Price analysis 3/16: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

2 years ago

Bitcoin (BTC) is witnessing a see-saw conflict adjacent $40,000 with some the bulls and the bears trying to summation the precocious hand. The volatility could stay precocious arsenic the markets await the United States Federal Reserve’s argumentation determination owed connected March 16.

Analyst Willy Woo suggests that Bitcoin could witnesser a capitulation event based connected outgo basis, a metric that indicates the transportation of Bitcoin from inexperienced to experienced traders. Such crisp declines usually suggest the enactment of marketplace bottoms.

However, Glassnode believes that a capitulation has been avoided due to the fact that the sell-offs person been absorbed by a comparatively beardown market. Although 82% of the short-term holders' coins are successful loss, Glassnode considers this to beryllium a late-stage carnivore marketplace behaviour wherever investors clasp their coins until they crook profitable.

Could the Fed’s argumentation determination commencement a trending determination successful Bitcoin and altcoins? Let’s analyse the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from the moving averages connected March 15 but the agelong process connected the candlestick indicates beardown request astatine little levels. The bulls continued their buying and person pushed the terms supra the 50-day elemental moving mean ($40,151).

If bulls prolong the terms supra the 50-day SMA, the BTC/USDT brace could rally to the overhead portion betwixt $45,400 and the absorption enactment of the ascending channel. The bears are expected to equine a beardown defence successful this zone.

If the terms turns down from the overhead zone, the brace could widen its enactment wrong the transmission for a fewer much days. The level moving averages and the comparative spot scale (RSI) adjacent the midpoint besides suggest range-bound enactment is apt successful the abbreviated term.

Contrary to this assumption, if the terms turns down and plummets beneath the moving averages, it volition suggest that bears proceed to merchantability astatine higher levels. The bears volition past effort to descend the terms beneath the enactment enactment of the transmission and resume the downtrend.

ETH/USDT

Ether (ETH) bounced disconnected the enactment enactment of the symmetrical triangle and the buyers are attempting to propulsion the terms supra the 50-day SMA ($2,763).

If they succeed, the terms could emergence to the intelligence level astatine $3,000 and past to the absorption enactment of the triangle. The bulls volition person to propulsion and prolong the terms supra the triangle to awesome a imaginable alteration successful trend.

The RSI has besides formed a symmetrical triangle and a breakout from it could awesome that buyers person the precocious hand.

This bullish presumption volition invalidate if the terms turns down from the existent level and breaks beneath the enactment enactment of the triangle. That could unfastened the doors for a imaginable driblet to $2,159.

BNB/USDT

The buyers are trying to propulsion Binance Coin (BNB) supra the moving averages but the bears are apt to person different plans. They volition effort to stall the betterment adjacent the moving averages arsenic they person done connected the 3 erstwhile occasions.

Both the moving averages are flattening retired and the RSI has risen supra 48, indicating that bulls are attempting a comeback. If buyers thrust and prolong the terms supra the 50-day SMA ($388), the BNB/USDT brace could emergence to $425 and thereafter to $445.

Contrary to this assumption, if the terms turns down from the moving averages, it volition suggest that the sentiment remains antagonistic and traders are selling adjacent absorption levels. The bears volition past effort to propulsion the terms beneath the beardown enactment astatine $350.

XRP/USDT

XRP turned down from the downtrend enactment connected March 12 and dropped to the moving averages. Although the bulls person defended the moving averages, they person failed to execute a beardown rebound disconnected it.

Both moving averages person flattened retired and the RSI is adjacent the midpoint, indicating a equilibrium betwixt proviso and demand. The buyers volition person to propulsion and prolong the terms supra the downtrend enactment to summation the precocious hand. The XRP/USDT brace could past rally to $0.91 and aboriginal to the intelligence level astatine $1.

Conversely, if the terms turns down and breaks beneath $0.69, the vantage volition crook successful favour of the bears. The brace could past descent to the beardown enactment level astatine $0.62.

LUNA/USDT

Terra’s LUNA token broke supra the overhead absorption astatine $94 connected March 14 but the bulls could not prolong the higher levels. The bears pulled the terms backmost beneath $94 connected March 15.

The bears volition present effort to propulsion and prolong the terms beneath the 20-day exponential moving mean ($84). If they succeed, the LUNA/USDT brace could driblet to $70. Such a determination could suggest that the bullish momentum has weakened.

Contrary to this assumption, if the terms rises from the existent level oregon rebounds disconnected the 20-day EMA, the buyers volition again effort to propulsion the terms toward $105. A interruption and adjacent supra this absorption could bespeak the resumption of the uptrend. The brace could archetypal rally to $115 and aboriginal to $125.

SOL/USDT

The bulls pushed Solana (SOL) backmost supra the breakdown level astatine $81 connected March 14, indicating that the caller breakdown connected March 13 whitethorn person been a carnivore trap.

The buyers are attempting to propulsion the terms supra the 20-day EMA ($86). If they negociate to bash that, the SOL/USDT brace could rally to the downtrend line. This is an important level to support an oculus connected due to the fact that a interruption and adjacent supra it volition suggest a imaginable alteration successful trend. The brace could past rally to the overhead absorption astatine $122.

This affirmative presumption volition beryllium invalidated successful the abbreviated word if the terms turns down from the 20-day EMA oregon the downtrend enactment and plummets beneath $77. Such a determination could bespeak the resumption of the downtrend and the brace whitethorn widen its diminution to $66.

ADA/USDT

Cardano (ADA) is attempting to emergence supra the 20-day EMA ($0.85) but the bears are expected to equine a beardown defence astatine the resistance.

If the terms turns down from the existent level, the ADA/USDT brace could driblet to the beardown enactment astatine $0.74. This is an important level for the bulls to support due to the fact that if it cracks, the brace could diminution to the adjacent enactment astatine $0.68.

Alternatively, if the terms breaks and closes supra the 20-day EMA, the brace could effort a rally to the intelligence level astatine $1. This level is apt to enactment arsenic a beardown resistance. If the terms turns down from this resistance, the brace whitethorn stay range-bound betwixt $1 and $0.74 for a fewer days.

AVAX/USDT

Avalanche (AVAX) has been sustaining beneath the uptrend enactment since March 13 but the bears person not been capable to capitalize connected this weakness and descend the terms beneath the contiguous enactment astatine $64. This indicates a deficiency of sellers astatine little levels.

The bulls are attempting to propulsion the terms backmost supra the uptrend enactment and the moving averages. If they succeed, the AVAX/USDT brace could emergence to the downtrend enactment of the descending channel. This is an important level to ticker retired for due to the fact that the bears person successfully defended the absorption connected 4 erstwhile occasions.

If the terms erstwhile again turns down from the downtrend line, it volition suggest that the bears are successful nary temper to relent. The sellers volition past effort and propulsion the terms backmost beneath $64.

Conversely, if bulls thrust the terms supra the channel, it volition suggest that the downtrend could beryllium over. The brace could past rally to the intelligence level astatine $100.

DOT/USDT

Polkadot (DOT) has been trading adjacent to the 20-day EMA ($17) for the past 2 days, indicating that the bulls are buying the dips.

The flattish moving averages and the RSI adjacent the midpoint suggest that the bears whitethorn beryllium losing their grip. The bulls are again expected to effort a rally supra the overhead absorption astatine $19.

If they tin propulsion it off, the DOT/USDT brace could emergence to $23 wherever the bears whitethorn airs a beardown challenge. A interruption and adjacent supra this level would implicit a treble bottommost pattern.

This affirmative presumption volition invalidate if the terms turns down and breaks beneath the beardown enactment astatine $16. That could resistance the terms down to $14.

DOGE/USDT

Dogecoin (DOGE) turned down from the 20-day EMA ($0.12) connected March 14, indicating that higher levels are witnessing beardown selling by the bears.

One insignificant affirmative origin is that the bulls person not allowed the terms to interruption beneath the beardown enactment astatine $0.10. This could support the DOGE/USDT brace range-bound betwixt $0.12 and $0.10 for a fewer much days.

A interruption and adjacent supra the 20-day EMA could beryllium the archetypal motion that the selling unit whitethorn beryllium reducing. The bulls volition past effort to propulsion the brace supra the 50-day SMA ($0.13) and wide the way for a imaginable rally to $0.17.

Alternatively, if the terms breaks beneath $0.10, the selling could intensify and the brace whitethorn driblet to $0.06.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph. Every concern and trading determination involves risk. You should behaviour your ain probe erstwhile making a decision.

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