Price Analysis 3/19: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, LINK, LEO, TON
Bitcoin Price Analysis
Bitcoin (BTC) has been clinging to the 200-day simple moving average ($84,359), indicating that the bulls have kept up the pressure. This improves the prospects of an upside breakout, signaling the corrective phase may be ending.
Founder of Derive, Nick Forster, told Cointelegraph that the current pullback is a normal correction that Bitcoin experiences during long-term rallies. He anticipates that Bitcoin’s cycle peak is yet to come.
**A positive sign in favor of the bulls is that the US spot Bitcoin exchange-traded funds (ETFs) have again started to witness inflows. According to Farside Investors’ data, spot Bitcoin ETFs have recorded $525 million in inflows since March 14.
Ethereum Price Analysis
The narrow range trading in Ether (ETH) resolved to the upside on March 19, indicating that the bulls have overpowered the bears. The price turned down from $2,111, but if the bulls prevail, the ETH/USDT pair could ascend to the 50-day SMA ($2,468). If this level is also crossed, the pair could surge to $2,850.
XRP Price Analysis
XRP (XRP) surged above the moving averages on March 19, opening the doors for a rally to the resistance line. If the price turns down from the resistance line, the XRP/USDT pair is likely to find support at the 20-day EMA ($2.36). A bounce off the 20-day EMA increases the likelihood of a break above the resistance line, and the pair may then climb to $3.
BNB Price Analysis
BNB (BNB) closed above the 50-day SMA ($618) on March 17, but the bulls are struggling to sustain the higher levels. The pullback is expected to find support at the 20-day EMA ($602). If the price rebounds off the 20-day EMA with strength, it will suggest a change in sentiment from selling on rallies to buying on dips. This increases the possibility of a break above $644, and the BNB/USDT pair could then rally to $686.
Solana Price Analysis
Solana (SOL) rebounded off the $120 to $110 support zone on March 18, indicating that the bulls are aggressively defending the zone. If buyers catapult the price above the 20-day EMA ($137), it will suggest the start of a sustained recovery. The SOL/USDT pair could then rally to the 50-day SMA ($167) and, after that, to $180.
Cardano Price Analysis
Cardano (ADA) has been trading between the uptrend line and the moving averages for the past few days, indicating indecision about the next directional move. The downsloping moving averages and the RSI just below the midpoint give a slight edge to the bears. If the price turns down from the moving averages and breaks below the uptrend line, the ADA/USDT pair could drop to $0.58 and eventually to $0.50.
Dogecoin Price Analysis
Dogecoin (DOGE) is facing selling near the 20-day EMA ($0.18), indicating that the bears are active at higher levels. The bears will try to sink the price below the $0.14 support. If they manage to do that, it will signal the resumption of the downtrend. The DOGE/USDT pair could then plunge to psychological support at $0.10.
Chainlink Price Analysis
Chainlink (LINK) has risen to the 20-day EMA ($14.66), but the bulls are expected to face stiff resistance from the bears. If the price turns down from the 20-day EMA, the bears will again try to sink the LINK/USDT pair below the $12 support. If they manage to do that, the pair could descend to the crucial support at $10.
UNUS SED LEO Price Analysis
UNUS SED LEO (LEO) has been trading in a tight range between $10 and $9.60 for the past few days, suggesting that the bulls are holding on to their positions as they anticipate a move higher. If buyers drive and maintain the price above $10, the LEO/USD pair will complete a bullish ascending triangle pattern. The pair may then start an upmove toward the pattern target of $12.04.
Toncoin Price Analysis
Toncoin (TON) has been facing resistance at the 50-day SMA ($3.56), but a positive sign is that the bulls have not ceded ground to the bears. That increases the likelihood of a break and close above the 50-day SMA. If that happens, the TON/USDT pair could climb to $4.50 and then to $5.
Conclusion
The crypto market is expected to continue its volatile journey, with prices fluctuating between gains and losses. The analysis suggests that the bulls are gaining momentum, but the bears are still active at higher levels. The outcome will depend on the market’s ability to break and close above the key resistance levels. It is essential for investors to stay informed and adapt to the changing market conditions.
FAQs
Q: What is the current market outlook for Bitcoin?
A: The market is expected to continue its correction, with the bulls trying to break above the 200-day SMA.
Q: What is the expected outcome for Ethereum?
A: The price is expected to continue its upward trend, potentially reaching the 50-day SMA and then the 2,850 level.
Q: How does the market respond to the news of US spot Bitcoin ETF inflows?
A: The news has a positive impact on the market, suggesting that investors are optimistic about the future of Bitcoin.
Q: What is the current sentiment in the market?
A: The sentiment is mixed, with the bulls trying to regain control and the bears still active at higher levels.
Q: How do you predict the market will perform in the short term?
A: The short-term market performance is difficult to predict, but the analysis suggests that the bulls may gain momentum, potentially leading to a break above the key resistance levels.
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