22,800. If they do, BTC could be stuck between $21,480 and $25,250 for a few more days.
Ethereum (ETH): Bears vigorously defend this level
ETH declined once again from the overhead resistance of $1,680 on March 2, showing that the bears are vigorously defending the level.
Traders appear to have sold aggressively on March 3, which broke the support at the 50-day SMA ($1,607). ETH could decline to the critical support of $1,461 where buyers could try to stop the pullback. If the price rebounds strongly from $1,461, this indicates that ETH could stay in a range for a few days. The bulls will be back in the game if they push and sustain the price above $1,680. Conversely, if the price dips below $1,461, the correction could deepen to $1,352.
Binance Coin (BNB): Bears beat bulls
The symmetrical triangle pattern on BNB turned bearish on March 3, showing the bears outweigh the bulls.
BNB could decline to strong support at $280. This is an important level to consider. Because, if it breaks, BNB will complete a bearish head and shoulders pattern. This downside setup has a target target of $245. If the bears want to avoid the sharp decline, they will have to fiercely protect the $280 level. If the price bounces back from this level, BNB could oscillate between $280 and $318 for a while. BNB could continue higher above $338.
Ripple (XRP): Traders sell on rallies
The bulls pushed XRP to the 20-day EMA ($0.38) on March 1, but failed to break through the upper hurdle. This shows that sentiment remains negative and Traders are selling on rallies.
The bears lowered the price on March 2 and increased the selling pressure on March 3. This dragged the price below the strong support at $0.36. If the price stays below this level, the decline may extend to the support line of the descending channel formation. If the bulls want to gain the upper hand in the near term, they will have to push the price above the resistance line of the channel. If they do, XRP could start a rally towards $0.43.
Cardano (ADA): Bears are selling higher
ADA tried to recover from $0.34 on March 1, but the bears sold higher and dragged the price below the March 3 support.
The long tail on the daily candle indicates that the bulls are trying to anticipate support at $0.32. Buyers will have to push the price back above $0.34 if they want to strengthen their position. ADA could rise to the 20-day EMA ($0.37), where the bulls may face stiff resistance from the bears. If the price drops from the overhead resistance and dips below $0.32, it will show that the bears are in control. ADA could then start the next leg of the slide at $0.27.
DOGE, MATIC, SOL, DOT and LTC analysis
Dogecoin (DOGE): Completes the downward descending triangle pattern
DOGE broke below the $0.08 support on March 3, completing the bearish descending triangle pattern.
DOGE could decline to support near $0.07 first. Buyers are expected to aggressively maintain this level. If DOGE price rises above this level, the recovery could reach $0.08. This is where bulls and bears will engage in a fierce battle for supremacy. If DOGE price drops below $0.08, it will show that the bears have turned the level into resistance. This could increase the probability of a drop to the $0.06 pattern target. On the other hand, DOGE could rally to $0.10 if buyers push the price above $0.08.
Polygon (MATIC): Bulls fail to break overall barrier
MATIC bounced off the 50-day SMA ($1.18) on March 1, but the bulls failed to break through the overall hurdle at the 20-day EMA ($1.27).
Selling gained momentum on March 3 and the bears sent the price below the 50-day SMA. If the price stays below the 50-day SMA, the MATIC could slide to the strong support at $1.05. Another possibility is for the price to recover and close above the 50-day SMA. If this happens, it will signal solid buy at lower levels. The bulls will then again try to break through the $1.30 barrier and gain the upper hand.
Solana (LEFT): Bulls failed
The bulls once again failed to push Solana SOL above the 20-day EMA ($22.77) on March 1. This attracted more sales and pushed the price to $19.68.
The 20-day EMA has started to decline and the RSI is approaching 43, indicating that the bears have a slight advantage. The SOL could reach the crucial support at $19.68, which could attract strong buying from the bulls. If the price rebounds strongly at $19.68, the bulls will attempt to push the SOL back above the 20-day EMA and challenge the resistance line. Conversely, if the $19.68 support is broken, the SOL could witness an aggressive sell-off that could push the price down to $15.
Polkadot (DOT): Bears sell on minor rallies
The bulls pushed the DOT above the 50-day SMA ($6.47) on March 1, but failed to surpass the 20-day EMA ($6.60). This shows that the bears are selling on small rallies.
The price fell on March 2 and once again retreated below the 50-day SMA. This attacker may have caught the bulls off guard. Selling gained momentum on March 3 and the bears are attempting to push the DOT down to the strong support at $5.50. The bulls are expected to fiercely defend this level. The 20-day EMA remains the key resistance to watch out for on the upside. A break above this will be the first indication that selling pressure may be easing.
Litecoin (LTC): Bulls failed to sustain higher
LTC bounced off the 50-day SMA ($93) on February 28 and broke above the 20-day EMA ($94) on March 1. However, the bulls failed to sustain higher levels.
The price dropped from $98 on March 2 and settled below the moving averages on March 3. This may have triggered a few short-term buyers’ stops by pulling LTC towards the first support near $85. If this level fails to hold, LTC could drop to $81 and then to $75. Key resistance levels to watch on the upside are the moving averages followed by $98. Buyers will have to break both barriers if they want to signal a reversal.
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