While market sentiment remains negative, Bitcoin and other cryptocurrencies are seeing buying at lower levels, which may indicate that the bottom is near.
Investors are seeking safe-haven assets as a result of the geopolitical tensions between Russia and Ukraine. Contrary to investor expectations, Bitcoin (BTC) has not risen in lockstep with gold, and it remains highly associated with the US stock markets.
Lloyd Blankfein, the former CEO of Goldman Sachs, stated that while governments’ activities such as suspending accounts, limiting payments, and inflating the US dollar should all benefit crypto, the price action indicates a lack of big inflows.
According to on-chain data, investors may be hoarding Bitcoin for the long run. According to Santiment data, Bitcoin has been removed from exchanges in 21 of the last 26 weeks.
Could Bitcoin reclaim the $40,000 mark and so lift altcoins higher? To learn more, let’s examine the charts of the top ten cryptocurrencies.
BTC/USDT
Bitcoin has been striving to establish a base for several weeks. Bulls have been buying on dips to the support line, while bears have been selling on rallies to the resistance line.
The crisscrossing moving averages and the near-45 relative strength index (RSI) indicate a little bearish advantage. If the immediate support level of $37,000 fails to hold, the BTC/USDT pair may fall to the channel’s support line.
A big return from this level would indicate that bulls are stockpiling at lower levels. After that, the bulls will aim to push the price above the moving averages. If they do so, the pair may rise to the channel’s resistance line.
Traders should be vigilant for a break above or below the channel, as this might signal the commencement of a powerful trending move.
ETH/USDT
On March 6, Ether (ETH) fell below the symmetrical triangle pattern’s support line and closed below it, indicating that the continuation pattern has resolved in favor of the bears.
The bulls have taken advantage of the dip and are attempting to re-enter the triangle. If they succeed, it will imply that the current breakdown was a bear trap. A break and closure above the moving averages might take the ETH/USDT pair to the psychological level of $3,000 and then to the symmetrical triangle’s resistance line.
On the other hand, if the price falls below $2,491, the chances of a collapse to the support zone between $2,300 and $2,159 grow. This is a critical zone for bulls to maintain because if it breaks, selling might become more intense and the downtrend could continue. The pair may then fall into the next significant support level at $1,700.
BNB/USDT
On March 4, BNB fell below its 20-day exponential moving average (EMA) ($387). On March 5 and 6, bulls attempted but failed to push the price back over the level.
If the price remains below the 20-day exponential moving average, the BNB/USDT pair may fall to firm support at $350. This is a critical level to monitor because if it cracks, the slide might extend all the way to the strong support zone between $330 and $320.
If, on the other hand, the price rises and breaks above the moving averages, bulls will aim to push the pair to $425 and then to $445. This level may draw significant selling, but if bulls overcome it, the uptrend might reach $500.
XRP/USDT
Ripple (XRP) has bounced off the 50-day simple moving average (SMA) ($0.72) once more, showing that bulls are defending the level with vigor. The buyers will now attempt to drive the price above and sustain it above the downtrend line.
If they succeed, the momentum will likely accelerate and the XRP/USDT pair will likely soar to $0.85 and eventually $0.91. Bears are anticipated to stage a strong resistance in the $0.91 to $1 range. If the price breaks and closes over $1, the enormous range between $1.41 and $0.50 becomes relevant.
This bullish perspective will be rendered incorrect in the short term if the price breaks through the downtrend line and falls below $0.62. This may pave the way for a probable slide to the strong support level of $0.50.
LUNA/USDT
Terra’s LUNA token has fallen below the overhead resistance level of $94 and may now test the 20-day exponential moving average ($74). Bulls buy falls to the 20-day EMA during uptrends, making this a critical key to watch.
If the price bounces from the 20-day exponential moving average, buyers will attempt to push and sustain the LUNA/USDT pair above $94. The continuously ascending 20-day EMA and the bullish RSI signal an advantage for buyers.
A break and closing above $94 might propel the pair to an all-time high of $103, the pair’s all-time high. The bulls must overcome this obstacle in order to signify the restart of the upswing.
Alternatively, if the price breaks below the 20-day exponential moving average, the pair may fall to the $70 breakout level. A break below this support level could indicate that the bears are gaining the upper hand.
SOL/USDT
Solana (SOL) fell below the 20-day exponential moving average (EMA) on March 4 and came dangerously close to the strong support level of $81 on March 7. This is a critical level to monitor.
If the SOL/USDT pair breaks and sustains below $81, a falling triangle pattern may be completed. This might be interpreted as a restart of the downturn. The pair might then fall to $66 before continuing its decline toward the pattern goal of $40.
Bears have an advantage due to downsloping moving averages and an RSI in the negative region. In contrast to this belief, if the price increases and breaks above the downtrend line, it indicates that the bears’ hold on the market may be slipping. After that, the pair might rally to $122.
ADA/USDT
Cardano (ADA) recovered off immediate support around $0.82 on March 5, but bulls were unable to take the market above the 20-day exponential moving average ($0.92).
Bears have the upper hand, as shown by downsloping moving averages and an RSI in the negative area. If the price breaks and holds below $0.82, the ADA/USDT pair may fall below the pair’s strong support level of $0.74. If this support also fails to hold, the slide may extend to the next support level at $0.68.
Alternatively, if the price rises from its current level, bulls will attempt to push the pair over the 20-day exponential moving average. If they succeed, the pair may retest the $1 breakdown level. A break and closure above this level could signal the beginning of the bulls’ rebound.
AVAX/USDT
On March 4, Avalanche (AVAX) fell below the moving averages, and the bears resisted bullish attempts to bring the price back above the 20-day exponential moving average ($78) on March 5.
On March 6, the selling resumed and the price approached the uptrend line. Bulls have purchased this drop and are attempting to drive the price above the moving averages once more. If they succeed, the AVAX/USDT pair might approach the descending channel’s downtrend line. The bulls will need to break over this barrier to suggest a possible trend change.
On the other hand, if the price reverses from its current level and breaks below the uptrend line, selling may escalate and the pair may decline toward firm support at $51.
DOT/USDT
Polkadot (DOT) rallied off a significant support level of $16 on March 5, but bulls were unable to push the price above the 20-day exponential moving average ($17). This indicates that bears are attempting to profit from rallies to this level.
On March 6, the selling persisted and the DOT/USDT pair fell below a solid support level of $16, where buyers jumped in. This indicates that the pair is trapped between the 20-day exponential moving average and $16.
If bears succeed in bringing the price below $16, the pair may fall below the intraday low set on Feb. 24. A break and closing below this support level could pave the way for another drop to $10.
Alternatively, if the price climbs over the current level or rebounds from the $16 to $14 range, bulls will attempt to push the pair above the 50-day simple moving average ($17). If they succeed, it indicates that the bears’ grasp may be slipping. After that, the pair might rally to $23.
DOGE/USDT
The bulls are attempting to defend the solid support level at $0.12, but their inability to do so indicates a lack of demand at lower levels. This increases the likelihood of a break below the support level. If this occurs, Dogecoin (DOGE) may fall to $0.10.
Both moving averages are sloping downward, and the RSI is negative, indicating that the path of least resistance is to the downside. However, purchasers are likely to vigorously defend the zone between $0.12 and $0.10.
If the market rebounds from this zone, the bulls will attempt to clear the moving averages obstacle once more. A break and closure above the 50-day SMA ($0.14) will signal the conclusion of the downtrend.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
