According to crypto analyst Rakesh Upadhyay, technical charts are starting to suggest that Bitcoin (BTC) is at the end of its bear market cycle. That’s why traders believe this could yield positive results for most altcoins. What are the important levels to watch out for in altcoins including Bitcoin and SHIB? The analyst puts the top 10 cryptocurrencies on the table to find out.
Cryptocurrency market overview
cryptocoin.comAs you follow, Bitcoin has been holding above the $25,000 level for the past few days. This raises the possibility that the bear market is over. Generally, in the early stages of a new bull cycle, few analysts remain in disbelief and wait for the downtrend to resume. Another group of traders continues to wait for the drop to buy at lower levels, but the price is not mandatory. Finally, traders sitting on the fence throw towels and buy. This is probably when the fix will happen. Such a pullback would shake off the weaker hands and transfer the asset into the hands of faithful investors.
When establishing a new trend, certain events tend to cause an immediate reaction, but a trend reversal is unlikely. In the case of Bitcoin, too, a drop is possible to trap aggressive bears. However, the bear market is unlikely to continue. Now it’s time for analysis…
BTC, ETH, BNB, XRP and ADA analysis
Bitcoin (BTC): Dominated by the bulls
After two days of consolidation, Bitcoin broke above the overhead resistance of $28,500 on March 22. This shows that the bulls are showing their dominance.
The upward sloping 20-day exponential moving average or EMA ($25,180) and the relative strength index, or RSI, in the overbought zone indicate that the path of least resistance is on the upside. A break above $28,500 will open the way for a possible rally to the $30,000-$32,500 resistance zone. In case of a correction, the first support to watch on the downside is $25,250. If the price reverses from this level, it indicates that the head and shoulders neckline (H&S) pattern has turned into support. The issue will arise if the $25,250 level is broken. Because this could trigger a few bull stops. BTC could then decline to the 200-day simple moving average or the SMA ($20,020).
Ethereum (ETH): Bulls do not expect a deep correction
ETH bounced off $1,717, showing that the bulls have bought the small dips and are not waiting for a deeper correction to buy. However, the failure of buyers to break through the $1,842 barrier shows that the bears are maintaining this level with all their might.
Usually, a tight consolidation near a local top indicates that the bulls are not closing their positions in a hurry as they wait for another foot higher. The rising 20-day EMA ($1,679) and the RSI in the positive zone suggest that the bulls have a slight advantage. If buyers push the price above $1,842, ETH could bounce back to $2,000 and then attempt to rally to $2,200. This bullish view will be invalid in the near term if the price declines and dips below the 20-day EMA. ETH could drop to $1,600 later.
Binance Coin (BNB): Bears are fiercely holding this level
The failure of the bulls to push BNB above $346 over the past few days indicates that the bears are holding the level fiercely. This may have caused short-term bulls to book profits, pulling the price towards the 20-day EMA ($314).
If the price bounces back from the 20-day EMA, this will indicate that sentiment has turned positive and traders see the dips as a buying opportunity. The bulls will then make another attempt to break the $346 barrier. If they are successful, BNB could rise to $400. On the other hand, if the price breaks below the 20-day EMA, it will indicate the start of a deeper correction towards the 200-day SMA ($288). BNB can then oscillate between $280 and $346 for a few days.
Ripple (XRP): There is a confluence of acquisitions
XRP spiked above the 200-day SMA ($0.40) and the stiff overhead resistance at $0.43 on March 21, signaling a buying confluence.
After the sharp rally, traders seem to be taking profits around $0.50. This resulted in a pullback to the breakout level of $0.43. If the bulls turn this level to support, XRP could try to climb above $0.50 again. If this happens, XRP could rally to $0.56. A break and close above this level will indicate the start of a potential new uptrend. Conversely, if the price continues to decline and dips below the $0.43 support, it will indicate that traders are rushing towards the exit. This could trap aggressive bulls and drop XRP to the 200-day SMA.
Cardano (ADA): Lower levels attract buyers
ADA broke above the moving averages on March 21, showing that lower levels are attracting buyers.
However, the bears have not given up yet and are trying to stop the recovery at $0.39, as seen from the long wick on the March 21 and March 22 candlesticks. Responsibility for turning the moving averages to support lies with the bulls. If they can do this, ADA could rally up to the neckline of the evolving H&S pattern. Conversely, if the price drops and dips below the moving averages, it will indicate that higher highs continue to attract sellers. ADA could drop to $0.30 later.
DOGE, MATIC, SOL, DOT and SHIB analysis
Dogecoin (DOGE): Indecision between bulls and bears
DOGE has been trading between $0.07 and the 200-day SMA ($0.08) for the past few days. This signals indecision between the bulls and bears about the next directional move.
The flat moving averages and the RSI near the midpoint suggest that range-bound action may continue for a while. The first sign of strength will be a break and close above the 200-day SMA. This could open the doors for a possible rise to $0.09 and then to $0.10. If the bears want to gain the upper hand, they will need to push the price below the $0.07 support. DOGE could then decline to $0.06 and then the critical support at $0.05.
Polygon (MATIC): There is a lack of direction
MATIC has been swinging above and below the 20-day EMA ($1.15) for the past few days, indicating a lack of direction. Bulls buy on lows and bears sell on rallies.
The flat 20-day EMA ($1.15) and the RSI just below the midpoint give neither the bulls nor the bears a clear advantage. This suggests that MATIC could consolidate between $1.05 and $1.30 for a while. The longer the price consolidates in the range, the stronger the eventual breakout from it will be. If the bulls push the price above $1.30, the MATIC could rally to $1.57 and then $1.75. Alternatively, if the price dips below the 200-day SMA ($0.96), it will indicate that the bears are in control again. MATIC could drop to $0.69 later.
Solana (LEFT): Bears hold their positions
Buyers tried to push the SOL above the downtrend line on March 20, but the bears held their ground. A small plus in favor of the bulls is that they do not allow the price to drop below the 20-day EMA ($21.18).
The RSI is in the positive territory, pointing to a slight advantage for buyers. If the bulls push the price above the downtrend line, this will signal a potential trend reversal. The SOL could rise to $27.12 first, where the bears could put up a strong defense again. If the buyers break this hurdle, SOL can gain momentum and rally to $39. Conversely, if the price drops from the current level and dips below the 20-day EMA, it will indicate that the bears are trying to gain the upper hand. SOL could drop to $15.28 later on.
Polkadot (DOT): Bulls try to turn important level into support
The DOT bounced off the 200-day SMA ($6) on March 21, indicating that the bulls are attempting to turn the level into support.
The flat 20-day EMA ($6.18) and the RSI near the midpoint signal a balance between supply and demand. This balance will turn in favor of buyers if they push the price above the 61.8% Fibonacci retracement level of $6.85. DOT could then climb to the neckline of the evolving H&S pattern. The bears may have other plans. They will try to maintain the general resistance and push the price below the 200-day SMA. If they do, the DOT could drop back to $5.15.
Shiba Inu (SHIB): A break seems imminent
SHIB is stuck between the downtrend line of the descending channel pattern and the psychological support at $0.000010.
This narrow gap trade is unlikely to continue for long. So a breakout for SHIB looks imminent. The price is holding on to the downtrend line, which indicates that SHIB price is likely to break above the channel. There is a minor resistance at $0.000012, but if this level is crossed, SHIB could rise to $0.000016. This positive view will be rejected in the near term if SHIB price declines and settles below the $0.000010 support. This could push the SHIB price to $0.000008.
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