Price analysis 3/20: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

March 20, 2023 Coin Telegraph

Bitcoin continues to trade near $28,000, signaling a strong demand from investors even as the legacy banking system struggles with unprecedented volatility.

The takeover of the ailing Credit Suisse bank by UBS boosted European equity markets on March 20 but not everyone is happy with the deal. According to Swiss regulator FINMA, the value of additional tier one (AT1) bonds will be written to zero. This move will wipe out $17 billion worth of investments for AT1 bond investors.

Among the turmoil in the global banking sector, Bitcoin (BTC) has shone brightly. That is because traders seem to have shifted their focus to the alternative available to the legacy banking system. Another thing working in favor of Bitcoin is that it has decoupled from the United States equities markets and is behaving as an uncorrelated asset class.

*Daily cryptocurrency market performance. Source:* *Coin360*

Bitcoin’s solid rally in the past few days has boosted trader sentiment. The Crypto Fear and Greed Index has soared into the greed zone with a score of 66/100. The next trigger for the markets is the rate hike decision by the Federal Reserve on March 22.

Could Bitcoin reach $30,000 and pull altcoins higher, or is a correction likely in the near term? Let’s study the charts to find out.

S&P 500 index price analysis

The S&P 500 index (SPX) rallied from 3,808 on March 13 and rose above the 200-day simple moving average (3,935) on March 16 but the bulls could not clear the hurdle at the 20-day exponential moving average (3,962).

A positive sign is that the bulls purchased the dip below the 200-day SMA and are again attempting to overcome the obstacle at the 20-day EMA. If they succeed, the index could rally to 4,100 and then to 4,200.

The bears are likely to have other plans. They will try to halt the recovery at the 20-day EMA and sink the price back toward the support zone between 3,800 and 3,764. If this zone gives way, the selling could intensify and the index may plummet toward 3,600.

U.S. dollar index price analysis

The U.S. dollar index (DXY) has been trading near the 20-day EMA (104) for the past few days, indicating indecision among the bulls and the bears.

If bears sustain the price below 103.44, the index may slip to the next support at 102.50. Buyers will try to defend this level but if they fail in their endeavor, the index could tumble to the vital support at 100.82.

Alternatively, if the price turns up and breaks above 105.10, it will clear the path for a possible rally to the 200-day SMA (106). The bulls may encounter strong selling in the resistance zone between the 200-day SMA and the 61.8% Fibonacci retracement level of 108.43.

Bitcoin price analysis

Bitcoin has been holding above the breakout level of $25,250 since March 17, which is a positive sign. After a one-day correction on March 18, the price continued its northward march on March 19, indicating that the bulls are in no mood to book profits.

*BTC/USDT daily chart. Source: TradingView*

The rising 20-day EMA ($24,463) and the relative strength index (RSI) near the overbought territory indicate that bulls remain in control. The next major resistance is in the zone between $30,000 to $32,500.

If the price turns down from the current level or the overhead resistance, the key level to watch out for is $25,250. If the price rebounds off this level with strength, it will suggest that bulls have flipped $25,250 into support. The level will thereafter act as a floor during future declines.

Ether price analysis

Buyers pushed Ether (ETH) above the $1,800 resistance on March 18 and 19 but could not sustain the higher levels. This shows that bears are trying to stall the recovery.

*ETH/USDT daily chart. Source: TradingView*

A minor positive in favor of the bulls is that they have not allowed the price to slide back below the $1,743 to $1,680 support zone. The rising 20-day EMA ($1,654) and the RSI above 61, suggest that the path of least resistance is to the upside.

If buyers propel and sustain the price above $1,850, the ETH/USDT pair may start its journey toward $2,000 and subsequently to $2,200.

This positive view will invalidate in the near term if the price turns down and plummets below the 20-day EMA. That may trap the aggressive bulls, resulting in long liquidations. The pair could then slump to $1,461.

BNB price analysis

BNB (BNB) formed an inside-day candlestick pattern on March 19 and 20, indicating indecision among the bulls and the bears.

*BNB/USDT daily chart. Source: TradingView*

The bears are mounting a strong defense above $340 but the bulls have not given up much ground. The upsloping 20-day EMA ($311) and the RSI near the overbought zone give a slight edge to the bulls. If buyers kick the price above $350, the BNB/USDT pair may rally to $400.

On the contrary, if the price breaks below $325, the pair could drop to $318. A strong rebound off this level will suggest that the bulls have flipped the level into support while a break below $318 may sink the pair to the 200-day SMA ($288).

XRP price analysis

XRP (XRP) reached the 200-day SMA ($0.40) on March 19 but the bulls could not overcome this barrier as seen from the long wick on the candlestick.

*XRP/USDT daily chart. Source: TradingView*

The XRP/USDT pair continues to swing between the 200-day SMA and the horizontal support at $0.36. The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. This indicates that the range-bound trading may continue for a while longer.

On the upside, a break and close above the 200-day SMA will indicate that bulls have overpowered the bears. The pair could first climb to $0.43 and later to $0.51. This positive view will be negated if the price turns lower and plunges below $0.36. The pair could then tumble to the support line of the channel.

Cardano price analysis

The bears are defending the 200-day SMA ($0.36) on Cardano (ADA) while the bulls are buying the dips to the 20-day EMA ($0.34).

*ADA/USDT daily chart. Source: TradingView*

This tight range may not remain for long. If buyers push the price above the 200-day SMA, the ADA/USDT pair could attempt a rally to the neckline of the developing H&S pattern. The bears are expected to defend the neckline with vigor because a break and close above it will signal a potential trend change.

On the contrary, if the price sustains below the 20-day EMA, the pair could drop to the immediate support at $0.31 and next to $0.30.

Polygon price analysis

Polygon (MATIC) has been trading near the 20-day EMA ($1.16) for the past few days. The 20-day EMA has flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand.

*MATIC/USDT daily chart. Source: TradingView*

The $1.30 resistance is an important level to watch out for. If buyers clear this hurdle, the MATIC/USDT pair could soar to $1.57. This level may witness a tough battle between the bulls and the bears. If bulls come out on top, the pair may extend its up-move to $1.75.

The crucial level to watch on the downside is the 200-day SMA ($0.96). If the price breaks and sustains below this level, it will suggest that bears have seized control. The pair could then nosedive to $0.69.

Dogecoin price analysis

Dogecoin (DOGE) rose above the 20-day EMA ($0.07) on March 17 but the bulls could not push the price above the 200-day SMA ($0.08). This shows that the bears are unwilling to let go of their advantage.

*DOGE/USDT daily chart. Source: TradingView*

The flat 20-day EMA and the RSI near the midpoint suggest a range-bound action in the near term. The boundaries for the range could be the 200-day SMA on the upside and $0.07 on the downside.

If bulls kick the price above the 200-day SMA, it will suggest that the markets have rejected the lower levels. The DOGE/USDT pair could then rally to $0.09 and thereafter to $0.10. Alternatively, a break below $0.07 could clear the path for a retest of $0.06.

Solana price analysis

Solana (SOL) turned down from the 200-day SMA ($22.7) on March 18 but rebounded off the 20-day EMA ($20.98) on March 19. This suggests solid demand at lower levels.

*SOL/USDT daily chart. Source: TradingView*

Buyers pushed the price above the 200-day SMA and the SOL/USDT pair has reached the downtrend line. If bulls push and sustain the price above the downtrend line, it will point to a potential trend change. There is a minor resistance at $27.12 but it is likely to be crossed. The pair may then attempt a rally to $39.

The first support on the downside is the 20-day EMA and then $18.70. If both these levels fail to hold, the pair may retest the vital support at $15.28.

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.

These 5 cryptocurrencies may continue to surprise to the upside

March 19, 2023 Coin Telegraph

Binance Coin

Bitcoin, ETH, BNB, STX, and IMX remain strong on the charts, increasing the likelihood of more gains in the near term.

Bitcoin (BTC) is on track to close the week with gains of more than 23%. The banking crisis in the United States and Europe seems to have boosted buying in Bitcoin, indicating that the leading cryptocurrency is behaving as a safe haven asset in the near term.

All eyes are on the Federal Reserve’s meeting on March 21 and 22. The failure of the banks in the U.S. has increased hopes that the Fed will not hike rates in the meeting. The CME FedWatch Tool shows a 38% probability of a pause and a 62% probability of a 25 basis points rate hike on March 22.

*Crypto market data daily view. Source:* *Coin360*

Analysts are divided on the consequences of the current crisis on the economy. Former Coinbase chief technology officer Balaji Srinivasan believes that the U.S. will enter a period of hyperinflation while pseudonymous Twitter user James Medlock believes otherwise. Srinivasan plans to wage a millionaire bet with Medlock and another person that Bitcoin’s price will reach $1 million by June 17.

Although anything is possible in crypto markets, traders should be prudent in their trading and not get carried away with lofty targets.

Let’s study the charts of Bitcoin and altcoins that are showing signs of the resumption of the up-move after a minor correction.

Bitcoin price analysis

Bitcoin soared above the $25,250 resistance on March 17, completing a bullish inverse head and shoulders (H&S) pattern.

Usually, a breakout from a major setup returns to retest the breakout level but in some cases, the rally continues unabated.

The rising 20-day exponential moving average ($24,088) and the relative strength index (RSI) in the overbought territory indicate advantage to buyers. If the price breaks above $28,000, the rally could pick up momentum and surge to $30,000 and thereafter to $32,000. This level is likely to witness strong selling by the bears.

Another possibility is that the price turns down from the current level but rebounds off $25,250. That will also keep the bullish trend intact.

The positive view will be invalidated in the near term if the price plummets below the moving averages. Such a move will suggest that the break above $25,250 may have been a bull trap. That could open the doors for a possible drop to the psychologically critical level of $20,000.

*BTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the BTC/USDT pair is facing profit-booking near $27,750 but a positive sign is that the pullback has been shallow. Buyers will try to drive the price above $28,000 and resume the uptrend. The pair could then climb toward $30,000.

On the other hand, if the price turns down and slumps below the 20-EMA, it will suggest that the traders are rushing to the exit. That may pull the price down to the important support at $25,250 where the bulls and the bears may witness a tough battle.

Ether price analysis

The bulls conquered the $1,800 resistance on March 18 but could not sustain the higher levels. This shows that the bears are protecting the $1,800 level on Ether (ETH) with vigor.

The critical support to watch on the downside is the zone between $1,680 and the 20-day EMA ($1,646). If the price rebounds off this zone, it will signal that the sentiment has turned positive and traders are buying on dips.

Buyers will then again try to resume the uptrend and drive the price toward the next target objective at $2,000. This level may prove to be a major hurdle for the bulls to cross.

Contrarily, if the price turns down and slumps below the moving averages, it will suggest that the bulls are losing their grip. The ETH/USDT pair may then drop to $1,461.

*ETH/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the pair bounced off the support at $1,743. This suggests that the bulls are buying the shallow dips and are not waiting for a deeper correction to get in. Buyers will next try to kick the price above $1,841. If this level is taken out, the pair may sprint toward $2,000.

Contrarily, if the price turns down and plunges below $1,743, short-term traders may book profits. The pair could then slide to the next important support at $1,680.

BNB price analysis

BNB (BNB) rose above $338 on March 18, which invalidated the bearish H&S pattern. Usually, when a bearish pattern fails, it attracts buying from the bulls and short covering by the bears.

The onus is on the bulls to keep the price above the immediate support at $318. If they manage to do that, the BNB/USDT pair could first climb to $360 and thereafter dash toward $400. The upsloping 20-day EMA ($309) and the RSI near the overbought territory indicate that the path of least resistance is to the upside.

If bears want to gain the upper hand, they will have to yank the price back below the moving averages. This may not be an easy task but if completed successfully, the pair could tumble to $280.

*BNB/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls are buying the dips to the 20-EMA. The bears tried to halt the recovery at $338 but the bulls have pierced this resistance. Buyers will try to push the pair to $346. If this level gives way, the pair may continue its uptrend.

Alternatively, if the price turns down and breaks below 20-EMA, it will suggest that the short-term bulls may be booking profits on rallies. The pair could then slump to $318 where the buyers may step in to arrest the decline.

Stacks price analysis

Stacks (STX) rallied from $0.52 on March 10 to $1.29 on March 18, a sharp run within a short time. This suggests aggressive buying by the bulls.

*STX/USDT daily chart. Source: TradingView*

The STX/USDT pair is witnessing profit-booking near $1.29 but a positive sign is that the bulls have not ceded much ground to the bears. This suggests that minor dips are being bought. Typically, in a strong uptrend, corrections last for one to three days.

If the price turns up and breaks above $1.29, the pair could resume its uptrend. The next stop on the upside is likely to be $1.55 and then $1.80.

The first sign of weakness on the downside will be a break and close below $1. That could clear the path for a drop to the 20-day EMA ($0.84).

*STX/USDT 4-hour chart. Source: TradingView*

The pair has corrected to the 20-EMA. This is an important level for the bulls to defend if they want to resume the up-move. If the price rebounds off the 20-EMA, the pair could retest the overhead resistance at $1.29. If bulls overcome this barrier, the next leg of the uptrend may begin.

Conversely, if bears sink the price below the 20-EMA, the pair could slide to $1 and then to the 50-simple moving average. A deeper correction may delay the resumption of the up-move and keep the pair stuck inside a range for a few days.

Immutable price analysis

Immutable (IMX) skyrocketed above the overhead resistance of $1.30 on March 17, which completed the inverse H&S formation. This suggests the start of a potential new uptrend.

*IMX/USDT daily chart. Source: TradingView*

Meanwhile, the price may retest the breakout level of $1.30. If the price rebounds off this level with strength, it will suggest that the bulls have flipped the level into support. Buyers will then try to kick the price above $1.59 and resume the uptrend. The IMX/USDT pair may then rally to $1.85 and later to $2. The pattern target of the reversal setup is $2.23.

This positive view could be negated in the near term if the price slips below the moving averages. Such a move will suggest that the break above $1.30 may have been a bull trap. The pair could then drop to $0.80.

*IMX/USDT 4-hour chart. Source: TradingView*

The pair is witnessing a mild correction, which is finding support at the 20-EMA. Buyers are trying to clear the overhead hurdles at $1.59 but the bears are not relenting. If the price breaks below the 20-EMA, the pullback could reach $1.30.

Another possibility is that the price rebounds off the 20-EMA. That will indicate solid demand at lower levels and enhance the prospects of a break above $1.59. If that happens, the pair may resume its uptrend.

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.

Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

March 17, 2023 Coin Telegraph

Binance Coin

Bitcoin has risen above $25,000 and if bulls flip this level into support during the next pullback, it will signal the start of a new up-move to $32,000.

After a recovery on March 16, the United States equities markets are again down on March 17. Investors remain concerned about the vulnerability of the banks in the U.S. and Europe. A silver lining for cryptocurrency investors is that Bitcoin (BTC) has remained decoupled with the equities markets and has risen to its highest level since Jan. 12.

Galaxy Digital founder and CEO Michael Novogratz said in an interview with CNBC that the US and the globe will face a credit crunch as banks lend less to rebuild capital. He said investors should be long on Bitcoin and crypto because these are the times for which it was created.

Quantitative tightening seems to be giving way to a period of quantitative easing. The banks have already borrowed $150 billion from the Federal Reserve, which is more than the amount borrowed during the 2008 financial crisis.

Analysts pointed out that the Fed has added $300 billion to its balance sheet in a week, second only to the $500 billion pumped after the March 2020 crash. The QE in 2020 triggered a rally in Bitcoin that took it from about $4,000 to $69,000.

Will history repeat itself? Could Bitcoin and altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin bulls purchased the dip to $24,000 on March 15 and pushed the price above the strong overhead resistance of $25,250 on March 17. This completes an inverse head and shoulders (H&S) pattern.

There is no major resistance between the current level and $32,000, hence the bulls may find it easy to cover this distance in a short time. The bears may mount a strong defense at $32,000 but if bulls overcome it, the BTC/USDT pair could extend its uptrend to the pattern target of $35,024.

The rising 20-day exponential moving average ($23,298) and the relative strength index (RSI) near the overbought zone indicate that bulls are in command.

If bears want to regain control, they will have to quickly reverse direction and sink the pair below the moving averages. Until then, the bulls are likely to view the dips as a buying opportunity.

Ether price analysis

Ether (ETH) rebounded off the moving averages on March 16, indicating that traders are buying on dips.

The bulls will try to push and sustain the price above the $1,743 to $1,780 resistance zone. If they succeed, the ETH/USDT pair could accelerate toward the psychologically important level of $2,000. This is the final hurdle above which the pair will signal the start of a potential uptrend.

The bears are likely to have other plans. They will try to halt the up-move in the overhead zone and pull the pair back below the moving averages. That could trap the aggressive bulls and the pair may then collapse to $1,461.

BNB price analysis

The long tail on BNB’s (BNB) March 15 candlestick shows that the bulls are buying the dips to the 20-day EMA ($302). This signals a change in sentiment from selling on rallies to buying on dips.

The relief rally picked up momentum on March 17 and skyrocketed above the overhead resistance at $318.

Buyers are trying to strengthen their position further by kicking the price above $338. If they do that, the negative H&S pattern will be invalidated. The BNB/USDT pair could first rally to $360 and later to $400.

On the downside, a break below the 20-day EMA will indicate that bears are back in the driver’s seat.

XRP price analysis

XRP (XRP) has been consolidating inside the tight range between the 50-day simple moving average ($0.38) and the support at $0.36.

Generally, a tight-range trading is followed by an increase in volatility. The bulls will try to catapult the price above the 50-day SMA. If they can pull it off, it will signal the start of a stronger recovery to $0.42. This level may again act as a formidable resistance but if crossed, the rally could reach $0.51.

This positive view will be invalidated in the near term if the price turns down and plummets below $0.36. The pair could then slump to the strong support zone between $0.32 and $0.30.

Cardano price analysis

Cardano (ADA) is stuck between the 50-day SMA ($0.36) and the strong support at $0.29. The bulls are trying to push the price above the 20-day EMA ($0.34).

If they manage to do that, the ADA/USDT pair could climb to the 50-day SMA. This level may attract sellers who will try to stall the recovery. If the price turns down sharply from this level, the range-bound action may continue for some more time.

Alternatively, if bulls drive the price above the 50-day SMA, the pair could rally to the neckline of the inverse H&S pattern. This is an important level to keep an eye on because a break and close above it may signal the start of a new uptrend.

Dogecoin price analysis

Dogecoin (DOGE) rebounded off the $0.07 level and has reached the downtrend line. This suggests that bulls are buying on minor dips.

A break and close above the downtrend line will be the first sign that the correction may be over. The 50-day SMA ($0.08) may act as a resistance but it is likely to be broken. The DOGE/USDT pair could then start its rally to $0.09 and thereafter to $0.10.

Sellers are expected to defend the $0.10 to $0.11 zone with all their might because a break above it will open the doors for a possible rally to $0.16. On the downside, a slide below the $0.07 support will tilt the advantage back in favor of the bears.

Polygon price analysis

Polygon (MATIC) turned up from $1.07 on March 15, indicating that the bulls are trying to flip the $1.05 level into support.

The 20-day EMA ($1.16) is flattening out and the RSI is near the midpoint, suggesting a balance between supply and demand. If bulls propel the price above the 50-day SMA ($1.22), the MATIC/USDT pair could pick up momentum and rally to $1.30. This level may act as a minor hurdle but it is likely to be crossed. The next stop may be $1.42.

On the other hand, if the price turns down sharply from the 50-day SMA, it will suggest that bears continue to sell on rallies. The pair may then oscillate between the 50-day SMA and $1.05 for a while longer.

Solana price analysis

Solana (SOL) rebounded off $18.70 on March 16, which shows that the bulls are not waiting for a deeper decline to buy.

The relief rally has reached the moving averages, which are likely to offer a strong resistance. If the price turns down and breaks below $18.70, it will suggest that the SOL/USDT pair may remain range-bound between the 50-day SMA ($22.21) and $15.28 for some time.

The pair will indicate a potential trend change after the bulls thrust the price above the downtrend line. That could start a rally to $27.12.

Polkadot price analysis

Polkadot (DOT) plunged below the 20-day EMA ($6.09) on March 15 but the bears could not maintain the lower levels. Buyers purchased the dip and pushed the price back above the 20-day EMA on March 16.

*DOT/USDT daily chart. Source: TradingView*

The bulls are trying to build upon their advantage by pushing the price above the overhead resistance at the 50-day SMA ($6.41). If this level is scaled, the DOT/USDT pair could rise to the 61.8% Fibonacci retracement level of $6.85.

This level should again act as a strong resistance, but if bulls flip the moving averages into support during the next pullback, it will suggest that bulls are buying on dips. That will increase the possibility of the pair forming an inverse H&S pattern.

Contrarily, if the price once again turns down from the 50-day SMA and breaks below the 20-day EMA, it will indicate a few days of range-bound action.

Shiba Inu price analysis

Shiba Inu (SHIB) rebounded off the $0.000010 support on March 16, indicating that the bulls are trying to start a reversal.

*SHIB/USDT daily chart. Source: TradingView*

The recovery is facing resistance in the zone between the 20-day EMA ($0.000011) and the downtrend line of the descending channel. The bears will again attempt to sink the price below the $0.000010 support. If they succeed, the SHIB/USDT pair may slip to the support line of the channel.

Contrarily, if bulls thrust the price above the channel, it will suggest that the corrective phase may be over. The 50-day SMA ($0.000012) may also offer stiff resistance but if this level is cleared, the SHIB/USDT pair could climb to $0.000014 and then to $0.000016.

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.

Watch these 5 cryptocurrencies for a potential price rebound next week

March 12, 2023 Coin Telegraph

Bitcoin

Bitcoin is trying to sustain above $20,000 and if it succeeds, ETH, MATIC, TON, and OKB may witness a strong recovery.

Traders dumped risky assets following the crisis and failure of Silicon Valley Bank (SVB). The S&P 500 Index plunged 4.55% while Bitcoin (BTC) is down about 9% this week.

The collapse of SVB led to a crisis in the crypto space with USD Coin (USDC) losing its peg to the U.S. dollar on reports that $3.3 billion of Circle’s $40 billion of USDC reserves were held at SVB. After trading near $0.87 on March 11, USDC has climbed up above $0.96 at the time of publication.

SVB’s failure has increased uncertainty in the short term with investors closely watching for any signs of the contagion spreading to other regional banks across the U.S.

During times of uncertainty, it is best to stay on the sidelines. However, if there is no domino effect following SVB’s debacle, select cryptocurrencies may start their recovery. The cryptocurrencies selected in the article are all trading above the 200-day simple moving average, a key level watched by long-term investors to determine whether the asset is in a bull or bear phase.

Let’s study the charts of Bitcoin and the four altcoins that may outperform if the sector witnesses a recovery over the next few days.

BTC price

Bitcoin has corrected back to the 200-day SMA ($20,389). Buyers are expected to defend the level with all their might because a break below it could intensify selling.

On the way up, the 20-day exponential moving average ($22,042) is likely to act as a major hurdle. If the price turns down sharply from the 20-day EMA, the BTC/USDT pair may retest the support at the 200-day SMA. If this level cracks, the pair may slide to $18,400 and then to $16,300.

If bulls want to prevent the decline, they will have to drive the price above the 20-day EMA. If they manage to do that, the pair may pick up momentum and soar toward the overhead resistance at $25,250.

The 4-hour chart shows that the bulls are attempting to start a recovery from $19,550 but the bears are aggressively defending the 20-EMA. If the price turns down from the current level, the bears will again try to sink the pair below $19,950. If they succeed, the pair could fall to $18,400.

Contrarily, if the price turns up and breaks above the 20-EMA, it will suggest that the short-term selling pressure may be reducing. That may start a recovery to $21,480 where the bears will again pose a strong challenge. If this level is scaled, the pair may reach $22,800.

ETH/USDT

Ether (ETH) dipped below the 200-day SMA ($1,421) on March 10 but the long tail on the day’s candlestick shows solid buying at lower levels.

The recovery is facing resistance near $1,461. If the price turns down from the current level and reaches the 200-day SMA, it will signal that bears are selling on a shallow bounce. That will increase the likelihood of a drop below $1,352. The ETH/USDT pair could then slide to $1,100.

If bulls want to prevent the decline, they will have to thrust the price above the 20-day EMA ($1,548). If they do that, the pair could rise to $1,743 where the bears may again erect a strong barrier. A break above this level will open the doors for a possible rise to $2,000.

The 4-hour chart shows that the pair is attempting a rebound. The 20-EMA is flattening out and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand.

This balance will tilt in favor of the buyers if they push and sustain the price above $1,500. If they do that, the relief rally may reach $1,600. On the other hand, if the price turns down and breaks below the uptrend line, the advantage may tilt in favor of the bears. The pair may then retest the strong support at $1,352.

MATIC/USDT

Polygon (MATIC) corrected sharply from $1.56 on Feb. 18 and reached the 200-day SMA ($0.94) on March 10. The long tail on the day’s candlestick shows that the bulls are fiercely defending the level.

The bulls will try to push the price to the 20-day EMA ($1.15) where the bears are likely to mount a strong defense. If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.

That could increase the prospects of a drop below the 200-day SMA. If that happens, the MATIC/USDT pair might slump to $0.69.

Conversely, if buyers propel the price above the 20-day EMA, it will suggest that the bulls are back in the driver’s seat. The pair could then rise to the overhead resistance at $1.30.

*MATIC/USDT 4-hour chart. Source: TradingView*

The recovery from $0.94 has reached the 20-EMA. This is an important level to keep an eye on because if the price sustains above it, the pair may rally to $1.15.

This level may again act as a strong resistance but if bulls arrest the next decline above $1.05, it will suggest that the downtrend could be over. That may open the gates for a possible rise to $1.30.

This positive view will invalidate in the near term if the price turns down and breaks below the $0.94 support.

TON/USDT

While most major cryptocurrencies have fallen to or below their 200-day SMA, Toncoin (TON) is still way above the level. This suggests that traders are not rushing to the exit.

The TON/USDT pair has formed a symmetrical triangle pattern near the local high. The price action inside the triangle is random and volatile.

Typically, the triangle acts as a continuation pattern. That means the trend that was in force before the formation of the setup resumes. In this case, if buyers kick the price above the resistance line of the triangle, the pair may start a move toward $2.90.

Conversely, if the price continues lower and plummets below the triangle and the 200-day SMA ($1.90), it will suggest that bears are in command. That may pull the price toward $1.30. Such a move will indicate that the triangle behaved as a reversal setup.

*TON/USDT 4-hour chart. Source: TradingView*

The downsloping 20-EMA and the RSI in the negative territory on the 4-hour chart show that bears have the upper hand. If the price turns down from the current level and breaks below $2.18, the drop is likely to extend to $2.

Contrarily, if bulls drive and sustain the price above the 20-EMA, it will suggest that bulls are attempting a comeback. The pair may then rise to $2.45 where the bears may mount a strong defense. If this level is crossed, the bulls try to pierce the triangle near $2.50.

OKB/USDT

OKB (OKB) is in a corrective phase but a minor positive in favor of the bulls is that it is way above its 200-day SMA ($26).

The next support on the downside is the 50% Fibonacci retracement level of $36.13 and then the 61.8% retracement level of $30.76. The bulls are likely to protect this zone with all their might.

If the price turns up from this zone, the OKB/USDT pair may rise to the 20-day EMA ($45.48). This is an important level to keep an eye on because a break and close above it will signal that the corrective phase may be over.

On the other hand, if the price slips below $30.76, it will suggest that traders are rushing to the exit. The pair may then plunge to the 200-day SMA.

*OKB/USDT 4-hour chart. Source: TradingView*

The downsloping 20-EMA and the RSI in the negative territory on the 4-hour chart suggest that bears have the upper hand. There is a minor support near $37.50 but if it gives way, the pair may reach $36.13.

On the contrary, if the price turns up and breaks above the 20-EMA, it will suggest that bulls are trying to regain control. The pair may then rise to $44.35. This is an important resistance for the bears to guard because if it gets taken out, the price could reach $50.

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.

Price analysis 3/10: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

March 10, 2023 Coin Telegraph

Binance Coin

The February U.S. jobs report was a mixed bag, which seems to have provoked interest from a few bulls in BTC and altcoins.

Bitcoin (BTC) led a sharp sell-off in the cryptocurrency markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment.

In addition, crypto-specific news of a suit filed by New York Attorney General Letitia James against cryptocurrency exchange KuCoin for selling securities and commodities without registration increased uncertainty about the future of crypto sector regulation.

The selling momentum continued on March 10 and pulled Bitcoin below the $20,000 mark. Several other cryptocurrencies have also broken below their important support levels.

But a minor positive in favor of the bulls is that February’s jobs report was a mixed bag. Although nonfarm payrolls rose 311,000 for the month, above estimates of an increase of 225,000, the average earnings rose less than anticipated. That reduced expectations of a 50 basis point rate hike in the Federal Reserve’s March meeting from 68% on March 9 to 42% on March 10.

What are the important levels on the upside that will signal a sustained recovery in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin sliced through the $21,480 support on March 9 with ease. The selling continued on March 10 and the price broke below the crucial support at $20,000.

The fall of the past few days has sent the relative strength index (RSI) into the oversold zone. This suggests that the selling may have been overdone in the near term and a recovery may be possible.

During a sharp fall, markets usually tend to overshoot on the downside. The same may have happened here. The bulls will try to start a rebound off the current levels but may face strong resistance at higher levels.

The bears will try to flip the $21,480 level into resistance. If that happens, the BTC/USDT pair may turn down and retest the $20,000 support. If this level breaks down, the next stop could be $18,000.

ETH/USDT

Ether (ETH) witnessed aggressive selling on March 9, which pulled the price below the strong support at $1,461.

The ETH/USDT pair could next drop to $1,352 where the bulls are likely to mount a strong defense. If the price turns up from $1,352, the recovery may hit a brick wall at $1,461. If the price turns down from this level, it will increase the possibility of a fall to $1,200.

If bulls want to prevent the decline, they will have to quickly push the price back above $1,461. Such a move will suggest strong buying at lower levels. The pair may then reach the 20-day exponential moving average ($1,565).

BNB/USDT

BNB (BNB) turned down from the 20-day EMA ($294) on March 8 and broke below the solid support of $280. This move completed a bearish head and shoulders (H&S) pattern.

Typically, the price returns to retest the breakdown level from the pattern. If the price turns down from $280, it will suggest that bears have flipped the level into resistance. That may send the BNB/USDT pair tumbling toward $245 and thereafter to the pattern target of $222.

Contrarily, if bulls drive the price above $280, the pair could reach the 20-day EMA. This level may again attract strong selling but if bulls absorb the supply and do not allow the pair to slip below $280, it will suggest the start of a recovery.

XRP/USDT

XRP (XRP) broke above the descending channel pattern on March 8 but the long wick on the day’s candlestick shows selling at higher levels.

The bears pulled the price back into the channel on March 9, which may have trapped the aggressive longs. The XRP/USDT pair has reached the solid support at $0.36. If this level gives way, the pair may reach the support line of the channel near $0.33.

Contrary to this assumption, if the price rebounds off $0.36, the bulls will make one more attempt to push the pair above the channel. If they succeed, the pair may rally to the overhead resistance at $0.43.

ADA/USDT

Cardano (ADA) broke below the $0.32 support on March 8 and the bears thwarted attempts by the bulls to push the price back above the level on March 9.

The selling resumed on March 10 and bears pulled the price below the 61.8% Fibonacci retracement level of $0.30. This opens up the possibility of a further fall to the 78.6% Fibonacci retracement level of $0.27.

Buyers are currently trying to push the price back above $0.32. If they manage to do that, it will suggest solid demand at lower levels. The ADA/USDT pair may then rise to the 20-day EMA ($0.34). The bulls will have to clear this hurdle to indicate that they are back in the game.

DOGE/USDT

Dogecoin (DOGE) easily broke below the strong support near $0.07 which had not been breached convincingly since October 2022. This shows that bears are in complete control.

The RSI has dipped into the oversold zone, indicating that a minor consolidation or a relief rally is possible. The bulls are expected to defend the zone between $0.06 and $0.05 with all their might because a break below it could result in panic selling.

On the way up, buyers will face stiff resistance at $0.07 and again at the downtrend line. If the price turns down from this zone, the bears will again try to sink the DOGE/USDT pair below the vital support at $0.05.

MATIC/USDT

Polygon (MATIC) turned down sharply on March 8 and fell to the strong support of $1.05. Ideally, this level should have attracted aggressive buying but that did not happen.

This shows that traders sold aggressively. The incessant selling pulled the price below $1.05 on March 9 and the bears continued with their selling on March 10.

However, the long tail on the candlestick suggests solid buying near the support at $0.91. The bulls will try to push the price back above the breakdown level of $1.05. If they can pull it off, the MATIC/USDT pair may rise to the 20-day EMA ($1.17).

On the other hand, if the price turns down from the current level, it will suggest that bears are unwilling to let go of their advantage. That increases the risk of a fall to the crucial support zone between $0.74 and $0.69.

SOL/USDT

After a weak attempt to hold $19.68 on March 7, Solana (SOL) slipped below the support on March 8. This indicates that bears are back in the driver’s seat.

The SOL/USDT pair has a minor support at $15.28 where the bulls are again trying to arrest the decline and form a higher low. Any attempt to recover is likely to face strong selling at $19.68 and again at the resistance line. A break above this level will indicate a potential trend change.

On the downside, if the $15.28 level gives way, the pair may fall to $12.85 and then to the psychologically critical support at $10.

DOT/USDT

Polkadot (DOT) is in a strong corrective phase. The bears pulled the price below the important support at $5.56 on March 9.

The selling continued on March 10 but the long tail on the candlestick indicates strong buying near the 78.6% Fibonacci retracement level of $5. This is a crucial level for the bulls to defend because a break below it may open the gates for a complete 100% retracement to $4.22.

Contrarily, if the price turns up and rises back above $5.56, it will suggest solid demand at lower levels. The DOT/USDT pair may then climb to the 20-day EMA ($6.14) where the bears may again mount a strong defense.

SHIB/USDT

Buyers tried to start a recovery in Shiba Inu (SHIB) on March 8 but the long wick on the day’s candlestick shows strong selling near the 20-day EMA ($0.000012).

The SHIB/USDT pair turned down and fell below the $0.000011 support on March 9. The bulls are currently trying to defend the psychological level of $0.000010. If they succeed, the pair may start a relief rally to the 20-day EMA where the bulls may again face strong selling by the bears.

If the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. That increases the likelihood of a break below $0.000010. If that happens, the pair may descend to $0.000008.

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.

Price analysis 3/8: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

March 8, 2023 Coin Telegraph

Binance Coin

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.

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.

Bitcoin price enters ‘transitional phase’ according to BTC on-chain analysis

March 6, 2023 Coin Telegraph

Adoption

BTC has struggled to overcome the $25,000 level, but on-chain analysis suggests that the pushback at the key price level is part of the transition out of the bear market.

The hopeful optimism of Bitcoin (BTC) traders seemed to dissipate in the first week of March as key on-chain metrics provided resistance.

Now Bitcoin price is threatening a retest of the $22,000 level and a wave of short sellers would stand to profit if that occurred. If the short sellers’ strike price hit, some analysts believe Bitcoin price could drop as low as $19,000.

*Bitcoin options by strike price. Source: Coinglass*

A handful of analysts still project BTC price to hit $25,000 in the short-term, on-chain data highlighting a few reasons for price resistance at higher levels.

Realized price metric highlights profit-taking

Market participants’ concern over the Federal Reserve’s interest rate hikes and high inflation are heavy macro headwinds facing Bitcoin price and this has investors weighing the time value of money of BTC investments. To measure TVM on-chain, Bitcoin holders can be put into groups based on the amount of time they held BTC and average the acquisition cost.

Investors that purchased BTC within the last 6-months benefited from the early bear market conditions and have an average realized price of $21,000, which places them in profit. The average market realized price across all BTC holders is $19,800, also currently in profit.

Conversely, BTC held for over 6 months has a higher realized price than the rest of the market groups at $23,500. When Bitcoin reaches above $23,500, the holders that have seen little TVM return for over 6-months potentially put pressure on a breakout as they get antsy to lock in profits.

*Bitcoin supply cost basis by time held. Source: Glassnode*

Liquidity inflows increase but pale in comparision to 2022

Bitcoin price is highly reactive to interest rates and the U.S. Dollar Index (DXY) which puts a strain on risk assets. The negative impact of these factors is great for short sellers butbad for Bitcoin price. The best way for the Bitcoin price to withstand short-seller pressure is for new long liquidity and spot buyers to enter the market.

Analyzing exchange net flows is a good way to measure new liquidity and currently this metric reflects a 34% uptick since the start of 2023, but it lags behind the yearly daily average of $1.6 billion.

*Bitcoin exchange volume. Source: Glassnode*

Currently, the general consensus among analysts is that the ability to onboard new liquidity into the crypto market has been hindered by a crackdown on banks that support crypto-oriented businesses.

The uptick in unrealized Bitcoin profits mirrors previous cycles

While some Bitcoin investors were realizing profit, positive on-chain signals appear when looking at the Net Unrealized Profit / Loss metric (NUPL). The NUPL metric shows the difference between unrealized Bitcoin profit and unrealized loss within the BTC supply.

According to Glassnode, NUPL metrics on March 6 show:

“Since mid-January, the weekly average of NUPL has shifted from a state of net unrealized loss to a positive condition. This indicates that the average Bitcoin holder is now holding a net unrealized profit of magnitude of approximately 15% of the market cap. This pattern resembles a market structure equivalent to transition phases in previous bear markets.”

While Bitcoin’s 2023 momentum may have taken a pause in mid-February and many headwinds remain, there are positive signs that the transition out of the deepest phase of bear market is near.

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.

Price analysis 3/6: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

March 6, 2023 Coin Telegraph

Binance Coin

Stock markets continue to trend upward, while crypto investors wait for this week’s Federal Reserve statements before choosing which direction BTC and altcoin prices will take.

The United States equities markets are trying to extend their recovery at the start of the new week. One of the reasons that could be boosting investor confidence is that the yield on the benchmark 10-year note has slipped further to 3.924%.

However, the bullish sentiment of the equities markets has not rubbed off on the cryptocurrency markets which continue to underperform. Bitcoin’s (BTC) tight range trading since March 4 suggests that there is uncertainty about the next directional move.

Generally, periods of low volatility are followed by a pick-up in volatility. The congressional testimony of Federal Reserve Chair Jerome Powell on March 7 and March 8 will be watched for the outlook on inflation and rate hikes. Later, on March 10, the release of February's job report could add to the volatility.

Could the strength in the U.S. equities markets and the weakness in the U.S. dollar index(DXY) attract buying in the beaten-down cryptocurrency sector? Let’s study the charts to find out.

SPX

The S&P 500 index (SPX) turned up sharply from 3,928 on March 2, indicating that buyers have not given up and are accumulating at lower levels.

Buyers pushed the price above the 20-day exponential moving average (4,030) on March 3 and followed it up with another move higher on March 6. The rise back above the uptrend line could have trapped the aggressive bears who may be rushing to the exit. The index will try to rise to 4,200 and then to 4,300.

On the contrary, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that bears are back in the game. A break and close below 3,928 could open the gates for a possible drop to 3,764.

DXY

The recovery in the U.S. dollar index (DXY) is facing selling near the 38.2% Fibonacci retracement level of 105.52 but a minor positive in favor of the buyers is that they have not allowed the price to slip below the 20-day EMA (104.10).

If the price bounces off the 20-day EMA, the bulls will again try to drive the index above the overhead resistance. If they succeed, the index could rally to the 50% retracement level of 106.98 and then to the 61.8% retracement level of 108.43.

Instead, if the price turns down and breaks below the 20-day EMA, the next stop may be the 50-day SMA (103.36). Such a move will suggest that the index may consolidate between 101.29 and 105.52 for some time.

BTC/USDT

Bitcoin is struggling to climb back above $22,800, indicating that the bears are trying to flip the level into resistance. The moving averages are about to complete a bearish crossover and the relative strength index (RSI) is in the negative zone, signaling advantage to the bears.

If the price turns down from the current level, the BTC/USDT pair may drop to the critical support at $21,480. This level may witness a tough battle between the bulls and the bears. If the bears come out on top, the pair may extend its decline to the psychologically important level of $20,000.

On the other hand, if the price rebounds off $21,480, the bulls will make one more attempt to clear the overhead hurdle at $22,800. If they manage to do that, the pair may start its up-move toward $25,250.

ETH/USDT

Ether (ETH) has been trading in a tight range following the sharp fall on March 3. This indicates indecision among the buyers and sellers.

If bears sink the price below $1,544, the advantage could tilt in their favor and the ETH/USDT pair may slump toward the strong support at $1,461. This level is again likely to behave as a strong support. If the price springs back from this level, the pair may remain stuck between $1,461 and $1,743 for a while longer.

On the upside, the bulls will have to push and sustain the price above the moving averages to signal a comeback. The pair may then attempt to climb above the $1,680 to $1,743 resistance zone. If that happens, the pair may start its journey toward $2,000.

BNB/USDT

BNB’s (BNB) shallow pullback from the current level shows a lack of aggressive buying by the bulls. The downsloping 20-day EMA ($301) and the RSI in the negative territory indicate that the path of least resistance is to the downside.

If bears sink the price below $280, the BNB/USDT pair will complete a bearish head and shoulders (H&S) pattern. That could start a downward move toward the first target at $245 and thereafter $222.

If bulls want to prevent the downturn, they will have to fiercely defend the $280 support and quickly push the price above the 20-day EMA. That could increase the possibility of a rise to the overhead resistance at $318.

XRP/USDT

XRP’s (XRP) rebound off the $0.36 support on March 3 met with strong selling near the 20-day EMA ($0.38). This suggests that the sentiment is negative and traders are selling on rallies.

If the price tumbles below $0.36, the XRP/USDT pair could reach the support line of the descending channel pattern. Buyers may buy this dip to keep the pair inside the channel but could find it difficult to overcome the obstacle at $0.36.

The first sign of strength will be a break and close above the resistance line of the channel. That could attract further buying and the pair may attempt a rally to $0.43 where they are likely to encounter stiff resistance from the bears.

ADA/USDT

Cardano (ADA) bounced off the $0.32 support on March 3 but the bulls could not propel the price above the overhead resistance at $0.34. This shows that the rallies are being sold into.

The bears will again try to sink the price below the $0.32 support. If they can pull it off, the ADA/USDT pair could witness aggressive selling. There is no major support until the pair reaches $0.26.

This negative view could invalidate in the near term if the price rebounds off $0.32 and breaks above the moving averages. That could increase the possibility of the formation of the right shoulder of the inverse H&S pattern.

MATIC/USDT

Polygon (MATIC) formed an inside-day candlestick pattern on March 5, indicating indecision among the bulls and the bears.

The downsloping 20-day EMA ($1.23) and the RSI below 41 suggest advantage to the bears. The MATIC/USDT pair could drop to the solid support at $1.05. Buyers are expected to defend this level aggressively because a break and close below it may sink the pair to $0.90 and thereafter to $0.69.

Alternatively, if the price turns up from the current level or rebounds off $1.05 with strength, it will indicate demand at lower levels. That may start a relief rally to the 20-day EMA where the bears may again mount a strong defense.

DOGE/USDT

Dogecoin (DOGE) attempted a recovery on March 5 but the long wick on the day’s candlestick indicates selling on rallies.

The downsloping 20-day EMA ($0.08) and the RSI near the oversold zone show that bears are in command. The sellers will try to strengthen their position further by yanking the price below the crucial support near $0.07. If this level breaks down, the pair could reach the pattern target of $0.06.

On the way up, the first resistance to watch out for is $0.08. If this level is scaled, the DOGE/USDT pair may start a recovery toward $0.10.

SOL/USDT

The bulls tried to start a recovery in Solana (SOL) on March 5 but the long wick on the day’s candlestick shows selling near the 20-day EMA ($22.32).

The bears will try to pull the price below the strong support near $19.68. If they succeed, the selling may intensify and the SOL/USDT pair could plummet toward the strong support near $15.

On the contrary, if the price rebounds off $19.68, it will suggest accumulation on dips. The bulls will then again try to push the price above the moving averages. If that happens, the pair could rise to the resistance line.

The zone between the resistance line and $27.12 remains the key area to watch out for because a break above it could catapult the pair toward $39.

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.

EOS, STX, IMX and MKR show bullish signs as Bitcoin searches for direction

March 5, 2023 Coin Telegraph

Bitcoin

BTC price is attempting to stage a recovery, while EOS, STX, IMX and MKR are beginning to flash bullish signals.

The United States equities markets made a strong recovery this week but Bitcoin (BTC) failed to follow suit. This means that cryptocurrency investors stayed away and could be worried by the ongoing problems at Silvergate bank. These fears could be what is behind the total crypto market capitalization dropping to nearly $1 trillion.

The behavior analytics platform Santiment said in a report on March 5 that there was a “huge spike of bearish sentiment” according to their bullish versus bearish word comparison Social Trends chart. However, the firm added that th “kind of overwhelmingly bearish sentiment can lead to a nice bounce to silence the critics.”

Another short-term positive for the crypto markets is the weakness in the U.S. dollar index (DXY), which fell by 0.70 in the past 7 days. This suggests that crypto markets may attempt a recovery over the next few days. As long as Bitcoin remains above $20,000, select altcoins may outperform the broader markets.

Let’s study the charts of Bitcoin and the four altcoins that are showing promise in the near term.

BTC/USDT

Bitcoin plummeted below the $22,800 support on March 3. Buyers tried to push the price back above the breakdown level on March 5 but the long wick on the candlestick suggests that bears are trying to flip $22,800 into resistance.

The 20-day exponential moving average ($23,159) has started to turn down and the relative strength index (RSI) is below 44, indicating that bears are trying to solidify their position. Sellers will try to sink the price below the support at $21,480. If they can pull it off, the BTC/USDT pair may retest the vital support at $20,000.

If bulls want to prevent the downside, they will have to quickly thrust the price above the 20-day EMA. Such a move will suggest aggressive buying at lower levels. The pair may then rise to $24,000 and thereafter rally to $25,250. A break above this resistance will indicate a potential trend change.

The moving averages are turning down on the 4-hour chart and the RSI is near 39. This indicates that bears have the upper hand. If the price turns down from the 20-EMA and breaks below $21,971, the pair may retest the support at $21,480.

Instead, if bulls drive the price above the 20-EMA, it will suggest that the bears may be losing their grip. The pair could then climb to the 50-simple moving average. This is an important level for the bears to defend because a break above it may open the gates for a rally to $24,000.

EOS/USDT

EOS (EOS) broke above the vital resistance of $1.26 on March 3 but the bulls could not sustain the higher levels. However, a positive sign is that the price has not dropped below the 20-day EMA ($1.17).

The gradually upsloping moving averages and the RSI in the positive zone indicate advantage to the bulls. The EOS/USDT pair has formed a rounding bottom pattern that will complete on a break and close above the $1.26 to $1.34 resistance zone. This reversal setup has a target objective at $1.74.

The important support to watch on the downside is the 50-day SMA ($1.10). Buyers have not allowed the price to tumble below this support since Jan. 8, hence a break below it may accelerate selling. The next support on the downside is $1 and then $0.93.

*EOS/USDT 4-hour chart. Source: TradingView*

The bears pulled the price below the 20-EMA but a minor positive is that bulls have not allowed the pair to slide to the 50-SMA. This suggests that lower levels continue to attract buyers. If the price rises above the 20-EMA, the bulls will again try to clear the hurdle at $1.26. If they do that, the pair may surge to $1.34.

This positive view could invalidate in the near term if the price turns down and breaks below the 50-SMA. That may extend the fall to $1.11.

STX/USDT

Stacks (STX) rallied sharply from $0.30 on Feb. 17 to $1.04 on March 1, a 246% rise within a short time. Typically, vertical rallies are followed by sharp declines and that is what happened.

The STX/USDT pair plunged to the 20-day EMA ($0.69) where it is finding buying support. The 50% Fibonacci retracement level of $0.67 is also close by, hence the bulls will try to protect the level with vigor. On the upside, the bears will try to sell the rallies in the zone between $0.83 and $0.91.

If the price turns down from this overhead zone, the sellers will again try to deepen the correction. If the $0.67 cracks, the next support is at the 61.8% retracement level of $0.58.

Contrary to this assumption, if buyers thrust the price above $0.91, the pair may rise to $1.04. A break above this level will indicate a possible resumption of the uptrend. The pair may then rally to $1.43.

The 4-hour chart shows that the 20-EMA is sloping down and the RSI is in the negative territory, indicating that bears have a slight edge. Sellers are likely to defend the moving averages during pullbacks. They will try to maintain their hold and sink the price to $0.65 and then to $0.56. The bulls will try to fiercely defend this support zone.

The first sign of strength will be a break and close above the 50-SMA. The pair may then rise to $0.94 and later to $1.04.

IMX/USDT

ImmutableX (IMX) rebounded off the 50-day SMA ($0.88) on March 3 and closed above the 20-day EMA ($1), indicating solid demand at lower levels.

The IMX/USDT pair could rise to $1.12 where the bears will again try to stall the recovery. If buyers bulldoze their way through, the pair could accelerate toward the stiff overhead resistance at $1.30. This is a crucial level to keep an eye on because a break and close above it may signal the start of a new uptrend. The pair may then soar to $1.85.

Contrarily, if the price turns down from the current level or $1.12, it will suggest that the bears have not yet given up. Sellers will then again try to sink the pair below the 50-day SMA and gain the upper hand. If they succeed, the pair could slump to $0.63.

The 4-hour chart shows that the price is oscillating between $0.92 and $1.12. Usually, in a range, traders buy near the support and sell close to the resistance. The price action inside the range could be random and volatile.

If the price rises above the resistance, it suggests that the bulls have overpowered the bears. The pair may then rally toward $1.30. On the contrary, if bears sink the price below $0.92, the pair may turn negative in the near term. The support on the downside is at $0.83 and next at $0.73.

MKR/USDT

After a short-term pullback, Maker (MKR) is trying to resume its up-move. This suggests that the sentiment remains positive and traders are viewing the dips as a buying opportunity.

The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers sustain the price above $963, the MKR/USDT pair may start its journey to the $1,150 to $1,170 resistance zone.

If bears want to stall the bullish trend, they will have to pull the price below the 20-day EMA ($807). If they manage to do that, stops of several short-term traders may be hit. The pair may then decline to the 50-day SMA ($731).

MKR/USDT 4-hour chart. Source: TradingView

The pair had been trading between $832 and $963 for some time but the bulls are trying to kick the price above the range. The 20-EMA has turned up and the RSI is in the positive territory, indicating that bulls are in command.

If the price sustains above $963, the pair may attempt a rally to the target objective of $1,094. On the other hand, if the price turns down sharply below $963, it will suggest that the breakout may have been a bull trap. That could extend the consolidation for a while longer.

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.

Price analysis 3/3: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

March 3, 2023 Coin Telegraph

Binance Coin

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.

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.

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ETH/USDT

MATIC/USDT

TON/USDT

OKB/USDT

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ETH/USDT

BNB/USDT

XRP/USDT

ADA/USDT

DOGE/USDT

MATIC/USDT

SOL/USDT

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ADA/USDT

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Realized price metric highlights profit-taking

Liquidity inflows increase but pale in comparision to 2022

The uptick in unrealized Bitcoin profits mirrors previous cycles

SPX

DXY

BTC/USDT

ETH/USDT

BNB/USDT

XRP/USDT

ADA/USDT

MATIC/USDT

DOGE/USDT

SOL/USDT

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EOS/USDT

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IMX/USDT

MKR/USDT

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ETH/USDT

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ADA/USDT

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SOL/USDT

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