Price Analysis of Major Cryptocurrencies: BTC, ETH, XRP, and More
The recent price analysis of major cryptocurrencies highlights Bitcoin’s challenges maintaining upward momentum, Ether’s struggle at resistance levels, and significant volatility in XRP, BNB, SOL, ADA, DOGE, PI, LEO, and HBAR. Market indicators signal mixed sentiments, with potential bullish reversals contingent upon breaking key resistance levels amid broader economic pressures.
On March 11, Bitcoin (BTC) saw a bounce from $76,606 but failed to maintain a price above $84,500 the following day. Aurelie Barthere, Principal Research Analyst at Nansen, indicated that Bitcoin is undergoing a macro correction within a bull market, with significant levels to watch being between $71,000 and $72,000. Moreover, Glassnode reports align with this, suggesting that persistent selling could lead Bitcoin to bottom out near $70,000.
The broader market, including the US stock market, has also faced downward pressure recently. However, a potential positive for the bulls is the decline in the US Dollar Index (DXY) from its previous highs above 110. As Bitcoin tends to inversely correlate with the dollar, this could signal a nearing bottom for the cryptocurrency.
Bitcoin’s price analysis reveals that it dropped below $78,258 on March 10, reaching $76,606 the next day. Despite this, the inability of bears to sustain lower prices suggests strong buying interest. A relief rally appears constrained at the 20-day exponential moving average (EMA) of $87,262. A bullish divergence in the relative strength index (RSI) indicates buyer momentum, with hopes for price ascension towards the 50-day simple moving average (SMA) of $94,654.
Ether (ETH) has declined beneath its $1,993 support level as of March 9, falling to $1,754 by March 11. The bulls are attempting a recovery, which may meet resistance at the former support level of $2,111. Should ETH encounter a significant bounce off this resistance, it could imply further declines, possibly dipping to $1,500 if the $1,754 level fails.
XRP (XRP) fell below the $2 level on March 11, but the selling pressure did not hold, as evidenced by long candlestick tails. Currently, the recovery struggles at the 20-day EMA of $2.35. If XRP breaks below $2, this may form a bearish head-and-shoulders pattern, further risking a drop to $1.28. Conversely, a breakout above the 20-day EMA could propel XRP to the 50-day SMA of $2.58.
BNB (BNB) turned upward from $507 on March 11, indicating strong defense of the $500 to $460 support range by bulls. While facing resistance at the 20-day EMA of $592, a break above this level would signal a retention in the $460 to $745 range, potentially re-establishing bullish momentum after surpassing the 50-day SMA of $628.
Solana (SOL) experienced a rebound from $112 on March 11, suggesting strong support at $110. There are early signs of positive divergence in the RSI, hinting at weakening bearish momentum. A bullish confirmation would occur with a solid break and hold above the 20-day EMA at $145, whereas any downward movement could threaten a drop to $80.
Cardano (ADA) indicates an effort to halt its decline following a rebound off the uptrend line on March 11. Bears continue to pose selling pressures at moving averages, which could lead to further declines below the uptrend line towards $0.60. A decisive break and close above these levels could pivot the market back in favor of bulls, targeting $1.02.
Dogecoin (DOGE) slid to the $0.14 support level on March 11, where bulls are attempting to maintain stability. Should prices turn downward from the 20-day EMA of $0.20, it raises the likelihood of breaking below $0.14 and potentially triggering a further drop to $0.10. Conversely, breaking above the 20-day EMA may indicate a shift in market sentiment towards bullish momentum.
Pi (PI) is currently supported at the Fibonacci retracement level of $1.20, suggesting buying at these lower levels. Resistance is anticipated at the 20-day EMA of $1.69, and between $2; a breakout above $2 could signal the end of the correction, while falling below $1.20 may lead to lower prices around $0.72.
UNUS SED LEO (LEO) has been consolidating below the $10 level for multiple days, forming an ascending triangle pattern that may complete on a break above $10. This movement could resume an upward trend towards a target of $12.04. However, if LEO fails to maintain its uptrend and drops below the uptrend line, it could descend to $8.30.
Hedera (HBAR) rebounded off the $0.17 level on March 11, with bears currently pressing down at the 20-day EMA of $0.22. A continuation of the bearish trend could lead HBAR below $0.17 and towards $0.12. However, a strong break above the 20-day EMA would signify reduced selling pressure and could facilitate an upward movement towards $0.29.
In summary, the recent analysis of major cryptocurrencies indicates significant market fluctuations as investors react to various price levels and resistance points. Bitcoin shows signs of a potential reversal, while Ethereum and XRP present high volatility near critical support levels. The altcoin market, including BNB, SOL, ADA, DOGE, PI, LEO, and HBAR, is grappling with mixed signals, reflecting a cautiously optimistic outlook amidst broader market pressures, particularly from the US stock market and dollar fluctuations.
Original Source: cointelegraph.com
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