Bitcoin (BTC) has remained above the $25,000 level for the past few days, raising the possibility that the bear market is over. In general, in the early stages of the new bull phase, some analysts remain skeptical and expect another downward trend.
Another group of traders continues to wait for a drop to buy at a lower level but the price is not binding. Finally, the traders who are sitting on the fence throw in the towel and buy and that’s when the correction will happen. Such a pullback shakes the weak hand and transfers the asset into the hands of investors with confidence.
When a new trend is established, certain events tend to cause a knee-jerk reaction, but it is unlikely that the trend will be reversed. In the case of Bitcoin as well, the drop to the aggressive bear trap is possible but there is a low probability that the bear market will continue.
What are the important levels to watch out for in the ups and downs of Bitcoin and altcoins? Let’s study the chart of the 10 best cryptocurrencies to find out.
Bitcoin price analysis
After a two-day consolidation, Bitcoin has risen above the $28,500 overhead resistance on March 22. This indicates that the bulls have asserted their dominance.
The rising 20-day exponential moving average ($25,180) and the relative strength index (RSI) in the overbought zone indicate the path of least resistance is up. A break above $28,500 will clear the path for a possible rally to the resistance zone of $30,000 to $32,500.
In case of a correction, the first support to watch is $25,250. If the price rebounds from this level, it will suggest that the neckline of the head and shoulders (H&S) pattern has flipped to support.
Problems will arise if the $25,250 level is cracked as it could trigger some bull stops. The BTC/USDT pair could then nosedive towards the 200-day simple moving average ($20,020).
Ether price analysis
Ether’s (ETH) bounce from $1,717 shows that bulls are buying small edits and are not waiting for a deeper correction to buy. However, buyers failed to overcome the barrier at $1,842, indicating that the bears are protecting this level with all their might.
Usually, a tight consolidation near the local top indicates that bulls are not closing positions quickly because they are expecting another leg higher. Rising 20-day EMA ($1,679) and RSI in positive territory indicate that bulls have a slight edge.
If buyers push the price above $1,842, the ETH/USDT pair may jump to $2,000 and later try to rally to $2,200. This bullish view will be invalidated in the near term if the price breaks down and breaks below the 20-day EMA. The pair could then drop to $1,600.
BNB price analysis
The failure of the bulls to push BNB (BNB) above $346 in the past few days suggests that the bears are strongly guarding that level. That may have resulted in profit-booking by short-term bulls, which pulled the price to the 20-day EMA ($314).
If the price rebounds from the 20-day EMA, it will suggest that sentiment has turned positive and traders see the decline as a buying opportunity. The bulls will then make one more attempt to overcome the odds at $346. If they succeed, the BNB/USDT pair could go up to $400.
On the other hand, if the price falls below the 20-day EMA, it will suggest the start of a deeper correction towards the 200-day SMA ($288). The pair can then oscillate between $280 and $346 for several days.
XRP price analysis
XRP (XRP) skyrocketed above the 200-day SMA ($0.40) and stiff overhead resistance of $0.43 on March 21, indicating a buying stampede.
After a sharp rally, traders seem to be taking profits near $0.50. That has resulted in a pullback to the $0.43 breakout level. If the bulls flip this level to support, the XRP/USDT pair may once again attempt to rise above $0.50. If that happens, the pair could rise to $0.56. A break and close above this level will indicate the start of a potential new uptrend.
On the contrary, if the price continues to decline and breaks below the $0.43 support, it will suggest that traders rush to exit. That can trap an aggressive cow and put the couple into SMA for 200 days.
Cardano price analysis
Cardano (ADA) rose above its moving average on March 21, indicating that lower levels are attracting buyers.
However, the bears have not given up and are trying to prevent a recovery at $0.39 as seen from the long axis of the candlesticks on March 21st and 22nd. The onus is on the bulls to roll the moving average to support. If possible, the ADA/USDT pair could rally to the neckline of the developing H&S pattern.
On the contrary, if the price falls and falls below the moving average, it will indicate that the higher level continues to attract sellers. The pair could then drop to $0.30.
Dogecoin price analysis
Dogecoin (DOGE) has been trading between $0.07 and the 200-day SMA ($0.08) for the past few days. This indicates indecision between the bulls and bears about the next directional move.
A flat moving average and an RSI close to the midpoint indicate that the action in the range may continue for some time. The first sign of strength is a break and close above the 200-day SMA. That can open the door to be able to go up to $0.09 and later to $0.10.
If the bears want to get the upper hand, they need to put the price below the support at $0.07. The DOGE/USDT pair could then go down to $0.06 and then to important support at $0.05.
polygon price analysis
Polygon (MATIC) has been swinging above and below its 20-day EMA ($1.15) over the past few days, indicating a lack of direction. Bulls buy on dips while bears sell on rallies.
The flat 20-day EMA ($1.15) and the RSI below the midpoint do not give a clear advantage to either the bulls or the bears. This suggests that the MATIC/USDT pair may consolidate between $1.05 and $1.30 for some time.
The longer the price is consolidated in the range, the stronger the breakout will be. If the bulls force the price above $1.30, the pair could accelerate to $1.57 and then to $1.75. Alternatively, if the price breaks below the 200-day SMA ($0.96), it will suggest a bearish return. The pair could then drop to $0.69.
related: Why is the price of Cardano increasing today?
Solana price analysis
Buyers tried to push Solana (SOL) above the downtrend line on March 20 but bears persisted. A minor positive 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 positive territory, indicating slight gains for buyers. If the bulls push the price above the downtrend line, it will signal a potential trend change. The SOL/USDT pair could first rise to $27.12 where the bear could make a strong defense again. If buyers can overcome this hurdle, the pair could gain momentum and rally to $39.
Conversely, if the price falls from the current level and breaks below the 20-day EMA, it will suggest that the bear is trying to gain the upper hand. The pair could then slide to $15.28.
Polka dot price analysis
Polkadot (DOT) bounced off the 200-day SMA ($6) on March 21, indicating that the bulls are trying to turn the level into support.
The 20-day moving average ($6.18) and the RSI near the midpoint signal a balance between supply and demand. This balance will tilt the buyers if they push the price above the 61.8% Fibonacci retracement level of $6.85. The DOT/USDT pair can then rise to the neckline of the developing H&S pattern.
The Bears likely have other plans. They will try to protect the overhead resistance and drop the price below the 200 day SMA. If they do, the pair could drop back to $5.15.
Shiba Inu Price Analysis Kab
Shiba Inu (SHIB) is increasing between the downtrend line of the descending channel pattern and psychological support at $0.000010.
This tight range trading won’t last long and a breakout looks imminent. The price has stuck to the downtrend line, which indicates that the SHIB / USDT pair tends to rise above the channel. There is a small resistance at $0.000012 but if this level is crossed, the pair can go up to $0.000016.
This positive view will be rejected in the near term if the price declines and falls below the $0.000010 support. That could pull the pair down to $0.000008.
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