Logo
Cardano Ecosystem

Crypto Breaking

03/24/2023

·

204 views


Price analysis 3/24: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC | Crypto Breaking News

The European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. The latest selling was triggered after Deutsche Bank’s credit default swaps, which...

Price analysis 3/24: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC | Crypto Breaking News

The European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. The latest selling was triggered after Deutsche Bank’s credit default swaps, which offer protection to the buyer against specific risks, soared on March 23 without any known catalyst. That pulled down the shares of the German lender by 11%. 

European Central Bank President Christine Lagarde attempted to calm the markets, saying that the euro area baking sector was strong due to the regulatory reforms introduced after the Global Financial Crisis. That could be one of the reasons for the solid recovery in the United States equities markets from the intraday lows.

Daily cryptocurrency market performance. Source: Coin360

Although the banking crisis has been positive for Bitcoin’s (BTC) price, the trend may pause if the contagion spreads. During times of panic, traders sell assets to curtail risk. At that time, if Bitcoin does not break below the $25,000 to $20,000 support zone, it will suggest that the bear phase is over.

Could Bitcoin and most major altcoins witness a minor correction? What are the important support levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin formed an inside-day candlestick pattern on March 23, indicating uncertainty among buyers and sellers. The bulls want to extend the up-move but the bears are in no mood to relent. That has kept the price inside a small range.

BTC/USDT daily chart. Source: TradingView

Generally, a tight consolidation near a local high is a sign that traders are not booking profits in a hurry because they anticipate the uptrend to continue. The rising 20-day exponential moving average ($25,595) and the relative strength index (RSI) near the overbought zone indicate that bulls are in command.

If the price rebounds off $26,500 with strength, the bulls will again try to start the next leg of the rally. That could propel the price to $30,000 and then to $32,500.

The $25,250 support remains the key level because a break and close below it may indicate a bull trap. The BTC/USDT pair could then collapse toward the 200-day simple moving average ($20,095).

Ether price analysis

Ether (ETH) rose above the overhead resistance of $1,842 on March 23 but the bulls could not sustain the breakout as seen from the long wick on the candlestick.

ETH/USDT daily chart. Source: TradingView

The bears are trying to strengthen their position by pulling the price toward the 20-day EMA ($1,693). This remains the key level to watch out for on the downside.

If the price rebounds off this level, it will suggest that traders continue to view the dips to the 20-day EMA as a buying opportunity. The bulls will then again try to clear the overhead barrier and catapult the price to $2,000.

This positive view will be negated in the near term if the price plunges below the 20-day EMA. That could tug the price to $1,600 and then to $1,461.

BNB (BNB) bounced off the 20-day EMA ($316) on March 23 but the bulls are struggling to sustain the relief rally. This shows that the bears are pouncing on every minor recovery.

BNB/USDT daily chart. Source: TradingView

Sellers will try to tug the price below the 20-day EMA. If they do that, the BNB/USDT pair could drop to $300 and then to the 200-day SMA ($289). The bulls are expected to fiercely defend the zone between the 200-day SMA and $265.

Alternatively, if the price rebounds off the 20-day EMA, it will suggest that the sentiment remains positive and traders are buying the dips. The pair could pick up momentum above $346 and the next stop on the upside is $400.

XRP price analysis

XRP (XRP) formed consecutive inside-day candlestick patterns on March 22 and 23, indicating indecision among buyers and sellers.

XRP/USDT daily chart. Source: TradingView

A minor positive for the bulls is that they have successfully defended the 200-day SMA ($0.40) for the past three days. This suggests that the 200-day SMA could now act as the new floor.

Sometimes, after a sharp move, the price tends to consolidate for a few days before resuming a trending move. In this case, buyers will have to thrust the price above $0.51 to signal the start of the next leg of the uptrend. On the downside, a break below the moving averages may result in a retest of $0.36.

Cardano price analysis

The bulls have been sustaining Cardano (ADA) above the moving averages since March 21 but have failed to reach the neckline of the inverse head and shoulders (H&S) pattern. This suggests selling by the bears near $0.39.

ADA/USDT daily chart. Source: TradingView

The 20-day EMA ($0.34) is trying to turn up and the RSI is just above the midpoint, indicating a slight advantage to the bulls. If the price turns up from the 20-day EMA, the likelihood of a rally to the neckline increases. A break above the H&S pattern indicates the start of a new potential up-move.

Contrarily, if the price slips below the 20-day EMA, it will suggest that bears are trying a comeback. A break and close below $0.30 may accelerate selling and yank the price to $0.24.

Dogecoin price analysis

The bulls have been trying to push Dogecoin (DOGE) above the 200-day SMA ($0.08) but the bears have not let their guard down.

DOGE/USDT daily chart. Source: TradingView

The bears will next try to pull the price to the strong support at $0.07. A strong bounce off this level will suggest that the DOGE/USDT pair may remain stuck between the $0.07 to the 200-day SMA for a while longer.

A break and close above the 200-day SMA will be the first indication that the bulls have overpowered the bears. That may start an up-move toward the stiff overhead resistance zone of $0.10 to $0.11. Conversely, if the $0.07 support cracks, the pair may plummet to $0.06.

Polygon price analysis

Polygon (MATIC) has been trading below the 20-day EMA ($1.14) since March 20. This suggests that the bears are trying to flip the 20-day EMA into resistance.

MATIC/USDT daily chart. Source: TradingView

A minor positive in favor of the bulls is that the bears have not been able to sink the price below the strong support zone of $1.05 and the 200-day SMA ($0.96). This suggests strong buying at lower levels.

If buyers push the price above the 20-day EMA, the MATIC/USDT pair may rise toward the overhead resistance at $1.30. Such a move will suggest that the pair may continue its range-bound action between $1.05 and $1.30 for some more time. A break above or below this range could start the next trending move.

Related: BTC price centers on $28K as Deutsche Bank shares follow Credit Suisse

Solana price analysis

The price action in Solana (SOL) has narrowed down further and is now stuck between the moving averages. This suggests indecision among the bulls and the bears about the next directional move.

SOL/USDT daily chart. Source: TradingView

The flat 20-day EMA ($21.17) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.

To gain the upper hand, buyers will have to drive the price above the overhead resistance zone between the downtrend line and $27.12. If they do that, it will signal a potential trend change. The SOL/USDT pair may then attempt a rally to $39.

On the contrary, if the price breaks below the 20-day EMA, the bears will try to drag the pair to the crucial support zone between $18.70 and $15.28.

Polkadot price analysis

Polkadot (DOT) has been trading close to the 200-day SMA ($5.98) for the past few days. The failure of the bulls to achieve a strong rebound off an important support indicates a lack of demand at higher levels.

DOT/USDT daily chart. Source: TradingView

This increases the risk of a break below the 200-day SMA. If that happens, the DOT/USDT pair could slide to $5.15. This is an important support to keep an eye on because a break below it will open the doors for a probable retest of $4.22.

This short-term bearish view will be invalidated if the bulls push and sustain the price above the 61.8% Fibonacci retracement level of $6.85. If this level is taken out, the pair could reach the neckline of the developing H&S pattern.

Litecoin price analysis

Litecoin (LTC) is making a strong comeback. The momentum picked up after the bulls pushed the price above the 20-day EMA ($85) on March 22.

LTC/USDT daily chart. Source: TradingView

The RSI has climbed into the positive territory and the 20-day EMA has started to turn up, indicating that bulls have the upper hand. Buyers will try to challenge the overhead resistance at $106 where the bears may mount a strong defense. If bulls clear this hurdle, the LTC/USDT pair may rally to $115 and subsequently to $125.

Conversely, if the price once again turns down from $106, it will suggest that bears are not willing to relent. That could pull the price down to the 20-day EMA. A break below this support will hint at a possible range formation in the short term.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Source: Cointelegraph.com

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Crypto Breaking

ORIGINAL SOURCE

https://www.cryptobreaking.com/price-ana...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Crypto Breaking

See more
Here’s Why The Cardano Price Is Struggling Below $0.7
Crypto Breaking
Here’s Why The Cardano Price Is Struggling Below $0.7

yesterday at 5:00 PM

·

8 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)