Weekly Trade Levels for MATIC, DOGE and These 6 Coins! – Cryptokoin.com

The banking crisis in the US has led to aggressive buying in certain altcoins such as Bitcoin and MATIC, which are approaching hard general resistance levels. So, can Bitcoin and major altcoins sustain their short-term bullish momentum? Crypto analyst Rakesh Upadhyay examines the charts to find out.

Cryptocurrency market overview

cryptocoin.comAs you follow, three banks (Silvergate Bank, Silicon Valley Bank and Signature Bank) collapsed in a matter of days. This in turn boosted demand for US government bonds, bringing the 2-year Treasury yield down 100 basis points to 4.06% since March 8. This was the biggest three-day drop since October 22, 1987, when a stock market crash dropped yields by 117 points. The Federal Reserve has announced that it has created a $25 billion Bank Term Finance Program to support businesses and households. However, regional banks have not felt this yet. This shows that stock traders are nervous.

Daily cryptocurrency market performance / Source: Coin360

However, amid all the turmoil, it is an encouraging sign to see Bitcoin leading the cryptocurrency’s recovery from the front. Bitcoin rebounded above $24,000 on March 13 and has come a long way from hitting the local low of $19,549 on March 10. Now it’s time for analysis…

BTC, ETH, BNB and XRP analysis

Bitcoin (BTC): Lower levels attract buyers

BTC price rebounded from the 200-day SMA ($19,717) on March 10 and gained momentum after breaking above $21,480. This suggests that lower levels are attracting buyers.

The bulls continued the upward march and broke the $22,800 barrier on March 13. This opens the doors for a retest of the stiff overhead resistance at $25,250. If buyers break this hurdle, BTC could witness aggressive short positioning. That could skyrocket the price to $30,000. On the contrary, if the price breaks down from overhead resistance, BTC could oscillate between the 200-day SMA and $25,250 for a while. Such a move will be a positive sign and increase the likelihood of a break above the overall resistance. This positive view may be invalidated if the price drops and falls below the 200-day SMA.

Ethereum (ETH): Recovery strengthened

ETH recovered from support near $1,352, which indicates aggressive buying at the lower levels. The recovery strengthened after the bulls pushed the price back above $1,461.

ETH surged above the 20-day EMA ($1,565) on March 12, indicating that the bulls are back in the game. Buyers will then try to extend the relief rally to the overhead resistance of $1,743. The flattening 20-day EMA and RSI in the positive zone suggest that the momentum is in favor of the bulls. If buyers break the resistance at $1,743, ETH could rally to the psychological level of $2,000.

Binance Coin (BNB): Sellers failed to continue

BNB completed a bearish H&S pattern on March 9, but sellers were unable to build on this negative pattern. Buyers bought the dip on March 10, as seen from the long tail on the day’s candlestick.

Buying continued on March 12 and the bulls pushed the price back above the 200-day SMA. This may have trapped aggressive bears who rushed to close their short positions. This may be the reason for the sharp upside move that pushed the price back to the overhead resistance at $318 on March 13. If the bulls break this hurdle, BNB could rise to $338. If the price turns down from this level, BNB could consolidate between $338 and $265 for a few days.

Ripple (XRP): Consolidation could be resolved to the downside

XRP has been consolidating near the strong support at $0.36 for the past few days. Usually, a tight consolidation near support dissolves to the downside.

The downward sloping 20-day EMA ($0.37) and the RSI, both in negative territory, suggest that the path of least resistance is to the downside. If the price drops from the current level and closes below $0.36, XRP could drop to the support line of the descending channel pattern. Buyers are likely to defend the support near $0.33. Alternatively, a break and close above the channel would be the first sign that the bears are losing control. XRP could then rally to the 200-day SMA ($0.39) and then to $0.43.

ADA, MATIC, DOGE and SOL analysis

Cardano (ADA): Bulls are buying solid

ADA settled below the 61.8% Fibonacci retracement level of $0.30, but the bears failed to sustain lower levels. This indicates a solid buying by the bulls.

MATIC

ADA retraced above the 20-day EMA ($0.34). The area between the moving averages is likely to be aggressively defended by the bears. If the price declines from the current level, ADA could retest the strong support at $0.30. If this level is broken, ADA could drop to $0.27 and then to $0.24. Conversely, if buyers push the price above the 200-day SMA ($0.36), it will suggest that the correction phase may be over. ADA could rally to $0.42 later.

Polygon (MATIC): Strong uptake at lower levels

MATIC rebounded from the 200-day SMA ($0.95) on March 10 and reached the 20-day EMA ($1.16) on March 12.

MATIC

The bears tried to stop the recovery at the 20-day EMA on March 13, but the long tail on the day’s candlestick shows strong buying at the lower levels. Buyers pushed MATIC price above the 20-day EMA, paving the way for a rise to $1.30. On the contrary, if the MATIC price drops from the current level, it will show that the bears are holding the 20-day EMA. In this case, MATIC may stay between the moving averages for a while.

Dogecoin (DOGE): Bulls will work for it

DOGE rose from $0.06 on March 10 and broke above the $0.07 resistance on March 12. The bulls will then try to push the price to the downtrend line.

MATIC

The falling 20-day EMA ($0.07) and the RSI in the negative territory suggest that the bears are in control. If the price breaks from the 20-day EMA or the downtrend line, the DOGE could drop back to $0.06. If this level gives way, DOGE could extend the decline to $0.05. Conversely, if the bulls pierce the overhead resistance at the 200-day SMA ($0.08), it will indicate that the markets are rejecting the lower levels. This could push the price to $0.10 and eventually $0.11.

Solana (SOL): Rally faces strong selling

SOL started rallying at $16 on March 10, but the relief rally faces strong selling at the 20-day EMA ($20.69).

MATIC

The bears will attempt to push the price back down to the solid support at $15.28. A break below this critical support could accelerate the sell-off and drop SOL to $12.69. If the bulls want to avoid the decline, they will have to push the price above the 20-day EMA and sustain it. This could result in a retest of the strong overhead resistance zone between the 200-day SMA ($23) and the downtrend line. A break above this zone could signal a potential trend reversal.

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