Analyst Rakesh Upadhyay’s analysis and forecasts on BTC, ETH, XRP, LUNA, SOL, ADA, AVAX, DOT and DOGE, as Kriptokoin.com, are scrutinized for you.
Bitcoin bulls have been quiet for a long time
Bitcoin (BTC) has been largely directionless since the start of the year as the bulls buy on the dips and the bears sell on the rallies. This shows the price is consolidating in a wide range as both the bulls and bears await the next trigger to establish their edge. Short-term volatility may increase after the US Federal Reserve announced its policy decision on March 16, but a new trend move may be unlikely unless the Fed comes as a surprise. Bitcoin may spend some more time forming the bottom before breaking it.
BTC/USDT. Bitcoin has bounced off the immediate support at $37,000, indicating that the bulls are trying to defend that level. Buyers will now try to push the price above the moving averages. If they are successful, it will suggest strong demand at lower levels. The bulls will then attempt to extend the upward move by clearing the overhead hurdle at $42,594. If they succeed, it will be the first indication that the bears are losing control. The BTC/USDT pair could then rise into the overhead zone between $45,400 and the resistance line of the ascending channel. Conversely, if the price drops from the moving averages, it indicates that the bears do not want to give up their advantage.
ETH defends the support line
The bulls are trying to defend the support line of the symmetrical triangle. A strong bounce from the current level could push Ether (ETH) back to the moving averages where the bears can form a strong defense again. If the price drops from the moving averages, it indicates that sentiment remains negative and traders are selling in relief rallies. This will increase the likelihood of a breakout below the triangle. The ETH/USDT pair could then resume the downtrend and drop to $2,159. The pair could then rise to the psychological level at $3,000 and then challenge the resistance line of the triangle.
BNB/USDT. BNB is struggling to recover from the support zone between $360 and $350. This suggests that buyers continue to accumulate on dips near the support zone. Buyers will have to push and sustain the price above the moving averages to show that the bears may lose control. If the price continues above the 50-day simple moving average (SMA) ($389), the bulls will try to push the BNB/USDT pair to $425. Such a move would indicate that sentiment is downside and traders continue to sell on rallies. This could push the price towards the critical support at $320.
Ripple faced stiff resistance
XRP/USDT. Ripple (XRP) price broke above the downtrend line on March 11 but the rally faced stiff resistance at $0.85. This suggests that the bears haven’t given up yet. The price has retreated to the 20-day exponential moving average (EMA) ($0.75), which is likely to act as a strong support. If the price bounces back from the current level, buyers will make another attempt to push and sustain the XRP/USDT pair above $0.85. If they are successful, the pair could rally to $0.91 and then to the psychological resistance at $1. Such a move suggests that a break above the downtrend line could be a bull trap. A break and close below $0.69 might open the doors for a possible drop to $0.62.
LUNA/USDT. Terra’s LUNA token dropped below $94 on March 11, but the bears failed to push the price to the 20-day EMA ($82). This is a positive sign as it shows traders buying on every small dip. While the rising 20-day EMA shows the advantage for buyers, the negative divergence in the relative strength index (RSI) indicates that the bullish momentum may weaken. The bulls are attempting to push the price above $94. If this happens, buyers will make another attempt to break through the overhead barrier at $105 and resume the uptrend. If they do, the LUNA/USDT pair could rally to $115. Conversely, if the price drops from the general zone, the bears will try to push the pair below the 20-day EMA.
The levels for SOL are
SOL/USDT. Solana (SOL) broke and closed below strong support at $81 on March 11, followed by more selling on March 13. However, the bears failed to break the intraday low of $75 on February 24. The positive divergence in the RSI indicates that selling pressure may decrease. The bulls are attempting to pull the price back above the breakout level of $81 on March 14. If they hold the price above $81, this recent drop might suggest a bear trap. Buyers will then try to push the SOL/USDT pair above the 20-day EMA ($87). This will show that the bears have turned the $81 level into resistance. The pair could drop to $66 later.
ADA/USDT. Cardano (ADA) is trying to rebound strong support at $0.74 but the effort is not convincing. A minor positive is that the RSI is showing the first signs of positive divergence, indicating that selling pressure could drop. The bulls will need to push and sustain the ADA/USDT pair above the 20-day EMA ($0.85) to signal that the bears may lose control. This could open the doors for a possible retest of the breakdown level at $1. Contrary to this assumption, if the price drops from the current level or the 20-day EMA, it will indicate that the bears are bouncing on every small rally. This will increase the likelihood of a break below $0.74. If this happens, the downtrend could extend to $0.68.
Estimates for AVAX and DOGE
AVAX/USDT. AVAX broke below the bullish line on March 13, showing that the bears beat the bulls. Attempts by buyers to push the price above the breakout level on March 14 were met with strong selling from the bears. If the bears decline and sustain the price below $64, the AVAX/USDT pair could slide towards the strong support at $51. The falling 20-day EMA ($74) and the RSI in the negative territory suggest advantage for sellers. This bearish view will be invalidated in the short term if the price rises from the current level and rises above the moving averages. The bulls will then try to break through the hurdle at the downtrend line of the descending channel.
DOT/USDT. Polkadot (DOT) has once again bounced back from the 50-day SMA ($18) on March 13, but the bulls are not allowing the price to stay below the 20-days EMA ($17). The price has been in a tight range between $16 and $19 for the past few days, showing indecision between the bulls and bears. This type of narrow range trading is usually followed by a sharp trend move. If buyers push and sustain the price above $19, the DOT/USDT pair could rally towards the next overhead resistance at $23. A break and close above this level will signal the end of the downtrend.
bulls struggled for DOGE
Dogecoin (DOGE) made a strong attempt to start a relief rally on March 14, but bulls’ efforts were over 20 days old. It faced stiff resistance at the EMA ($0.12). If the bulls fail to break through the overall hurdle, the bears will take their chances and try to push the pair below the psychological support at $0.10. If this happens, the selling could pick up further momentum and the DOGE/USDT pair could drop to $0.06. Contrary to this assumption, if the price rises from the current level or returns to $0.10, it will suggest bulls’ accumulation. Buyers will have to push and sustain the price above the 50-day SMA ($0.13) to signal a possible change in trend.
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