Markets Outlook
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) has risen to the 20-day exponential moving average (5,742), where the bears are expected to step in. If the price turns down from the 20-day EMA, the bears will attempt to drag the index below 5,670. If they succeed, the index may retest the critical support zone between 5,600 and 5,500.
On the other hand, a close above the 20-day EMA will be the first indication that the correction may be ending. The index will then try to rise toward the 50-day simple moving average (5,913).
US Dollar Index Price Analysis
The US Dollar Index (DXY) rebounded off the 103.37 level on March 19, indicating that the bulls are trying to form a floor. The index could reach the 20-day EMA (104.59), which is an important level to watch out for. If the index turns down sharply from the 20-day EMA, the bears will again try to sink the price below 103.37. If they can pull it off, the index may collapse to 102 and eventually to 101.
Conversely, a break and close above the 20-day EMA suggests the bears are losing their grip. The index could climb to the breakdown level of 105.42, which is likely to act as a formidable barrier.
Bitcoin Price Analysis
Bitcoin (BTC) has broken above the 20-day EMA ($85,572) on March 23, signaling the start of a strong recovery. The 20-day EMA is flattening out, and the RSI has risen into positive territory, signaling a minor advantage to the bulls. The relief rally is expected to face stiff resistance at the 50-day SMA ($90,290). If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it will indicate a positive sentiment. That increases the possibility of a rally to $95,000 and then to $100,000.
Conversely, if the price turns down from the 50-day SMA and breaks below the 20-day EMA, it will suggest that the bears remain active at higher levels. A drop below $83,000 could sink the BTC/USDT pair to $80,000.
Ether Price Analysis
Ether (ETH) bulls are again attempting to drive the price above the 20-day EMA ($2,057) and the breakdown level of $2,111. If they manage to do that, it will signal that the markets have rejected the breakdown below $2,111. The ETH/USDT pair could rally to the 50-day SMA ($2,356) and subsequently to $2,550.
Time is running out for the bears. If they want to retain the advantage, they will have to defend the $2,111 level and swiftly pull the price below $1,750. That may resume the downtrend toward the next support at $1,550.
XRP Price Analysis
XRP (XRP) turned up from the 20-day EMA ($2.38) on March 23, signaling that the bulls are using the dips to buy. The bulls will try to push the price above $2.59. If they manage to do that, the XRP/USDT pair could climb to the resistance line, where sellers are expected to mount a strong defense.
BNB Price Analysis
BNB (BNB) has bounced off the moving averages, indicating a change in sentiment from selling on rallies to buying on dips. If the price rises and breaks above $644, it will indicate the resumption of the recovery. The BNB/USDT pair could ascend to $686 and above it to the crucial resistance at $745.
Solana Price Analysis
Solana (SOL) broke above the 20-day EMA ($135) on March 24, signaling that the bulls are attempting a comeback. If the price maintains above the 20-day EMA, the SOL/USDT pair could rise to the 50-day SMA ($158). Sellers will try to stall the rally at the 50-day SMA, but if the bulls overcome the obstacle, the pair may surge toward $180. That will bring the large $110 to $260 range into play.
Dogecoin Price Analysis
Dogecoin (DOGE) has risen above the 20-day EMA ($0.18), indicating that the bulls have kept up the pressure. If the price closes above the 20-day EMA, the DOGE/USDT pair could climb to the 50-day SMA ($0.21) and later to $0.24. Sellers are expected to defend the level, but if the bulls prevail, the pair could soar to $0.29.
Cardano Price Analysis
Cardano (ADA) has been trading between the moving averages and the uptrend line for the past few days. The failure of the bears to sink the price to the uptrend line suggests a lack of selling at lower levels. Buyers will try to strengthen their position by pushing the price above the moving averages. If they do that, the ADA/USDT pair could rise to $0.84 and later to $1.02.
Chainlink Price Analysis
Chainlink (LINK) has broken out of the 20-day EMA ($14.60) on March 24, indicating that the downtrend could be ending. The LINK/USDT pair could rise to the 50-day SMA ($16.34), which could again act as a stiff resistance. If the price turns down from the 50-day SMA, the pair is likely to find support at the 20-day EMA. If the price rebounds off the 20-day EMA, the likelihood of a rally to $19.25 increases.
Conclusion
The markets are expected to experience a mix of bullish and bearish moves in the coming days. The S&P 500 Index, US Dollar Index, and Bitcoin are expected to face resistance at specific levels, while the other cryptocurrencies may experience a relief rally.
FAQs
Q: What are the key levels to watch for in the S&P 500 Index?
A: The 20-day EMA (5,742) and the 50-day SMA (5,913) are the key levels to watch.
Q: What is the expected trajectory of the US Dollar Index?
A: The index is expected to retest the 103.37 level and then potentially collapse to 102 and eventually to 101.
Q: What is the outlook for Bitcoin?
A: The price is expected to face resistance at the 50-day SMA ($90,290), but a break above this level could lead to a rally to $95,000 and then to $100,000.
Q: What are the key levels to watch for in other cryptocurrencies?
A: The 20-day EMA and the 50-day SMA are key levels to watch for Ether, XRP, BNB, Solana, Dogecoin, Cardano, and Chainlink.
![Crypto Recovery Pump Incoming!! [DUMP NEARLY OVER – ACT NOW]](https://i.ytimg.com/vi/MrMeVsgZJPU/maxresdefault.jpg "Crypto Recovery Pump Incoming!! [DUMP NEARLY OVER – ACT NOW]")
