litecoin

Bitcoin and select altcoins are close to breaking out of their overhead resistance levels, indicating that bulls remain in control of the crypto market.

Bitcoin (BTC) is up about 71% in Q1 2023, which is the first positive quarter after four consecutive quarters of negative returns in 2023, according to data from Coinglass. This shows that the sentiment has turned positive and the bulls are trying to put a bottom in Bitcoin.

When the undercurrent is bullish, negative news results in shallow corrections. That is what happened after the United States Commodity Futures Trading Commission slapped a lawsuit against Binance and its CEO Changpeng Zhao for trading violations. This news pulled the markets marginally lower but did not start a strong down move.

Another thing that happens in a bullish environment is that cryptocurrencies move up without any specific catalyst. That happened on March 29 when Bitcoin and several major altcoins turned up sharply.

Could Bitcoin and select altcoins start the next leg of the uptrend and where is the rally likely to face resistance? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

In an uptrend, traders typically buy the pullbacks to the 20-day exponential moving average ($26,371). The long tails on the March 27 and 28 candlestick show just that.

The rising 20-day EMA and the RSI above 63 indicate that bulls are in control. The buyers will try to cement their dominance further by thrusting the price above $28,868.

If they succeed, the BTC/USDT pair is likely to soar to $30,000 and then continue the rally to the critical resistance at $32,500. The bears will try to halt the up-move in this zone because a rally above $32,500 could clear the path for a sharp rally to $40,000.

Time is running out for the bears. They will have to first pull the price below the 20-day EMA and then retest the breakout level of $25,250. If this level also fails to hold up, the pair may plummet to the 200-day simple moving average ($20,281).

Ether price analysis

Ether (ETH) bounced off the $1,680 support on March 28, signaling that lower levels are attracting buyers. This keeps the price stuck between $1,680 and $1,857.

The upsloping 20-day EMA ($1,720) and the RSI near 58 suggest that the bulls have the upper hand. If buyers nudge the price above $1,857, the ETH/USDT pair could rally to $2,000 and thereafter make a dash to $2,200.

On the contrary, if sellers want to prevent this bullish move, they will have to quickly yank the price below the $1,680 support. If that happens, the pair could skid to $1,600 and subsequently nosedive to $1,461.

BNB price analysis

BNB (BNB) sank below the 20-day EMA ($316) on March 26 but the bears could not maintain the selling pressure. The bulls purchased the dip and pushed the price above the 20-day EMA on March 29.

Buyers will next try to overcome the obstacle at the downtrend line. If they can pull it off, the BNB/USDT pair may climb to the overhead resistance zone between $338 and $346. The bears are expected to defend this zone with all their might because if it gives way, the pair could soar toward $400.

Contrarily, if the price reverses direction from the current level or the downtrend line, it will suggest that the sentiment remains negative and bears are selling on rallies. The pair may then collapse to the 200-day SMA ($290).

XRP price analysis

XRP (XRP) picked up momentum on March 27 and broke above the immediate resistance zone of $0.49 to $0.51 on March 28.

The bulls continued their buying spree on March 29 and sent the XRP/USDT pair flying above the crucial resistance at $0.56. If bulls sustain the price above $0.56, it will indicate the start of a new uptrend. The pair may rally to $0.65 and then to $0.80.

The long wick on the March 29 candlestick shows that bears are selling the rally above $0.56. If the price turns down and plunges below $0.49, it will indicate that the current breakout may have been a bull trap. The pair could then fall to $0.43.

Cardano price analysis

Cardano (ADA) broke below the 20-day EMA ($0.35) on March 27 but it proved to be a bear trap. The price turned up and soared above the moving averages on March 28.

The bulls have overcome the immediate resistance at $0.39, clearing the path for a potential rally to the neckline of the inverse head and shoulders (H&S) pattern. If bulls sustain the momentum and thrust the price above the neckline, it will complete the bullish setup. That may start a new up-move which has a pattern target of $0.60.

On the downside, a break and close below $0.33 will be a warning sign that bears are back in the game. That may sink the ADA/USDT pair to the vital support at $0.30.

Dogecoin price analysis

Dogecoin (DOGE) remains stuck between the 200-day SMA ($0.08) and $0.07. This consolidation could act as a launchpad for the next directional move.

A break and close above the 200-day SMA will be the first sign that the bulls have absorbed the selling. That could attract further buying and catapult the price to the overhead resistance zone between $0.10 and $0.11.

Another possibility is that the price turns down from the 200-day SMA and plunges below the support at $0.07. If that happens, it will suggest that bears have overpowered the bulls. The DOGE/USDT pair could then drop to $0.06.

Polygon price analysis

Polygon (MATIC) rebounded off the strong support at $1.05 on March 28, indicating that the bulls are fiercely protecting this level.

The bulls extended the recovery on March 29 by shoving the price above the 20-day EMA ($1.12). If buyers sustain the breakout, it will clear the path for a possible rally to the overhead resistance zone between $1.25 and $1.30.

Conversely, if the price turns down and breaks below the $1.05 support, it will suggest that the bears are selling on relief rallies. The MATIC/USDT pair may then slide to the 200-day SMA ($0.97). This is an important support to keep an eye on because if it cracks, the next stop could be $0.69.

Related: 'Definitely not bullish' — 7% Bitcoin price gains fail to convince traders

Solana price analysis

Solana (SOL) has been trading between the downtrend line and the horizontal support of $18.70 for the past few days.

The bulls have been buying the dips to $18.70 but they have failed to propel the price above the downtrend line. This indicates that bears are active at higher levels. This state of uncertainty is unlikely to remain for long.

If buyers force the price above the downtrend line, it will suggest a potential trend change. The SOL/USDT pair could first rise to $27.12 and later attempt a rally to $39. Contrarily, a break below $18.70 could stretch the fall to $15.28.

Polkadot price analysis

Polkadot (DOT) closed below the 200-day SMA ($5.95) on March 27 but the bears could not build upon the advantage and sink the price below $5.70.

The bulls purchased at lower levels and pushed the price back above the 200-day SMA on March 28. Buyers boosted their strength further by kicking the price above the 20-day EMA ($6.11). The DOT/USDT pair could next climb to $6.70. This is an important short-term resistance for the bulls to overcome.

If they succeed in doing that, the pair may attempt a rally to the neckline of the inverse H&S pattern. This positive view will be negated if the price plummets below the $5.70 to $5.15 support zone.

Litecoin price analysis

Litecoin (LTC) slipped below the 20-day EMA ($87) on March 28 but the long tail on the candlestick shows solid buying at lower levels.

The bulls continued their purchases on March 29 and are trying to push the price above the immediate resistance of $96. If they manage to do that, the LTC/USDT pair could surge to the strong overhead resistance at $106. The rising 20-day EMA and the RSI near 55 indicate a minor advantage to buyers.

If bears want to gain the upper hand, they will have to pull the price below the uptrend line. If that happens, the pair could slump to the strong support at $75.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin and altcoins could see profit taking and risk-off positioning as the weekend approaches and investor concerns about Deutsche Bank arise.

The European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. The latest selling was triggered after Deutsche Bank’s credit default swaps, which offer protection to the buyer against specific risks, soared on March 23 without any known catalyst. That pulled down the shares of the German lender by 11%. 

European Central Bank President Christine Lagarde attempted to calm the markets, saying that the euro area baking sector was strong due to the regulatory reforms introduced after the Global Financial Crisis. That could be one of the reasons for the solid recovery in the United States equities markets from the intraday lows.

Although the banking crisis has been positive for Bitcoin’s (BTC) price, the trend may pause if the contagion spreads. During times of panic, traders sell assets to curtail risk. At that time, if Bitcoin does not break below the $25,000 to $20,000 support zone, it will suggest that the bear phase is over.

Could Bitcoin and most major altcoins witness a minor correction? What are the important support levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin formed an inside-day candlestick pattern on March 23, indicating uncertainty among buyers and sellers. The bulls want to extend the up-move but the bears are in no mood to relent. That has kept the price inside a small range.

Generally, a tight consolidation near a local high is a sign that traders are not booking profits in a hurry because they anticipate the uptrend to continue. The rising 20-day exponential moving average ($25,595) and the relative strength index (RSI) near the overbought zone indicate that bulls are in command.

If the price rebounds off $26,500 with strength, the bulls will again try to start the next leg of the rally. That could propel the price to $30,000 and then to $32,500.

The $25,250 support remains the key level because a break and close below it may indicate a bull trap. The BTC/USDT pair could then collapse toward the 200-day simple moving average ($20,095).

Ether price analysis

Ether (ETH) rose above the overhead resistance of $1,842 on March 23 but the bulls could not sustain the breakout as seen from the long wick on the candlestick.

The bears are trying to strengthen their position by pulling the price toward the 20-day EMA ($1,693). This remains the key level to watch out for on the downside.

If the price rebounds off this level, it will suggest that traders continue to view the dips to the 20-day EMA as a buying opportunity. The bulls will then again try to clear the overhead barrier and catapult the price to $2,000.

This positive view will be negated in the near term if the price plunges below the 20-day EMA. That could tug the price to $1,600 and then to $1,461.

BNB price analysis

BNB (BNB) bounced off the 20-day EMA ($316) on March 23 but the bulls are struggling to sustain the relief rally. This shows that the bears are pouncing on every minor recovery.

Sellers will try to tug the price below the 20-day EMA. If they do that, the BNB/USDT pair could drop to $300 and then to the 200-day SMA ($289). The bulls are expected to fiercely defend the zone between the 200-day SMA and $265.

Alternatively, if the price rebounds off the 20-day EMA, it will suggest that the sentiment remains positive and traders are buying the dips. The pair could pick up momentum above $346 and the next stop on the upside is $400.

XRP price analysis

XRP (XRP) formed consecutive inside-day candlestick patterns on March 22 and 23, indicating indecision among buyers and sellers.

A minor positive for the bulls is that they have successfully defended the 200-day SMA ($0.40) for the past three days. This suggests that the 200-day SMA could now act as the new floor.

Sometimes, after a sharp move, the price tends to consolidate for a few days before resuming a trending move. In this case, buyers will have to thrust the price above $0.51 to signal the start of the next leg of the uptrend. On the downside, a break below the moving averages may result in a retest of $0.36.

Cardano price analysis

The bulls have been sustaining Cardano (ADA) above the moving averages since March 21 but have failed to reach the neckline of the inverse head and shoulders (H&S) pattern. This suggests selling by the bears near $0.39.

The 20-day EMA ($0.34) is trying to turn up and the RSI is just above the midpoint, indicating a slight advantage to the bulls. If the price turns up from the 20-day EMA, the likelihood of a rally to the neckline increases. A break above the H&S pattern indicates the start of a new potential up-move.

Contrarily, if the price slips below the 20-day EMA, it will suggest that bears are trying a comeback. A break and close below $0.30 may accelerate selling and yank the price to $0.24.

Dogecoin price analysis

The bulls have been trying to push Dogecoin (DOGE) above the 200-day SMA ($0.08) but the bears have not let their guard down.

The bears will next try to pull the price to the strong support at $0.07. A strong bounce off this level will suggest that the DOGE/USDT pair may remain stuck between the $0.07 to the 200-day SMA for a while longer.

A break and close above the 200-day SMA will be the first indication that the bulls have overpowered the bears. That may start an up-move toward the stiff overhead resistance zone of $0.10 to $0.11. Conversely, if the $0.07 support cracks, the pair may plummet to $0.06.

Polygon price analysis

Polygon (MATIC) has been trading below the 20-day EMA ($1.14) since March 20. This suggests that the bears are trying to flip the 20-day EMA into resistance.

A minor positive in favor of the bulls is that the bears have not been able to sink the price below the strong support zone of $1.05 and the 200-day SMA ($0.96). This suggests strong buying at lower levels.

If buyers push the price above the 20-day EMA, the MATIC/USDT pair may rise toward the overhead resistance at $1.30. Such a move will suggest that the pair may continue its range-bound action between $1.05 and $1.30 for some more time. A break above or below this range could start the next trending move.

Related: BTC price centers on $28K as Deutsche Bank shares follow Credit Suisse

Solana price analysis

The price action in Solana (SOL) has narrowed down further and is now stuck between the moving averages. This suggests indecision among the bulls and the bears about the next directional move.

The flat 20-day EMA ($21.17) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.

To gain the upper hand, buyers will have to drive the price above the overhead resistance zone between the downtrend line and $27.12. If they do that, it will signal a potential trend change. The SOL/USDT pair may then attempt a rally to $39.

On the contrary, if the price breaks below the 20-day EMA, the bears will try to drag the pair to the crucial support zone between $18.70 and $15.28.

Polkadot price analysis

Polkadot (DOT) has been trading close to the 200-day SMA ($5.98) for the past few days. The failure of the bulls to achieve a strong rebound off an important support indicates a lack of demand at higher levels.

This increases the risk of a break below the 200-day SMA. If that happens, the DOT/USDT pair could slide to $5.15. This is an important support to keep an eye on because a break below it will open the doors for a probable retest of $4.22.

This short-term bearish view will be invalidated if the bulls push and sustain the price above the 61.8% Fibonacci retracement level of $6.85. If this level is taken out, the pair could reach the neckline of the developing H&S pattern.

Litecoin price analysis

Litecoin (LTC) is making a strong comeback. The momentum picked up after the bulls pushed the price above the 20-day EMA ($85) on March 22.

The RSI has climbed into the positive territory and the 20-day EMA has started to turn up, indicating that bulls have the upper hand. Buyers will try to challenge the overhead resistance at $106 where the bears may mount a strong defense. If bulls clear this hurdle, the LTC/USDT pair may rally to $115 and subsequently to $125.

Conversely, if the price once again turns down from $106, it will suggest that bears are not willing to relent. That could pull the price down to the 20-day EMA. A break below this support will hint at a possible range formation in the short term.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.