Price analysis 3/2: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

2 years ago

The speculation regarding the U.S. Federal Reserve’s tightening rhythm and caller geopolitical developments whitethorn person resulted successful panic selling by short-term traders. Analysis from Glassnode suggested that traders who had purchased Bitcoin (BTC) adjacent the November 2021 precocious liquidated their positions successful the past 2 and fractional months. This supply was absorbed by precocious condemnation investors, which resulted successful a redistribution from anemic hands to beardown hands.

The crypto market, owed to its resilience, continues to pull erstwhile naysayers to its fold. The latest fashionable fig to person a change of bosom is Ken Griffin, laminitis of American multinational hedge money and fiscal services institution Citadel. In an interrogation with Bloomberg, Griffin said that Citadel volition “engage successful making markets successful cryptocurrencies” implicit the adjacent fewer months.

Voyager Digital co-founder and CEO Stephen Ehrlich told Cointelegraph that the firm’s caller 4th was its “best ever, truthful I surely consciousness it's a large clip to beryllium successful crypto." Along with businesses, Ehrlich believes that crypto investors are apt to beryllium rewarded successful the agelong term.

Will the request stay intact astatine higher levels and could the betterment widen further successful the adjacent fewer days? Let’s analyse the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s betterment has reached the overhead absorption portion betwixt $45,821 and the absorption enactment of the ascending channel. The bears are expected to support the portion with vigor.

The 20-day exponential moving mean ($40,797) has started to crook up and the comparative spot scale (RSI) is successful the affirmative territory, indicating vantage to buyers. If the bulls apprehension the adjacent dip astatine the 20-day EMA, it volition summation the anticipation of a interruption supra the channel. If that happens, the BTC/USDT brace could rally to $52,088.

Contrary to this assumption, if the terms turns down and breaks beneath the moving averages, it volition suggest that the brace could stay stuck wrong the transmission for a fewer much days. The brace whitethorn past driblet toward the enactment enactment of the channel.

ETH/USDT

Ether (ETH) broke and closed supra the 50-day elemental moving mean ($2,860) connected Feb. 28, indicating that bulls are attempting a comeback. The moving averages are adjacent to completing a bullish crossover and the RSI is successful the affirmative territory, indicating that the way of slightest absorption is to the upside.

If the terms rebounds disconnected the 20-day EMA ($2,824), it volition suggest that the bulls are buying connected each insignificant dip. The ETH/USDT brace could past emergence to the absorption enactment of the symmetrical triangle pattern. The bears are apt to support this level aggressively but if bulls surpass this barrier, the brace could commencement a caller uptrend.

Alternatively, if the terms slips beneath the 20-day EMA, the brace could driblet to the enactment enactment of the triangle. A interruption and adjacent beneath the triangle could suggest the resumption of the downtrend. The terms enactment wrong the triangle is apt to stay volatile.

BNB/USDT

Binance Coin (BNB) broke supra the 50-day SMA ($406) connected March 1 but the agelong wick connected the candlestick indicates selling astatine higher levels. The bulls again pushed the terms supra the 50-day SMA contiguous but are struggling to prolong the higher levels.

This indicates that the bears are trying to support the 50-day SMA. If the terms turns down from the existent level but does not interruption beneath the 20-day EMA ($391), it volition suggest that bulls are buying connected dips.

That volition amended the prospects of a interruption and adjacent supra the 50-day SMA. If that happens, the BNB/USDT brace could rally to the overhead absorption astatine $445. This affirmative presumption volition invalidate successful the abbreviated word if the terms breaks and sustains beneath the 20-day EMA.

XRP/USDT

Ripple (XRP) roseate to the downtrend enactment connected Feb. 28 wherever the bears are mounting a beardown defense. The terms has turned down from the downtrend enactment and could present driblet to the 50-day SMA ($0.72).

The flattish moving averages and the RSI adjacent the midpoint suggest a equilibrium betwixt proviso and demand. This equilibrium volition displacement successful favour of the buyers if the XRP/USDT brace rises and sustains supra the downtrend line. The brace could past rally to $0.85 and aboriginal to $0.91.

Conversely, if the terms slips beneath the 50-day SMA, it volition suggest that higher levels proceed to witnesser beardown selling. The brace could past driblet to $0.68 and if this level besides cracks, the adjacent halt whitethorn beryllium the Feb. 24 intraday debased astatine $0.62.

LUNA/USDT

The bulls person been trying to prolong Terra’s LUNA token supra the overhead absorption astatine $94 for the past 2 days but the bears person not allowed that to happen.

The moving averages person completed a bullish crossover, indicating vantage to buyers. However, the RSI successful the overbought territory suggests that the rally whitethorn beryllium extended successful the abbreviated term. The nonaccomplishment to propulsion and prolong the terms supra $94 could pull profit-booking from short-term traders.

That could propulsion the terms toward $80. If the terms rebounds disconnected this level, it volition suggest that sentiment remains affirmative and traders are buying connected dips. The bulls volition past again effort to wide the overhead hurdle astatine $94. If they succeed, the LUNA/USDT brace could retest the all-time precocious astatine $103.

Alternatively, a interruption and adjacent beneath $80 could suggest a deeper correction to the 20-day EMA ($68).

SOL/USDT

Solana (SOL) broke supra the 20-day EMA ($95) connected Feb. 28 and successfully held the retest connected March 1. The bulls are striving to propulsion the terms supra the 50-day SMA ($106). If they succeed, the rally could widen to $122.

The 20-day EMA has flattened retired and the RSI has risen into the affirmative zone, indicating that bulls are connected a comeback. If bulls propulsion and prolong the terms supra $122, the SOL/USDT brace volition implicit a treble bottommost pattern. The brace could past rally to $163.

This bullish presumption volition invalidate successful the abbreviated word if the terms turns down and breaks beneath the 20-day EMA. Such a determination volition suggest that request dries up astatine higher levels. That could support the brace range-bound betwixt $81 and $122 for a fewer days.

ADA/USDT

Cardano (ADA) has reached the breakdown level astatine $1. This is an important level for the bears to support due to the fact that a interruption and adjacent supra it volition suggest that the markets person rejected the little levels.

The flattish moving averages and the RSI conscionable beneath the midpoint suggest that the bears whitethorn beryllium losing their grip. If bulls propulsion and prolong the terms supra $1, the ADA/USDT brace could rally to the absorption enactment of the channel.

A interruption and adjacent supra the transmission volition suggest a imaginable alteration successful trend. The brace could past emergence to the overhead absorption astatine $1.60. This bullish presumption volition invalidate if the terms turns down sharply from the existent level. In that case, the brace whitethorn retest the enactment astatine $0.82.

AVAX/USDT

Avalanche (AVAX) broke supra the moving averages connected Feb. 28 and reached the downtrend enactment of the descending transmission connected March 1. The bears are attempting to support this level arsenic they person done connected 3 erstwhile occasions.

If the terms dips from the existent level but does not interruption beneath the moving averages, it volition suggest that the sentiment whitethorn person changed from merchantability connected rallies to bargain connected dips.

The bulls volition past marque 1 much effort to propulsion and prolong the terms supra the channel. If they succeed, it volition awesome a imaginable alteration successful trend. The AVAX/USDT brace could past rally to $100.

On the contrary, if the terms breaks and slips beneath the moving averages, it volition suggest that bears proceed to merchantability aggressively. The brace could past driblet to $64.

DOT/USDT

Polkadot (DOT) broke and closed supra the 20-day EMA ($18) connected Feb. 28 but the bulls person not been capable to wide the overhead hurdle astatine the 50-day SMA ($20). This indicates that bears proceed to merchantability astatine higher levels.

The 20-day EMA has flattened retired and the RSI is conscionable supra the midpoint, indicating a imaginable range-bound enactment successful the adjacent term. If buyers propulsion the terms supra the 50-day SMA, the DOT/USDT brace could rally to $23.

Contrary to this assumption, if the terms turns down from the existent level and breaks beneath the 20-day EMA, the brace could retest the beardown enactment portion astatine $16 to $14. The bears volition person to propulsion the terms beneath this portion to resume the downtrend.

DOGE/USDT

Dogecoin (DOGE) sharply rebounded disconnected the $0.12 enactment connected Feb. 28, indicating that the bulls are aggressively defending the level.

The alleviation rally is facing absorption astatine the 20-day EMA ($0.13), suggesting that the bears person not yet fixed up and they proceed to merchantability connected rallies.

If the terms turns down from the moving averages, the DOGE/USDT brace could driblet to $0.12. This is an important level for the bulls to support due to the fact that a interruption beneath it could propulsion the brace to the intelligence enactment astatine $0.10.

Conversely, if the terms breaks supra the moving averages, the brace could rally to the overhead absorption astatine $0.17. The bullish momentum could prime up supra this level.

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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