We examine analyst Rakesh Upadhyay’s analysis and forecasts on BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT and DOGE coins on Kriptokoin.com.
BTC begins relief rally
Bitcoin and selected altcoins have broken above immediate resistance levels, indicating the start of a relief rally. Bitcoin (BTC) is witnessing a seesaw war around $40,000 as both bulls and bears try to gain the upper hand. Volatility may remain high as markets await the US Federal Reserve’s policy decision on March 16. Analyst Willy Woo suggests that Bitcoin (BTC) may witness a cost-based capitulation event, a metric that shows the transfer from inexperienced traders to experienced traders. Bitcoin fell from the moving averages on March 15, but the long tail on the candlestick indicates strong demand at the lower levels.
The bulls continued their buying and pushed the price above the 50-day simple moving average (SMA) ($40,151). If the bulls sustain the price above the 50-day SMA, the BTC/USDT pair could rally into the overhead zone between $45,400 and the resistance line of the ascending channel. Bears are expected to form a strong defense in this area. If the price drops from the general zone, the pair could extend its stay inside the channel for a few more days. The flat moving averages and the relative strength index (RSI) near the midpoint suggest range-bound action is likely in the short term.
ETH bounced off the support line following Bitcoin (BTC)
Ether (ETH) bounced off the support line of the symmetrical triangle and buyers are trying to push the price above the 50-day SMA ($2,763). If they succeed, the price could rally to the psychological level of $3,000 and then to the resistance line of the triangle. The bulls will have to push and sustain the price above the triangle to signal a possible change in trend. The RSI has also formed a symmetrical triangle and a breakout from it could signal buyers that it has the upper hand. This bullish view will be invalidated if the price drops from the current level and falls below the support line of the triangle. This could open the doors for a possible drop to $2,159.
BNB/USDT. Buyers are trying to push BNB above the moving averages but the bears are likely to have other plans. They will try to stop the recovery near the moving averages, as they did in the previous three events. Both moving averages are flattening out and the RSI is breaking above 48, indicating that the bulls are trying to bounce back. If buyers hold and sustain the price above the 50-day SMA ($388), the BNB/USDT pair could rally to $425 and then $445. Contrary to this assumption, if the price drops from the moving averages, it will indicate that the sentiment will remain negative and that traders are selling close to the resistance levels. The bears will then try to push the price below the strong support at $350.
Ripple bounces back from downtrend
Ripple (XRP) bounced back from the downtrend line on March 12 and fell to the moving averages. Although the bulls have defended the moving averages, they have not been able to gain a strong rebound from it. Both moving averages have flattened out and the RSI is near the midpoint, suggesting a balance between supply and demand. Buyers will have to push and sustain the price above the downtrend line to gain the upper hand. The XRP/USDT pair could then rally to $0.91 and then to the psychological level of $1. Conversely, the advantage will turn in favor of the bears if the price declines and dips below $0.69. The pair could slide to the strong support level at $0.62 later.
LUNA/USDT. Terra’s LUNA token broke above the overhead resistance at $94 on March 14 but the bulls were unable to sustain higher. The bears pushed the price below $94 on March 15. The bears will now try to push and sustain the price below the 20-day exponential moving average (EMA) ($84). If they are successful, the LUNA/USDT pair could drop to $70. Such a move could indicate that the bullish momentum is weakening. Contrary to this assumption, if the price rises from the current level or bounces back from the 20-day EMA, buyers will try to push the price back towards $105. A break and close above this resistance could indicate a resumption of the uptrend. The pair could rally to $115 and then $125.
Forecasts for Solana
The bulls pushed Solana (SOL) back above the breakout level of $81 on March 14, suggesting that the last drop on March 13 could be a bear trap. Buyers are trying to push the price above the 20-day EMA ($86). If they manage to do so, the SOL/USDT pair could rise to the downtrend line. This is an important level to consider because a break and close above it will signal a possible change in trend. The pair could later rise to the overhead resistance at $122. This positive view will be invalidated in the short term if the price turns down from the 20-day EMA or downtrend line and dips below $77. Such a move could indicate the resumption of the downtrend and extend the pair’s decline to $66.
Cardano (ADA) is trying to rise above the 20-day EMA ($0.85) but the bears are expected to put up a strong defense against the resistance. If the price declines from the current level, the ADA/USDT pair could decline to strong support at $0.74. This is an important level for the bulls to defend because if it breaks, the pair could drop to the next support at $0.68. Alternatively, if the price breaks and closes above the 20-day EMA, the pair may attempt a rally to the psychological level at $1. This level is likely to act as a strong resistance. If the price breaks down from this resistance, the pair could stay range-bound between $1 and $0.74 for a few days.
Future levels for Avax
AVAX has been hovering below the bullish line since March 13, but the bears failed to exploit this weakness and push the price below the immediate support at $64. This indicates a lack of sellers at lower levels. The bulls are trying to push the price above the uptrend line and the moving averages. If successful, the AVAX/USDT pair could rise to the downtrend line of the descending channel. This is an important level to watch out for because the bears have successfully defended the resistance on the previous four occasions. If the price breaks down from the downtrend line once again, it indicates that the bears are not in a softening mood. Sellers will then try to push the price below $64.
DOT/USDT. Polkadot (DOT) has been trading close to the 20-day EMA ($17) for the past two days, which indicates that the bulls are buying the lows. The flat moving averages and the RSI near the midpoint suggest that the bears may be losing control. The bulls are likely to attempt a rally above the overhead resistance at $19. If they manage to do so, the DOT/USDT pair could rally to $23, where the bears could pose a strong challenge. A break and close above this level will complete the double bottom pattern. This positive view will be invalidated if the price declines and breaks below the strong support at $16. This could bring the price down to $14.
level predictions for DOGE
Dogecoin (DOGE) bounced back and higher from the 20-day EMA ($0.12) on March 14 showed that levels witnessed strong selling by the bears. A minor positive factor is that the bulls are not allowing the price to drop below the strong $0.10 support. This could keep the DOGE/USDT pair between $0.12 and $0.10 for a few more days. A break and close above the 20-day EMA could be the first sign that selling pressure could drop. The bulls will then attempt to push the pair above the 50-day SMA ($0.13) and clear the way for a possible rally to $0.17. Alternatively, selling could intensify if the price drops below $0.10 and the pair could drop to $0.06.
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