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BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Bitcoin (Bitcoin) faces a challenging environment in 2022 due to rising inflation and geopolitical turmoil. Although gold has outperformed Bitcoin year-to-date, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, believes so Bitcoin could make a strong comeback. McGlone expects the current circumstances to “mark another milestone in Bitcoin’s maturation.”

Another bullish sign for the long term is that bitcoin miners have been increasing their bitcoin holdings since 2021. Compass Mining founder and CEO Whit Gibbs told Cointelegraph that bitcoin mining companies are “taking more of a bullish approach for bitcoin.”

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Daily performance of the cryptocurrency market. Source: Coin360

Terraform Labs founder Do Kwon said his stablecoin will be TerraUSD (UST). backed by more than $10 billion in Bitcoin reserves. He expects this move to “open a new monetary era of the Bitcoin standard.”

Could bitcoin and altcoins find buyers on dips, or will bears trap aggressive bulls? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke and closed above the 50-day simple moving average ($40,311) on March 16, but the bulls are struggling to build on this breakout. This suggests that demand is drying up at higher levels.

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BTC/USDT daily chart. Source: TradingView

The bears will attempt to capitalize on this opportunity and sink the price below the 20-day exponential moving average ($39,973). If they succeed, the BTC/USDT pair could revisit the strong support at $37,000.

Conversely, when the price recovers from the moving averages, it suggests that sentiment has turned bullish and traders are buying on dips. The bulls will then attempt to push the price above $42,600 and extend the rally to $45,400.

ETH/USDT

ether (ETH) broke through and closed above the 50-day SMA ($2,780) on March 16, indicating a strong comeback by the bulls. Buyers held the decline to the 50-day SMA today and are attempting to extend the recovery.

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ETH/USDT daily chart. Source: TradingView

The Relative Strength Index (RSI) has bounced into positive territory and the 20-day EMA ($2,700) has started turning up, suggesting that the path of least resistance is up. If the price sustains above the 50-day SMA, the ETH/USDT pair could rally to the symmetrical triangle resistance line. Bears are expected to build strong defenses at this level.

This bullish view will be invalidated if the price breaks down from the current level and falls below the moving averages. The pair could then drop to the triangle support line.

BNB/USDT

Binance Coin (BNB) is facing resistance at the 50-day SMA ($389). This is the fourth time the bears have presented a strong challenge at this level. Therefore, the 50-day SMA becomes a key level to watch on the upside.

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BNB/USDT daily chart. Source: TradingView

The flat moving averages and the RSI near the middle suggest a balance between supply and demand. If buyers push and hold the price above the 50-day SMA for three consecutive days, it will indicate a possible trend reversal. The BNB/USDT pair could then start its northward march towards $445.

On the other hand, if the price breaks below the 20-day EMA ($382), the bears will attempt to drag the pair towards the strong support at $350.

XRP/USDT

XRP bounced off the 50-day SMA ($0.74) on March 15, but the bulls were unable to challenge the downtrend line. This suggests that the bears are selling on rallies.

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XRP/USDT daily chart. Source: TradingView

The bears will now attempt to sink the price below the moving averages. If successful, the XRP/USDT pair could drop to the strong support at $0.68. If this support also gives way, the decline could extend to $0.62.

Alternatively, when the price bounces off the moving averages, it suggests that the bulls are buying on dips. This could increase the chances of a break and a close above the downtrend line. The pair could then rally to $0.91.

LUNA/USDT

terrace LUNA The token has fallen below the 20-day EMA ($84), suggesting that the failure to sustain the price above $96 may have resulted in profit bookings from the short-term traders.

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LUNA/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI has fallen to the midpoint, suggesting that the bullish momentum may be fading. If the price sustains below the 20-day EMA, the bears will attempt to drag the LUNA/USDT pair towards the strong support at $70.

Contrary to this assumption, if the price bounces off the current levels, the bulls will make another attempt to push the price above $96 and sustain it. If they succeed, the pair could surge to the all-time high of $105.

SOL/USDT

Solana (SOL) surged above the 20-day EMA ($86) on March 16, but the bulls failed to push the price above the downtrend line. This indicates that the bears are active at higher levels.

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SOL/USDT daily chart. Source: TradingView

Sellers will now attempt to sink the price below the strong $81-$75 support zone. If successful, it will complete a descending triangle pattern and the SOL/USDT pair could drop to $66.

However, the flattening moving averages and positive divergence on the RSI suggest that the bearish momentum may be weakening. If the price recovers from the support zone, the bulls will make another attempt to clear the downtrend line barrier and sink the pair to $106.

ADA/USDT

Cardano (ADA) is facing a stiff resistance at the 20-day EMA ($0.84), which suggests the bears are aggressively defending this level.

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ADA/USDT daily chart. Source: TradingView

The flattening 20-day EMA and the positive divergence on the RSI suggest that the selling pressure may be easing.

If the ADA/USDT pair does not lose much ground from the current levels, it will indicate that traders are holding their positions as they anticipate a move higher. If the price breaks and closes above the 20-day EMA, the next stop could be the overhead resistance at $1.

This bullish view will be invalidated if the price turns down and falls below $0.74. The pair could then continue its downtrend and drop to $0.68.

Related: Bitcoin Could Post $37.5K Drop Over Weekend Before ‘Major Move’ Next Week, New Report

AVAX/USDT

avalanche (AVAX) broke out above the moving averages on March 17th rose to the downtrend line of the descending channel. The bears are expected to mount a strong defense against this resistance.

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AVAX/USDT daily chart. Source: TradingView

The flat moving averages and the RSI just above the midpoint indicate a small advantage for buyers. If the bulls sustain the price above the 20-day EMA ($75), the prospects for a break and close above the channel will improve.

A close above the channel is the first sign of a possible trend reversal. The bulls will then attempt to push the price towards the psychological $100 level.

This bullish view will be invalidated in the short-term if the price breaks out and stays below the 20-day EMA. The AVAX/USDT pair could then drop to the uptrend line.

DOT/USDT

Speckle (POINT) broke and closed above the 50-day SMA ($18) on March 16, but the bulls failed to sustain the price above the overhead resistance at $19. This suggests that the bears are not ready to give up anytime soon.

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DOT/USDT daily chart. Source: TradingView

The price has turned down from the overhead resistance, but a small upside is that the bulls are attempting to defend the moving averages. If the price recovers from the moving averages, the likelihood of a breakout and close above the overhead resistance increases. The DOT/USDT pair could then start its journey towards $23.

Conversely, if the price breaks below the 20-day EMA ($17), the pair could drop towards the $16 support. The pair could then extend their stay in the $16-$19 range by a few more days.

DOGE/USDT

Dogecoin (DOGE) turned down again from the 20-day EMA ($0.12) on March 17, suggesting that the bears are continuing to sell near the resistance levels.

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DOGE/USDT daily chart. Source: TradingView

The sellers will now try to drag the price towards the strong support at $0.10. If the price jumps higher here, the DOGE/USDT pair could remain range bound between $0.12 and $0.10 for a few days.

The first sign of strength will be a break and close above the 20-day EMA. That could push the price to the 50-day SMA ($0.13), which could again act as a strong resistance.

A break and close above this resistance could attract buyers and open the doors for a possible rally to $0.17. Conversely, a break and close below $0.10 will indicate the resumption of the downtrend.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risk. You should do your own research when making a decision.

Market data provided by HitBTC Exchange.