litecoin

The strength in the U.S. dollar suggests that the risky assets may remain under pressure in the near term, but Bitcoin and select are showing signs of resilience.

On March 7, United States Federal Reserve Chairman Jerome Powell warned that interest rates may remain higher for longer than previously anticipated. This boosted expectations of a 50 basis points rate hike in the Fed’s March meeting to about 70% from 30% a week earlier, FedWatch Tool data suggests.

The U.S. dollar shot up and the S&P 500 plunged after Powell’s comments on March 7 but a minor positive in favor of the cryptocurrency investors is that Bitcoin (BTC) stayed relatively calm. The next trigger that could influence the markets is the February Jobs report to be released on March 10.

Although the macroeconomic environment is not favorable for risky assets, Bitcoin has shown relative resilience. This suggests that Bitcoin investors are not panicking and dumping their positions due to the short-term uncertainty.

Will Bitcoin and the major altcoins continue lower or is a rebound around the corner? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bulls are finding it difficult to push Bitcoin back above the breakdown level of $22,800. This suggests a lack of aggressive buying at current levels. That could pull the price down to the crucial support of $21,480. This is the make-or-break level in the near term.

The moving averages have completed a bearish crossover and the relative strength index (RSI) is in the negative territory, indicating that bears are in command.

If the price breaks below $21,480, the bears will fancy their chances. They will then try to yank the price to the psychologically important level of $20,000. Buyers are expected to defend the zone between $21,480 and $20,000 with all their might because a break below it may witness aggressive selling.

If bulls want to prevent the sharp decline, they will have to quickly push the price back above the moving averages. That could signal a possible range-bound action between $21,480 and $25,250.

ETH/USDT

Buyers are trying to protect the $1,550 level on Ether (ETH) but a minor negative is that they have failed to achieve a strong rebound off it. This suggests that the bears are selling on every small recovery.

The 20-day exponential moving average ($1,599) has started to turn down and the RSI is in the negative zone, indicating that bears have the upper hand. If the $1,550 support cracks, the ETH/USDT pair may drop to $1,461.

This level may again attract strong buying by the bulls. If the price rebounds off this level with strength, it will suggest that the pair may consolidate between $1,461 and $1,743 for some time. Contrarily, a break below $1,461 will open the doors for a possible drop to $1,352. This level may again attract strong buying by the bulls.

BNB/USDT

BNB (BNB) bounced off the $280 support on March 6 and March 7 but the bears pounced at higher levels. This suggests that the sentiment remains negative and every minor recovery is being sold into.

If the $280 gives way, the BNB/USDT pair will complete a bearish head and shoulders pattern. This negative setup may start a downward move to $245 where buyers will try to arrest the decline.

Another possibility is that the bulls sustain the current rebound. Such a move will indicate that the buyers are fiercely defending the $280 support. That may start a recovery to the 20-day EMA ($299).

The bears are expected to sell the rally to the 20-day EMA. If that happens, the pair may again slide to $280. On the contrary, a break above the 20-day EMA will be the first sign that suggests the bears may be losing their grip.

XRP/USDT

XRP (XRP) rebounded off the $0.36 support with strength and soared above the resistance line of the descending channel on March 8, a sign that the bulls are buying with full force.

If buyers sustain the price above the 50-day simple moving average ($0.39), it will suggest a potential trend change in the near term. The XRP/USDT pair may then start its march toward $0.43 where the bears are again likely to mount a strong defense. If the price turns down from this level, the pair may oscillate between $0.36 and $0.43 for a while longer.

Conversely, if the price turns down from the current level, it will suggest that the bears are not willing to let the bulls have their way. Sellers will then again try to pull the pair below $0.36 and clear the path for a possible drop to $0.33.

ADA/USDT

Cardano (ADA) bounced off $0.32 on March 7 but the bulls could not build upon this strength. This shows a lack of follow-up buying at higher levels.

The bears are again trying to pull and sustain the price below $0.32 on March 8. If they manage to do that, there is another support at the 61.8% Fibonacci retracement level of $0.30. If this level breaks down, the selling could intensify and the ADA/USDT pair may plummet to the 78.6% Fibonacci retracement level of $0.27.

Contrary to this assumption, if the price turns up from the current level or $0.30, the pair may again attempt a recovery. The bulls will gain the upper hand after they propel the price above the moving averages.

DOGE/USDT

Dogecoin (DOGE) has been gradually grinding down toward the strong support near $0.07 but a minor positive is that lower levels are attracting buyers as seen from the long tail on the March 6 and March 7 candlestick.

The bulls are trying to push the price toward the breakdown level of $0.08. This level is likely to attract strong selling by the bears. If the price turns down from $0.08, the DOGE/USDT pair may drop to $0.07 and remain stuck between these two levels for some time.

The bears may find it difficult to break the support near $0.07 but if they do, the pair could tumble to the next major support near $0.06. On the upside, a break and close above the downtrend line will signal the start of a possible recovery toward $0.10.

MATIC/USDT

Polygon (MATIC) has been trading in a tight range for the past few days, which resolved to the downside on March 8. The failure to start a recovery suggests that the bulls may be wary of buying at the current levels.

The MATIC/USDT pair could slide to the strong support at $1.05 where the bulls will try to protect the level. If the price rebounds off this support, the pair could pullback to the moving averages.

This is an important level to keep an eye on because a break and close above it may suggest that the correction may be over. The pair may not start a new up-move in a hurry but remain range-bound for a few days.

On the other hand, if the price turns down from the moving averages, it will suggest that bears continue to sell on rallies. The bears will then again try to sink the price below $1.05. If they succeed, the pair may slip to $0.90.

Related: Brace for BTC price volatility? Bitcoin ‘coin days destroyed’ metric jumps to 2-month highs

SOL/USDT

Solana (SOL) remains in a firm bear grip. The failure to start a rebound off the crucial support at $19.68 shows that buyers may not be jumping in to buy.

The bears have yanked the price below $19.68 on March 8. This indicates the start of the next leg of the correction. The bears will try to strengthen their position further by pulling the SOL/USDT pair toward the next major support near $15.

If bulls want to prevent this collapse, they will have to quickly push the price back above the 20-day EMA ($21.80). That may start a relief rally to the resistance line, where the bears may again pose a strong challenge.

DOT/USDT

Polkadot (DOT) turned down and broke below the support at $5.73 on March 8. This indicates that the bears are trying to solidify their position further.

There is a strong support at $5.56 but if this level cracks, the DOT/USDT pair may enter a downward spiral. The next support is much lower at $4.80.

Contrary to this assumption, if the price rebounds off $5.56, the pair could reach the 20-day EMA ($6.30). During downtrends, the bears try to sell on rallies to the 20-day EMA. If the price turns down from this level, the likelihood of a break below $5.56 increases.

If bulls want to make their presence felt, they will have to drive the price above the moving averages.

LTC/USDT

Litecoin (LTC) turned down and broke below the immediate support of $85 on March 7. This indicates the resumption of the correction.

The LTC/USDT pair could first fall to the $81 support. The bounce off this level may face selling near the 20-day EMA ($92). If the price turns down from the 20-day EMA, the next stop could be the vital support at $75. This level is likely to attract solid buying by the bulls.

The farther the price moves away from the local top of $106, the longer it will take for the pair to resume its uptrend. The recovery is likely to pick up momentum after the price sustains above the moving averages.

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.

Concerning news from Silvergate Bank and FTX may have influenced investors’ decision to press the sell button, but the potential for further downside could be limited.

Bitcoin (BTC) is leading the cryptocurrency markets lower and the matter is being exacerbated by Silvergate Banks' ongoing issues. This week the cryptocurrency-focused bank said that it needed additional time to file its annual 10-K report and warned that it may not be able to operate for another 12 months. Reacting to this news, several cryptocurrency companies announced that they were reducing or canceling their partnerships with Silvergate Bank. 

The uncertainty regarding the future of the bank and its overall impact on the cryptocurrency sector may have caused a knee-jerk reaction. However, if the contagion does not spread, the downside may be limited.

Another positive for the cryptocurrency markets is that the United States equities markets are attempting to start a recovery. This suggests that traders continue to add risk to their portfolios at lower levels. This risk-on sentiment may limit the downside in Bitcoin and select altcoins.

What are the important levels on the downside that may act as a support and start a recovery in Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The failure to rise above the $24,000 level may have tempted traders to book profits. The selling accelerated on March 3 and the bears pulled the price below the immediate support at $22,800.

The 20-day exponential moving average ($23,332) is still flat but the relative strength index (RSI) has plunged below 44, indicating that the short-term momentum has turned bearish. The next crucial support to watch on the downside is $21,480.

Buyers are expected to defend this level with all their might because a break and close below it could open the doors for a retest of the psychologically important level of $20,000.

Alternatively, if the price rebounds off $21,480, the bulls will try to clear the overhead hurdle at $22,800. If they do that, it will indicate that the BTC/USDT pair may remain stuck between $21,480 and $25,250 for a few more days.

ETH/USDT

Ether (ETH) once again turned down from the overhead resistance of $1,680 on March 2, indicating that bears are defending the level with vigor.

The traders seem to have sold aggressively on March 3, which broke the support at the 50-day SMA ($1,607). The ETH/USDT pair may next drop to the critical support at $1,461 where the buyers may try to arrest the pullback.

If the price rebounds off $1,461 with strength, it will suggest that the pair may stay inside a range for a few days. The bulls will be back in the game if they push and sustain the price above $1,680. On the contrary, if the price slips below $1,461, the correction could deepen to $1,352.

BNB/USDT

The symmetrical triangle pattern in BNB (BNB) resolved to the downside on March 3, indicating that the bears overpowered the bulls.

The BNB/USDT pair could plummet to the strong support at $280. This is an important level to keep an eye on because if it cracks, the pair will complete a bearish head and shoulders pattern. This negative setup has a target objective of $245.

If bears want to prevent the sharp decline, they will have to fiercely guard the $280 level. If the price rebounds off this level, the pair may oscillate between $280 and $318 for some more time. The pair could turn bullish above $338.

XRP/USDT

The bulls pushed XRP (XRP) to the 20-day EMA ($0.38) on March 1 but could not clear the overhead barrier. This suggests that the sentiment remains negative and traders are selling on rallies.

The bears turned the price down on March 2 and increased the selling pressure on March 3. This pulled the price below the strong support at $0.36. If the price sustains below this level, the decline may extend to the support line of the descending channel pattern.

If bulls want to gain the upper hand in the near term, they will have to push the price back above the resistance line of the channel. If they do that, the XRP/USDT pair may start an upward march to $0.43.

ADA/USDT

Cardano (ADA) tried to rebound off $0.34 on March 1 but the bears sold at higher levels and yanked the price below the support on March 3.

The long tail on the day’s candlestick shows that the bulls are trying to project the support at $0.32. Buyers will have to propel the price back above $0.34 if they want to strengthen their position. The ADA/USDT pair could then rise to the 20-day EMA ($0.37) where the bulls may face stiff resistance from the bears.

If the price turns down from the overhead resistance and dives below $0.32, it will suggest that bears have taken control. The pair could then start the next leg of the slide to $0.27.

DOGE/USDT

Dogecoin (DOGE) plunged below the $0.08 support on March 3, which completed the bearish descending triangle pattern.

The DOGE/USDT pair could first drop to the support near $0.07. Buyers are expected to guard this level aggressively. If the price turns up from this level, the rebound could reach $0.08. This is where the bulls and the bears are likely to have a tough battle for supremacy.

If the price turns down from $0.08, it will suggest that bears have flipped the level into resistance. That may increase the possibility of a drop to the pattern target of $0.06. On the other hand, if buyers thrust the price above $0.08, the pair may rally to $0.10.

MATIC/USDT

Polygon (MATIC) jumped from the 50-day SMA ($1.18) on March 1 but the bulls could not clear the overhead hurdle at the 20-day EMA ($1.27).

The selling picked up momentum on March 3 and the bears sent the price tumbling below the 50-day SMA. If the price sustains below the 50-day SMA, the MATIC/USDT pair could slide to the strong support at $1.05.

Another possibility is that the price recovers ground and closes above the 50-day SMA. If that happens, it will signal solid buying at lower levels. The bulls will then again try to overcome the barrier at $1.30 and gain the upper hand.

Related: Bitcoin price settles at $22.4K as daily RSI retraces 2023 bull run

SOL/USDT

The bulls once again failed to push Solana (SOL) above the 20-day EMA ($22.77) on March 1. That attracted further selling and pulled the price near $19.68.

The 20-day EMA has started to turn down and the RSI has slipped near 43, indicating that bears have a slight edge. The SOL/USDT pair could reach the important support at $19.68, which may attract solid buying by the bulls.

If the price rebounds off $19.68 with strength, the bulls will again try to push the pair above the 20-day EMA and challenge the resistance line. Conversely, if the $19.68 support cracks, the pair may witness aggressive selling which could sink the price to $15.

DOT/USDT

The bulls pushed Polkadot (DOT) back above the 50-day SMA ($6.47) on March 1 but they could not surmount the 20-day EMA ($6.60). This indicates that bears are selling on minor rallies.

The price turned down on March 2 and once again broke below the 50-day SMA. That may have caught the aggressive bulls off guard. The selling picked up momentum on March 3 and the bears are trying to sink the DOT/USDT pair to the strong support at $5.50. The bulls are expected to fiercely defend this level.

The 20-day EMA remains the key resistance to watch out for on the upside. A break above it will be the first indication that the selling pressure may be reducing.

LTC/USDT

Litecoin (LTC) bounced off the 50-day SMA ($93) on Feb. 28 and soared above the 20-day EMA ($94) on March 1. However, the bulls could not sustain the higher levels.

The price turned down from $98 on March 2 and broke below the moving averages on March 3. This may have triggered stops of several short-term buyers, pulling the LTC/USDT pair down toward the first support near $85. If this level fails to hold, the pair may dive to $81 and thereafter to $75.

The important resistance levels to watch on the upside are the moving averages and then $98. Buyers will have to demolish both these barriers if they want to signal a comeback.

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 started March on a positive note, but historically the month has recorded mediocre gains, which could be an early warning sign for crypto investors.

Bitcoin (BTC) was marginally positive in February even though the S&P 500 index (SPX) fell by 2.61%. On the first day of March, Bitcoin has started on a positive note while the United States equities markets are struggling. This shows that Bitcoin is trying to decouple from the U.S. equities markets.

A positive sign is that retail traders seem to have made the most of the crypto bear market. Instead of panicking and selling their holdings, traders have purchased at lower levels. Glassnode data shows that wallets holding at least one Bitcoin have consistently risen and are nearing the 1 million mark for the first time ever.

Historically, March has been a mediocre month for Bitcoin. Coinglass data shows that Bitcoin closed the month of March with double digit gains only twice in the past ten years, in 2013 and in 2021. Therefore, the possibility of continued consolidation in March remains high.

What are the critical levels that may act as major roadblocks for the recovery in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s $22,800 level has been acting as a solid support in the past few days, which is a positive sign. This indicates that the sentiment remains bullish and traders are viewing the dips as a buying opportunity.

The bulls have cleared the first hurdle at the 20-day exponential moving average ($23,435) and will next try to push the price toward the crucial resistance at $25,250. This is an important level for the bears to defend because a break and close above it may attract huge buying. The pair could then skyrocket to $31,000 as there are no major resistances in between.

On the contrary, if the price turns down from $25,250, it will suggest that the pair may remain range-bound for a few days. A consolidation near the local highs is a bullish sign as it shows that buyers are not rushing to the exit. The bears will have to sink and sustain the price below $22,800 to dent the bullish sentiment. That may start a correction toward $20,000.

ETH/USDT

Even after repeated attempts, the bears have failed to sink Ether (ETH) below the 50-day SMA ($1,600). This indicates that the bulls are buying the dips to the 50-day SMA.

Buyers will try to strengthen their position by catapulting the price above the overhead resistance zone between $1,680 and $1,743. If they did that, the ETH/USDT pair may start a rally to $2,000. The bears may pose a strong challenge at $1,800 but this level is likely to be crossed.

The first sign of weakness will be a break and close below the 50-day SMA. If that happens, the short-term bulls may be tempted to book profits. The pair could then drop to the support near $1,500.

BNB/USDT

The price action of the past few days has formed a symmetrical triangle pattern in BNB (BNB). This indicates indecision among the buyers and sellers.

The bulls purchased the dip to the support line on March 1 but the long wick on the day’s candlestick shows that bears are fiercely guarding the moving averages. If the price breaks below the triangle, the BNB/USDT pair may slump to $280.

On the contrary, if buyers push the price above the moving averages, the pair may reach the resistance line of the triangle. This remains the key level to watch out for in the near term because a break above it may start an up-move to $340 and thereafter to the pattern target of $371.

XRP/USDT

Even after repeated attempts, the bears could not pull XRP (XRP) to the strong support at $0.36. This suggests that the selling pressure is reducing.

The bulls will now try to drive the price above the resistance line of the descending channel. If they succeed, the XRP/USDT pair may rise to the overhead resistance at $0.43. Buyers will have to pierce this resistance to clear the path for a possible rally to $0.52.

The bears are likely to have other plans. They will again try to stall the recovery at the resistance line of the channel. If the price turns down from it, the possibility of a break below $0.36 increases. The pair may then slide to $0.33.

ADA/USDT

Cardano (ADA) is attempting a bounce off the strong support near $0.34. The recovery could face resistance at the 20-day EMA ($0.37) as the bears will try to switch this level into resistance.

If the price turns down from the 20-day EMA, the bears will try to tug the ADA/USDT pair below the $0.34 support. If they do that, the pair may start a deeper correction to $0.32 and then to $0.30.

Instead, if bulls thrust the price above the moving averages, it will suggest aggressive buying at lower levels. The pair may then attempt a rally to the neckline of the developing inverse head and shoulders (H&S) pattern.

DOGE/USDT

The bulls successfully defended the support near $0.08 for the past few days but they have failed to achieve a strong rebound in Dogecoin (DOGE). This suggests that demand dries up at higher levels.

The price action of the past few days has formed a bearish descending triangle pattern, which will complete on a break and close below the support near $0.08. This negative setup has a target objective at $0.06.

Conversely, if buyers drive the price above the moving averages, it will invalidate the bearish setup. That may result in short covering by the aggressive bears. The DOGE/USDT pair may then attempt a rally to $0.10.

MATIC/USDT

The sharp correction in Polygon (MATIC) is finding support at the 50-day SMA ($1.17). The bulls are trying to start a recovery but the long wick on the day’s candlestick shows that the bears are selling the rallies to the 20-day EMA ($1.28).

If the price continues lower, the bears will make one more attempt to yank the MATIC/USDT pair below the 50-day SMA. If they manage to do that, the pair could tumble to the vital support at $1.05. This level is likely to attract solid buying by the bulls.

Contrarily, a break above $1.30 could embolden the bulls. They will then try to push the price toward the overhead resistance at $1.57. The rally could also face roadblocks at $1.42 and again at $1.50.

Related: Ethereum price resistance at $1,750 could reflect traders’ anxiety over the Shanghai upgrade

SOL/USDT

Solana (SOL) turned down from the 20-day EMA ($23.02) on Feb. 27, indicating that bears are trying to turn this level into a resistance.

However, the bulls have not given up and are again trying to push the price above the 20-day EMA. The repeated retest of a resistance within a short period tends to weaken it. If buyers kick the price above the 20-day EMA, the SOL/USDT pair could reach the resistance line.

This remains the key level to watch out for in the near term because a break and close above it will signal a potential trend change. If bears want to gain the upper hand, they will have to sink the pair below the support at $19.68.

DOT/USDT

Polkadot (DOT) broke below the 50-day SMA ($6.43) on Feb. 28 but the bears failed to build upon this advantage. This suggests that buyers are trying to trap the aggressive bears.

The 20-day EMA ($6.68) is the important level to keep an eye on in the near term. If buyers thrust the price above this level, it will suggest that the short-term corrective phase may be over. The bulls will then try to propel the price toward the neckline of the developing inverse H&S pattern.

Alternatively, if the DOT/USDT pair once again turns down from the 20-day EMA, it will suggest that bears have flipped the level into resistance. That will increase the likelihood of a drop to $5.50.

LTC/USDT

Litecoin’s (LTC) pullback found strong support at the 50-day SMA ($92). This suggests that lower levels continue to attract buyers.

The bulls pushed the price back above the 20-day EMA ($95) on March 1, opening the gates for a possible rally to the overhead resistance at $106. This level may act as a solid barrier but if bulls overcome it, the LTC/USDT pair may rise to $115 and thereafter to $130.

The important support to watch on the downside is the area between the 50-day SMA and $88. If this zone cracks, the selling could pick up momentum and the pair may slide to $81 and then to $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.