Cryptocurrency Price Analysis – March 5: Bitcoin, Ether, XRP and More
Recent price analysis for Bitcoin and leading altcoins highlights market indecision, with Bitcoin attempting to recover above $90,000 amid potential resistance. Ether is also under strain at $2,000, while other cryptocurrencies including XRP, BNB, and Solana face critical support levels. Investors are encouraged to be cautious and await clearer market signals.
On March 4, Bitcoin (BTC) showed signs of recovery from $81,500, with bulls aiming to surpass $90,000 by March 5. However, analysts highlight potential resistance at $94,000, cautioning against expecting a significant rally in the near term. Observations from CryptoQuant indicate Bitcoin may be in a consolidation phase, and investors should wait for strategic buying opportunities.
The technical analysis for Bitcoin reveals a formation of a symmetrical triangle, denoting market indecision. The BTC/USDT pair has encountered resistance at the 20-day exponential moving average (EMA) of $91,174. A breakout beyond this level could see Bitcoin targeting the 50-day simple moving average (SMA) at $97,259, but risks a decline towards previous lows if it fails to maintain momentum above the EMA.
Ether (ETH) dipped below $2,000 on March 4 but subsequently found buyer support, evidenced by a candlestick tail. Resistance at the 20-day EMA ($2,467) poses a challenge, as the price may fall to $1,750 if bears succeed in driving it below key support at $2,111. A closure above the downtrend line may signal bullish momentum towards $3,400.
For XRP, analysis shows it trapped in a descending channel, suggesting fluctuating buying and selling pressures. Holding above the 20-day EMA ($2.47) is crucial; a breakout could lead to a rise toward $3.40, but failure could drop the price to $1.27.
BNB experienced a breakdown below $557 on March 4, facing recovery attempts likely challenged at the 20-day EMA ($619). A swift downturn from this resistance may increase selling risks, potentially dropping BNB to $500 unless it surpasses the 50-day SMA ($646), which could rally it to $686.
In terms of Solana (SOL), the price is being defended at $125, with minor resistance seen at $151. A drop below $125 would indicate further selling pressure, possibly leading to a decline toward $110. A sustainable rise above $161 would signal buyer strength.
Cardano (ADA) has seen volatility, bouncing off the 20-day EMA ($0.80). A sustained price above $1 would allow further upward movement toward $1.25. Conversely, falling below $1 could trap the price within a range between the EMA and $1 for an extended period.
Dogecoin (DOGE) has faced resistance at the 20-day EMA ($0.23) and dipped below a support line, although the price has held above $0.18. Buyers need to regain traction above the EMA to avoid deeper declines toward $0.10 if the price closes below $0.18.
Pi (PI) experienced a notable surge from $0.10 to $3 before experiencing profit-taking, with support now at $1.55. A strong rally could resume beyond $3, pushing towards $4.45. However, falling below $1.55 may lead to further losses toward $1.20.
In Hedera (HBAR), trading has remained between moving averages but leans towards bulls with the 20-day EMA turning upwards. A close above $0.26 could result in gains towards $0.32; anything below $0.22 suggests bear control with targets at $0.17.
Chainlink (LINK) recently dipped below a descending channel’s support, yet buyers managed to stem the decline. A successful push above the 20-day EMA ($16.67) would indicate reduced selling pressure, with potential for a rally to $20.12. Conversely, sustaining below the support line could escalate selling to $10 below $13.08.
In summary, Bitcoin and various altcoins exhibit a mix of cautious optimism and uncertainty. While Bitcoin and Ether face significant resistance levels, altcoins like XRP, BNB, and Solana are navigating critical support zones. Market participants should closely monitor these cryptocurrencies for key resistance and support levels that could signal future price movements. Overall, it is prudent to exercise caution and conduct thorough research in this volatile market.
Original Source: cointelegraph.com
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