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Bitcoin Price Analysis
Bitcoin (BTC) has risen back above the 200-day simple moving average ($83,754), indicating that the bulls are attempting a comeback. The failure of the bears to capitalize on the drop below the 200-day SMA shows that selling dries up at lower levels.
However, Bitcoin may not be out of the woods yet. Crypto analyst Matthew Hyland said in a video posted to X that Bitcoin needs a weekly close above $89,000 to confirm a bottom. A move above $89,000 could liquidate roughly $1.60 billion in short positions, according to CoinGlass data. If this does not happen, Hyland warns that Bitcoin will fall into the $74,000 to $69,000 range.
**Buyers have a challenging task ahead of them. The inflows of $13.3 million into US spot Bitcoin exchange-traded funds (ETFs) on March 12 could not be sustained, and the ETFs recorded outflows of $135.2 million on March 13, per Farside Investors data. This shows that investors remain nervous and are pressing the sell button on new tariff threats and actions by US President Donald Trump.
Could Bitcoin surge to $100,000, pulling select altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Ethereum Price Analysis
Ethereum (ETH) has been trading in a tight range between $1,963 and $1,754, indicating a tough battle between the bulls and bears.
The relative strength index (RSI) is showing early signs of forming a positive divergence. If the price rises above $1,963, the ETH/USDT pair could climb to the breakdown level of $2,111. This level may attract aggressive selling by the bears, but if the bulls persist, the pair could rally to the 50-day SMA ($2,597).
XRP Price Analysis
XRP (XRP) rebounded off the $2 support on March 11 and reached the 20-day EMA ($2.35) on March 13.
The bears are trying to halt the recovery at the 20-day EMA, but the bulls have kept up the pressure. This increases the possibility of a break above the 20-day EMA. The XRP/USDT pair may then rise to $2.64. If this level is cleared, the pair could rally to $3.
BNB Price Analysis
BNB (BNB) rose above the 20-day EMA ($591) on March 13, but the bulls could not sustain the higher levels, as seen from the long wick on the candlestick.
The bulls are again trying to push the price above the 20-day EMA. The BNB/USDT pair could challenge the 50-day SMA ($624) if they can pull it off. A break and close above the 50-day SMA will suggest that the correction may be over. The pair could then attempt a rally to $686.
Solana Price Analysis
Solana (SOL) has been trading above the $120 level, but the bulls have failed to push the price above $132.
If the price skids below $120, the SOL/USDT pair could drop to $110. This is a critical support to watch out for because a break and close below it may start a downward move to $98 and then to $80.
Cardano Price Analysis
Cardano (ADA) was rejected from the 20-day EMA ($0.77) on March 12, signaling that the bears are selling on rallies.
The ADA/USDT pair could drop to the uptrend line, which is an important level for the bulls to defend. If the price bounces off the uptrend line with strength, it will improve the prospects of a break above the moving averages. If that happens, the pair could rise to $1.02.
Dogecoin Price Analysis
Dogecoin (DOGE) bounced off the $0.14 support on March 11, indicating that the bulls are trying to defend the level.
The relief rally is expected to face selling at the 20-day EMA ($0.19). If the price turns down sharply from $0.19, it increases the possibility of a break below $0.14. The DOGE/USDT pair could then plummet to $0.10.
Pi Price Analysis
Pi’s (PI) recovery stalled at $1.80 on March 13, indicating that the bears are selling on every minor rally.
The bears will try to sink the price to $1.20, which is a crucial level to watch out for. If the price rebounds off $1.20, it will indicate a possible range formation. The PI/USDT pair could oscillate between $1.20 and $1.80 for some time.
UNUS SED LEO Price Analysis
UNUS SED LEO (LEO) has been trading near the $10 overhead resistance, indicating that the bulls have kept up the pressure.
A break and close above $10 will complete a bullish ascending triangle pattern, which could start an upmove toward the pattern target of $12.04.
Chainlink Price Analysis
Chainlink (LINK) plunged and closed below the support line of the descending channel pattern on March 10, but the bears could not sustain the lower levels.
The bulls have pushed the price back into the channel on March 14, but their efforts are likely to be met with strong selling at the 20-day EMA ($15.14). If the price turns down from the 20-day EMA, the bears will attempt to sink the LINK/USDT pair below $11.85. If they manage to do that, the pair could decline to $10.
Conclusion
In conclusion, the cryptocurrency market is expected to experience a range of price movements in the coming days. The bulls are attempting to gain control, but the bears are still strong. It is essential for investors to monitor the market closely and be prepared for any unexpected events.
FAQs
Q: What is the current market sentiment?
A: The market sentiment is mixed, with both bulls and bears vying for control.
Q: What is the outlook for Bitcoin?
A: Bitcoin is expected to continue its recovery, but faces significant resistance at the 200-day SMA.
Q: What is the outlook for Ethereum?
A: Ethereum is expected to continue its range-bound movement, with a possible break above the 20-day EMA.
Q: What is the outlook for XRP?
A: XRP is expected to continue its recovery, but faces significant resistance at the 20-day EMA.
Q: What is the outlook for BNB?
A: BNB is expected to continue its recovery, but faces significant resistance at the 50-day SMA.
Q: What is the outlook for Solana?
A: Solana is expected to continue its range-bound movement, with a possible break above the 20-day EMA.
Q: What is the outlook for Cardano?
A: Cardano is expected to continue its range-bound movement, with a possible break above the 20-day EMA.
Q: What is the outlook for Dogecoin?
A: Dogecoin is expected to continue its range-bound movement, with a possible break above the 20-day EMA.
Q: What is the outlook for Pi?
A: Pi is expected to continue its range-bound movement, with a possible break above the 20-day EMA.
Q: What is the outlook for UNUS SED LEO?
A: UNUS SED LEO is expected to continue its range-bound movement, with a possible break above the 20-day EMA.
Q: What is the outlook for Chainlink?
A: Chainlink is expected to continue its range-bound movement, with a possible break above the 20-day EMA.
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