Investors are looking for safe-haven assets due to the geopolitical tensions between Russia and Ukraine. Contrary to crypto investors’ expectations, Bitcoin (BTC), has not risen along with gold and remains closely correlated to the U.S. stock market.
Lloyd Blankfein, the ex-CEO of Goldman Sachs, stated that governments should be encouraging crypto by freezing accounts, blocking payments, and inflating US dollars. However, price action indicates that there are not many large inflows.
Everyday cryptocurrency market performance. Source: Coin360
According to on-chain data, investors could be holding Bitcoin for the long-term. Santiment data shows that Bitcoin has moved off the exchanges in 21 of 26 weeks.
Can Bitcoin rise above $40,000 again and draw altcoins higher than it? Let’s look at the charts for the top 10 cryptocurrencies to see if we can find out.
Bitcoin has been trying to establish a base over the last few weeks. The price is stuck in an ascending channel, with bulls buying dips at the support line and bears selling rallies to that line.
Daily chart of BTC/USDT Source: TradingView
Bears may be in a slight advantage due to the crisscrossing of moving averages and relative strength index (RSI), near 45. The BTC/USDT pair may fall to the support line if the immediate support of $37,000 is not sustained.
If bulls accumulate at lower levels, a strong rebound from this level will indicate that they are. The bulls will attempt to push the price higher than the moving averages. The pair could then rise to the resistance line.
Traders should be on the lookout for a break below or above the channel, as this could signal a strong trending move.
Ether (ETH), broke below the support line for the symmetrical triangle pattern pattern on March 6, which indicated that the continuation pattern had resolved in favor the bears.
Daily chart of ETH/USDT Source: TradingView
Bulls bought the dip and now want to force the price back into the triangle. It will be a sign that the current break may have been a bear trap if they succeed. Breaking and closing above the moving averages could propel the ETH/USDT pair towards $3,000 psychologically and then to the resistance line in the symmetrical triangle.
If the price falls below $2,491, then the chances of a fall to the support zone between 2,300 and 2,159 increase. The bulls must defend this zone as selling could intensify and the downtrend might resume if it is breached. The pair could drop to $1,700 as the next support.
BNB fell below the 20-day exponentially moving average (EMA), ($387) on March 4. Bulls attempted to push the price higher than the level on March 5-6, but failed.
Daily chart BNB/USDT TradingView
The BNB/USDT pair may drop to $350 if the price remains below the 20-day EMA. This level is important to monitor because if it cracks, the fall could reach the strong support zone of $330 to $320.
If the price rises and breaks above the moving averages the bulls will push the pair to $425, and then to $445. The resistance at this level can attract strong selling, but bulls could overcome it and push the pair to $500.
The Ripple (XRP), which is still below the SMA ($0.72) at 50 days, indicates that bulls are defending the level. The buyers will attempt to push the price higher than the downtrend line.
Daily chart of XRP/USDT Source: TradingView
If they succeed, momentum could pick-up and the XRP/USDT exchange pair could rise to $0.85 or $0.91. The zone between $0.91 to $1 will be a tough one for the bears. The large range of $1.41 to $0.50 could be triggered by a break or close above $1.
If the price falls below $0.62, this positive outlook will be invalidated. This could lead to a drop to $0.50, the strong support.
Terra’s LUNA token, Terra, fell below the overhead resistance of $94 and could drop to the $20-day EMA ($74). During uptrends the bulls will buy dips to the 20 day EMA. This is why this level is so important.
Daily chart of LUNA/USDT Source: TradingView
The buyers will try again to keep the LUNA/USDT exchange above $94, if the price recovers from the 20-day EMA. Buyers have an advantage due to the gradually rising 20-day EMA, and the RSI within the positive zone.
The pair could reach $103 if it breaks and closes above $94 To signal the resumption or continuation of the uptrend, the bulls must clear this hurdle.
If the price falls below the 20-day EMA the pair could fall to the breakout level of $70. Breaking below this support could indicate that the bears are winning.
Solana (SOL), broke below the 20 day EMA on March 4, and fell close to the strong support of $81 on March 7. This is an important level that you should be watching.
Daily chart of SOL/USDT Source: TradingView
The SOL/USDT pair may form a descending triangle pattern if the price breaks below $81. This could signal a resumption in the downtrend. The pair could drop to $66, then continue its slide to the pattern target of $40.
Bears have an advantage because of the downsloping moving Averages and the RSI that is in the negative territory. This assumption is incorrect. If the price rises above the downtrend line it could indicate that bears are losing their grip. This could lead to a rally of the pair to $122.
Cardano (ADA), bounced off $0.82 as immediate support on March 5, but the bulls couldn’t push the price towards the 20-day EMA ($0.92).
Daily chart ADA/USDT Source: TradingView
Bears are in control of the market because the RSI is negative and moving averages are downsloping. The strong support of $0.74 could be reached if the price falls below $0.82. The decline could continue to $0.68 if this support is also broken.
The bulls could also try to push the pair higher than the 20-day EMA if the price increases from its current level. The pair may retest the $1 breakdown level if they succeed. If the pair breaks and closes above this level, it could be the first sign the bulls are making a comeback.
Related: Three reasons why Bitcoin can rally to $60K even after losing last week’s gains
Avalanche (AVAX), which fell below the moving averages March 4, and the bears thwarted efforts by the bulls for the price to rise above the 20-day EMA ($78), on March 5.
Daily chart of AVAX/USDT Source: TradingView
On March 6, the selling resumed and the price climbed close to the uptrend. Bulls bought the dip and are trying again to push the price higher than the moving averages. The AVAX/USDT pairing could reach the downtrendline of the descending channel if they succeed. To signal a change in trend, the bulls must clear this barrier.
Contrarily, if the price falls below the uptrend line and goes down from its current level, selling could accelerate, and the pair could slide towards the strong support at $51.
Polkadot, (DOT), bounced from the $16 support on March 5, but the bulls couldn’t push the price higher than the $20-day EMA ($17). This indicates that bears may be selling rallies to this price.
Daily chart of DOT/USDT Source: TradingView
On March 6, the selling began again and the USDT/DOTT pair fell to $16 support, where buyers intervened. The pair remains stuck between $16 and the 20-day EMA.
The pair could fall to the intraday lowest price on February 24, if bears push the price below $16. Breaking and closing below this support could lead to a further drop to $10.
The bulls may try to push the pair higher than the 50-day SMA ($17) if the price moves above the current level. It will indicate that the bears are losing their grip if they succeed. This could lead to the pair rallying to $23.
While the bulls attempt to defend the $0.12 support, the failure to see a strong rebound from it suggests a lackluster demand at lower levels. This increases the possibility of the support being broken. Dogecoin (DOGE), if that happens, could fall to $0.10.
Daily chart of DOGE/USDT Source: TradingView
Both moving averages are sloping downward and the RSI has moved into the negative territory. This indicates that the path to the downside is the most likely. The buyers will likely defend the $0.12-$10.10 zone with great vigor.
If the price bounces off of this zone, the bulls may again attempt to clear the hurdle at moving averages. The first sign that the downtrend is ending could be a break or close above the 50 day SMA ($0.14)
Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.
HitBTC exchange provides market data.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.