Price analysis 3/18: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

2 years ago

Bitcoin (BTC) is facing a challenging situation successful 2022 owed to the surging ostentation and geopolitical turmoil. Although golden has outperformed Bitcoin year-to-date, Bloomberg Intelligence elder commodity strategist Mike McGlone believes that Bitcoin could marque a beardown comeback. McGlone expects the existent circumstances to “mark different milestone successful Bitcoin’s maturation.”

Another bullish motion for the agelong word is that the Bitcoin miners person been expanding their Bitcoin holdings since 2021. Compass Mining laminitis and CEO Whit Gibbs said to Cointelegraph that Bitcoin mining companies are “taking much of a bullish attack to Bitcoin.”

Terraform Labs laminitis Do Kwon said that its stablecoin TerraUSD (UST) volition beryllium backed by much than $10 cardinal successful Bitcoin reserves. He expects this determination to “open a caller monetary epoch of the Bitcoin standard.”

Could Bitcoin and altcoins find buyers connected dips oregon volition bears trap the assertive bulls? Let’s analyse the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke and closed supra the 50-day elemental moving mean ($40,311) connected March 16 but the bulls are struggling to physique upon this breakout. This suggests that request dries up astatine higher levels.

The bears volition effort to marque usage of this accidental and propulsion the terms beneath the 20-day exponential moving mean ($39,973). If they succeed, the BTC/USDT brace could again driblet to the beardown enactment astatine $37,000.

Conversely, if the terms rebounds disconnected the moving averages, it volition suggest that the sentiment has turned affirmative and traders are buying connected dips. The bulls volition past effort to propulsion the terms supra $42,600 and widen the rally to $45,400.

ETH/USDT

Ether (ETH) broke and closed supra the 50-day SMA ($2,780) connected March 16 indicating a beardown comeback from the bulls. The buyers held the dip to the 50-day SMA contiguous and are attempting to widen the recovery.

The comparative spot scale (RSI) has jumped into the affirmative territory and the 20-day EMA ($2,700) has started to crook up, indicating the way of slightest absorption is to the upside. If the terms sustains supra the 50-day SMA, the ETH/USDT brace could rally to the absorption enactment of the symmetrical triangle. The bears are expected to equine a beardown defence astatine this level.

This affirmative presumption volition beryllium invalidated if the terms turns down from the existent level and plummets beneath the moving averages. The brace could past driblet to the enactment enactment of the triangle.

BNB/USDT

Binance Coin (BNB) is facing absorption astatine the 50-day SMA ($389). This is the 4th lawsuit erstwhile the bears are posing a beardown situation astatine this level. Therefore, the 50-day SMA becomes a cardinal level to ticker retired for connected the upside.

The level moving averages and the RSI adjacent the midpoint suggest a equilibrium betwixt proviso and demand. If buyers propulsion and prolong the terms supra the 50-day SMA for 3 consecutive days, it volition bespeak a imaginable alteration successful trend. The BNB/USDT brace could past commencement its northward march toward $445.

On the different hand, if the terms dips beneath the 20-day EMA ($382), the bears volition effort to propulsion the brace toward the beardown enactment astatine $350.

XRP/USDT

XRP bounced disconnected the 50-day SMA ($0.74) connected March 15 but the bulls person not been capable to situation the downtrend line. This suggests that the bears are selling connected rallies.

The bears volition present effort to propulsion the terms beneath the moving averages. If they succeed, the XRP/USDT brace could driblet to the beardown enactment astatine $0.68. If this enactment besides gives way, the diminution could widen to $0.62.

Alternatively, if the terms bounces disconnected the moving averages, it volition suggest that the bulls are buying connected dips. That could heighten the prospects of a interruption and adjacent supra the downtrend line. The brace could past rally to $0.91.

LUNA/USDT

Terra’s LUNA token has breached beneath the 20-day EMA ($84), suggesting that the nonaccomplishment to prolong the terms supra $96 whitethorn person attracted profit-booking from the short-term traders.

The 20-day EMA has flattened retired and the RSI has dropped to the midpoint, indicating that the bullish momentum whitethorn beryllium waning. If the terms sustains beneath the 20-day EMA, the bears volition effort to propulsion the LUNA/USDT brace toward the beardown enactment astatine $70.

Contrary to this assumption, if the terms rebounds disconnected the existent level, the bulls volition marque different effort to propulsion and prolong the terms supra $96. If they negociate to bash that, the brace could rally to the all-time precocious astatine $105.

SOL/USDT

Solana (SOL) roseate supra the 20-day EMA ($86) connected March 16 but the bulls could not propulsion the terms supra the downtrend line. This indicates that the bears are progressive astatine higher levels.

The sellers volition present effort to descend the terms beneath the beardown enactment portion betwixt $81 and $75. If they succeed, it volition implicit a descending triangle signifier and the SOL/USDT brace could plummet to $66.

However, the flattening moving averages and the affirmative divergence connected the RSI suggest that the bearish momentum whitethorn beryllium weakening. If the terms rebounds disconnected the enactment zone, the bulls volition marque 1 much effort to flooded the obstruction astatine the downtrend enactment and propulsion the brace to $106.

ADA/USDT

Cardano (ADA) is facing stiff absorption astatine the 20-day EMA ($0.84) which suggests that the bears are defending this level aggressively.

The flattening 20-day EMA and the affirmative divergence connected the RSI suggest that the selling unit whitethorn beryllium waning.

If the ADA/USDT brace does not springiness up overmuch crushed from the existent level, it volition suggest that the traders are holding connected to their presumption arsenic they expect a determination higher. If the terms breaks and closes supra the 20-day EMA, the adjacent halt could beryllium the overhead absorption astatine $1.

This affirmative presumption volition invalidate if the terms turns down and breaks beneath $0.74. The brace could past resume its downtrend and diminution to $0.68.

AVAX/USDT

Avalanche (AVAX) broke supra the moving averages connected March 17 and rose to the downtrend line of the descending channel. The bears are expected to equine a beardown defence astatine this resistance.

The flattish moving averages and the RSI conscionable supra the midpoint bespeak a insignificant vantage to buyers. If bulls prolong the terms supra the 20-day EMA ($75), the prospects of a interruption and adjacent supra the transmission improve.

A adjacent supra the transmission volition beryllium the archetypal motion of a imaginable alteration successful trend. The bulls volition past effort to thrust the terms toward the intelligence level astatine $100.

This affirmative presumption volition beryllium invalidated successful the abbreviated word if the terms breaks and sustains beneath the 20-day EMA. The AVAX/USDT brace could past driblet to the uptrend line.

DOT/USDT

Polkadot (DOT) broke and closed supra the 50-day SMA ($18) connected March 16 but the bulls could not prolong the terms supra the overhead absorption astatine $19. This suggests that the bears are not consenting to springiness up easily.

The terms has turned down from the overhead absorption but a insignificant affirmative is that the bulls are attempting to support the moving averages. If the terms rebounds disconnected the moving averages, it volition summation the anticipation of a interruption and adjacent supra the overhead resistance. The DOT/USDT brace could past commencement its travel toward $23.

Conversely, if the terms slips beneath the 20-day EMA ($17), the brace could driblet toward the enactment astatine $16. The brace could past widen its enactment wrong the $16 to $19 scope for a fewer much days.

DOGE/USDT

Dogecoin (DOGE) erstwhile again turned down from the 20-day EMA ($0.12) connected March 17, indicating that bears proceed to merchantability adjacent the absorption levels.

The sellers volition present effort to propulsion the terms down to the beardown enactment astatine $0.10. If the terms bounces here, the DOGE/USDT brace could stay range-bound betwixt $0.12 and $0.10 for a fewer days.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the 20-day EMA. That could propulsion the terms to the 50-day SMA ($0.13), which whitethorn again enactment arsenic a beardown resistance.

A interruption and adjacent supra this absorption could pull buyers and unfastened the doors for a imaginable rally to $0.17. Conversely, a interruption and adjacent beneath $0.10 volition suggest the resumption of the downtrend.

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.

Market information is provided by HitBTC exchange.

View source