Leading crypto analysts provided critical analysis for MATIC, SOL, BTC and these 7 altcoins! Here are the critical levels for these cryptocurrencies…
Analysts pointed to these cryptocurrencies while interpreting the markets!
Data from the Personal Consumption Expenditure (PCE) index showed an increase of 0.3 percent in February, below the 0.5 percent increase in January. Economists had predicted an increase of 0.4 percent, and PCE data show inflation gradually falling. Risk assets rose in response to the data, and some analysts expect the Federal Reserve to begin cutting interest rates by the end of the year. The FedWatch Tool shows a 50 basis point reduction with a 33 percent probability by December 2023. The cryptocurrency market is trying to get out of a long bear phase. This has increased sentiment and analysts are focusing on the long-term prospects of cryptocurrencies and blockchain technology.
According to a recent March report shared by Citibank, he stated that blockchain-based tokenization of real-world assets could rise to $4 to $5 trillion by 2030. Although the investment bank claims that these levels are a challenge for a short time, it states that they will eventually be overcome.
Bitcoin (BTC)
The bulls pushed Bitcoin (BTC) above $29,000 on March 30, but the long wick on the candlestick indicates that the bears have not given up yet and are selling on rallies.
When a level is too hard to beat, usually the price goes back before the next attempt. In this case, if the price fails to break above $29,000 again, the BTC/USDT pair could retreat to the 20-day exponential moving average ($26,707). A strong bounce from this level will indicate that sentiment remains positive and traders are buying from the dips. This will increase the likelihood of a break above $29,185. If the buyers are successful in their attempts, the pair could rally to the $30,000-$32,500 resistance zone. The first sign of weakness would be a drop below the 20-day EMA. Such a move would suggest that the bulls can book profits. This could result in the rest of the $25,250 breakout level. Below this level, the pair could slide towards the 200-day simple moving average ($20,342).
Ethereum (ETH)
Ethereum (ETH) is facing resistance near $1,857, showing that the bears are trying to protect this level with all their might. A positive sign in favor of the bulls is that they have left no ground for the bears.
The 20-day EMA ($1,736) and the relative strength index (RSI) rising in the positive territory increase the chances of a retracement above $1,857. If this happens, ETH/USDT could continue its upward move and reach the overhead resistance zone between $2,000 and $2,200. Contrary to this assumption, if the price drops below the 20-day EMA, it will indicate that the bulls have given up. This could push the price towards the strong support at $1,680. A break below this level could indicate that the bears are taking control. The pair could later decline to $1,600 and then to $1,461.
Binance Coin (BNB)
The relief rally for BNB faces selling in the region between the 20-day EMA ($316) and the downtrend line, but the bulls are holding on.
The 20-day EMA has flattened and the RSI is near the midpoint, indicating that selling pressure may be easing. Aggressive bears could be trapped if the price breaks above the downtrend line. This could cause a short squeeze that could push the price into the overhead resistance zone between $338 and $346. Conversely, if the price drops from the downtrend line and dips below $305, it will indicate that the bears are back in the driver’s seat. The BNB/USDT pair could then drop to the 200-day SMA ($290).
Ripple (XRP)
The March 29 candlestick for XRP shows that the bears are aggressively defending the $0.56 resistance.
The XRP/USDT pair formed an intraday candlestick pattern on March 30, showing the uncertainty between the bulls and bears. If the price declines below $0.52, the pair could retest the $0.49 break level. This is an important level to watch as a break below it could extend the correction as far as the 20-day EMA ($0.45). Another possibility is for the price to bounce off the current level and break above the $0.56 and $0.59 resistance area. If that happens, the pair could skyrocket to $0.65 and $0.80.
Cardano (ADA)
The bulls pushed Cardano after two days of hesitation. ADA is trading above the minor resistance at $0.39. The price has reached vital resistance at the neckline of the inverted head and shoulders (H&S) pattern.
The rising 20-day EMA ($0.36) and RSI in the positive territory suggest that the path of least resistance is to the upside. If the buyers push the price above the neckline, it will complete the reversal setup. The ADA/USDT pair could then rise towards the $0.60 pattern target. On the other hand, if the price turns down from the neckline, the bears will try to push the pair down to the moving averages. This is a critical level to watch as a slide below it could open the doors for a possible drop to $0.30.
Dogecoin (DOGE)
Dogecoin (DOGE) has been trading close to the 20-day EMA ($0.07) for the past few days, indicating indecision between the bulls and bears.
The flat 20-day EMA and the RSI near the midpoint give neither the bulls nor the bears an advantage. This uncertainty will disappear if the price breaks above the 200-day SMA or drops below $0.07. If the price rises above the 200-day SMA, the DOGE/USDT pair could gain momentum and rise towards the $0.10 to $0.11 resistance zone. The bears are likely to zealously defend this territory. On the downside, a break below $0.07 could cause a retest of the support near $0.06.
Polygon (MATIC)
Polygon (MATIC) broke above the 20-day EMA ($1.12) on March 29 and 30, but the bears held their ground. MATIC sellers will now attempt to push the price down to the strong support at $1.05.
The 20-day EMA for MATIC continues to drop, pointing to an advantage for the bears, but the RSI just below the midpoint indicates the bulls are attempting a reversal. This state of uncertainty may not continue for long. If MATIC price breaks and rises above the 20-day EMA, the MATIC/USDT pair could attempt a recovery towards the overhead resistance of $1.30. On the other hand, if the price breaks below the 200-day SMA ($0.97), selling could intensify and the MATIC could drop to $0.69.
Left (LEFT)
Solana (SOL) is above the 20-day EMA ($20.88) on March 29, but the bulls failed to break through the overall hurdle on the downtrend line.
The 20-day EMA is flat and the RSI is just below the midpoint, indicating an equilibrium between buyers and sellers. The SOL/USDT pair could continue to sway for a while between the support at $18.70 and the downtrend line. Usually, when the price is stuck between two levels, it is followed by a sharp breakout. If the price sinks below $18.70, the pair could drop to $15.28. Alternatively, a rally above the downtrend line would signal a potential trend reversal. The pair could then continue further north towards $39.
Polkadot (DOT)
Polkadot broke above the 20-day EMA ($6.13) on March 29, and the bulls thwarted any attempts by the bears to push the price below the March 30 level.
The 20-day EMA has flattened and the RSI is just above the midpoint, indicating an equilibrium between supply and demand. The DOT/USDT pair can fluctuate between $5.70 and $6.70 for several days. A break and close above the $6.70 resistance will open the doors for a potential rise to the neckline of the inverted H&S pattern. Conversely, if the price turns back and drops below $5.70, the pair could drop to $5.15.
Litecoin (LTC)
The bulls once again defended the 20-day EMA ($87) on March 30, indicating strong demand for Litecoin at lower levels.
Buyers will have to push the price above $96 to signal that the short term correction phase may be over. The LTC/USDT pair will then attempt to rise to $106, where the bulls will likely face strong resistance from the bears. Alternatively, if the price drops from the current level or downtrend line, it indicates that the bears are not willing to give up. This will increase the probability of a break below the 20-day EMA. The pair could drop to $75 later.
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