In this article, as Kriptokoin.com, we will discuss analyst Rakesh Upadhyay’s predictions for BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT and DOGE. Traders continue to sell at the top of each rally, causing a sharp pullback in Bitcoin price and several major altcoins. We advise every investor to do their own research, because analysts’ predictions are very unlikely to come true.
Analyst’s comments for BTC
BTC/USDT. Bitcoin (BTC) and several major cryptocurrencies are witnessing profit reservations after the recent rise. Brian Coulton, chief economist at Fitch Ratings, expects core inflation to remain high in 2022 and the Fed to raise the interest rate to 3% by the end of 2022. BTC dropped from $45,400 on March 2, which shows that the bears are holding the overhead resistance at $45,821. The bulls will then attempt to push the price above the overhead resistance area and the resistance line of the ascending channel at $45,821.
If successful, the BTC/USDT pair could rally towards the next major resistance at $52,088. Contrary to this assumption, if the price drops below the moving averages, it means that traders are selling at higher levels. This could open the doors for a possible drop to $37,000 and then to the support line of the channel. The flat 20-day exponential moving average ($40,899) and the relative strength index (RSI) near the midpoint suggest a few days of range-bound action.
ETH and BNB levels for
ETH/USDT. Ether (ETH) broke and closed above the 50-day simple moving average ($2,838) on Feb. 28, but the bears successfully defended the psychological level at $3,000. The ETH/USDT pair can now drop to the support line of the symmetrical triangle. This is an important support for the bulls’ defense because if this level is broken, selling could intensify. If the price stays below the triangle, the downtrend could resume. The pair could then decline to $2,300 where the bulls are expected to provide support. Alternatively, if the price rises from the support line, the bulls will attempt to push the pair above the overhead resistance at $3,000 and challenge the resistance line of the triangle.
BNB/USDT. Although the bulls pushed Binance Coin (BNB) above the 50-day SMA ($403), they were unable to sustain higher. This shows that the bears are defending the level with all their might. Sellers are trying to push and sustain the price below the 20-day EMA ($391). If they do, the BNB/USDT pair could decline towards the strong support at $350. Alternatively, a breakout and close above the 50-day SMA increase are likely if the price bounces back from the current level. This could open the doors for a possible rally to the overhead resistance at $445. The flat 20-day EMA and the RSI near the midpoint suggest range-bound action in the near term.
XRP and LUNA estimates
XRP/USDT. Ripple (XRP) has rebounded from the downtrend line and dropped to the 50-day SMA ($0.73), which indicates that the bears are not in the towel yet. If the price bounces back from the 50-day SMA, buyers will again try to push and sustain the XRP/USDT pair above the downtrend line. If they do, the buying momentum could increase and the pair could rally to $0.91. On the other hand, if the price stays below the 50-day SMA, the bears will try to push the pair to $0.62.
LUNA/USDT. Terra’s LUNA token failed to stay above $94 but the positive sign is that buyers haven’t given up much ground. The bulls have repeatedly bought the lows of $86 over the past three days. Usually, a tight consolidation near a top resistance is a strength sign that resolves to the upside during an uptrend. If the bulls push and sustain the price above $94, the LUNA/USDT pair could challenge its all-time high of $103. A break and close above this level will indicate the resumption of the uptrend. If the bulls push and sustain the price above $94, the LUNA/USDT pair could challenge its all-time high of $103.
SOL and ADA parallel with BTC
SOL/USDT. Solana (SOL) rallied above the resistance line of the descending channel on March 2 but the bulls failed to break the barrier at the 50-day SMA ($103). Failure to do so could attract profit bookings from short-term traders. This pulled the price back into the channel. If the bears pull and sustain the price below the 20-day EMA ($95), the SOL/USDT pair could drop to strong support at $81. This is an important level to consider because the bulls have successfully defended it twice in the past few days. If the price bounces back towards $81, the pair could rally to the 50-day SMA and then stay on the border between these two levels for a few days.
ADA/USDT. During strong downtrends, when strong supports are broken, it often turns into resistance and this is what happens with Cardano (ADA). The relief rally stopped at the breakout level at $1, which indicates that the bears are holding this level. The bears will now strive to push the price below the immediate support at $0.82 and challenge the February 24 intraday low of $0.74. If this level is also broken, the ADA/USDT pair could extend the downtrend to $0.68. Contrary to this assumption, if the price bounces back at $0.82, the bulls will again try to break through the hurdle at $1. If they are successful, it will be the first sign that the sellers are losing control. The bulls will have to push and sustain the pair above the channel to indicate a possible trend change.
AVAX and DOT estimates
AVAX/USDT. AVAX has rebounded from the downtrend line of the descending channel for the fourth time. This indicates that traders are selling the rallies to this level. The bears are trying to keep the price below the moving averages while the bulls buy the dips and try to keep the AVAX/USDT pair above the 20-day EMA ($80). The flat 20-day EMA and RSI near the midpoint suggest a balance between supply and demand. If the bulls push the price above the 20-day EMA, the pair could rise to the downtrend line again. The bulls will have to break through this hurdle to signal a possible change in trend. Alternatively, the pair could drop to $64 if the price drops below $71.
DOT/USDT. The failure of Polkadot (DOT) to break above the 50-day SMA (19) indicates that sentiment is downside and traders are selling on rallies to hard resistance levels. The bears pulled the price below the 20-day EMA ($18) and will now attempt to challenge the strong support zone between $16 and $14. This zone has been successfully held twice before, so the bulls will try to defend it strongly again. If the price moves out of the zone, the DOT/USDT pair could rise to the moving averages. A break and close above the 50-day SMA will be the first indication that the downtrend may end.
DOGE bears resist
DOGE/USDT. The relief rally of Dogecoin (DOGE) stalled at the 20-day EMA ($0.13), showing that the bears are not willing to give up their advantage. The bears are trying to push the price towards the strong support at $0.12. Repeated testing of a support level tends to weaken it and indicates that the bulls are unable to sustain higher levels. If the price breaks and stays below $0.12, the DOGE/USDT pair could drop to the psychological level at $0.10. The downward sloping moving averages and the RSI in the negative zone indicate that the path of least resistance is to the downside.
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