We examine Analyst Rakesh Upadhyay’s analysis and forecasts for BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT and DOGE coins on Kriptokoin.com.
Bitcoin in a tough environment
Bitcoin (BTC) faces a challenging environment in 2022 due to rising inflation and geopolitical turmoil. Another long-term bullish sign is that Bitcoin miners have been increasing their Bitcoin holdings since 2021. It seems that Bitcoin mining companies are taking a more bullish approach to Bitcoin.
BTC/USDT. Bitcoin broke and closed above the 50-day simple moving average (SMA) ($40,311) on March 16, but the bulls are struggling to build this breakout. This indicates that demand is drying up at higher levels. The bears will try to seize this opportunity and push the price below the 20-day exponential moving average (EMA) ($39,973). If they are successful, the BTC/USDT pair could drop back to the strong $37,000 support. Conversely, if the price bounces back from the moving averages, it indicates that sentiment has turned positive and traders are buying on the dips. The bulls will then attempt to push the price above $42,600 and extend the rally to $45,400. Bulls strong on
ETH
Ether (ETH) broke and closed above the 50-day SMA ($2,780) on March 16 and left the bulls. showed a strong comeback. Buyers broke down at the 50-day SMA today and are trying to extend the recovery. The relative strength index (RSI) has bounced into the positive zone and the 20-day EMA ($2,700) has started to rise, suggesting that the path of least resistance is up. If the price continues above the 50-day SMA, the ETH/USDT pair could rally towards the resistance line of the symmetrical triangle. Bears are expected to make a strong defense at this level. This positive view will be invalidated if the price turns down from the current level and falls below the moving averages.
BNB/USDT. BNB is facing resistance at the 50-day SMA ($389). This is the fourth instance where bears pose a strong challenge at this level. Therefore, the 50-day SMA becomes an important level to watch out for on the upside. The flat moving averages and the RSI near the midpoint suggest a balance between supply and demand. If buyers push and sustain price above the 50-day SMA for three consecutive days, it will indicate a possible change in trend. The BNB/USDT pair could then start a walk north towards $445. On the other hand, if the price dips below the 20-day EMA ($382), the bears will attempt to push the pair towards strong support at $350.
XRP bears selling
Ripple (XRP) bounced off the 50-day SMA ($0.74) on March 15 but bulls challenged the downtrend line could not read. This shows that the bears are selling in the rallies. The bears will now try to push the price below the moving averages. If successful, the XRP/USDT pair could drop to strong support at $0.68. If this support also paves the way, the decline could extend to $0.62. Alternatively, if the price bounces off the moving averages, it indicates that the bulls are buying on the dips. This can increase expectations for a breakout and closing above the downtrend line. The pair could rally to $0.91 later.
LUNA/USDT. Terra’s LUNA token has dropped below the 20-day EMA ($84), suggesting that failure to hold the price above $96 may have drawn profit bookings from short-term traders. The 20-day EMA has flattened and the RSI has dropped to the midpoint, suggesting that the bullish momentum may be waning. If the price stays below the 20-day EMA, the bears will attempt to pull the LUNA/USDT pair towards the strong support at $70. Contrary to this assumption, if the price bounces back from the current level, the bulls will make another attempt to push the price above $96 and sustain it. If they manage to do so, the pair could climb to an all-time high at $105.
Bears are active in Solana, but what about AVAX ?
Solana (SOL) rallied above the 20-day EMA ($86) on March 16 but the bulls failed to push the price above the downtrend line. This indicates that the bears are active at higher levels. Sellers will now try to push the price below the strong support zone between $81 and $75. If they are successful, it will complete a descending triangle pattern and the SOL/USDT pair could drop to $66. However, the flattening moving averages and positive divergence in the RSI suggest that the bearish momentum may weaken. If the price bounces back from the support zone, the bulls will make another attempt to break through the downtrend line barrier and push the pair to $106.
ADA/USDT. Cardano (ADA) is facing stiff resistance at the 20-day EMA ($0.84), which indicates that the bears are defending this level aggressively. The flattening of the 20-day EMA and the positive divergence in the RSI suggest that selling pressure may be easing. If the ADA/USDT pair does not retrace too much from the current level, it will indicate that investors are holding their position as they expect a higher move. If the price breaks and closes above the 20-day EMA, the next stop could be the overhead resistance at $1. This positive view will be invalidated if the price declines and drops below $0.74. The pair could then resume the downtrend and drop to $0.68.
Due diligence for AVAX
Avalanche (AVAX) broke above the moving averages on March 17 to the downtrend line of the descending channel. Bears are expected to make a strong defense against this resistance. The flat moving averages and the RSI just above the midpoint point to a minor advantage for buyers. If the bulls sustain the price above the 20-day EMA ($75), a break above the channel and close expectations will improve. A close above the channel would be the first sign of a possible change in trend. The bulls will then try to push the price towards the psychological level of $100. If AVAX Price breaks and sustains below the 20-day EMA, this positive view will be invalidated in the short term. The AVAX/USDT pair could then drop to the bullish line.
DOT/USDT. Polkadot (DOT) broke and closed above the 50-day SMA ($18) on March 16, but the bulls failed to sustain the price above the overhead resistance at $19. This shows that the bears are not willing to give up easily. The price has dropped from overhead resistance, but a minor positive is the bulls attempting to defend the moving averages. If the price bounces back from the moving averages, it will increase the likelihood of a breakout and closing above the overhead resistance. The DOT/USDT pair could then start its journey towards $23. Conversely, if the price breaks below the 20-day EMA ($17), the pair could drop to the $16 support. The pair could then extend its stay in the $16 to $19 range for a few more days.
Forecasts for DOGE
Dogecoin (DOGE) once again bounced back from the 20-day EMA ($0.12) on March 17 and This indicates that the bears continue to sell close to the resistance levels. Sellers will now try to push the price down to the strong support at $0.10. If the price bounces here, the DOGE/USDT pair could stay in the range between $0.12 and $0.10 for a few days. The first sign of strength will be a break and close above the 20-day EMA. This could push the price towards the 50-day SMA ($0.13), which could act as a strong resistance again. A break and close above this resistance could attract buyers and open the doors for a possible rally to $0.17. Conversely, a break and close below $0.10 would suggest a resumption of the downtrend.
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