Price Analysis 3/21: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, TON, LINK, LEO
Bitcoin Price Analysis
Bitcoin’s (BTC) recovery continues to face selling at higher levels, indicating that the bears have not given up. Trading resource Material Indicators said in a post on X that "Spoofy the Whale" has been suppressing Bitcoin’s price below $87,500. Although the upside is currently restricted, select analysts believe that the downside is limited. BitMEX co-founder Arthur Hayes said in a post on X that Bitcoin may have bottomed out at $77,000, considering that the Federal Reserve announced a slowdown in its quantitative tightening from April.
Ethereum Price Analysis
Ethereum’s (ETH) recovery stalled at the 20-day EMA ($2,067), indicating that the bears are active at higher levels. If the price breaks below $1,927, the ETH/USDT pair could slip to $1,800. Buyers are expected to defend the $1,750 to $1,800 zone because a break below it could open the doors for a drop to $1,550. This negative view will be invalidated if the price turns up and rises above the breakdown level of $2,111. That clears the path for a potential rally to the 50-day SMA ($2,420) and, after that, to $2,850.
XRP Price Analysis
XRP (XRP) surged above the moving averages on March 19, but the bulls could not maintain the momentum. The bears are trying to pull the price below the 20-day EMA ($2.36). If they can pull it off, the XRP/USDT pair may fall to $2.22 and then to the critical support at $2. Buyers are expected to vigorously defend this support zone. If the price bounces off the support zone, the bulls will again attempt to drive the pair above the 20-day EMA. If they succeed, the pair could rally to the resistance line.
BNB Price Analysis
BNB’s (BNB) pullback took support at the 20-day EMA ($608) on March 19, indicating buying on dips. The 20-day EMA has started to turn up, and the RSI is in the positive zone, signaling that buyers have a slight edge. A break and close above $644 could clear the path for a rally to $686. Sellers will try to defend the $686 level with all their might because a break above it could catapult the price to $745. Sellers will have to pull the price below the 20-day EMA to prevent the upside. The BNB/USDT pair may then decline to $550.
Solana Price Analysis
Solana (SOL) turned down from the 20-day EMA ($135) on March 20, signaling that the bears continue to sell on minor relief rallies. The SOL/USDT pair could slip to $120 and then to $110. Buyers are expected to fiercely defend this support zone. If the price bounces off the support zone, the bulls will again attempt to drive the pair above the 20-day EMA. If they succeed, the pair could rally to the 50-day SMA ($163). On the contrary, a break and close below $110 signals the resumption of the downtrend. The pair could tumble to $98 and eventually to $80.
Cardano Price Analysis
Cardano (ADA) turned down from the moving averages on March 20, indicating that the bears are defending the level. Sellers will try to sink the price to the uptrend line, where the bulls are expected to step in. If the price rebounds off the uptrend line with strength, it increases the possibility of a break above the moving averages. The ADA/USDT pair could then rally to $1.02. Alternatively, a break and close below the uptrend line suggests that the bulls have given up. That could start a downward move toward $0.58 and eventually to $0.50. Buyers are expected to vigorously defend the $0.50 support.
Dogecoin Price Analysis
Buyers are struggling to push Dogecoin (DOGE) above the 20-day EMA ($0.18), indicating a negative sentiment. If the price skids below $0.16, the DOGE/USDT pair could retest the critical support at $0.14. This is an essential support for the bulls to defend because a break below it may sink the pair to $0.10. On the upside, a break and close above the 20-day EMA will be the first indication that buyers are back in the game. The pair could rise to the 50-day SMA ($0.22) and subsequently to $0.29.
Toncoin Price Analysis
Toncoin (TON) cleared the 50-day SMA ($3.51) hurdle on March 19, but the bears are trying to halt the up move at $4. The 20-day EMA ($3.32) has started to turn up, and the RSI has jumped into the positive zone, signaling an advantage to buyers. The price is expected to find support at the 20-day EMA. If that happens, the prospects of a break above $4 improve. The TON/USDT pair may climb to $5 and later to $5.50. Sellers will have to yank the price back below the 20-day EMA to gain the upper hand. The pair may then slump to $3.
Chainlink Price Analysis
Chainlink (LINK) rose above the 20-day EMA ($14.59) on March 19, but the bulls could not sustain the higher levels. The price slipped back below the 20-day EMA on March 20, indicating selling at higher levels. The bears will try to sink the price toward the crucial support at $12. If the price turns up from the current level or $12, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will again try to push the LINK/USDT pair toward the 50-day SMA ($16.83) and later to $19.25. This positive view will be invalidated if the price continues lower and plummets below $12. That could sink the pair to psychological support at $10.
UNUS SED LEO Price Analysis
UNUS SED LEO (LEO) remains stuck below the overhead resistance of $10, indicating that the bears are holding their ground. The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price turns down and breaks below $9.60, it suggests that the bears are strengthening their position. The LEO/USD pair could descend to the uptrend line. On the other hand, the bullish ascending triangle pattern will complete on a break and close above $9.90. The pair could then surge toward the target objective of $12.04.
Conclusion
In conclusion, the cryptocurrency market is experiencing a mixed performance, with some assets showing signs of recovery while others are still struggling. The analysis suggests that the bears are still active, but the bulls are trying to gain the upper hand. The market’s direction will depend on the outcome of the current price action.
FAQs
Q: What is the current state of the cryptocurrency market?
A: The market is experiencing a mixed performance, with some assets showing signs of recovery while others are still struggling.
Q: What is the outlook for Bitcoin and other major cryptocurrencies?
A: The analysis suggests that the bears are still active, but the bulls are trying to gain the upper hand. The market’s direction will depend on the outcome of the current price action.
Q: What is the current price action like for Ethereum and other major altcoins?
A: Ethereum’s recovery stalled at the 20-day EMA, indicating that the bears are active at higher levels. Other altcoins like XRP, BNB, SOL, ADA, DOGE, TON, and LEO are also experiencing mixed performances.
Q: What are the key levels to watch for in the coming days?
A: The key levels to watch are the 20-day EMAs, 50-day SMAs, and the critical support and resistance levels for each asset.
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